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IN RE MAGNESIUM CORP. OF AMERICA

Bankruptcy No. 01-B-14312(REG). Adversary No. 03-06559(REG).

399 B.R. 722 (2009)

In re MAGNESIUM CORPORATION OF AMERICA, et al., Debtors. Lee E. Buchwald, Chapter 7 Trustee of Magnesium Corporation of America and Renco Metals, Inc., Plaintiff, v. The Renco Group, Inc., a Delaware corporation; K. Sabel Holdings, Inc., an Alabama corporation; KPMG Peat Marwick LLP; Donaldson, Lufkin & Jenrette Securities Corporation; Houlihan Lokey Howard & Zukin; Cadwalader, Wickersham & Taft, LLP; Ira Leon Rennert; Roger L. Fay; Justin W. D'Atri; Dennis A. Sadlowski; Michael C. Ryan; Michael H. Legge; Ron L. Thayer; Todd R. Ogaard; Lee R. Brown; Howard I. Kaplan; Keith Sabel; Unidentified Trustees of Trusts Established by Ira Leon Rennert; and Does I through XX, Defendants.

United States Bankruptcy Court, S.D. New York.

January 16, 2009.

Attorney(s) appearing for the Case

Beus Gilbert, PLLC by Leo R. Beus, Esq. (argued), Timothy J. Paris, Esq. (argued), Mitzi L. Torri, Esq., Scottsdale, AZ, Salomon Green & Ostrow, PC by Nicholas F. Kajon, Esq. (argued), New York, NY, Counsel for Lee E. Buchwald, the Debtors' Chapter 7 Trustee.

Arnold & Porter LLP by H. Peter Haveles, Jr., Esq. (argued), Anthony D. Boccanfuso, Esq., New York, NY, Counsel for The Renco Group, Inc., the Estate of Justin D'Atri, Roger L. Fay, Dennis A. Sadlowski, Michael C. Ryan, Michael H. Legge, Lee L. Brown, Ron L. Thayer, Todd R. Ogaard, Howard I. Kaplan, and the Trustees of the Trusts Established by Ira Leon Rennert.

Cadwalader, Wickersham & Taft LLP by Jonathan M. Hoff, Esq., New York, NY, Defendant Pro Se and Counsel for The Renco Group, Inc., Ira Leon Rennert, the Estate of Justin D'Atri, Roger L. Fay, Dennis A. Sadlowski, Michael C. Ryan, Michael H. Legge, Lee L. Brown, Ron L. Thayer, Todd R. Ogaard, Howard I. Kaplan, and the Trustees of the Trusts Established by Ira Leon Rennert.

King & Spalding LLP by Barry N. Seidel, Esq., New York, NY, Counsel for The Renco Group, Inc., Ira Leon Rennert, the Estate of Justin D'Atri, Roger L. Fay, Dennis A. Sadlowski, Michael C. Ryan, Michael H. Legge, Lee L. Brown, Todd R. Ogaard, Howard I. Kaplan, and the Trustees of the Trusts Established by Ira Leon Rennert.

Scarcella Rosen & Slome LLP by Lon J. Seidman, Esq. (argued), Alan Marder, Esq., Uniondale, NY, Counsel for K. Sabel Holdings, Inc. and Keith Sabel.

Willkie Farr & Gallagher LLP by Terence K. McLaughlin, Esq. (argued), Joseph T. Baio, Esq., New York, NY, Counsel for KPMG Peat Marwick LLP.

Mintz Levin Cohn Ferris Glovsky & Popeo, PC by Dominic J. Picca, Esq. (argued), Stephanie K. Hoos, Esq., Peter B. Zlotnick, Esq., New York, NY, Counsel for Houlihan Lokey Howard & Zukin.

Shearman & Sterling LLP by Richard F. Schwed, Esq. (argued), Stuart J. Baskin, Esq., Adam S. Hakki, Esq., New York, NY, Counsel for Credit Suisse First Boston LLC.

DECISION AND ORDER ON DEFENDANTS' MOTIONS TO DISMISS

ROBERT E. GERBER, Bankruptcy Judge.

TABLE OF CONTENTS

Facts ................................................................................. 734
     A. The Debtors and the Parties to this Action..................................... 734
     B. MagCorps Operations ........................................................... 735

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