The STG Logistics LME litigation runs through the full gamut of LME issues the market wants a decision on: drop downs, double dips, no action clauses, sacred rights, “effect of” arguments, and more.

The defendants in the lawsuit brought by two of STG’s minority lenders Axos Financial and Siemens Financial Services — who did not participate in STG’s liability management transaction — have all filed motions to dismiss the complaint. As 9fin previously reported, the defendants include the company, the majority lenders — a group that includes Deutsche Bank, Citizens Bank, Fortress Credit, Drawbridge, Invesco, Blue Mountain, Prospect Capital, Fidelity, and Ballyrock — as well as Antares who was the administrative agent under the credit agreement.