In 1993, Renco acquiredAM Generalfrom theLTV Corporationto assist LTV emerge from bankruptcy. } [9] Harbinger sold the business to Severstal, a steelmaker based in Russia.[10]. Dalene and his neighbors near the East Hampton Airport might have abided Rennerts choppershe owns twohad they been an anomaly. The House That Ate the Hamptons. He previously lived in Atlantic Beach, NY. return true; In a rare victory, about 1,350 retirees will be paid in full for pensions that were cut when the Renco subsidiary they worked for . In 1956, after completing his MBA, he started his carrier as an analyst at Wall Street. Buchwald had contended that Rennert diverted money from MagCorp to help build his estimated 43,000-square-foot mansion, known as Fair Field, on 65 oceanfront acres in Sagaponack, on New Yorks Long Island. if (document.cookie.length > 0) { mps.response.dart.adunits[i].data = ''; Its environmental improvements and recent track record have been substantial and include a reduction of emissions by 90% since 2000 (97% since 1989). Media related to Ira Rennert at Wikimedia Commons, The website address for the US Magnesium Superfund Site is, Toxic Lead Smelting Operation in La Oroya, Peru, Last edited on 17 February 2023, at 14:42, New York University's Stern School of Business, National Association of Securities Dealers, United States Court of Appeals for the District of Columbia Circuit, List of investors in Bernard L. Madoff Securities, New York University Leonard N. Stern School of Business, "SEC News Digest - Dixie Dinettes Files for Secondary", "Ira Rennert's House of Debt: How leverage made millions for a tarnished financier--and investors lost out", "Doe Run owner built empire on junk bonds", "US: U.S. Moves to Seize Pension Fund in Dispute With Renco | corpwatch", "U.S. Moves to Seize Bankrupt Steel Maker's Pension Plan", "Perelman Seeks Controlling Stake in Maker of Hummer", "Summaries of the 2004 Climate Protection Award Winner's Accomplishments", "Herculaneum Facility to Close After 120 Years in Operation", The Nation: "Religious Leaders Challenge Polluter" by Sara Shipley Hiles, "Poisoned city fights to save its children", "-Yeshiva University News - Gifts Boost Medical Research: Ten Professors Invested in Endowed Chairs at Albert Einstien College of Medicine", "Members of Congress, Obama Administration Go to Bat For Billionaire Investor", Vanity Fair: Letter from the Hamptons: Sand Simeon, New York Observer: "Big Deal! [32] She serves as the Director of Lincoln Center for the Performing Arts, Inc.[33] They have three children: Rennert is a member of the Fifth Avenue Synagogue, an Orthodox synagogue[38] where he is also honorary chairman.[39]. Here's a video he recorded of Rennert's . 'is_sponsored' : '0' , Lee Buchwald, MagCorps bankruptcy trustee, accused Rennert of diverting money from the now-defunct company to help build his 21-bedroom, 43,000-square-foot mansion known as Fair Field on 65 oceanfront acres in Sagaponack, on Long Island. He was at 435, spot in Forbes list of billionaires in 2016 and at 154. 'title' : '1% Feuds: The Hampton Helicopter Spat' , EPA and MDNR continue to work with Doe Run to address stabilization, erosion control, flood protection, stormwater collection and treatment, and wetland mitigation related to the slag pile area at the site. That ended a lawsuit in which the U.S. Pension Benefit Guaranty Corp accused Renco of trying to evade $70 million of obligations. }).catch(() => {}); 'nid' : '48136349' console.log('PUB-GDPR-CHECK Blocked Categories: ', blockedCategories); Ira Leon Rennert (born May 31, 1934) is an American billionaire businessman, and the chairman and CEO of Renco Group. . if (window.top !== window.self) { In 2004, after the novelty of the popular Hummer H2 civilian model began to fade, Rennert sold a majority stake to Ronald Perelman, the billionaire owner of Revlon, whose heavily guarded estate on Georgica Pond is described as the cynosure of Hamptons nouvelle society by local author Steven Gaines in his book Philistines at the Hedgerow. mps.__intcode = "v2"; They have endowed chairs at several different universities, including a chair in Jewish studies at Barnard College, a chair in Aging Research at Albert Einstein College of Medicine, a chair in Stem Cell Biology at Albert Einstein College of Medicine, and the Ira Rennert Professorship of Business at Columbia University. Believed to be the nations largest inhabited residence, it rivals fabled goliaths like the Biltmore Estate or Hearst Castle. if(typeof window.MediaSource !== 'function') { })(); return '' We want to hear from you. [citation needed] In 2013, Doe Run shut down its lead smelter, entirely discontinuing emissions in Missouri. return false; }); According to a company spokesman, Jon Goldberg: "Due to market conditions, the firm found itself in violation of the net capital rule and Rennert raised capital and put it into the firm to bring it into compliance. } AM General produced vehicles for military, industrial and government use, which includes theHumvee. s.src = "https://fm.cnbc.com/applications/cnbc.com/resources/files/2020/03/28/VisitorAPI.js"; 'subtype' : 'section' , '); The house has a dozen chimneys and a Mediterranean-style tile roof as well as a 91-foot (28m) long formal dining room, a basketball court, a bowling alley, two tennis courts, two squash courts, and a $150,000 hot tub. Helibuses typically service offshore oil platforms and the like, but two years ago billionaire industrialist Ira Rennert acquired a posh version to shuttle himself between Manhattan and Long Islands exclusive Hamptons, where he owns a 63-acre, 110,000-square-foot villa complex. The case is Renco Group Inc v Kaye Scholer LLP et al, New York State Supreme Court, New York County, No. Ira has three children as named above. Is A Roth IRA Conversion The Right Strategy For You? [1], Rennert has a bachelor's degree in finance from the Stern School of Business at New York University. As parents like me struggle to figure it out, lawmakers have taken some steps to make it easier, including a recent rule change that allows you to roll money earmarked for education into a retirement plan. [1] He graduated from Brooklyn College in 1954, and earned his master's degree from New York University's Stern School of Business in 1956,[2] where he later was on the Board of Overseers. Rennert is married to Ingeborg Hanna who was an airline ticket agent and is Judaism convert. There were some renovations done in order to comply with the needs the couple needed. 'adunits' : 'Top Banner|Badge A|Badge B|Badge C|Badge D|Flex Ad First|Box Ad 1|Non Iframe Custom|Inline Custom|Movable Box Ad|Responsive Rectangle' , He made his first fortune in junk bonds in the 1980s. Create a book; Download as PDF; Printable version; In other projects. [7] Despite losing the company, Renco agreed to assume responsibility for the existing pension plan, with ongoing support from WCI. The Sephora-exclusive skin-care brand partnered with influencer and former Vogue editor Jenna Rennert (@ItsJennaRennert; 107,000 Instagram followers) to create a three-product nighttime regimen in a co-branded kit, which launched Tuesday. [6] In 1998, Renco Steel Holdings Inc. was created to serve as a holding company for WCI. This company then became WCI Steel Inc., and Rennert was able to ultimately sell bonds totaling $300 million, paying $108 million of the proceeds as a dividend to Renco. mps._queue.mpsloaded = mps._queue.mpsloaded || []; if (!mps._ext || !mps._ext.loaded) { They donated $5 million to establish the Wiesel Center at Boston University and $250,000 . He has contributed money to John McCain, Rudy Giuliani and other candidates.[31]. var script = document.createElement("script"); if (cEnd === -1) { if (cStart !== -1) { It's us but for your ears. ;NREUM.info={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",licenseKey:"356631dc7f",applicationID:"230538944",sa:1} Hanna acknowledges her husband as loving, caring and extremely charming. The lawsuit, filed late on Monday in the state supreme court in Manhattan, may be the last chance for Rennert, 83, to avoid a big payout, after the U.S. Supreme Court in October rejected his appeal of the verdict and resulting $213.2 million judgment. Child IRAs are powerful savings vehicles, but obstacles make them inaccessible to many. Rennert's parents were Jewish immigrants from Poland and Romania. })(); By signing up, you agree to our privacy policy and terms of use, and to receive messages from Mother Jones and our partners. 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Yohina Davidson is the second daughter of Ira and Hanna. } Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to Judaism. const blockedCategories = decodeURIComponent(matches[1]) [11], In 1993, Renco acquired AM General from the LTV Corporation to help LTV emerge from bankruptcy. Rennert ranks. const url = `${window.location.pathname}${window.location.search}`; (l[h]("DOMContentLoaded",i,!1),p[h]("load",r,!1)):(l[m]("onreadystatechange",o),p[m]("onload",r)),c("mark",["firstbyte",s],null,"api");var E=0,O=t(23)},{}]},{},["loader",2,15,5,3,4]); mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2"; Rennert lives in Sagaponack, New York along with his wife Ingeborg Hanna and three children. fetch('https://geo.cnbc.com/info/').then(res => res.json()).then(result => { Rennert jumped into private equity, issuing millions in junk bonds to finance the purchase of dirty mining and industrial outfits. Billionaire Ira Rennert has been ordered to pay slightly more than $200 million, roughly the value of his 29-bedroom Hampton's mansion. In a series of junk bond issues since 1995, Renco's subsidiaries have borrowed an estimated $1.1 billion and transferred $322 million (29 percent) to Renco Group, according to documents filed with the U.S. Securities and Exchange Commission (SEC). In 2001, the Department of Justice filed suit against Magnesium Corp. for multiple violations of hazardous waste law, and also it cited Rennert's removal of money from Magnesium Corp. through the bond issue, "leaving the companies insolvent and unable to pay their bills". Can you pitch in a few bucks to help fund Mother Jones' investigative journalism? mps._adsheld.push(adunit) } Jurors had in February 2015 found Rennert and Renco liable for $118 million to the bankruptcy estate of MagCorp, which had sought protection from creditors in 2001. Besides his house in Sagaponack, Rennert owns a duplex apartment on Manhattan's Park Avenue, and a home in Israel.