Thursday, 26 November 2015
Last updated 9 hours ago
Jul 6 2012 | 12:14pm ET
Another hedge fund has sued Perry Capital over an alleged deal for a piece of claims against the Bernard Madoff estate.
According to Solus Alternative Investments, which filed the suit in New York State court in Manhattan on Tuesday, Perry reneged on an agreement to sell Solus a portion of its Madoff interests. The value of Madoff claims on the secondary market has been rising as the legal challenges to trustee Irving Picard continue to dwindle, and investors sense that the $9 billion and counting he has collected could soon be making its way to claimholders.
Solus said that, with the assistance of Deutsche Bank, which sold Perry the Madoff claims, Perry and Solus were ready to close the transfer between them by early last month. The New York-based firm said that Perry agreed to the trade both over the telephone and in Bloomberg instant messages.
"Despite repeated demands by Solus since early June, Perry Capital has refused to honor the binding contract," Solus alleged. "Suffering a case of seller's remorse, Perry Capital went radio silent and told its lawyers to put the pens down."
Solus is seeking $20 million in damages.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…