Last March, Renco agreed to pay in full the pensions of about 1,350 retirees at its bankrupt RG Steel unit. Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to Judaism. We climb into his Toyota Tundra and head across the highway for a tour of the third most expensive zip code in America. In 2015 a court ruled that Rennert was liable for improperly diverting money from his business to pay for a lavish home in Southampton, New York. His current lawyer, Steven Kaufman, did not respond to requests for comment on the lawsuit, which also seeks interest. [citation needed] Since 1998 most Renco financings have been bank debt. Ira Rennert denies looting firm to build huge mansion. Retirees now have until age 73 to start RMDs. Reporting by Jonathan Stempel in New York; Editing by Chris Reese. .filter(categoryPreference => !categoryPreference.includes('0_') && categoryPreference.includes(':0')) Renco is also suing Peru for $800 million, arguing that its demands for a timely cleanup violate the US-Peru free trade agreement. At this point, US Magnesium is the only magnesium producer in the United States. On Friday afternoons the tiny airport is a beehive. } var _qs = window.location.href; The case arose from the 2001 bankruptcy of Magnesium Corp of America. Believed to be the nations largest inhabited residence, it rivals fabled goliaths like the Biltmore Estate or Hearst Castle. Billionaire investor Ira Rennert probably gives great holiday gifts. EPA and MDNR continue to work with Doe Run to address stabilization, erosion control, flood protection, stormwater collection and treatment, and wetland mitigation related to the slag pile area at the site. Media in category "Ira Rennert" The following 3 files are in this category, out of 3 total. SECURE 2.0s New Surviving Spouse Rule, How A 529 Plan To Child IRA Conversion Can Turn Your Teen Into A Middle-Class Millionaire, Know The Times When An IRA Conversion Is Most Likely To Pay Off, You Shouldnt Always Delay IRA Distributions, Whats The Difference Between Roth IRAs And Roth 401(k)s Updated For 2023, Roth IRA Contribution Income Limits For 2023. // execute var pixelurl = ((document.location.protocol === 'https') ? if(typeof window.MediaSource !== 'function') { The trial judge, Alison Nathan, later added interest. This improvement was beyond the economic and technical capability of Centromin. TRD Staff | January 10, 2018 06:05PM. "[citation needed] In the first quarter of 2007, Doe Run met all of the National Ambient Air Quality Standards (NAAQS). Mr. Rennert is but one of numerous corporate executives, as well as many Hamptons residents, who travel by helicopter. Rennert's parents were Jewish immigrants from Poland and Romania. Find out how this could help you plan your legacy Beginning in 2024, you can convert your childs 529 plan to a Roth IRA. This is real, he insists. He is confident that the new crop of NIMBYs poking up around Georgica Pond can help bring Rennert down to earth. Mother Jones was founded as a nonprofit in 1976 because we knew corporations and billionaires wouldn't fund the type of hard-hitting journalism we set out to do. He has contributed money to John McCain, Rudy Giuliani and other candidates.[31]. 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Wikipedia; Ira Rennert - The New York Times Dalene figures the specter of pollution-spewing copters will compel his fellow Hamptonites to pay heed. 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SOCIAL_MEDIA: 8 Save big on a full year of investigations, ideas, and insights. Its a fucking monster! marvels a bulldozer operator from Westhampton Beach, who takes a break from shaping sand dunes to gaze up at Rennerts 12 chimneys. console.log('PUB-GDPR-CHECK Blocked Categories: ', blockedCategories); ', window.location); The 2nd U.S. Buchwald had contended that Rennert diverted money from MagCorp to help build his estimated 43,000-square-foot mansion, known as Fair Field, on 65 oceanfront acres in Sagaponack, on New Yorks Long Island. Haveles, now a partner at Pepper Hamilton, referred a reporter to his former firm. His purchase of AM General in 1992 was bought with a down payment of just $10 million. console.log('PUB-GDPR-CHECK'); But hes not leaving it to chance. 'is_sponsored' : '0' , Ira Leon Rennert (born May 31, 1934) is an American billionaire businessman, and the chairman and CEO of Renco Group. AM General produced vehicles for military, industrial and government use, which includes theHumvee. d.setTime(d.getTime() + 60 * 60 * 24 * 30 * 1000); With the national debt soaring to unprecedented levels, you may be concerned about protecting your investments from future tax rates. This site is protected by reCAPTCHA and the Google Privacy Policy and They also donated hundreds of Torah scrolls to communities in Israel. The initial lawsuit DOJ filed on behalf of EPA in 2001 claimed U.S. Magnesium was not following regulations promulgated under the Resource Conservation and Recovery Act of 1976, which dictates how waste byproducts must be disposed. [citation needed], Rennert's strategy for building Renco was to acquire all the shares of struggling companies and to finance the acquisition by issuing junk bonds. On August 20, 2004, it was announced that Ronald Perelman's MacAndrews & Forbes Holdings company would buy 70% of AM General from Renco. A Brooklyn native and former credit analyst, he began building his fortune by investing in junk bonds in the 1980s. const url = `${window.location.pathname}${window.location.search}`; The duo sold their 2,745-square-foot condo atthe Chatham, just little blocks southeast of the edifice they now call home, for$6.85 million. Renco's holdings include a stake in military truckmaker. Rather than cleaning up its mess, Renco has spent $305,000 over the past two years lobbying the US government to help convince Peru not to expropriate the plant. })(); Ira gifted an apartment to his two daughters Tamara and Yohina worth USD 30 million. } [22]. 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At more than 43,000 square feet, the home is one of the largest residential compounds in America. 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. They are involved in real estate business and were in news for selling and purchasing grand mansions. 'is_content' : '1' , 'content_id' : '48136349' , [citation needed] In 1997, Doe Run went on to pay $247 million for a similarly environmentally troubled lead smelting complex from the Peruvian government, as well as borrowing more money to service its Fluor Corporation debt. Ira Rennert basically is a self made investor. } Last year, he founded the Quiet Skies Coalition, an anti-helicopter group that has become one of the most potent political forces in the Hamptons. 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(function() { return unescape(document.cookie.substring(cStart, cEnd)); Rennert and Perelman, both Orthodox Jews, are members of the Fifth Avenue Synagogue, a stronghold of Israel hardliners. Discover short videos related to jenna rennert on TikTok. Using junk bonds to finance his acquisitions of companies, often in bankruptcy, he has amassed significant . Paying for college is a big topic of conversation in my house.