SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE l3D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
WHX CORPORATION
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
133768097
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(CUSIP Number)
with a copy to:
Krista L. Ward George J. Mazin
Stark Investments Lowenstein, Sandler, Kohl,
150 West Market Street Fisher & Boylan, P.A.
Mequon, WI 53092 65 Livingston Avenue
(414) 241-1810 Roseland, New Jersey 07068
(201) 992-8700
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(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
September 12, 1996
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule l3G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule l3d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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<PAGE>
CUSIP NO. 133768097
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1) Names of Reporting Persons (S.S. or I.R.S. Identification Nos. of Above
Persons):
Michael A. Roth and Brian J. Stark (filing as joint filers pursuant to Rule
13(d)1(f)(1))
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2) Check the Appropriate Box if a Member of a Group (See Instructions):
(a) Not
(b) Applicable
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3) SEC Use Only
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4) Source of Funds (See Instructions):WC
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e):
Not Applicable
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6) Citizenship or Place of Organization: Wisconsin
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Number of 7) Sole Voting Power: 0
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Shares Beneficially 8) Shared Voting Power: 1,875,632*
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Owned by
Each Reporting 9) Sole Dispositive Power: 0
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Person With: 10) Shared Dispositive Power: 1,875,632*
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11) Aggregate Amount Beneficially Owned by Each Reporting Person:
1,875,632*
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions):
Not Applicable
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13) Percent of Class Represented by Amount in Row (11):
6.78*
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14) Type of Reporting Person (See Instructions): IN
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* Includes 1,506,136 Shares beneficially owned by Reliant Trading upon the
conversion of 527,297 Shares of preferred stock and 369,496 Shares
beneficially onwed by Shepherd Trading Limited upon the conversion of
132,203 Shares of preferred stock. See Item 2 and Item 5 for additional
details.
<PAGE>
Item 1: Security and Issuer:
This statement relates to the Common Stock of WHX Corporation ("Shares").
The issuer has principal executive offices located at 110 East 59th Street,
New York, New York 10022.
Item 2: Identity and Background
1.
a) Name: Brian J. Stark
b) Residence or Business Address: 1500 West Market Street
Mequon, WI 53092
c) Occupation: Investment Fund Manager
Staro Asset Management, L.L.C., Stark & Roth,
Inc., Staro Partners
1500 West Market Street
Mequon, WI 53092
d) Convictions: none
e) Civil Proceedings: none
f) Citizenship: United States
2.
a) Name: Michael A. Roth
b) Residence or Business Address: 1500 West Market Street
Mequon, WI 53092
c) Occupation: Investment Fund Manager
Staro Asset Management, L.L.C.,
Stark & Roth, Inc., Staro Partners
1500 West Market Street
Mequon, WI 53092
d) Convictions: none
e) Civil Proceedings: none
f) Citizenship: United States
3.
a) Name: Staro Partners
b) State of Organization: Wisconsin
c) Principal Business: Securities Trading
d) Address of principal business: 1500 West Market Street
Mequon, WI 53092
e) Address of Principal Office: same
f) Convictions: none
g) Civil proceedings: none
<PAGE>
4.
a) Name: Reliant Trading
b) State of Organization: Wisconsin
c) Principal Business: Securities Trading
d) Address of principal business: 1500 West Market Street
Mequon, WI 53092
e) Address of Principal Office: same
f) Convictions: none
g) Civil proceedings: none
5.
a) Name: Shepherd Trading Limited
b) State of Organization: British Virgin Islands
c) Principal Business: Securities Trading
Address of principal business: c/o International Fund
Administration, Ltd.
48 Par-La Ville Road, Suite 464
Hamilton, HM 11 Bermuda
d) Address of Principal Office: same
e) Convictions: none
f) Civil proceedings: none
Item 3: Source and Amount of Funds or Other Consideration
All funds used by Reliant Trading to purchase Shares acquired by
Reliant Trading, upon the conversion of the Issuer's preferred stock, were
obtained from the capital contributed by the limited partners of Stark
Investments, L.P. and general margin financing to Reliant Trading from brokers.
The amount of funds used in making the purchases was $22,573,367. The funds used
by Shepherd Trading Limited to purchase the Shares acquired by Shepherd Trading
Limited, upon the conversion of Issuer's preferred stock, were obtained from the
capital contributed by the shareholders of Shepherd Fund Limited. The amount of
funds used in making the purchase was $5,484,190.
Item 4: Purpose of Transaction
The acquisition of the Shares by Reliant Trading and by Shepherd
Trading Limited are solely for investment purposes. Further acquisitions, sales
or short sales of securities of the Issuer may be made for investment purposes,
however, neither reporting person has present plans or intentions which relate
to or would result in any of the transactions required to be described in Item 4
of Schedule 13D.
<PAGE>
Item 5: Interest in Securities of the Issuer
Based upon the information contained in WHX Corporation's quarterly report
on Form 10-Q for the quarterly period ending September 30, 1996, there were
issued and outstanding 25,769,800 Shares. Messrs. Stark and Roth beneficially
own 1,875,632 Shares or 5.39% of the Shares. 1,506,136 of such Shares are held
by Reliant Trading. Messrs. Stark and Roth have shared power to vote or direct
the vote and shared power to dispose or direct the disposition of the 1,506,136
Shares by virtue of their position as members of STARO ASSET MANAGEMENT, L.L.C.,
the managing partner of Reliant Trading. 369,496 Shares are held by Shepherd
Trading Limited. Messrs. Stark and Roth have shared power to vote or direct the
vote and shared power to dispose or direct the disposition of the 369,496 Shares
by virtue of their position as investment manager of Shepherd Trading Limited.
The following Table details the transactions by Reliant Trading and
Shepherd Trading Limited and Staro Partners in securities of WHX Corporation
during the past 60 days:
<PAGE>
Shepherd Trading Limited
Date Quantity Price Transaction Type
9/12/96 9,700 42.50 Open Mkt. Purchase
9/12/96 47,123 41.75 Open Mkt. Purchase
9/12/96 165,300 10.37 Open Mkt. Sale
8/15/96 1,000 41.75 Open Mkt. Purchase
9/19/96 301 40.12 Open Mkt. Purchase
10/3/96 1,250 40.37 Open Mkt. Purchase
10/4/96 227 40.25 Open Mkt. Purchase
10/10/96 492 40.12 Open Mkt. Purchase
10/10/96 175 40.12 Open Mkt. Purchase
10/11/96 159 40.25 Open Mkt. Purchase
10/11/96 100 40.00 Open Mkt. Purchase
10/14/96 208 40.00 Open Mkt. Purchase
10/15/96 208 39.75 Open Mkt. Purchase
10/15/96 100 39.50 Open Mkt. Purchase
10/16/96 3,000 39.50 Open Mkt. Purchase
10/16/96 6,000 9.12 Open Mkt. Sale
10/16/96 116 39.50 Open Mkt. Purchase
10/21/96 200 39.25 Open Mkt. Purchase
10/21/96 212 38.25 Open Mkt. Purchase
10/22/96 212 39.00 Open Mkt. Purchase
10/22/96 154 38.50 Open Mkt. Purchase
10/23/96 192 38.62 Open Mkt. Purchase
10/24/96 211 38.62 Open Mkt. Purchase
10/24/96 211 38.75 Open Mkt. Purchase
10/25/96 265 38.62 Open Mkt. Purchase
10/28/96 600 38.62 Open Mkt. Purchase
10/30/96 1,247 38.37 Open Mkt. Purchase
10/30/96 400 38.37 Open Mkt. Purchase
10/30/96 1,439 40.00 Open Mkt. Sale
10/30/96 1,957 40.25 Open Mkt. Sale
11/5/96 211 38.25 Open Mkt. Purchase
11/5/96 480 38.37 Open Mkt. Purchase
11/6/96 200 38.25 Open Mkt. Purchase
11/6/96 960 8.50 Open Mkt. Sale
11/7/96 250 38.25 Open Mkt. Purchase
11/8/96 1,250 37.75 Open Mkt. Purchase
11/8/96 650 38.00 Open Mkt. Purchase
11/8/96 1,250 37.25 Open Mkt. Purchase
11/8/96 650 37.75 Open Mkt. Purchase
11/8/96 650 38.00 Open Mkt. Purchase
11/11/96 950 37.25 Open Mkt. Purchase
<PAGE>
11/11/96 3,150 37.75 Open Mkt. Purchase
11/11/96 4,250 7.87 Open Mkt. Sale
11/11/96 1,250 7.87 Open Mkt. Sale
11/12/96 2,500 8.12 Open Mkt. Sale
11/12/96 250 37.25 Open Mkt. Purchase
11/13/96 1,002 8.25 Open Mkt. Sale
11/13/96 6,442 8.75 Open Mkt. Sale
Reliant Trading
Date Quantity Price Open Mkt. Purchase
10/3/96 1299 40.12 Open Mkt. Purchase
10/4/96 1250 40.37 Open Mkt. Purchase
10/10/96 973 40.25 Open Mkt. Purchase
10/10/96 2108 40.12 Open Mkt. Purchase
10/11/96 925 40.12 Open Mkt. Purchase
10/11/96 841 40.25 Open Mkt. Purchase
10/14/96 300 40.00 Open Mkt. Purchase
10/15/96 892 40.00 Open Mkt. Purchase
10/15/96 892 39.75 Open Mkt. Purchase
10/16/96 300 39.50 Open Mkt. Purchase
10/16/96 3000 39.50 Open Mkt. Purchase
10/16/96 6000 9.12 Open Mkt. Sale
10/18/96 300 39.50 Open Mkt. Purchase
10/21/96 584 39.50 Open Mkt. Purchase
10/21/96 800 39.25 Open Mkt. Purchase
10/21/96 100 39.50 Open Mkt. Purchase
10/22/96 888 38.75 Open Mkt. Purchase
10/22/96 888 39.00 Open Mkt. Purchase
10/23/96 646 38.50 Open Mkt. Purchase
10/23/96 808 38.62 Open Mkt. Purchase
10/24/96 889 38.62 Open Mkt. Purchase
10/24/96 889 38.75 Open Mkt. Purchase
10/25/96 1335 38.62 Open Mkt. Purchase
10/28/96 2500 38.62 Open Mkt. Purchase
10/29/96 400 38.62 Open Mkt. Purchase
10/30/96 5253 38.37 Open Mkt. Purchase
10/30/96 1700 38.50 Open Mkt. Purchase
10/30/96 6061 40.00 Open Mkt. Sale
10/30/96 8243 40.25 Open Mkt. Sale
11/5/96 889 38.25 Open Mkt. Purchase
11/5/96 2020 38.37 Open Mkt. Purchase
11/6/96 4040 8.50 Open Mkt. Sale
11/7/96 1050 38.25 Open Mkt. Purchase
11/8/96 1250 37.75 Open Mkt. Purchase
11/8/96 650 38.00 Open Mkt. Purchase
11/8/96 1250 37.25 Open Mkt. Purchase
11/8/96 650 37.75 Open Mkt. Purchase
11/8/96 650 38.00 Open Mkt. Purchase
11/11/96 950 37.25 Open Mkt. Purchase
11/11/96 3150 37.75 Open Mkt. Purchase
11/11/96 4250 7.87 Open Mkt. Sale
11/11/96 1250 7.87 Open Mkt. Sale
11/12/96 250 37.25 Open Mkt. Purchase
11/12/96 2500 8.12 Open Mkt. Sale
11/13/96 3998 8.25 Open Mkt. Sale
11/15/96 3578 8.75 Open Mkt. Sale
No other entity controlled by the reporting persons has traded
WHX Corporation securities within the past 60 days.
Item 6: Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
See Item 2.
Item 7: Material to be filed as exhibits.
Exhibit 1: Agreement as to joint filing.
<PAGE>
EXHIBIT 1
AGREEMENT AS TO JOINT FILING
Dated December 6, 1996
The undersigned hereby agree that the Schedule 13D with
respect to WHX Corporation dated as of the date hereof is filed on behalf of
each of the undersigned jointly pursuant to Rule 13d-1(f)(1).
/s/Brian J. Stark
______________________________
Brian J. Stark
/s/Michael A. Roth
_______________________________
Michael A. Roth
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SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge and
belief, the undersigned hereby certifies that the information set forth in this
statement is true, complete and correct.
December 6, 1996
/s/Brian J. Stark
_______________________________
Brian J. Stark
/s/ Michael A. Roth
_______________________________
Michael A. Roth
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C.1001).
