We will vigorously defend these allegations and we are confident that we have fulfilled our professional obligations, a spokeswoman for Arnold & Porter Kaye Scholer, the successor firm to Kaye Scholer, said in an email on Tuesday. American businessman, investor and former credit analyst Ira Rennert has an estimated net worth of $5.95 billion as of March 2017, according to Bloomberg. Fair Field caused an uproar in neighborhood when it was built in the late 1990s and inspired a novel called The House That Ate the Hamptons.. LTV Steel Co., worth $140 million. Its wealthy members north of the Montauk Highway launched what Dalene describes as a knock-down, drag-out battle against ultra-wealthy helicopter owners who largely live on the south side, accusing them of shattering the islands tranquillity, contributing to climate change, and poisoning the air with leaded fuel. He has contributed money to John McCain, Rudy Giuliani and other candidates.[31]. "Devastating Luxury.". He was at 435th spot in Forbes list of billionaires in 2016 and at 154th spot in United States. Rennert's parents were Jewish immigrants from Poland and Romania. Hes entertaining the notion of publishing his celebrity shame list and staging protests at the airport this summer. }); 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. 'cag[configuration_franchise]' : 'Inside Wealth' , Rennert has long said the verdict made no sense because jurors thought MagCorp was solvent at the time of the alleged transfers. Terms of Service apply. if (mps._urlContainsEmail()) { He was born to a Polish mother who emigrated from Poland at age 3 and a father who emigrated from Romania at age 13. He is at 148, spot in the Forbes 400 in 2016. Ask Larry: Will Rolling My Pension Into An IRA Avoid Social Security's WEP Reductions? The multibuilding complex has 29 bedrooms, three swimming pools, a 164-seat theater, and a playhouse containing a basketball court, gym, and two-lane bowling alley. [16] The suit claimed PCB-laced sludge and dust choked the plant's plumbing, wastewater ponds, landfill and ditches, where contaminants were 12 times the allowed limit for accidental release. CNBC_Comscore = 'Business_News'; Rennert was born on May 31, 1934 in Brooklyn New York. (Reuters) - 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 countrys most expensive homes, a 21-bedroom mansion in New Yorks Hamptons. .map(categoryPreference => parseInt(categoryPreference.split(':')[0], 10)); Roth IRA contribution limits have increased for 2023. Terms included a $67.5 million cash imbursement with the remainder to be paid in various forms over a 10-year period. 'is_content' : '1' , Rennert served as a partner at Rubin, Rennert & Co. in 1962. Renco is also suing Peru for $800 million, arguing that its demands for a timely cleanup violate the US-Peru free trade agreement. [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. Ira Rennert denies looting firm to build huge mansion. )[14] By 1998, the year the Renco was placed on the EPA list, it had reduced emissions at US Magnesium by 50%. The 2nd U.S. "true" : "false") + "; expires=" + d.toUTCString() + "; path=/"; var foresee_enabled = 1 Ira Leon Rennert or simply Ira Rennert is an American investor and business magnate. It rejected Rennerts argument that the jury rendered an irrational verdict by awarding damages despite believing MagCorp was solvent at all relevant times. [1] He graduated from Brooklyn College in 1954, and earned his master's degree from New York University's Stern School of Business in 1956,[2] where he later was on the Board of Overseers. He has total worth of USD 3.9 billion. Sign up for free newsletters and get more CNBC delivered to your inbox. 'cag[related_primary]' : '' , if(typeof window.MediaSource !== 'function') { return true; They demanded nearly $1 billion in fines, alleging MagCorp (a Renco Metals Inc. subsidiary) dumped toxic waste in ditches and ponds on the Great Salt Lake. Ira Rennert is a self made billionaire and his worth is USD 3.9 billion as of Jan 2017. Here's a video he recorded of Rennert's . [13] (US Magnesium was purchased by Renco in 1989 in the year in which its emissions peaked at 119,000 tons per year. An intensely private 78-year-old with a leonine mane of white hair, he emerged from a middle-class home in East Flatbush, Brooklyn, to become one of Wall Streets most renowned bad boys. 'is_sponsored' : '0' , Clouds of sulfur dioxide from Doe Run Perus La Oroya smelter have scalded the surrounding Andean hills. "443":"80"),r.hostname=e.hostname||n.hostname,r.pathname=e.pathname,r.protocol=o[0],"/"!==r.pathname.charAt(0)&&(r.pathname="/"+r.pathname);var i=!e.protocol||":"===e.protocol||e.protocol===n.protocol,a=e.hostname===document.domain&&e.port===n.port;return r.sameOrigin=i&&(!e.hostname||a),r}},{}],17:[function(t,e,n){function r(){}function o(t,e,n){return function(){return i(t,[f.now()].concat(s(arguments)),e?null:this,n),e?void 0:this}}var i=t("handle"),a=t(21),s=t(22),c=t("ee").get("tracer"),f=t("loader"),u=NREUM;"undefined"==typeof window.newrelic&&(newrelic=u);var d=["setPageViewName","setCustomAttribute","setErrorHandler","finished","addToTrace","inlineHit","addRelease"],p="api-",l=p+"ixn-";a(d,function(t,e){u[e]=o(p+e,!0,"api")}),u.addPageAction=o(p+"addPageAction",!0),u.setCurrentRouteName=o(p+"routeName",!0),e.exports=newrelic,u.interaction=function(){return(new r).get()};var h=r.prototype={createTracer:function(t,e){var n={},r=this,o="function"==typeof e;return i(l+"tracer",[f.now(),t,n],r),function(){if(c.emit((o? cEnd = document.cookie.length; Rennert and his wife Ingeborg have made many charitable donations to various organizations. Ari Rennert is an American businessman, the president of Renco Group, a private holding company founded in 1975 by his father, Ira Rennert. Had the lawyers spoken up, the jury would have announced a verdict consistent with the 27 interrogatories it answered finding 27 separate times that the (Renco) subsidiaries were not insolvent or inadequately capitalized, Renco said. Ira Rennert is the founder of the Renco Group, an industrial empire with estimated annual revenues of $5 billion. He is a graduate of Brooklyn College in 1954, and earned his master's degree from New York University's Stern School of Business in 1956, where he later was on the Board of Overseers. Lee Buchwald, the MagCorp trustee, was not immediately available for comment. The holding company then sold $120 million in junk bonds, this moment paying an additional $100 million dividend to Renco. Another US unit of Renco also faced environmental issues in Herculaneum, Missouri and has made substantial improvements. [1], He has worked for Credit Suisse First Boston and Caxton Associates. function getOneTrustCookie() { Billionaire industrialist Ira Rennert, who was ordered to pay $213 million in fines and penalties two years after a Manhattan federal jury agreed that he had looted a magnesium company to help pay . 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. OleHenriksen is finally getting into the collaboration space. if (typeof mps.getAd != "function") mps.getAd = function(adunit) { 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. } The EPA published its proposal to place the US Magnesium facility on the National Priorities List (NPL, a "Superfund site" under CERCLA) in the Federal Register on September 3, 2008. Watch popular content from the following creators: Captiv8(@captiv8_official), Itsjennarennert(@itsjennarennert), Itsjennarennert(@itsjennarennert), Itsjennarennert(@itsjennarennert), Itsjennarennert(@itsjennarennert) . Mr. Rennert is but one of numerous corporate executives, as well as many Hamptons residents, who travel by helicopter. Removing minerals from the water of the Great Salt Lake, Magnesium Corp. uses chemicals to refine the magnesium used in products ranging from bombs to bicycles. This site is protected by reCAPTCHA and the Google Privacy Policy and Then, in 2007, not long after Sagaponack was incorporated as a village, its trustees voted to cap future abodes at 12,000 square feet. AM General produced vehicles for military, industrial and government use, which includes the. We're a nonprofit (so it's tax-deductible), and reader support makes up about two-thirds of our budget. 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