Amaranth and Touradji Capital Management LLC Issue Joint Statement Concerning Withdrawal of Case
NEW YORK, Nov. 16 /PRNewswire/ -- Amaranth LLC and Amaranth Advisors L.L.C. (together, "Amaranth") today reported that they have withdrawn the summons and notice they filed on September 18, 2009 asserting claims against Touradji Capital Management, LP, Touradji Global Resources Master Fund, Ltd., Paul Touradji and certain other employees ("Touradji Capital"). Neither of the parties made a payment of any kind in connection with the withdrawal of the notice and summons.
Amaranth's claims had been based upon agreements signed in September 2006, the purpose of which was to protect Amaranth's confidential and proprietary trade secrets and to transfer Amaranth's base metals portfolio to Touradji Capital. Touradji Capital denied Amaranth's allegations and asserted that its conduct in assuming the risk of Amaranth's base metal portfolio was professional and lawful.
Amaranth's notice protected the interests of Amaranth in connection with what it had been told were serious claims against Touradji Capital. However, since filing the summons and notice, and consistent with their role as fiduciaries, the Amaranth parties have continued their investigation of the claims and of the transaction. Since then, Amaranth has received and evaluated additional information regarding the transaction, including trading records and other information voluntarily provided by Touradji Capital, that is consistent with Touradji Capital's position that it did not violate the agreement with Amaranth and did not misuse Amaranth's proprietary information.
Accordingly, Amaranth has withdrawn its summons and notice and elected not to serve a complaint against Touradji Capital. Both parties jointly issue this statement to announce the withdrawal of the claims.
CONTACT: For Touradji Capital Management: Tom Davies or Adam Weiner of Kekst and Company 212-521-4800 For Amaranth LLC and Amaranth Advisors L.L.C.: Shannon Rose Selden Debevoise & Plimpton LLP 212-909-6406
SOURCE Touradji Capital Management