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

  1. August 20, 2015

    Rennert Loses Bid For New Trial In MagCorp Bankruptcy Row

    A New York judge on Wednesday denied Ira Rennert's bid for a new trial in a case pinning blame for Magnesium Corp. of America's 2001 bankruptcy with the billionaire investor and his firm, but reduced the size of a $118 million jury verdict and nixed an award of punitive damages.

  2. March 16, 2015

    Renco Penalty In MagCorp Bankruptcy Row Rises To $213M

    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.

  3. March 04, 2015

    Rennert Missed Chance For Mistrial Over $118M Verdict: Judge

    A New York federal judge on Wednesday said she refused billionaire Ira Rennert's request for a mistrial after a jury ordered him to pay $118 million for taking shareholder dividends from bankrupt Magnesium Corp. of America because the defendants had waived their argument.

  4. February 27, 2015

    $118M Rennert Verdict Serves As Costly Cautionary Tale

    The jury verdict Friday that found Ira Rennert and his firm liable for $118 million from Magnesium Corp. of America's 2001 bankruptcy stands as a stark warning for insiders to tread carefully when extracting money from a company, lest they land on a particularly pricey hook if it ends up insolvent, experts said.

  5. February 27, 2015

    Rennert Hit With $118M Verdict Over MagCorp Bankruptcy

    A New York federal jury found Ira Rennert liable on Friday for contributing to Magnesium Corp. of America's 2001 bankruptcy, ordering the billionaire industrialist and his firm to pay $118 million in damages for taking shareholder dividends that allegedly left MagCorp too weak to survive.

  6. February 24, 2015

    Greed, Luck Blamed As $118M Rennert Looting Trial Wraps

    Lawyers arguing over $118 million in dividends that Ira Rennert's firm collected from Magnesium Corp. of America offered jurors competing narratives during summations on Tuesday of MagCorp's fall into bankruptcy, alternately blaming corporate greed and bad luck.

  7. February 10, 2015

    MagCorp Ch. 7 Judge Rejects Rennert's Trial 'Ploy'

    A New York bankruptcy judge reprimanded lawyers representing billionaire industrialist Ira Rennert for "insulting my intelligence" with a last-ditch maneuver to weaken Magnesium Corp. of America's Chapter 7 trustee in an ongoing clawback trial over $118 million in allegedly improper dividends.

  8. February 03, 2015

    Rennert Attys Open Defense Of $118M MagCorp Payouts

    Ira Rennert's attorneys outlined their defense Tuesday against a bankruptcy trustee's demand for $118 million to repay creditors of Magnesium Corp. of America, calling the billionaire industrialist a responsible owner who can't be blamed for the "perfect storm" that felled the company.

  9. February 02, 2015

    MagCorp Trustee Kicks Off $118M Rennert Looting Trial

    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.

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