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hi everybody Im Diane Brady Im here with my colleague Jemima McAvoy whos written about Subway and the billions that I guess have now essentially been passed on to the family but its about so much more so Jemima lets start with some context around Subway in the two co-founders late co-founders because we dont know much about this chain to the extent we know about Ray Kroc for example yeah definitely so I I started looking into Subway and the wealth of its owners a couple of months ago when the sandwich chain announced that it was up for sale um you know both of the founders died um Fred DeLuca died in 2015 Peter Buck died at the end of 2021 so nobody really knew what happened to you know the stakes after that so I was interested to figure that out um and its been historically uh what we call in our industry a black box in terms of we just have known very little about the wealth of the owners um so I looked over a lot of different documents and interviewed a bunch of people and ma