Jury: Billionaire looted mining firm; trial eyed huge home

[Judi Lynn]

Jury: Billionaire looted mining firm; trial eyed huge home

By JENNIFER PELTZ, Associated Press | February 27, 2015 | Updated: February 27, 2015 5:35pm

NEW YORK (AP) — Billionaire Ira Rennert plundered a now-bankrupt mining company to pay for personal luxuries, jurors found Friday after a trial that spotlighted one of the world's biggest private homes.

A Manhattan federal jury levied $118 million in damages against Rennert and his Renco Group Inc.

The lawsuit stemmed from the 2001 bankruptcy of the Magnesium Corp. of America, or MagCorp, a Salt Lake City-based producer of magnesium. But the trial also showcased Rennert's 100,000-square-foot, 29-bedroom, 40-bathroom beachfront complex in the Hamptons. MagCorp's bankruptcy trustee argued the billionaire built the mansion with money improperly milked from the company.

Lawyers for the trustee applauded the verdict as a step toward repaying more than decade-old debts. Rennert's company, Renco Group Inc., said that aspects of the complicated verdict were contradictory and that the company would appeal.

More:
http://www.chron.com/news/us/article/Jury-Billionaire-looted-mining-firm-trial-eyed-6105968.php

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Ira Rennert



Ira Rennert



Ira Rennert's house, Long Island



Ira Rennert's business, La Oroya, Peru,
massive, destructive polluter, known world-wide





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[Demeter]

1. That tooth-grinding grimace

He looks like Cheney, with hair.

[forest444]

2. The 19th century robber barons have nothing on these modern-day leeches.

At least many of them had genuine business acumen, and even if they built much of their fortune by hook and by crook, they always looked after their company.

These inbred hyenas in charge of much of corporate America today are the worst of both worlds really: thoroughly incompetent, but all crook.