Trustee sues Ira Rennert over Magcorp

摘要

Ira Leon Rennert, the controversial owner of U.S. Magnesium and Doe Run Co., the St. Louis-based lead producer, has been hit with a fresh lawsuit over his actions related to his former company, Magnesium Corp. of America (Magcorp), alleging that the and his advisors withheld key information from investors. Rennert is one of 20 parties named in a 160-page lawsuit filed in the U.S. Bankruptcy Court of New York by Lee E. Buchwald, who was appointed trustee of Magcorp earlier this year. Magcorp filed for bankruptcy in 2001, but its assets later were reacquired by Rennert's holding company, eventually forming Salt Lake City-based U.S. Magnesium, which today is the only primary magnesium producer in the U.S.A.