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Serta's Bankruptcy Saga
- Serta uptiered a group of lenders and filed for bankruptcy.
- A judge initially approved the transaction, but later revoked it.
Market Reactions and Hypocrisy
- Lenders challenged Serta's initial uptiering, claiming it was unfair.
- Hedge funds have argued both sides of similar transactions depending on their involvement.
Open Market Purchase Surprise
- James Wallick was surprised the Serta transaction was deemed an open market purchase.
- Sponsor bond documents typically include both open market and privately negotiated transaction language.