Billionaire Ira Rennert has filed a $214 million malpractice lawsuit against his former law firm, after a jury found him liable for looting his magnesium company to build a huge mansion in New . The trial judge, Alison Nathan, later added interest. })(); Rennerts company used Ilshar as a a convenient drive-thru teller to which they pull up and ask themselves for as much money as they like, according to the suit. } [16] Magcorp declared Chapter 11 bankruptcy shortly after the lawsuit began and a federal judge allowed Rennert to restructure MagCorpnow U.S. Magnesiumwhich exempted it from previous legal liability. if (typeof(window._mpspixZ) != 'string') { The company later became WCI Steel Inc., and Ira Rennert was able to ultimately sell bonds totaling USD 300 million, paying USD 108 million of the proceeds as a dividend to Renco.In 1998, Renco Steel Holdings Inc. was created to provide as a holding company for WCI. . [21] In 2000, the EPA and the Missouri Department of Natural Resources tested area lead levels and ordered Doe Run to clean up locations where lead levels exceeded EPA standards. The case is Renco Group Inc v Kaye Scholer LLP et al, New York State Supreme Court, New York County, No. All Rights Reserved. On the dunes just behind Rennerts estate, Im confronted by a security guard who springs from the bushes. When I inquire after the master of the house, he tells me to leave right now or Im going to have you arrested, which I take to mean Mr. Rennert is unavailable. SECURE 2.0 Creates Backdoor Child IRA Opportunity, Inheriting An IRA? Discover short videos related to jenna rennert on TikTok. Born in Brooklyn, New York, Ira Rennert . Rennert's wife and children are named as the donors of The Jonas Mendel (Yonah Menachem Ben Mendel) Rennert Memorial Chapel at the Center for Jewish History. mps._ext = mps._ext || {}; AM General produced vehicles for military, industrial and government use, which includes theHumvee. This site is protected by reCAPTCHA and the Google Privacy Policy and Mr. Rennert's conglomerate, the Renco Group, will be required to pay the pensions of retirees who worked at a subsidiary that went bankrupt in 2012. Just how much will the battery production credits in the IRA cost American taxpayers? Ira Rennert and Ingeborg Hanna Rennert have a son named Ari Rennert who is associate member in Rennerts business empire and is most likely the viable candidate to take up the job of his father. The house has a dozen chimneys and a Mediterranean-style tile roof as well as a 91-foot (28m) long formal dining room, a basketball court, a bowling alley, two tennis courts, two squash courts, and a $150,000 hot tub. Tamara is married to Randy Winn. var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; Nor has Renco revealed its plans for the steel mills except to say that Sparrows Point will become the future headquarters for RG Steel. Rennert is married to Ingeborg Hanna who was an airline ticket agent and is Judaism convert. He also ranks #29 on the Jerusalem Post's list of the World's 50 Richest Jews. [citation needed] In 1994, Fluor Corp. of Los Angeles sold the Doe Run Company to Renco, with the latter paying $52 million in cash, and approximately $60 million in debt payable over an eight-year period. This is a man who does not have a heart, says the father of three lead-poisoned children in La Oroya, who requested anonymity because he fears reprisals. They also gave over $1 million to the World Trade Center Memorial and established the Rennert Entrepreneurial Institute of Sy Syms School of Business at Yeshiva University. [24], Ira Rennert ranks #771 on Forbes magazine's list of the world's billionaires. } Media related to Ira Rennert at Wikimedia Commons, The website address for the US Magnesium Superfund Site is, Toxic Lead Smelting Operation in La Oroya, Peru, Last edited on 17 February 2023, at 14:42, New York University's Stern School of Business, National Association of Securities Dealers, United States Court of Appeals for the District of Columbia Circuit, List of investors in Bernard L. Madoff Securities, New York University Leonard N. Stern School of Business, "SEC News Digest - Dixie Dinettes Files for Secondary", "Ira Rennert's House of Debt: How leverage made millions for a tarnished financier--and investors lost out", "Doe Run owner built empire on junk bonds", "US: U.S. Moves to Seize Pension Fund in Dispute With Renco | corpwatch", "U.S. Moves to Seize Bankrupt Steel Maker's Pension Plan", "Perelman Seeks Controlling Stake in Maker of Hummer", "Summaries of the 2004 Climate Protection Award Winner's Accomplishments", "Herculaneum Facility to Close After 120 Years in Operation", The Nation: "Religious Leaders Challenge Polluter" by Sara Shipley Hiles, "Poisoned city fights to save its children", "-Yeshiva University News - Gifts Boost Medical Research: Ten Professors Invested in Endowed Chairs at Albert Einstien College of Medicine", "Members of Congress, Obama Administration Go to Bat For Billionaire Investor", Vanity Fair: Letter from the Hamptons: Sand Simeon, New York Observer: "Big Deal! The holding company then sold $120 million in junk bonds, this moment paying an additional $100 million dividend to Renco. He is at 148, spot in the Forbes 400 in 2016. In 1989, Renco acquired the U.S.s largestmagnesiummanufacturer inUtah. Rennert has long said the verdict made no sense because jurors thought MagCorp was solvent at the time of the alleged transfers. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. James Ridgeway and Jeffrey St. Clair. Houses Rennert caused controversy among his neighbors by building a beach front home in Sagaponack, New York considered one of the largest occupied residential compounds in the United States. The buildings, which total over 110,000 square feet (10,000m2), including the 66,000-square-foot (6,100m2) main house, have an Italianate facade, 29 bedrooms, and 39 bathrooms. [6] In 1998, Renco Steel Holdings Inc. was created to serve as a holding company for WCI. In 2001, the Department of Justice filed suit against Magnesium Corp. for multiple violations of hazardous waste law, and also it cited Rennert's removal of money from Magnesium Corp. through the bond issue, "leaving the companies insolvent and unable to pay their bills". 'content_id' : '48136349' , } } He blames the vibrations for literally damaging my home.. Terms included a $67.5 million cash imbursement with the remainder to be paid in various forms over a 10-year period. var mpscall = { As parents like me struggle to figure it out, lawmakers have taken some steps to make it easier, including a recent rule change that allows you to roll money earmarked for education into a retirement plan. Circuit Court of Appeals on Wednesday let stand a jury verdict against the mining mogul and his holding company Renco Group Inc, and won by a trustee liquidating the bankrupt Magnesium Corp of America, known as MagCorp. Rennert has since filed a countersuit claiming Perelman diverted as much as $175 million that should belong to Renco. if (cStart !== -1) { Greater New York City Area. Renco Group Inc, Rennerts holding company, said neither it nor the mining mogul would have been liable had Kaye Scholer and partner Peter Haveles objected to faulty jury instructions that Rennert has said led to an irrational February 2015 verdict. 15-2671, 15-2962, 15-2971. STRICTLY_NECESSARY: 1, [24] La Oroya was and remains a very polluted site. Besides his house in Sagaponack, Rennert owns a duplex apartment on Manhattan's Park Avenue, and a home in Israel. return _regex.test(_qs); Disgraced billionaire industrialist Ira Rennert, found liable earlier this year for looting his failed magnesium company to the tune of $117 million, was back in Manhattan federal court on. Today's Social Security column addresses questions about the effect of rolling a public pension over into an IRA, survivor's benefits and the earnings test and how military credits can be applied to benefit amounts. Lee Buchwald, MagCorps bankruptcy trustee, accused Rennert of diverting money from the now-defunct company to help build his 21-bedroom, 43,000-square-foot mansion known as Fair Field on 65 oceanfront acres in Sagaponack, on Long Island. They also donated hundreds of Torah scrolls to communities in Israel. Rennert and Perelman, both Orthodox Jews, are members of the Fifth Avenue Synagogue, a stronghold of Israel hardliners. It's us but for your ears. They are involved in real estate business and were in news for selling and purchasing grand mansions. AM General produced vehicles for military, industrial and government use, which includes the. Rennert was born on May 31, 1934 in Brooklyn New York. Rennert and his wife Ingeborg have made many charitable donations to various organizations. !e;this.xhrGuids&&!this.xhrGuids[n]&&(this.xhrGuids[n]=!0,this.totalCbs+=1)}),f.on("xhr-load-removed",function(t,e){var n=""+p(t)+! Listen on Apple Podcasts. Big-Hearted Baron Ira Rennert Buys Daughters Spreads in 740 Park, 778 Park for $60 M.-Plus" By Max Abelson, New York Observer: "Schwarzman Redux: Manufacturing Exec Signs $18 Million Deal" by Deborah Schoeneman, "The Shmooze Feuding Tycoons Attend Same Synagogue", "Battle of the bazillionaires: In a Hummer of a legal fight, Ron Perelman, Ira Rennert trade some nasty accusations", "An apology to Ira Rennert of Sagaponack", https://en.wikipedia.org/w/index.php?title=Ira_Rennert&oldid=1139919903, Michael Shnayerson. // var foresee_enabled = 1 [12], The Renco Group's environmental record in the U.S. related to Doe Run provides a good example of this development. The new law enhances tax treatments for surviving spouses, especially those married to a younger spouse. [26] A study by St. Louis University scientists found that 97 percent of children in La Oroya suffer from mental and physical deficiencies related to their exposure to polluted air. They have endowed chairs at several different universities, including a chair in Jewish studies at Barnard College, a chair in Aging Research at Albert Einstein College of Medicine, a chair in Stem Cell Biology at Albert Einstein College of Medicine, and the Ira Rennert Professorship of Business at Columbia University. Come summer, some CEOs commute daily between their beach chalets and Manhattans East 34th Street Heliport. But the situation has become intolerable over the past few years, Dalene says, thanks to a whirlybird craze among the investment bankers and hedge fund gurus who weekend in Sagaponack and Southampton. This is real, he insists. if (result && result.geo && result.geo.country_code) { In 2004, after the novelty of the popular Hummer H2 civilian model began to fade, Rennert sold a majority stake to Ronald Perelman, the billionaire owner of Revlon, whose heavily guarded estate on Georgica Pond is described as the cynosure of Hamptons nouvelle society by local author Steven Gaines in his book Philistines at the Hedgerow. Its environmental improvements and recent track record have been substantial and include a reduction of emissions by 90% since 2000 (97% since 1989). On another wall hangs a framed Republican of the Year award from the National Republican Congressional Committee. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. // check for region and redirect if country is in EEARegion "true" : "false") + "; expires=" + d.toUTCString() + "; path=/"; document.cookie = "__adblocker=" + (adblocker ? }, mpsopts = { Jenna is an on air correspondent and hosts live red carpet events, recently covering The Met Gala and the Tony Awards for Vogue Magazine's livestream. Rennert paid himself and his holding company, the Renco Group, hundreds of millions in management fees and dividends. His current lawyer, Steven Kaufman, did not respond to requests for comment on the lawsuit, which also seeks interest. As an outside board member, Rennert was not dragged down by the collapse and began to raise junk bonds on his own behalf to finance acquisitions for the Renco Group. 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