A day after the Amaranth clawback campaign kicked off, their target, Touradji Capital explained to their investors that the $350 million lawsuit against them is nothing but a misguided attempt to partially right a $6 billion wrong.
Amaranth's action "is merely an offshoot of the frivolous litigation brought against the firm by two disgruntled former employees and one of their family members," (Touradji CEO Gil) Caffray wrote.
So what if they've got a couple guys who think they're still owed $25 million (each) in back pay. Gentry Beach and Rob Vollero must have bigger things on their mind than what allegedly went down with Amaranth and how much they might get one day in exchange for remembering some timely details, right?
In an April 15 deposition for the district court of Harris County, Texas, for the Playa case, Gentry Beach, citing his unidentified colleagues, said Paul Touradji signed a non-trade agreement with Amaranth so he could review their metals positions when Amaranth was shutting its fund during September and October 2006.
"From what I heard, Mr. Touradji then aggressively pressed these positions against them," Beach said in the deposition.