It's a 1958 (titled 1959) MG ZB Magnette!
Yes, MG made a Sedan. In fact, MG made a bunch of sedans of various sizes and types over the years, but the general impression seems to be that the ZB Magnette was the best of the "modern" MG sedans.
I showed this picture to a co-worker (NOT a car nut by any stretch of the imagination), and he said "It looks like a Wolseley!" Well I had to congratulate him on his perceptiveness, becasue the same body design (but not running gear) was used for the Wolseley 4/44. He appearantly saw them around when he was growing up, so here's to Shahid Mahmud for a keen eye and a good memory!
Anyway, there will be more pictures and an expansion of this page when the car arrives, but in the mean time, this is a start!
Update: 11/10/99 The work begins!