By JENNIFER PELTZ, Associated Press | February 27, 2015 | Updated: February 27, 2015 5:35pm
NEW YORK (AP) — Billionaire Ira Rennert plundered a now-bankrupt mining company to pay for personal luxuries, jurors found Friday after a trial that spotlighted one of the world's biggest private homes.
A Manhattan federal jury levied $118 million in damages against Rennert and his Renco Group Inc.
The lawsuit stemmed from the 2001 bankruptcy of the Magnesium Corp. of America, or MagCorp, a Salt Lake City-based producer of magnesium. But the trial also showcased Rennert's 100,000-square-foot, 29-bedroom, 40-bathroom beachfront complex in the Hamptons. MagCorp's bankruptcy trustee argued the billionaire built the mansion with money improperly milked from the company.
Lawyers for the trustee applauded the verdict as a step toward repaying more than decade-old debts. Rennert's company, Renco Group Inc., said that aspects of the complicated verdict were contradictory and that the company would appeal.
More:
http://www.chron.com/news/us/article/Jury-Billionaire-looted-mining-firm-trial-eyed-6105968.php
(At the time Rennert built this, it was the largest private home in the United States.)
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