Business: Lance's Mysterious Rescuer

Saudi Arabia's Pharaon adds to his U.S. empire

Saudi Arabia's production of mysterious millionaires is almost as impressive as its output of oil-and now one of those little-known Saudis has volunteered to start digging Bert Lance out from under his mountain of debts. Ghaith Pharaon, 37, has offered to buy 60% of the stock in Lance's National Bank of Georgia for $20 a share, or about $4 above market value. Whether other stockholders accept or not, Lance will turn over 60% of his 200,000-odd shares to Pharaon and get a check for about $2.4 million.

Why is Pharaon willing to pay so much...

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