Alexandra Investment Management LLC – ‘4’ on 11/12/96 re: Alpine Group Inc./DE

As of:  Tuesday, 11/12/96   ·   Accession #:  895345-96-297   ·   File #:  1-09078

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Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of        2±    14K 
                Securities by an Insider                                         


                                                        [Enlarge/Download Table]
FORM 4                                         U.S. SECURITIES AND EXCHANGE COMMISSION                         OMB APPROVAL        
                                                      WASHINGTON, D.C.   20549                          OMB NUMBER:      3235-0287 
[ ] Check this box if no longer                                                                         Expires:      May 31, 1994 
    subject to Section 16.  Form 4                                                                      Estimate average burden    
    or Form 5 obligations may                                                                           hours per response.... 0.5 
    continue.  See Instructions 1(b)                                                                                               

                                              STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP                                         
                                  Filed pursuant to Section 16(a) of the Securities Exchange Act of                                
                               1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or                            
                                          Section 30(f) of the Investment Company Act of 1940                                      
(Print or Type Responses)                                                                                                          

1.Name and Address of Reporting Person* 2. Issuer Name and Ticker                    6. Relationship of Reporting Person to Issuer 
Alexandra Investment Management, Ltd.      or Trading Symbol                                      (Check all applicable)           
(formerly named Hermes Capital             The Alpine Group, Inc.                                                                  
Management, Ltd.)                          Trading Symbol: AGI                               Director                X   10% Owner 
                                                                                        -----                       -----          
                                                                                              Officer (give               Other    
(Last)       (First)    (Middle)        3. IRS or Social Security  4. Statement for     -----          title below) ----- (specify 
237 Park Avenue, 9th Floor                 Number of Reporting        Month/Year                                           below)  
                                           Person (voluntary)                             Reporting person is no longer a 10% owner

                                                                                            --------------------------------       
             (Street)                                              5  If Amendment,    7. Individual or Joint/Group Filing         
New York, New York  10017                                             Date of Original    (check Applicable Lines)                 
                                                                      (Month/Year)            Form Filed by One Reporting Person   
                                                                                          ---                                      
(City)       (State)       (Zip)                                                              Form Filed by More than One          
                                                                                          --- Reporting Person                     


                                       TABLE I  NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED             

1. Title of Security                    2. Trans-  3. Trans-     4. Securities Acquired    5. Amount of  6. Owner-    7. Nature    
   (Instr. 3)                              action     action        (A)or Disposed of (D)     Securities    ship         of        
                                           Date       Code                                    Benefic-      Form:        Indirect  
                                                      (Instr. 8)       (Instr. 3, 4 and 5)    ially         Direct       Bene-     
                                        (Month/                                               Owned at      (D) or       ficial    
                                         Day/      Code     V      Amount  (A) or Price       End of        Indirect     Owner-    
                                         Year)                             (D)                Month         (I)          ship      
                                                                                              (Instr. 3     (Instr.      (Instr.   
                                                                                              and 4)        4)           4)        
                                                                                                                                   

Common Stock                           9/16/96      S            26,500     D   $6.9186/share 1,449,591     I            *         

Common Stock                          10/24/96      S            26,500     D   $7.25/share   1,449,591     I            *         

Common Stock                          10/25/96      S             3,000     D   $7.375/share  1,449,591     I            *         

Common Stock                          10/31/96      C         1,769,911     A   $4.52/share   1,449,591     I            *         

Common Stock                          10/31/96      S         1,769,911     D   $7.455/share  1,449,591     I            *         

Reminder:  Report on a separate line for each class of securities beneficially owned directly or indirectly.                 (Over)
*  Owned by advisory clients.                                                                                       SEC 1474 (7-96)

                                                        [Enlarge/Download Table]

                       TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED                             
                                   (e.g., puts, calls, warrants, options, convertible securities)                                 

1.Title of    2.Conver-  3.Trans-  4.Transac-   5.Number of    6.Date Exer- 7.Title      8.Price  9.Number    10.Owner-   11.Na-  
  Derivative    sion or    action    tion Code    Derivative     cisable      and Amount   of       of Deriv-    ship       ture  
  Security      Exercise   Date      (Instr. 8)   Securities     and Expir-   of Under-    Deriv-   ative        Form       of In-
  (Instr. 3)    Price      (Month/                Acquired (A)   ation Date   lying        ative    Secur-       of De-     direct
                of         Day/                   or Disposed    (Month/      Securities   Secur-   ities        rivative   Bene- 
                Deriva-    Year)                  of (D)         Day/Year)                 ity      Bene-        Secu-      ficial
                tive                              (Instr. 3,-                 (Instr. 3    (Instr   ficially     rity;      Own-  
                Security                          4, and 5)                   and4)        . 5)     Owned        Direc      ership
                                                                                                    at End       (D) or     (Instr
                                                                                  Amount            of           Indi-      . 4)  
                                                               Date  Expir-       or                Month        rect (I)         
                                                               Exer- ation  Title Number            (Instr.      (Instr.          
                                                               cisa- Date         of                4)           4)               
                                   Code    V      (A)    (D)   ble                Shares                                          
                                                                                                                                  

3% Cumulative                                                                                                                     
Convertible                                                                                                                       
Senior                                                                                                                            
Preferred Stock                                                             Common                                        Owned by
(160,000                                                                    Stock,                                        advisory
shares)      4.52                   C                    160,000            $.10 par value per      -0-              I    clients 

Explanation of Responses:                                                                                                         

*   This Statement is filed pursuant to paragraph (a)(1) of Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the 
    "Exchange Act").  The reported securities are beneficially owned by advisory clients of the Reporting Person.  The Reporting  
    Person has no "pecuniary interest" in such securities (within the meaning of paragraph (a)(2) of said Rule) and accordingly   
    disclaims beneficial ownership thereof for all purposes (other than for 10% reporting status) under Section 16 of the         
    Exchange Act.                                                                                                                 
                                                                   /s/ Dimitri Sogoloff                           November 7, 1996
**  Intentional misstatements or omissions of facts                ------------------------------------------     ----------------
    constitute Federal Criminal Violations.                                **Signature of Reporting Person              Date      
    See 18 U.S.C. 1001 and 15. U.S.C. 78ff(a).                     By: Dimitri Sogoloff                                           
                                                                   Title: Managing Director                                       

Note:   File three copies of this Form, one of which must be manually signed.  If space is insufficient,                          
        See Instruction 6 for procedure.                                                                                          
                                                                                                                            Page 2
                                                                                                                   SEC 1474 (7-96)

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘4’ Filing		Date		Other Filings
Filed on:		11/12/96		SC 13D/A
		11/7/96
		5/31/94
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