Bankrupt RG Steel's Creditors Take Aim At Renco Chief

Law360, Wilmington (January 18, 2013, 4:08 PM EST) -- RG Steel LLC’s unsecured creditors asked a Delaware bankruptcy judge Thursday for permission to sue Ira Rennert — the billionaire chairman of Renco Group Inc., the defunct steelmaker's parent — for allegedly breaching his fiduciary duties to the company as it descended into bankruptcy.

In a motion filed with the court, RG Steel’s official committee of unsecured creditors accused Rennert of taking actions to shield himself and Renco from the financial fallout from the steelmaker’s rapid collapse, resulting in claims that could recoup more than $238...
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