BusinessWeek – Hedge funds Perry Capital LLC and Solus Alternative Asset Management LP are fighting over whether they had a contract when they agreed to trade $195 million of claims on Bernard Madoff’s bankrupt firm, amid rising prices on the claims.
Solus sued Perry July 3 for $20 million after the trade fell apart, saying they had a legally enforceable deal, sealed by phone and “instant messages” on Bloomberg LP terminals. Perry denied there was a deal, “let alone one that can be enforced in court.”
