RG Steel Creditors Argue For Right To Sue Renco Chief

Law360, Wilmington (May 30, 2013, 7:49 PM EDT) -- RG Steel LLC’s creditors committee should be allowed to sue Ira Rennert — the billionaire owner and chairman of parent Renco Group Inc.— and the defunct steelmaker's chief executive for allegedly exacerbating the company's demise, a Delaware bankruptcy judge heard Thursday.

At a hearing in Wilmington, attorney Gregory A. Horowitz argued that federal law permits the court to grant the committee standing to pursue its proposed complaint against Rennert and CEO Vincent J. Goodwin for alleged breaches of fiduciary duties, while counsel for the executives countered...
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