Senior moments. This guy’s house was worth more than the pensions he tried to steal.

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Ira and Ingabord Rennert live in their home in Sagaponack on Long Island, reported to be the largest occupied single-family residence in the United States.

Ira Rennert tried to steal the pensions of his employees.

His private sector pension theft is one of those rare cases in which the employees won.

Rennert owns stuff eveywhere. He owns mines, steel mills and assembly lines as far away as Peru.

His home called Fair Field, the largest single-family home in the country, is estimated to be worth about a quarter of a billion dollars.

That happens to be more money than he tried to steal from the pensions of retired employees of one of his steel mills.

Usually when a private company forfeits on its pension obligations a government agency ends up paying the employees a few pennies on the dollar.

But for only the second time in 42 years the federal Pension Benefit Guaranty Corporation has said no.

Rennert’s Renco bought R.G. Steel in 2011.

It had a pension that was underfunded by nearly $70 million. In 2012, it was declared bankrupt.Shortly before the bankruptcy, Mr. Rennert’s company went looking for new financing for the subsidiary. The deal it eventually struck called for Cerberus, the private equity group, to buy a 24.5 percent equity stake in R. G. Steel.

The Pension Benefit Guaranty Corporation said the deal was intended not to revive R. G. Steel but to reduce Renco’s ownership stake from 100 percent to less than 80 percent — the cutoff for being included in the so-called controlled group that is jointly responsible for pension obligations.

Ira may have to sell a few lamps from Fair Field to pay off the debt.

4 thoughts on “Senior moments. This guy’s house was worth more than the pensions he tried to steal.

  1. Another example of why there is so much anger in this country. How are these folks going to face the violence that is probably and sadly imminent. Not sure what will spark it all – Trump being denied his nomination, Trump being elected, Hillary being elected, Cruz being elected, etc. Most folks I know are just beyond anger at this point. Thanks, Ira, for giving those prone to violence another reason for a real revolution.

  2. I feel sorry for Ingabord. As Ira wasn’t allowed to rob his employees of their “earned” $70m of pension benefits, poor Ingabord has to mop all of the marble floors, dust the crystal chandeliers, and polish the gold tip silver flatware in America’s largest home now that the maid had to be laid off.

    Ira and Ingabord should be sentenced to live in Flint MI for a couple of weeks.

    Undoubtedly, the Pension Benefit Guaranty Corporation is one of the first regulatory agencies the Republican candidates for President will move to eliminate should they be elected.

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