{
  "schema": "gah.source-manifest.v1",
  "slug": "honeycomb-spv-spotify-tencent-music",
  "title": "Two Honeycomb SPVs, Two Different Timelines: Spotify and Tencent Music",
  "published": "2026-09-30",
  "scope": "Comparison of Honeycomb Ventures I/Spotify and Honeycomb Ventures IV/Tencent Music with bank timing, subscriber identity, and recovered distributions kept separate.",
  "evidence_package": "/Volumes/homes/admin/GAH_US_RUN10_HONEYCOMB_BUTTERFLY_MASTER.md",
  "sources": [
    {"id":"SPOTIFY-WIRE","class":"PRIMARY_DEAL_EMAIL_AND_WIRE_INSTRUCTIONS","record":"EFTA02366568","url":"/pdf-lite?id=EFTA02366568","supports":"Spotify-specific Honeycomb Ventures I allocation; Southern Trust wire reference; $1M existing allocation and additional $2M capacity.","limit":"Additional $2M capacity was offered but no recovered document proves it was taken."},
    {"id":"SPOTIFY-DISTRIBUTION","class":"PRIMARY_BANK_STATEMENT","record":"EFTA01287619","url":"/pdf-lite?id=EFTA01287619","supports":"May 24, 2018 $1,752,515.84 incoming transfer to Southern Trust from HONEYCOMB VENTURES LP.","limit":"Statement does not itself call the transfer Spotify proceeds or establish full liquidation."},
    {"id":"TME-PITCH","class":"PRIMARY_DEAL_EMAIL","record":"EFTA02519406","url":"/pdf-lite?id=EFTA02519406","supports":"June 2018 Honeycomb offer of TME as a single-name co-investment through Honeycomb Ventures IV; expected July funding schedule.","limit":"Pitch schedule is not bank settlement."},
    {"id":"TME-WIRE","class":"PRIMARY_BANK_STATEMENT","record":"EFTA01288327","url":"/pdf-lite?id=EFTA01288327","supports":"March 13, 2019 $10M Caterpillar Trust outgoing wire to HONEYCOMB VENTURES IV LP.","limit":"Wire line does not itself say TME; attribution relies on the deal-specific Ventures IV corpus."},
    {"id":"VENTURES-IV-LEGAL","class":"PRIMARY_LEGAL_ACKNOWLEDGMENT","record":"EFTA00313991","url":"/api/pdf?id=EFTA00313991","supports":"Existence of Honeycomb Ventures IV legal-document package; notarized acknowledgment.","limit":"Does not identify TME or explain March 2019 funding timing."},
    {"id":"RUN10","class":"GAH_RECONSTRUCTION","record":"GAH_US_RUN10_HONEYCOMB_BUTTERFLY_MASTER.md","supports":"Vehicle separation, Spotify/TME look-through, Honeycomb Partners distinction, listing chronology, and transaction reconciliation.","limit":"Archive-created synthesis; controlling monetary claims remain tied to primary records."},
    {"id":"SPOTIFY-PUBLIC","class":"OFFICIAL_PUBLIC_COMPANY_RECORD","record":"Spotify SEC 6-K / direct-listing context","url":"https://www.sec.gov/Archives/edgar/data/1639920/000156459018017613/ck0001639920-6k_20180726.htm","supports":"Spotify completed its NYSE direct listing on April 3, 2018.","limit":"Public listing context only."},
    {"id":"TME-PUBLIC","class":"OFFICIAL_COMPANY_RECORD","record":"Tencent Music IPO pricing release","url":"https://ir.tencentmusic.com/Press-Releases?item=18","supports":"TME IPO priced Dec. 11, 2018 and ADSs began NYSE trading Dec. 12, 2018.","limit":"Public listing context only."}
  ],
  "open_questions": [
    "Whether Southern Trust took any of the additional $2M Spotify capacity offered in July 2017.",
    "Whether the May 2018 Ventures distribution represented partial or full realization of the Spotify SPV.",
    "Why the recovered $10M Ventures IV bank funding occurred in March 2019 rather than the July 2018 schedule described in the original TME pitch.",
    "Whether the March 2019 TME-route payment was a delayed capital call, secondary acquisition, remaining allocation, or another settlement mechanic.",
    "Whether any TME exit/distribution to Caterpillar is recoverable."
  ],
  "not_established": [
    "A complete Spotify exit or precise realized profit.",
    "Pre-IPO bank funding of TME from the recovered March 2019 wire.",
    "That Honeycomb Partners, Ventures I, Ventures IV, Southern Trust, Caterpillar, or Butterfly were the same legal vehicle.",
    "Wrongdoing or operational control of Spotify or Tencent Music."
  ]
}