Investment: Newest Life of Leo the Lion

For more than two years, New Jersey Real Estate Tycoon Philip J. Levin, 58, tried to topple the management of one of the biggest U.S. movie companies, Metro-Goldwyn-Mayer, Inc. He spent $11,480,000 for MGM stock, eventually bought or controlled 720,000 shares, or 14.3% of the total. He put out at least $800,000 to finance two bitter but unsuccessful proxy fights.

Last week Levin headed toward the nearest exit. "I was in the position," he explained, "where I could only move sideways or backwards." Therefore, he and his associates sold their 720,000 shares of MGM. Of that total, 420,000 were bought...

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