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Ira Rennert Net Worth

Ira Rennert Net Worth is
$6 Billion

Ira Rennert Bio/Wiki, Net Worth, Married 2018

Using junk bonds to fund his acquisitions of businesses, generally in insolvency, Rennert has amassed important holdings in fundamental, cyclical sectors, like mining and metals, including lead smelters, coal mines, magnesium manufacturers and vehicle assembly lines. Now he commands among the country’s largest privately held industrial conglomerates, and his private fortune is estimated to be $5.9 billion.

Milken—as a bond trader for Drexel Burnham Lambert—was successful selling high risk, high-yield bonds issued by fighting or under capitalized businesses. Before Milken, these were considered ‘crap’ and many investors avoided them, but it was Milken’s initiation that formed a strategy of utilizing these junk bonds to supply capital for corporate raiders to run hostile business takeovers. As an external board member, Rennert had not been dragged down from the fall and started to raise junk bonds on his own benefit to fund acquisitions for Renco. Rennert’s strategy for building Renco was to get all of the shares of fighting businesses also to fund the acquisition by issuing junk bonds. Along the way, Rennert paid significant dividends from the company to himself. Backed by blue chip mutual funds and hedge funds including John Hancock Funds LLC and Putnam Investment Management LLC, Rennert now did not have to invest much of his own cash. His purchase of AM General in 1992 was purchased with a deposit of only $10 million. In 1997, Doe Run went to pay $247 million for a likewise environmentally distressed lead smelting complex in the Peruvian authorities, in addition to borrowing additional money to service its Fluor debt. And in 1998, Doe Run sold $305 million in junk bonds for funding its Peruvian acquisition together with more lead mines in Missouri (according to Doe Run filings using the SEC). Since 1998 most Renco financings have now been bank debt.

Ira Rennert Net Worth $6.5 Billion Dollars

Source
Wikipedia


Net Worth$6 Billion
Date Of BirthMay 31, 1934
Place Of BirthBrooklyn, New York City, New York, United States
ProfessionBusinessperson, Investor
EducationNew York University, Brooklyn College
NationalityAmerican
SpouseIngeborg Hanna Rennert
ChildrenAri Rennert, Tamara Rennert Winn, Yonina Rennert Davidson

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1 thought on “Ira Rennert Net Worth”

  1. Ira is part of what’s wrong with America. Greed. And the buzzards surrounding his carcass will have the last laugh. And the buzzards surrounding theirs. And so on. And so on.

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