Spirit shut down on May 2 with roughly $8.1 billion in debt and about 17,000 people out of work, and the estate has been selling the pieces since. A court approved 22 LaGuardia slots to JetBlue for $58.5 million in July. Last week's lot was the data. The August 14 notice out of the Southern District of New York itemizes 100 million emails, 500 million Microsoft Teams chats, around 30 million lines of code, pricing from 7.2 billion competitor flights, 7.5 billion passenger transaction records going back to 2008, and more than 175,000 employee records dating to 1986. Google says a third party will scrub personally identifiable data before the handover. Rick thinks $10 million is low, and that the next liquidation will have somebody in the room asking what the internal record is worth.
A HarrisX and Allison Worldwide study of 705 teens aged 13 to 16 and 750 parents puts Mom ahead of any platform, creator, or celebrity on which brands Gen Alpha teens end up liking. Dads introduce new brands at 60% against 39% for moms, but moms carry which brands the kid actually likes, 73 to 58. Nike sits first with dads and Walmart first with moms. Any plan that treats parents as a single line item is funding discovery and approval at the same weight when the survey says those are two jobs held by two people.
QXO reported $3.25 billion in quarterly sales against $1.91 billion a year ago, with a $55 million net loss and $130 million in adjusted net income. Kodiak Building Partners accounted for about $595 million of the top line. Brad Jacobs told investors he wants $50 billion within a decade. He did not break out organic growth.
PayPal traded above $300 a share in 2021 at a market value north of $280 billion. The Wall Street Journal reports that Stripe and private equity firm Advent International approached in July at $60.50 a share, valuing the company near $53 billion. PayPal called the price insufficient and the two sides have been negotiating since.
Also this week, the Investor Minute: MUD Jeans files for bankruptcy, Home Depot-owned SRS Distribution moves for Noland Company, and 3 funding announcements.
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