SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )(1)
WHX CORP.
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK, $.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of class of securities)
929248 10 2
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQUIRE
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
December 1, 1997
- --------------------------------------------------------------------------------
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
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 13d-1(a) for other parties to whom copies
are to be sent.
(Continued on following pages)
(Page 1 of 12 Pages)
Exhibit Index on Page 10
- --------
(1) 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 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).
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 2 of 12 Pages
- ---------------------------------- --------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Ronald LaBow
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------
8 SHARED VOTING POWER
1,029,483(a)
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,029,483(a)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,029,483(a)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------
(a) Includes presently exercisable options held by WPN Corp. to purchase
917,833 shares of Common Stock.
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 3 of 12 Pages
- ---------------------------------- --------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Stewart E. Tabin
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 233,334(a)
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
1,029,483(b)
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
233,334(a)
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,029,483(b)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,262,817(c)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(a) Represents presently exercisable options.
(b) Includes presently exercisable options held by WPN Corp. to purchase
917,833 shares of Common Stock.
(c) Includes presently exercisable options to purchase 917,833 shares of
Common Stock.
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 4 of 12 Pages
- ---------------------------------- --------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Neale X. Trangucci
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 233,334(a)
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
8 SHARED VOTING POWER
1,029,483(b)
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
233,334(a)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,029,483(b)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,262,817(c)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(a) Represents presently exercisable options.
(b) Includes presently exercisable options held by WPN Corp. to purchase
917,833 shares of Common Stock.
(c) Includes presently exercisable options to purchase 917,833 shares of
Common Stock.
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 5 of 12 Pages
- ---------------------------------- --------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
WPN Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
1,029,483(a)
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,029,483(a)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,029,483(a)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(a) Includes presently exercisable options held by WPN Corp. to purchase
917,833 shares of Common Stock.
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 6 of 12 Pages
- ---------------------------------- --------------------------------
The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
Item 1. SECURITY AND ISSUER
The class of equity securities to which this Statement relates
is the Common Stock, $.01 par value of WHX Corporation, a Delaware corporation
(the "Issuer"). The principal executive offices of the Issuer are located at 110
East 59th Street, New York, New York 10022, telephone (212) 355-5200.
Item 2. IDENTITY AND BACKGROUND
(a) This Statement is being filed by WPN Corp., a New York
corporation ("WPN"), Ronald LaBow, Stewart E. Tabin and Neale X. Trangucci. Each
of the foregoing is referred to as a "Reporting Person" and collectively as the
"Reporting Persons". By virtue of their positions with WPN, Messrs. LaBow, Tabin
and Trangucci have the shared power to vote and dispose of the Issuer's Shares
owned by WPN. Accordingly, the Reporting Persons are hereby filing a joint
Schedule 13D.
(b) The principal business address of WPN is 126 Lower
Broadford Road, Bellevue, Idaho 83313. The principal business address of Messrs.
LaBow, Tabin and Trangucci is 110 East 59th
Street, New York, New York 10022.
(c) The principal business of WPN is the investment in
securities. The principal occupations of each of Messrs. LaBow, Tabin and
Trangucci is an investor.
(d) Mr. LaBow is the sole shareholder of WPN. The officers of
WPN are Ronald LaBow, its President, Stewart E. Tabin, its Vice-President and
Neale X. Trangucci, its Secretary and Treasurer. WPN's directors are Messrs.
LaBow, Tabin and Trangucci, each of whom are citizens of the United States and
each of whom have as their business address: c/o Stonehill Investment Corp., 110
East 59th Street, New York, New York 10022. Mr. LaBow has been a Director and
Chairman of the Board of the Issuer since June, 1994. Messrs. Tabin and
Trangucci are investors and are officers of Stonehill, a merchant banking firm,
and are each an Assistant Treasurer of the Issuer.
(e) No Reporting Person has, during the last five years, been
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 7 of 12 Pages
- ---------------------------------- --------------------------------
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
WPN is the owner of 111,650 shares of Common Stock of the
Issuer. The aggregate purchase price of such shares was $837,375 and was
received as a result of a partnership distribution. The balance of the shares of
Common Stock owned by the Reporting Persons represent presently exercisable
options to purchase shares of Common Stock of the Issuer.
Item 4. PURPOSE OF TRANSACTION
WPN intends to hold its shares of Common Stock for investment
purposes. The Reporting Persons intend to review on a continuing basis their
investment in the Issuer and may decide to increase or decrease such investment,
including through the exercise of options. The extent of any such increase or
decrease would depend upon the price and availability of the Issuer's
securities, subsequent developments affecting the Issuer, the Issuer's business
and prospects, other investment and business opportunities available to the
Reporting Persons, general stock market and economic conditions, tax
considerations, and other factors, including the obtaining of any necessary
regulatory approvals. Except as otherwise indicated in this Item 4, the
Reporting Persons have no plans or proposals with respect to the Issuer that
relate to or that could result in any of the actions specified in clauses (a)
through (j) of Item 4 of Schedule 13D.
Item 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The aggregate percentage of shares of Common Stock
reported owned by each person named herein is based upon 19,634,117 shares of
Common Stock outstanding, which is the total number of shares of Common Stock
outstanding as of December 1, 1997.
(b) As of the close of business on December 1, 1997, WPN
beneficially owns 1,029,483 Shares of Common Stock and presently exercisable
options to purchase 917,833 Shares of Common Stock, constituting approximately
5.0% of the Shares outstanding. In addition, each of Messrs. Tabin and Trangucci
own presently exercisable options to purchase 233,334 Shares of Common Stock,
constituting approximately 1.1% of the Shares of Common Stock outstanding.
Messrs. LaBow, Tabin and Trangucci may be deemed to beneficially own all shares
owned by WPN by virtue of their authority to vote and dispose of such Shares.
Because Messrs. LaBow, Tabin and Trangucci are officers and directors of WPN,
each could be deemed to exercise indirect power to vote and dispose of the
Shares held by WPN. Messrs. Tabin and Trangucci disclaim beneficial ownership of
all Shares of Common Stock owned by WPN since Mr. LaBow is the sole stockholder
of WPN.
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 8 of 12 Pages
- ---------------------------------- --------------------------------
(c) Schedule A annexed hereto lists all transactions in the
Issuer's Common Stock in the last sixty days by the Reporting Persons. Except as
described herein, neither the Reporting Persons nor any persons named in
response to paragraph (a) of this Item 5 has effected any transactions in the
shares of Common Stock during the past 60 days.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the receipt of dividends from,
or proceeds from the sale of, such Shares of the Common Stock.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS
OR RELATIONSHIPS WITH RESPECT TO SECURITIES
OF THE ISSUER
Not applicable.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
1. Joint Filing Agreement
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 9 of 12 Pages
- ---------------------------------- --------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
/s/ RONALD LABOW
----------------------------------
RONALD LABOW
/s/ STEWART E. TABIN
----------------------------------
STEWART E. TABIN
/s/ NEALE X. TRANGUCCI
----------------------------------
NEALE X. TRANGUCCI
WPN CORP.
By: /s/ Ronald LaBow
-------------------------------
Ronald LaBow
President
Dated: December 11, 1997
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 10 of 12 Pages
- ---------------------------------- --------------------------------
EXHIBIT INDEX
DOCUMENT PAGE NUMBER
-------- -----------
I. Joint Filing Agreement 11
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 11 of 12 Pages
- ---------------------------------- --------------------------------
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f)(1)(iii) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of each of them of a Statement on Schedule 13D dated December
11, 1997 (including amendments thereto) with respect to the Common Stock of WHX
Corporation. This Joint Filing Agreement shall be filed as an Exhibit to such
Statement.
Dated: December 11, 1997 WPN CORP.
By:/s/ Ronald LaBow
--------------------------------
Ronald LaBow
President
/s/ RONALD LABOW
-----------------------------------
RONALD LABOW
/s/ STEWART E. TABIN
-----------------------------------
STEWART E. TABIN
/s/ NEALE X. TRANGUCCI
-----------------------------------
NEALE X. TRANGUCCI
<PAGE>
- ---------------------------------- --------------------------------
CUSIP No. 929248 10 2 13D Page 12 of 12 Pages
- ---------------------------------- --------------------------------
SCHEDULE A
DATE OF TRANSACTION NUMBER OF SHARES PURCHASE OR SALE
- ------------------- ---------------- ----------------
12/1/97 333,333 Grant of Option(a)
12/5/97 10,000 Gift(b)
- --------
(a) Presently Exercisable Portion of Option Approved by the Stockholders of
the Issuer on December 1, 1997.
(b) Charitable Gift.
