I am assuming that you want your code to perform a different action, and take a different path if the Net::Telnet object doesn't exist. One option is put your non-connected code into a function and then have that execute. For example:

my $t = new Net::Telnet(..) || branch(args);
#code to occur if the telnet session is established.
exit;

sub branch {
    #code here and bail out
    exit;
}
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