SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE l3D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
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,
1500 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, 1997
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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:
United States
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Number of 7) Sole Voting Power: 0
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Shares Beneficially 8) Shared Voting Power: 1,102,695*
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Owned by
Each Reporting 9) Sole Dispositive Power: 0
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Person With: 10) Shared Dispositive Power: 1,102,695*
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11) Aggregate Amount Beneficially Owned by Each Reporting Person:
1,102,695*
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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):
4.9%*
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14) Type of Reporting Person (See Instructions): IN
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* All 1,102,695 shares of the Issuer's common stock beneficially owned by the
reporting persons are issuable to Reliant Trading upon the conversion of 401,279
shares of the Issuer's preferred stock held by Reliant Trading. 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 and shares of the
Issuer's preferred stock, which are convertible into Shares, were obtained from
the capital contributed by the limited partners of Stark Investments, L.P. and
general margin financing from brokers. The amount of funds used in making the
purchases was $15,592,660.
Item 4: Purpose of Transaction
The acquisition by Reliant Trading of the Shares and the Issuer's
preferred stock, which is convertible into Shares, is 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 June 30, 1997, there were
issued and outstanding 22,474,600 Shares. Messrs. Stark and Roth beneficially
own 1,102,695 Shares (upon conversion of 401,279 shares of the Issuer's
preferred stock) or 4.9% of the Shares. All 1,102,695 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 1,102,695 Shares by
virtue of their position as members of Staro Asset Management, L.L.C., the
managing partner of Reliant Trading.
As of September 12, 1997, the reporting persons no longer beneficially
own five or more percent of the Issuer's Shares.
The following table details the transactions by entities controlled by
the reporting persons in securities of the Issuer during the past 60 days:
<PAGE>
Shepherd Trading Limited
Date Quantity Price Transaction Type
9/12/97 1,500 $14.50 Open Mkt. Sale
9/12/97 2,000 14.62 Open Mkt. Sale
9/12/97 7,409 14.50 Open Mkt. Purchase
9/12/97 14,743 14.81 Open Mkt. Purchase
9/12/97 29,505 14.81 Open Mkt. Purchase
9/12/97 7,409 14.87 Open Mkt. Purchase
9/12/97 4,750 52.12 Open Mkt. Sale
9/12/97 9,499 52.12 Open Mkt. Sale
9/12/97 4,750 51.25 Open Mkt. Sale
9/12/97 18,999 52.15 Open Mkt. Sale
9/12/97 200 45.50 Open Mkt. Purchase
9/12/97 1,000 45.25 Open Mkt. Purchase
9/12/97 800 46.25 Open Mkt. Purchase
9/12/97 850 46.00 Open Mkt. Purchase
9/12/97 750 45.75 Open Mkt. Purchase
9/11/97 1,250 13.43 Open Mkt. Sale
9/11/97 1,250 13.37 Open Mkt. Purchase
9/11/97 1,250 13.87 Open Mkt. Sale
9/11/97 1,250 13.93 Open Mkt. Sale
9/11/97 400 13.56 Open Mkt. Sale
9/11/97 5,000 13.50 Open Mkt. Sale
9/11/97 850 13.31 Open Mkt. Sale
9/11/97 1,250 13.62 Open Mkt. Purchase
9/11/97 76,644 47.75 Open Mkt. Sale
9/11/97 76,644 47.75 Open Mkt. Purchase
9/11/97 300 48.00 Open Mkt. Purchase
9/11/97 28,825 44.37 Open Mkt. Sale
9/11/97 28,825 44.37 Open Mkt. Purchase
9/11/97 2,000 44.62 Open Mkt. Purchase
9/11/97 300 44.37 Open Mkt. Purchase
9/11/97 1,000 44.56 Open Mkt. Sale
9/11/97 1,000 44.75 Open Mkt. Sale
8/29/97 500 41.75 Open Mkt. Purchase
8/22/97 5,000 11.00 Open Mkt. Sale
8/20/97 5,000 10.93 Open Mkt. Sale
8/20/97 200 41.50 Open Mkt. Sale
8/18/97 2,500 42.75 Open Mkt. Purchase
8/18/97 750 40.25 Open Mkt. Purchase
8/15/97 1,800 40.21 Open Mkt. Purchase
8/14/97 1,550 40.24 Open Mkt. Purchase
8/13/97 1,750 40.22 Open Mkt. Purchase
<PAGE>
8/12/97 1,850 40.25 Open Mkt. Purchase
8/11/97 6,250 9.75 Open Mkt. Purchase
8/11/97 6,250 42.00 Open Mkt. Sale
8/11/97 1,750 40.25 Open Mkt. Purchase
8/8/97 19,200 42.14 Open Mkt. Sale
8/8/97 2,800 40.88 Open Mkt. Purchase
8/7/97 4,000 10.06 Open Mkt. Sale
8/7/97 3,150 42.62 Open Mkt. Sale
8/7/97 3,350 41.98 Open Mkt. Purchase
8/6/97 450 10.06 Open Mkt. Sale
8/6/97 4,700 41.89 Open Mkt. Purchase
8/5/97 1,500 9.93 Open Mkt. Sale
8/5/97 1,550 41.08 Open Mkt. Purchase
8/4/97 9,800 9.87 Open Mkt. Sale
8/4/97 10,000 39.79 Open Mkt. Purchase
8/1/97 541 9.31 Open Mkt. Purchase
8/1/97 300 38.5 Open Mkt. Purchase
7/31/97 500 36.5 Open Mkt. Purchase
7/24/97 250 36.25 Open Mkt. Purchase
7/23/97 1,000 37 Open Mkt. Purchase
7/17/97 1,000 37 Open Mkt. Purchase
7/17/97 750 37 Open Mkt. Purchase
7/16/97 300 37 Open Mkt. Purchase
Reliant Trading
Date Quantity Price Transaction Type
9/12/97 1,500 $14.50 Open Mkt. Sale
9/12/97 2,000 14.62 Open Mkt. Sale
9/12/97 31,591 14.50 Open Mkt. Purchase
9/12/97 62,857 14.81 Open Mkt. Purchase
9/12/97 25,795 14.81 Open Mkt. Purchase
9/12/97 31,591 14.87 Open Mkt. Purchase
9/12/97 20,250 52.12 Open Mkt. Sale
9/12/97 20,250 51.25 Open Mkt. Sale
9/12/97 40,501 52.12 Open Mkt. Sale
9/12/97 81,001 52.15 Open Mkt. Sale
9/12/97 200 46.12 Open Mkt. Sale
9/12/97 200 45.50 Open Mkt. Purchase
9/12/97 1,000 45.25 Open Mkt. Purchase
9/12/97 800 46.25 Open Mkt. Purchase
9/12/97 850 46.00 Open Mkt. Purchase
9/12/97 750 45.75 Open Mkt. Purchase
9/11/97 1,250 13.43 Open Mkt. Sale
9/11/97 1,250 13.37 Open Mkt. Purchase
9/11/97 3,750 13.87 Open Mkt. Sale
9/11/97 3,750 13.93 Open Mkt. Sale
9/11/97 5,000 13.50 Open Mkt. Sale
9/11/97 1,250 13.31 Open Mkt. Sale
9/11/97 1,250 13.62 Open Mkt. Purchase
<PAGE>
9/11/97 300 48.00 Open Mkt. Purchase
9/11/97 2,000 44.62 Open Mkt. Purchase
9/11/97 300 44.37 Open Mkt. Purchase
9/11/97 1,000 44.56 Open Mkt. Sale
9/11/97 1,000 44.75 Open Mkt. Sale
8/20/97 300 41.50 Open Mkt. Sale
8/18/97 7,500 42.75 Open Mkt. Purchase
8/18/97 2,250 40.25 Open Mkt. Purchase
8/15/97 5,400 40.21 Open Mkt. Purchase
8/14/97 4,650 40.24 Open Mkt. Purchase
8/13/97 5,250 40.22 Open Mkt. Purchase
8/12/97 5,500 40.25 Open Mkt. Purchase
8/11/97 18,750 9.75 Open Mkt. Purchase
8/11/97 200 41.75 Open Mkt. Sale
8/11/97 18,750 42.00 Open Mkt. Sale
8/11/97 1,750 40.25 Open Mkt. Purchase
8/8/97 5,000 42.14 Open Mkt. Sale
8/8/97 2,800 40.88 Open Mkt. Purchase
8/8/97 200 40.5 Open Mkt. Purchase
8/7/97 4,000 10.06 Open Mkt. Sale
8/7/97 3,150 42.62 Open Mkt. Sale
8/7/97 3,350 41.98 Open Mkt. Purchase
8/6/97 450 10.06 Open Mkt. Sale
8/6/97 4,700 41.89 Open Mkt. Purchase
8/5/97 1,500 9.93 Open Mkt. Sale
8/5/97 1,550 41.08 Open Mkt. Purchase
8/4/97 9,800 9.87 Open Mkt. Sale
8/4/97 10,000 39.79 Open Mkt. Purchase
8/1/97 1,859 9.31 Open Mkt. Purchase
8/1/97 300 38.5 Open Mkt. Purchase
7/31/97 500 36.5 Open Mkt. Purchase
7/24/97 250 36.25 Open Mkt. Purchase
7/23/97 1,000 37 Open Mkt. Purchase
7/17/97 1,000 37 Open Mkt. Purchase
7/17/97 750 37 Open Mkt. Purchase
7/16/97 300 37 Open Mkt. Purchase
No other entity controlled by the reporting persons has traded the Issuer's
securities within the past
60 days.
Item 6: Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Not Applicable
Item 7: Material to be filed as exhibits.
Exhibit 1: Agreement of reporting persons as to joint filing.
<PAGE>
EXHIBIT 1
AGREEMENT AS TO JOINT FILING
Dated September 22, 1997
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
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Brian J. Stark
/s/Michael A. Roth
-----------------------------
Michael A. Roth
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, he undersigned hereby certifies that the information set forth in
this statement is true, complete and correct.
September 22,1997
/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).
