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 its creditors.
More than a decade in the making, the lawsuit turns on a $150...
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