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The process of privatization of state-owned industries looms as one the most difficult social, economic and political challenges of our era. This case examines the dilemma as seen through the prism of Hungary where the newly-established State Property Agency must decide on the nature and pace of the privatization process. It is specifically designed to raise the issue of which industries should be retained by the state and which should be sold-and on what basis should the decision be made? Hungarian authorities face a series of choices: selling an enterprise wholly to private investors; retaining 51 percent public ownership; retaining complete public ownership. The case includes extensive exhibits drawn from hard-to-obtain internal Hungarian working papers.