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Rennert Countersues Perelman Over Joint Venture

Billionaire Ira Rennert countersued Ronald Perelman and his MacAndrews & Forbes Holdings Inc. after being accused of wrongly enriching himself when a company he controls took $109 million in loans from a joint venture he co-owned with Perelman.

MacAndrews’s AM General Holdings LLC said in filing in Delaware Chancery Court June 20 that the joint venture, Ilshar Capital LLC, improperly made the loans to another Rennert company between 2009 and last year on favorable terms that included no required collateral or payments for five years. Ilshar was managed by the Rennert-owned ILR Capital LLC.

In a lawsuit filed June 29 in the same court, Rennert’s Renco Group Inc. accuses Perelman’s firm of “ongoing acts of self-dealing” and breach of contract for allegedly “diverting to themselves as much as $175 million (and possibly more) that rightfully belongs to Renco.”

Renco asked a judge to consider damages based on “excessive management fees” and royalty expenses allegedly charged by MacAndrews.

Perelman’s MacAndrews bought control of truckmaker AM General from Renco Group in 2004. As part of that transaction, Ilshar was created and capitalized by AM General’s holding company, which MacAndrews controls, according to the first complaint.

Operating Agreement

Rennert caused Ilshar to loan Renco money in violation of Ilshar’s operating agreement, according to the first complaint.

Andrew Shea, a Renco spokesman, said in a phone interview that he had no comment on the dispute “beyond what’s in the complaint.”

“The suit is baseless because our conduct was consistent with the parties’ agreements and their course of conduct for almost 10 years,” said New York-based Perelman’s spokeswoman, Christine Taylor, in an e-mailed message.

The first case is AM General Holdings LLC v. Renco Group, 7639, Delaware Chancery Court (Wilmington). The countersuit is Renco Group v. MacAndrews and Ronald Perelman, 7668, Delaware Chancery Court (Wilmington).

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