The National Priorities List (NPL) is a list of places, commonly known as "superfund sites," considered national priorities for environmental remediation because of known or threatened releases of hazardous substances.USM filed its petition for review of the listing in the United States Court of Appeals for the District of Columbia Circuit on November 5, 2009. "[citation needed] In the first quarter of 2007, Doe Run met all of the National Ambient Air Quality Standards (NAAQS). Greater New York City Area. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2023 demands. He also served as a partner at Rubin, Rennert & Co.[4] before launching his own business, I. L. Rennert & Co., in 1962. [16] The suit claimed PCB-laced sludge and dust choked the plant's plumbing, wastewater ponds, landfill and ditches, where contaminants were 12 times the allowed limit for accidental release. Explore the latest videos from hashtags: #jenna, #jennagilbert . Representatives of a now-defunct mining business he used to own . But hes not leaving it to chance. mps._queue.gptloaded.push(function() { const OneTrustCategories = { Using junk bonds to finance his acquisitions of companies, often in bankruptcy, he has amassed significant . [19] The energy improvements in US Magnesium's manufacturing process have also caused a net reduction of 100,000 tons per year of carbon dioxide emissions. In 1989, Renco acquired the U.S.s largest, to assist LTV emerge from bankruptcy. const blockedCategories = decodeURIComponent(matches[1]) The 2nd U.S. Clouds of sulfur dioxide from Doe Run Perus La Oroya smelter have scalded the surrounding Andean hills. [26] A study by St. Louis University scientists found that 97 percent of children in La Oroya suffer from mental and physical deficiencies related to their exposure to polluted air. But when commodity prices tanked in the late 90s, his companies began choking on debt. A Peruvian judge has threatened to extradite bad-boy industrialist and private-equity bigwig Ira Rennert, according to a recent story in Peru's La Republica.Since January, the American . Renco bought a Warren steel company in Ohio from its bankrupt parent,LTV Steel Co., worth $140 million. Had the lawyers spoken up, the jury would have announced a verdict consistent with the 27 interrogatories it answered finding 27 separate times that the (Renco) subsidiaries were not insolvent or inadequately capitalized, Renco said. Renco's holdings include a stake in military truckmaker AM General, lead and zinc producer Doe Run Company and U.S. Magnesium Corp., among others. }); Its wealthy members north of the Montauk Highway launched what Dalene describes as a knock-down, drag-out battle against ultra-wealthy helicopter owners who largely live on the south side, accusing them of shattering the islands tranquillity, contributing to climate change, and poisoning the air with leaded fuel. The lawsuit claims that Rennerts company has borrowed a total of $109 million from Ilshar Capital LLC since 2009. May 2011 - Sep 20115 months. He was born to a Polish mother who emigrated from Poland at age 3 and a father who emigrated from Romania at age 13. if (!matches) { [15], In 2001, the Justice Department and EPA filed suit against Renco. (Mitt Romney attended a trio of fundraisers in the Hamptons this weekend, including a $50,000-a-person event at the estate of David Koch.). Wikimedia Commons Thought to be America's largest inhabited residence, Fair Field, Ira Rennert's estate in Sagaponack, cost $100 million to build and is worth . const name = ONE_TRUST_COOKIE_NAME; He denied such allegations, and the local paper later issued an apology. [1], Rennert has a bachelor's degree in finance from the Stern School of Business at New York University. 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The buildings, which total over 110,000 square feet (10,000m2), including the 66,000-square-foot (6,100m2) main house, have an Italianate facade, 29 bedrooms, and 39 bathrooms. The new law enhances tax treatments for surviving spouses, especially those married to a younger spouse. Ira has three children as named above. }); A federal appeals court has ordered billionaire Ira Rennert to pay a $213.2 million judgment, upholding a previous jury decision that found him liable for pilfering almost $120 million from. Listen on Apple Podcasts. He was at 435, spot in Forbes list of billionaires in 2016 and at 154. return true; Find out how this could help you plan your legacy Beginning in 2024, you can convert your childs 529 plan to a Roth IRA. Billionaire industrialist Ira Rennert, who was ordered to pay $213 million in fines and penalties two years after a Manhattan federal jury agreed that he had looted a magnesium company to help pay . But the situation has become intolerable over the past few years, Dalene says, thanks to a whirlybird craze among the investment bankers and hedge fund gurus who weekend in Sagaponack and Southampton. mps._queue.adview = mps._queue.adview || []; mps.scodePath="//fm.cnbc.com/applications/cnbc.com/staticcontent/scripts/omniture/s_code.js?v=1.6.4.1"; return _regex.test(_qs); A Kentucky coal mine, an Ohio steel mill, and MagCorp went bust, and bondholders of the latter two sued him for fraud. Billionaire investor Ira Rennert probably gives great holiday gifts. SECURE 2.0 just changed that and made Child IRAs easier to create for more people. He made his first fortune in junk bonds in the 1980s. AM General produced vehicles for industrial, military and government use, including the Humvee. fetch('https://geo.cnbc.com/info/').then(res => res.json()).then(result => { In 1993, Renco acquiredAM Generalfrom theLTV Corporationto assist LTV emerge from bankruptcy. } About Ira Rennert Ira Rennert is the founder of the Renco Group, an industrial empire with estimated annual revenues of $5 billion. 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. console.log('PUB-GDPR-CHECK oneTrustCookie matches: ', matches); SECURE 2.0s New Surviving Spouse Rule, How A 529 Plan To Child IRA Conversion Can Turn Your Teen Into A Middle-Class Millionaire, Know The Times When An IRA Conversion Is Most Likely To Pay Off, You Shouldnt Always Delay IRA Distributions, Whats The Difference Between Roth IRAs And Roth 401(k)s Updated For 2023, Roth IRA Contribution Income Limits For 2023. [22]. Ira has three children as named above. Early Warning Signs Rennert started his career as a credit analyst on Wall Street in 1956. The initial lawsuit DOJ filed on behalf of EPA in 2001 claimed U.S. Magnesium was not following regulations promulgated under the Resource Conservation and Recovery Act of 1976, which dictates how waste byproducts must be disposed. mps._queue.mpsinit = mps._queue.mpsinit || []; mps._queue.adload = mps._queue.adload || []; Doe Run, Peru, (a Renco Group holding) operated a smelting plant in La Oroya, Peru until 2010, that had similar types of environmental challenges to those faced in Herculaneum, but on a larger scale. }; The environmental problems were not solved despite huge investment by Renco, and Renco never made any financial profit from its investment. 'template' : 'story_simple' , Save big on a full year of investigations, ideas, and insights. mps._queue.gptloaded = mps._queue.gptloaded || []; Rennert and his wife Ingeborg have made many charitable donations to various organizations. It rejected Rennerts argument that the jury rendered an irrational verdict by awarding damages despite believing MagCorp was solvent at all relevant times. mps._urlContainsEmail = function() { Junk bond billionaire Ira Rennert has a massive house in the Hamptons. Cosmopolitan Magazine, Hearst Magazines. 'content_id' : '48136349' , Rennert served as a partner at Rubin, Rennert & Co. in 1962. Retirees Win Lengthy Pension Fight With Renco's Ira Rennert. Ira gifted an apartment to his two daughters Tamara and Yohina worth USD 30 million. The Blacksmith Institute placed La Oroya on its list of ten most polluted places in the world, along with Chernobyl, Ukraine. script.setAttribute("onload", "setAdblockerCookie(false);"); mps._adsheld = []; Ira Rennert ranks #132 on Forbes Magazine's list of World Billionaires. AM General produced vehicles for military, industrial and government use, which includes theHumvee. The suit says that Perelmans companies also took loans on overly favorable terms. The holding company then sold $120 million in junk bonds, this moment paying an additional $100 million dividend to Renco. Just like WCI, the company paid Renco $90 million in dividends by the year end. His current lawyer, Steven Kaufman, did not respond to requests for comment on the lawsuit, which also seeks interest. Tamara is married to Randy Winn.