Business: Twilight of a Tycoon

SOON after eight on most mornings, an elderly man steps out of a Fifth Avenue apartment house and walks with a faltering gait to an office building on Sixth. Few passers-by give him a second glance; in his somber suit, topped by a plastic raincoat on wet days, he seems to be just another Manhattanite going to work. The appearance is misleading. He is Daniel K. Ludwig, the quiet billionaire who has built a shipping, real estate and financial empire that girdles the globe. At 73, Ludwig is worth between $2 billion and $3 billion, which makes him one of...

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