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On 30 January, Axos Financial and Siemens Financial Services filed an amended complaint against STG Logistics and certain of STG’s lenders relating to the company’s 4 October 2024 “double-dip” liability management transaction.

Using the 31 December Serta decision to support its claims, the complaint alleges that “victimized lenders” have successfully challenged uptier transactions in court, whereas other forms of LMEs have yet to face the same legal objections. Thirteen days prior to this amended complaint, 9fin had listed STG as among the situations with holdouts who might find inspiration in Serta to challenge LMEs, regardless of the actual technology used.