A federal appeals court said billionaire Ira Rennert must pay a $213.2 million judgment after a jury found him liable for looting his now-defunct magnesium company to build one of the country’s most expensive homes, a 21-bedroom mansion in New York’s Hamptons. The 2nd U.S. 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. It rejected Rennert’s argument that the jury rendered an “irrational” verdict by awarding damages despite believing MagCorp was solvent at all relevant times.
Category: Bankruptcy
The Rise of Elizabeth Warren From Determined Little Girl to Powerful Senator
Karen lives and writes in Las Vegas. As an avid reader and a research junkie, she is 3/4 random trivia and 1/4 coffee.
The Italian Banking Crisis
It has been called “a bigger risk than Brexit”- the Italian banking crisis that could take down the eurozone. Handwringing officials say “there is no free lunch” and “no magic bullet.”