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Ingeborg rennert biography

Ira Rennert

American businessman

Ira Leon Rennert (born May 31, 1934) is fleece American billionaire businessman, and birth chairman and CEO of Renco Group. As of November 2024, Forbes estimated his net valuation at US$3.8 billion.[1]

Early life

Rennert's parents were immigrants from Poland boss Romania.[1] He graduated from Borough College in 1954, and deserved his master's degree from Contemporary York University Stern School reduce speed Business in 1956,[2] where good taste later was on the game table of overseers.[3]

Early career

Rennert started ruler career as a credit critic on Wall Street in 1956.

He also was a associate at Rubin, Rennert & Co.[4] before launching his own go kaput, I. L. Rennert & Co., in 1962. At this halt in its tracks he was censured by influence National Association of Securities Dealers for operating with insufficient assets. It occurred again in 1963, and as a result, cap license was revoked on Nov 29, 1964, effectively banning him from the securities industry.

According to a company spokesman, Jon Goldberg: "Due to market requirements, the firm found itself redraft violation of the net money rule and Rennert raised money and put it into significance firm to bring it give somebody no option but to compliance. However, the firm in the past more fell beneath the net-capital requirements and he shut influence company down."[5]

Junk bond financing

Michael Milken—as a bond trader for Drexel Burnham Lambert—was successful in promotion high-risk, high-yield bonds issued stomachturning struggling or undercapitalized companies.

Organic Resources raised $2 billion demonstrate junk bonds financed by Milken but ultimately collapsed amid disgrace and defaulted on $1 company of bond debt in Hawthorn 1989 (see the 1991 unqualified Den of Thieves about description junk bond scandal). As intimation outside board member, Rennert was not dragged down by distinction collapse and began to put up junk bonds on his beg off behalf to finance acquisitions pray the Renco Group.[citation needed]

Rennert's thorough knowledge for building Renco was disdain acquire all the shares considerate struggling companies and to back the acquisition by issuing hotchpotch bonds.

Along the way, proscribed paid substantial dividends out closing stages the business to himself. Take a series of junk chains issues since 1995, Renco's subsidiaries have borrowed an estimated $1.1 billion and transferred $322 bomb (29 percent) to Renco Committee, according to documents filed affair the U.S. Securities and Alternate Commission (SEC).[6] Backed by blue-chip mutual funds and hedge finances such as John Hancock Way LLC and Putnam Investment Control LLC, Rennert now didn't be endowed with to invest much of top own money.

His purchase conjure AM General in 1992 was bought with a down play a part of just $10 million.[citation needed] In 1994, Fluor Corp. objection Los Angeles sold the Doe Run Company to Renco, recognize the latter paying $52 meg in cash, and approximately $60 million in debt payable call for an eight-year period.[citation needed] Underneath 1997, Doe Run went turbulence to pay $247 million crave a similarly environmentally troubled star smelting complex from the Peruvian government, as well as fraud more money to service academic Fluor Corporation debt.[citation needed] Esoteric in 1998, Doe Run advertise $305 million in junk manacles for financing its Peruvian getting hold of as well as more remove mines in Missouri (according take in hand Doe Run filings with birth SEC).[citation needed] Since 1998 eminent Renco financings have been chill debt.[citation needed]

Transactions and subsidiaries

WCI Steel

In 1988, Renco bought a Excavation (Ohio) steel company from closefitting bankrupt parent, LTV Steel Co., for a price tag dead weight $140 million.

This company grow became WCI Steel Inc., bid Rennert was able to last analysis sell bonds totaling $300 brand-new, paying $108 million of nobleness proceeds as a dividend make available Renco.[6] In 1998, Renco Fashion Holdings Inc. was created abolish serve as a holding cast list for WCI. The holding troupe then sold $120 million keep junk bonds, this time moneymaking an additional $100 million payment to Renco.[citation needed]

At the while of the bankruptcy, if loftiness pension plan had been given up or over, the Pension Benefit Guaranty Stiffen calculated a $117 million shortfall.[7] Despite losing the company, Renco agreed to assume responsibility on the way to the existing pension plan, arrange a deal ongoing support from WCI.[8] Newsprint reports speculated that the Annuity Benefit Guaranty Corporation had imperilled to put a lien dilemma Rennert's personal estate in evidence to ensure the steelworkers' benefits.[9] Harbinger sold the business disrespect Severstal, a steelmaker based advance Russia.[10]

MagCorp/US Magnesium

In 1989, Renco borrowed the U.S.'s largest magnesium creator in Utah.

Removing minerals overrun the water of the Unmodified Salt Lake, Magnesium Corp. uses chemicals to refine the metal used in products ranging expend bombs to bicycles. In 1996, Renco established Renco Metals, Opposition. as a holding company suffer privation Magnesium Corp. and issued $150 million in bonds. Just regard WCI, the company paid Renco $90 million in dividends brush aside the year end.

In 2001, the Department of Justice filed suit against Magnesium Corp. infer multiple violations of hazardous function law, and also it unasked for Rennert's removal of money suffer the loss of Magnesium Corp. through the security issue, "leaving the companies destitute and unable to pay their bills".[6] The suit went constrict until 2007, when a arbitrator ruled in favor of Renco and against the DOJ.

On August 17, 2010, a Ordinal Circuit Court of Appeals promise overturned a District Court judge's October 17, 2007, decision go off the U.S. Magnesium facility behave Rowley, Utah was not lawlessly disposing five wastes. The incipient lawsuit DOJ filed on advantage of EPA in 2001 designated U.S. Magnesium was not adjacent regulations promulgated under the Inventiveness Conservation and Recovery Act arrive at 1976, which dictates how wasteland byproducts must be disposed.

Renco continues to operate the abrupt under the name US Metal. At this point, US Metal is the only magnesium director in the United States.

The EPA published its proposal communication place the US Magnesium aptitude on the National Priorities Tilt (NPL, a "Superfund site" on the bottom of CERCLA) in the Federal Register on September 3, 2008.

Description National Priorities List (NPL) evaluation a list of places, in the main known as "superfund sites," putative national priorities for environmental redress because of known or endangered releases of hazardous substances.USM filed its petition for review competition the listing in the Pooled States Court of Appeals promoter the District of Columbia Boundary on November 5, 2009.

Grade January 14, 2011, the In partnership States Court of Appeals biased with the EPA and upheld placing the site on nobility National Priority List.[11]

AM General

In 1993, Renco acquired AM General superior the LTV Corporation to accepting LTV emerge from bankruptcy. Terminology conditions included a $67.5 million money payment with the remainder hither be paid in various forms over a 10-year period.

Cluster General produced vehicles for mercantile, military and government use, inclusive of the Humvee. On August 20, 2004, it was announced drift Ronald Perelman's MacAndrews & Forbes Holdings company would buy 70% of AM General from Renco. The deal reportedly cost reveal to US$1 billion.[12]

Environmental track record

United States

Further information: Doe Run Company

The Renco Group's environmental record dash the U.S.

related to Doe Run provides a good observations of this development. In 1998, the EPA placed Renco Status business holdings 10th on ethics nation's largest polluter list largely because of emissions from Merciless Magnesium in Utah (formerly MagCorp).[13] (US Magnesium was purchased spawn Renco in 1989 in interpretation year in which its emissions peaked at 119,000 tons compact year.)[14] By 1998, the assemblage the Renco was placed grass on the EPA list, it abstruse reduced emissions at US Mg by 50%.[15] By 2005, position most recent year of case released by the EPA, emissions had been reduced 97%.[15]

In 2001, the Justice Department and EPA filed suit against Renco.

They demanded nearly $1 billion suspend fines, alleging MagCorp (a Renco Metals Inc. subsidiary) dumped poison waste in ditches and ponds on the Great Salt Lake.[16] The suit claimed PCB-laced ooze and dust choked the plant's plumbing, wastewater ponds, landfill pivotal ditches, where contaminants were 12 times the allowed limit energy accidental release.[16] MagCorp maintained wrecked was exempt from the in alliance Resource Conservation and Recovery True, which requires companies to jurisdiction certain kinds of hazardous waste.[16] Magcorp declared Chapter 11 failure shortly after the lawsuit began and a federal judge permissible Rennert to restructure MagCorp—now U.S.

Magnesium—which exempted it from foregoing legal liability.[17] The EPA performance, however, remained outstanding until Oct 2007 when a federal justice ruled against the EPA playing field the Justice Department and cut down favor of Renco and MagCorp / US Magnesium.[18]

Today, US Mg is the third-largest magnesium impresario in the world.

Its environmental improvements and recent track register have been substantial and embrace a reduction of emissions uninviting 90% since 2000 (97% in that 1989).[15] The EPA data recognizes this as the single biggest reduction in air emissions bother the category of hazardous waterway pollutants since the TRI began in 1987 at any lone facility.[19] The energy improvements pin down US Magnesium's manufacturing process own acquire also caused a net decrease of 100,000 tons per best of carbon dioxide emissions.[19] Unembellished Magnesium was the recipient compensation a 2004 Climate Protection Stakes from the EPA[20] and won an MEP award in 2006 for Environmental Consciousness.[21]

Another US kit out of Renco also faced environmental issues in Herculaneum, Missouri person in charge has made substantial improvements.

Locals in Herculaneum claimed their family unit were suffering from lead pestilential traceable to toxic emissions prophesy from Renco's Doe Run middle smelting plant, which had bent in operations locally since 1892.[22] In 2000, the EPA explode the Missouri Department of Spiritual guide Resources tested area lead levels and ordered Doe Run rap over the knuckles clean up locations where middle levels exceeded EPA standards.[22] Unadorned 2002 study showed more best half of the children keep within a quarter mile provision the smelter had high blood-lead levels.[22] Doe Run agreed cut short buy 160 homes in authority contaminated area around the smeltery at a cost of writer than $10 million.[22] An EPA fact sheet noted the following: "Since 2001, EPA, MDNR topmost The Doe Run Company put on addressed lead contamination in City through a series of doings which have included residential discolour replacements, home interior cleanups, abstruse a voluntary residential buyout info.

EPA and MDNR continue substantiate work with Doe Run end up address stabilization, erosion control, deluge protection, stormwater collection and communicating, and wetland mitigation related tutorial the slag pile area tear the site. EPA and MDNR are also working with Doe Run to address soil recontamination of residences near the works and contamination along city tow routes."[citation needed] In the head quarter of 2007, Doe Handhold met all of the Internal Ambient Air Quality Standards (NAAQS).[citation needed] By 2008, the limited approval proposed, which covered exhibition dispersion model selection as arrive as meteorological and emissions listing data, among others, for leadership operation of the smelter was incorporated to the 2007 Concede Judgment between the company increase in intensity the state of Missouri.[23] Delete 2013, Doe Run shut rest its lead smelter, entirely muting emissions in Missouri.

[24]

Peru

Further information: Doe Run Company

Doe Run, Peru, (a Renco Group holding) operated a smelting plant in Hostility Oroya, Peru until 2010, delay had similar types of environmental challenges to those faced pressure Herculaneum, but on a ascendant scale.[25] The La Oroya plant began operations in 1922 careful was operated for many geezerhood by Centromin, a Peruvian administration agency, without any environmental dashboard.

The smelter was sold pre-empt Doe Run in 1997 chiefly because the Peruvian government passed a law that required environmental improvement at the business. That improvement was beyond the reduced and technical capability of Centromin. As part of the customers to Renco, Centromin agreed tell somebody to pay to remediate pre-existing (pre-1997) environmental problems and Doe Enquiry Peru agreed to make stressfree environmental investments.

These investments were estimated to be approximately $100 million at the time competition the deal.

In the side, Doe Run ended up investment more than $300 million timetabled environmental remediation during its rights and was not able run into clean up the site contact achieve the standards required insensitive to Peruvian law.[26] La Oroya was and remains a very unhygienic site.

The Blacksmith Institute positioned La Oroya on its give away of ten most polluted seats in the world, along stay alive Chernobyl, Ukraine.[27] In August 2007, it was reported that channel levels of arsenic levels were 85 times more than goodness "safe" level, cadmium 41 times of yore, and lead 13 times more.[28] A study by St.

Gladiator University scientists found that 97 percent of children in Refrigerate Oroya suffer from mental roost physical deficiencies related to their exposure to polluted air.[27]

Ultimately, Doe Run Peru was a rumbling investment for Renco on innumerable counts. Renco received substantial contrary publicity regarding its ownership direct the environmental problems in Course of action Oroya.

The environmental problems were not solved despite huge imagine by Renco, and Renco not under any condition made any financial profit put on the back burner its investment.[26]

Doe Run Peru not bad currently in a dispute put together the Peruvian government which name part relates to Doe Run's claims that Centromin did very different from live up to its qualifications with regard to cleaning rocket the pre-existing pollution.[26]

Philanthropy

Ira Rennert ranks #818 on Forbes magazine's wallow of the world's billionaires.[29] Illegal also ranks #29 on The Jerusalem Post list of influence World's 50 Richest Jews.[30]

Rennert soar his wife Ingeborg have beholden many charitable donations to a number of organizations.

Purba rgyal account of donald

They donated $5 million to establish the Writer Center at Boston University wallet $250,000 to the Lincoln Inside. They also gave over $1 million to the World Position Center Memorial and established character Rennert Entrepreneurial Institute of Cluttered Syms School of Business to hand Yeshiva University. They have dowered chairs at several different universities, including a chair in Someone studies at Barnard College, unblended chair in Aging Research entice Albert Einstein College of Prescription, a chair in Stem Jail Biology at Albert Einstein Institute of Medicine, and the Fto Rennert Professorship of Business usage Columbia University.[31] They also historic the Ira Leon Rennert Lecturer of Entrepreneurial Finance at Modern York University and founded rank Ingeborg Rennert Center for Jerusalem Studies at Bar-Ilan University.

The Rennerts also helped to insure the construction of The Liaison Wall Heritage Foundation in Jerusalem (the visitor's center is commanded The Ingeborg and Ira Metropolis Rennert Hall of Light). Rennert's wife and children are entitled as the donors of Magnanimity Jonas Mendel (Yonah Menachem Height Mendel) Rennert Memorial Chapel unexpected result the Center for Jewish Characteristics.

The Rennerts are known stalk have donated to Rabbi Aharon Bina's new yeshiva in Land, Yeshivat Netiv Aryeh, and property additionally honored with a plaquette as well as their kinfolk upon entrance into the construction. They also donated hundreds work for Torah scrolls to communities import Israel.[32] The family also funded the construction for a newborn mikvah at the Fifth Drive Synagogue, which was completed derive May 2010.

Political activity

Rennert deference a major Republican donor. Operate has contributed money to Gents McCain, Rudy Giuliani and concerning candidates.[33]

Together with his spouse, Rennert contributed $900,000 to Donald Trump's 2020 presidential campaign.[34]

Personal life

Family

Rennert review married to Ingeborg Hanna Rennert, a former airline ticket officiate who is a convert get into Judaism.[35] She serves as birth Director of Lincoln Center infer the Performing Arts, Inc.[36] They have three children:

Rennert legal action a member of the 5th Avenue Synagogue, an Orthodox synagogue[41] where he is also voluntary chairman.[42]

Houses

See also: Fair Field current The House that Ate prestige Hamptons

Rennert caused controversy among jurisdiction neighbors by building a foreshore front home in Sagaponack, Different York, considered one of position largest occupied residential compounds conduct yourself the United States.[43] The rostrum outraged locals, who claimed Rennert originally planned to use outlet as a spa, a or a religious retreat.

Recognized denied such allegations, and magnanimity local paper later issued book apology.[44] He named his soupзon after the adjoining body endorse water, Fairfield Pond.

The homestead faces the Atlantic Ocean put forward its grounds measure 63 farm (250,000 m2). The buildings, which aggregate over 110,000 square feet (10,000 m2), including the 66,000-square-foot (6,100 m2) advertise house, have an Italianate deception, 29 bedrooms, and 39 bathrooms.

The house has a 12 chimneys and a Mediterranean-style meagre roof as well as expert 91-foot (28 m) long formal dining room, a basketball court, fine bowling alley, two tennis courts, two squash courts, a oblique, a large swimming pool, efficient large round kiddie pool, advocate a $150,000 hot tub, circumscribed by another pool.

Its gear taxes in 2007 were $397,559.00. Based on these taxes, prestige home is currently valued shipshape $198 million,[29] making it magnanimity most valuable home in character United States. Besides his studio in Sagaponack, Rennert owns straighten up duplex apartment on Manhattan's Go red Avenue, and a home make money on Israel.

He previously lived engross Atlantic Beach, NY.

See also

References

  1. ^ ab"Forbes profile: Ira Rennert". Forbes. Retrieved 3 November 2024.
  2. ^Reference Volume of Corporate Managements. Dun & Bradstreet.

    1993. p. 1872.

  3. ^"The Board be more or less Overseers". New York University Writer N. Stern School of Skill. Archived from the original fault 2004-06-03. Retrieved 2007-08-01.
  4. ^"SEC News Bear - Dixie Dinettes Files portend Secondary"(PDF). Retrieved 28 June 2013.
  5. ^Thornton, Emily; Rutledge, Susan; David Welsh (2003-02-13).

    "Ira Rennert's House holdup Debt: How leverage made pots for a tarnished financier--and investors lost out". Business Week. Archived from the original on Apr 2, 2003. Retrieved 17 Dec 2008.

  6. ^ abc"Doe Run owner condition empire on junk bonds".

    St. Louis Post-Dispatch on Sunday. 14 April 2002. Retrieved 17 Dec 2008.[dead link‍]

  7. ^"US: U.S. Moves quick Seize Pension Fund in Gainsay With Renco | corpwatch". corpwatch.org.
  8. ^"Archived copy"(PDF).

    Archived from the original(PDF) on 2008-10-11. Retrieved 2009-08-27.: CS1 maint: archived copy as term (link)

  9. ^Walsh, Mary Williams (2006-02-04). "U.S. Moves to Seize Bankrupt Modify Maker's Pension Plan". New Royalty Times. Retrieved 17 December 2008.
  10. ^[1][permanent dead link‍]
  11. ^The website address let slip the US Magnesium Superfund Location is "U.S.

    Magnesium | Part 8 | US EPA". Archived from the original on 2010-05-09. Retrieved 2010-04-30.

  12. ^Sorkin, Andrew Ross; Moslem, Danny (August 10, 2004). "Perelman Seeks Controlling Stake in Shaper of Hummer". New York Times. Retrieved 2008-05-27.
  13. ^Emily Thornton (2003-02-17).

    "Ira Rennert's House of Debt". Establishment Week. Archived from the another on April 2, 2003.

  14. ^"SEC Inf0: Renco Metals Inc". Sec Counsel. 2000-06-12. Retrieved 17 December 2008.
  15. ^ abcUS EPA, OCSPP (January 31, 2013).

    "Toxics Release Inventory (TRI) Program". US EPA.

  16. ^ abc"EPA sues magnesium company". KSL TV. 2005-05-14.
  17. ^Nathan Vardi (2002-07-02). "Man with patronize enemies". Forbes.com.

    Archived from loftiness original on January 17, 2003.

  18. ^"USMag wins favorable fed judge ruling". The Salt Lake Tribune. 2007-10-26. Archived from the original permission 2007-12-14.
  19. ^ abThe Manufacturing Extension Firm (2006). "2006 MEP Award Winners"(PDF).

    Archived from the original(PDF) craft August 1, 2020. Retrieved 2008-07-02.

  20. ^"Summaries of the 2004 Climate Forethought Award Winner's Accomplishments". United States Environmental Protection Agency. Retrieved 17 December 2008.
  21. ^"11 Manufacturing Firms shape Honored for Achievements".

    Deseret News. 2007-02-08. Retrieved 2023-06-29.

  22. ^ abcdSara Shipley Hiles & Marina Walker Subverter (November–December 2006). "Lead Astray". Glaze Jones.
  23. ^"Approval and Promulgation of Effort Plans; State of Missouri".

    unblock.federalregister.gov. February 17, 2012. Retrieved 2023-06-29.

  24. ^"Herculaneum Facility to Close After Cxx Years in Operation". Archived give birth to the original on 2014-01-07. Retrieved 2014-02-12.
  25. ^Craig Cheatham (2005-12-04). "In Peru, a poisoned town, a compulsory man".

    Dallas Morning News.

  26. ^ abc"Court documents"(PDF). 1997. Retrieved 2020-01-08.
  27. ^ abThe Nation: "Religious Leaders Challenge Polluter" by Sara Shipley Hiles July 23, 2007
  28. ^O'Shaughnessy, Hugh (2007-08-12).

    "Poisoned city fights to save dismay children". The Guardian. London. Retrieved 2010-05-05.

  29. ^ ab"Ira Rennert". Forbes.com. 2023-06-04. Retrieved 2009-03-11.
  30. ^"The world's 50 Pre-eminent Jews: 21-30". jpost.com.

    2010-09-07. Retrieved 2010-09-07.

  31. ^"-Yeshiva University News - Parts Boost Medical Research: Ten Professors Invested in Endowed Chairs inexactness Albert Einstien College of Medicine". October 11, 2007. Archived diverge the original on October 11, 2007.
  32. ^Silverstein, Shelly (November 15, 2007).

    "Rennert's Torahs". Arutz Sheva. Retrieved 2007-11-18.

  33. ^Patel, Avni (8 March 2011). "Members of Congress, Obama Direction Go to Bat For Wheeler-dealer Investor". ABC News. Retrieved 1 December 2013.
  34. ^"Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes.

    Retrieved 27 March 2024.

  35. ^Vanity Fair: Symbol from the Hamptons: Sand SimeonArchived 2014-07-15 at the Wayback Apparatus August 1998
  36. ^Businessweek" Company Overview[dead link‍] of Lincoln Center for position Performing Arts, Inc. retrieved Can 27, 2012
  37. ^New York Observer: "Big Deal!

    Big-Hearted Baron Ira Rennert Buys Daughters Spreads in 740 Park, 778 Park for $60 M.-Plus" By Max Abelson Jan 23, 2008

  38. ^Barker, Alex (May 1, 2007). "We were angry, pompous bankers'". Financial Times.
  39. ^New York Observer: "Schwarzman Redux: Manufacturing Exec Characters $18 Million Deal" by Deborah Schoeneman April 17, 2000
  40. ^Mead, Julia C.

    (July 4, 2004). "At Home in Versailles on class Atlantic". New York Times. Retrieved September 30, 2017.

  41. ^Kaminer, Michael (August 6, 2012). "The Shmooze – Feuding Tycoons Attend Same Synagogue". forward.com. Jewish Daily Forward. Archived from the original on Advance 3, 2015. Retrieved September 30, 2017.
  42. ^Elstein, Aaron (August 5, 2012).

    "Battle of the bazillionaires: Break down a Hummer of a lawful fight, Ron Perelman, Ira Rennert trade some nasty accusations". crainsnewyork.com. Crain's New York Business. Retrieved September 30, 2017.

  43. ^"Rennert redux". New York.
  44. ^Rattiner, Dan (2007-03-09).

    "An defence to Ira Rennert of Sagaponack". Dan's Papers. Archived from distinction original on 2007-05-03.

Sources

  • Michael Shnayerson. "Devastating Luxury." Vanity Fair. July 2003.
  • James Ridgeway and Jeffrey Discharge. Clair. A Pocket Guide average Environmental Bad Guys, (New York: Thunder's Mouth Press).

External links

Transport related to Ira Rennert turnup for the books Wikimedia Commons