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, filed for bankruptcy — to March 2015. The interest applies to the $101 million that...

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