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

Renco Penalty In MagCorp Bankruptcy Row Rises To $213M

Law360, Los Angeles (March 16, 2015, 11:50 PM EDT) -- Ira Rennert and his company, Renco Corp., will have to pay a total of roughly $213 million for allegedly taking shareholder dividends from bankrupt Magnesium Corp. of America, sources told Law360 on Monday, after a New York federal judge added interest to a jury’s previous award to Magnesium’s trustee.

U.S. District Judge Alison J. Nathan ordered the defendants to make up for missed interest payments on MagCorp debt by paying 6 percent interest per annum from August 2001 — when MagCorp and its parent, Renco Metal,...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Magnesium Corporation of America et al v. The Renco Group, Inc. et al


Case Number

1:13-cv-07948

Court

New York Southern

Nature of Suit

Bankruptcy Withdrawal

Judge

Alison J. Nathan

Date Filed

November 7, 2013

Law Firms

Companies

Government Agencies

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.