GoldenTree files suit against Axium


GoldenTree Asset Management, a primary lender to bankrupt payroll services company Axium International, has filed suit, along with GTAM Special Realty, against the company's former chairman John Visconti, vice chair Ronald Garber and others, claiming they looted the assets of Axium to fund their "extravagant lifestyles." The lawsuit, filed Tuesday in U.S. District Court in Los Angeles, claims at least $87.5 million in damages. Visconti and Garber denied responsibility for "pulling the plug" on the company and say the situation with Axium is "beyond our control."