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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