Jury: Billionaire looted mining firm; trial eyed huge home

[Judi Lynn]

Source: Associated Press

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.

Read 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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[Fuddnik]

1. Get a job, Hippie!

[hobbit709]

2. Another one that to be shortened.

[n2doc]

3. He looks like Dick Cheney in a wig

Anyone see the two of them together?

[Ruby the Liberal]

4. He and his wife look like televangelists straight out of central casting

Sounds like they already have the default morals down to a science...

[Enthusiast]

5. Jesus Christ........

These miscreants. He took 120 million in dividends. He just could not get enough. He needed more bathrooms.

[father founding]

6. Socialists !

These people never use their own money, they always take it from someone else, usually the taxpayers.

[MisterP]

7. French-style courtyard, a few Italian gardens, cheap dinky Del Boca Vista roofing

he's an enemy of architecture as well as of all living things!

[whereisjustice]

8. he's just practicing the 3rd way mantra of "inclusive capitalism"

[shanti]

9. Vile creature

[graegoyle]

10. I usually don't care for this kind of characterization, but...

So vile he can't smile.

[UpInArms]

11. thanks, Judi Lynn

this is definitely the face of evil

[DBoon]

12. They look like 18th century French aristocrats

before the revolution that is