We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

MagCorp Trustee Kicks Off $118M Rennert Looting Trial

Law360, New York (February 2, 2015, 9:40 PM EST) -- Lawyers for a bankruptcy trustee accusing industrial magnate Ira Rennert of plundering $118 million from Magnesium Corp. of America told a Manhattan jury on Monday that dividends extracted by the billionaire's Renco Group Inc. left MagCorp “doomed to fail" and creditors out of the money.

After seating a 10-person jury for the multiweek trial, U.S. District Judge Alison Nathan let attorneys for MagCorp’s Chapter 7 trustee present an opening statement outlining how they say Rennert drove the magnesium producer he owned into bankruptcy and wiped out...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.