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Perry Capital Seeks Dismissal of $20 Million Solus Suit

Perry Capital LLC asked a judge to dismiss Solus Alternative Asset Management LP’s lawsuit accusing Perry of making a “willful breach” of obligations to sell an interest in $195 million of claims on Bernard L. Madoff’s estate.

Solus sued Perry for $20 million in July in New York Supreme Court in Manhattan, saying the trade was sealed over the telephone and in Bloomberg LP’s “instant messages.” Rejecting Solus’s claim that all trades are sealed that way on Wall Street, Perry said in a letter to a judge yesterday that the preliminary agreement was always dependent on a final contract, as it had emphasized to Solus.

“There was no bilateral deal between Solus and Perry,” because the transaction involved a third party, Deutsche Bank AG, which hadn’t yet worked out how it would reassign the claims to Solus after previously pledging them to Perry, the hedge fund said.

In the letter to Judge Barbara Kapnick, Perry cited evidence produced in the case by Solus, including three recorded phone calls between Perry and Deutsche Bank about the three-party transaction. Perry used the letter to back up a previous bid to get the suit dismissed.

The case is Solus Alternative Asset v. Perry Corp., 652341/2012, New York State Supreme Court, New York County (Manhattan.)

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