00:00Jersey Mike's $12 billion IPO filing has revealed eye-popping payouts to the founder's family and
00:05a $41 million private jet. The sandwich chain's new S1 documents show that founder Peter Cancro
00:12stepson received $50.5 million in compensation between 2023 and 2025. Cancro's brother John
00:20received about $21 million in compensation over the same period. And brother-in-law Daniel Powers
00:26collected more than $31 million from fiscal 2024 to 2025. According to the filings, the family members
00:33were employed by the company in various roles. Documents also reveal a $41 million aircraft was
00:40transferred to an entity controlled by Cancro, and the company paid Cancro around $2 million in 2025
00:46to cover air transportation. Cancro purchased the original Jersey Mike's at just 17 years old
00:52with a $125,000 loan from his football coach. He stepped down as CEO in April 2025 after selling
00:59the majority of the company to Blackstone for $8 billion.
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