SECURITIES AND EXCHANGE COMMISSION
Self-Regulatory Organizations; Order Granting Application to Strike from Listing and Registration on the New York Stock Exchange, Inc. (WHX Corporation, Common Stock, $.01 par value, and Series A and B Convertible Preferred Stock, $.10 par value) File No. 1-02394
April 8, 2005
On March 31, 2005, the New York Stock Exchange, Inc. ("NYSE" or "Exchange") filed an application with the Securities and Exchange Commission ("Commission"), pursuant to Section 12(d) of the Securities Exchange Act of 1934 ("Act")1 and Rule 12d2-2(c) thereunder,2 to strike the common stock, $.01 par value, and Series A and B convertible preferred stock, $.10 par value (collectively "Securities"), of WHX Corporation ("Company") from listing and registration on the NYSE.
NYSE Rule 499 states that securities admitted to the list may be suspended from dealings or removed from the list at any time. In addition, Section 802.01D of the Exchange's Listed Company Manual states, in part, that the Exchange would normally consider suspending or removing from the list a security of a company when an intent to file under any of the sections of the bankruptcy law has been announced or a filing has been made or liquidation has been authorized and the company is committed to proceed.
In the opinion of NYSE, the Securities are no longer suitable for continued listing and trading on NYSE. The Exchange is taking such action in view of the Company's March 8, 2005 announcement that it had filed a voluntary petition to restructure under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the Southern District of New York. The Company also concurrently filed a Plan of Reorganization ("Plan") under which existing holders of its common stock would receive no distributions pursuant to the provisions of the Plan. In addition, the Securities had previously fallen below the Exchange's continued listing standards regarding average closing price of a security of not less than $1.00 over a consecutive 30 trading day period and was within its cure period. The Company's common stock closed at $.63 on March 7, 2005.
On March 8, 2005, the Exchange determined that the Securities should be suspended immediately from trading and directed the preparation and filing of an application with the Commission for the removal of the Securities from listing and registration on the Exchange. The Exchange notified the Company of the Exchange's determination by letter on March 8, 2005. The Company had a right to appeal the determination to delist the Securities to a committee of the NYSE's Board of Directors. The Company did not file a request to review the determination within the specified time period.
The Commission, having considered the facts stated in the application and having due regard for the public interest and protection of investors, orders that the NYSE's application be, and it hereby is, granted, effective at the opening of business on April 11, 2005.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.3
Jonathan G. Katz
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