Renco Loses Challenge To Trustee's Sale Of $26.2M Stake

Law360, New York (July 19, 2017, 4:06 PM EDT) -- The trustee of defunct Magnesium Corp. of America was free to sell a slice of its $213 million judgment against billionaire industrialist Ira Rennert and his Renco Group Inc. for driving MagCorp into bankruptcy, a New York federal court said Tuesday, rejecting claims the sale had been unfair.

The ruling signals the beginning of the end for MagCorp Chapter 7 trustee Lee Buchwald's largely successful 15-year crusade against MagCorp owners Renco and Rennert, who is accused of improperly stripping the ailing MagCorp of its assets, in part to pay for a $200 million mega-mansion in the Hamptons.

Rennert's actions left the...

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