Money Stuff: The Podcast Good Game: WBD, Tricolor, TAE
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Dec 19, 2025 Katie and Matt dive into the legal intricacies of merger agreements, breaking down the Warner-Paramount saga. They ponder over trust commitments and personal guarantees, highlighting the dynamics of holiday deal-making. The double-pledging scandal with Tricolor sparks a discussion on corporate missteps, while they explore the intriguing merger of Truth Social with a fusion firm. South Korea's obsession with leveraged ETFs and the regulatory responses add a global perspective to the conversation, keeping listeners engaged with a mix of humor and insight.
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Closing Certainty Is The Real Showdown
- Warner's fight with Paramount boiled down from big media issues to a legal battle over "closing certainty" in merger agreements.
- Matt Levine finds it puzzling that Larry Ellison hasn't simply provided a personal guarantee to resolve the trust ambiguity.
Resolve Deals With Clear Personal Guarantees
- Paramount should raise its bid to strengthen its position and credibility in the tender fight.
- Matt Levine advises that Larry Ellison should sign a personal guarantee to remove the legal ambiguity and settle concerns.
Excel Errors Triggered A Fraud Probe
- Tricolor allegedly double-pledged auto loans and misreported delinquent loans as current to borrow more against them.
- A junior analyst at Waterfall spotted unchanged balances and triggered the unraveling, per the indictment.