DEALS: Big Steel for Small Change

Big Steel for Small Change

For just $100,000, less than the price of an average single-family house, Investor Lloyd Lubensky managed to buy a 34.2% controlling interest in the seventh largest U.S. steel company, Wheeling-Pittsburgh, according to papers filed last week with the Securities and Exchange Commission. The 1.7 million shares he acquired had a market value of $13.5 million on the day he paid the $100,000 for them, Dec. 31. Lubensky bought the stock for the lower price from a friend, Wheeling Chairman Allen Paulson, who resigned a week later. Paulson apparently intends to use the virtual giveaway as an income-tax write-off. SEC officials said...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!