Oh and I should probably add I do agree with you, I have no particular reason to believe that HML,BHD, and JBL, BRL, or those franchises have any employees, all the tiddlers with the minority equity stakes who knows but I would generally just assume the are mostly without value until I see otherwise. Even if the owners are all 'in it together' so to speak (at least in general given that they have always appeared to be acting fully in concert from what I can tell) with varying levels of ownership direct and indirect to JBFG and it's subsidiaries - those bits are at least real businesses with at least some employees probably not a massive number though. So I don't know how many they would have laid off but they probably have cut anyone they felt able to cut by this point.
A point of interest because JBL never got the JBFG acquisition to happen, JBL shares themselves only directly own 22% of the 'most real-ish looking' businesses aside from JB macro funds management:
JBL Suspension from NSX and Queries from NSX, page-13
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