CUSIP No. 01852Q109 13D
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Alliance Bancorp of New England, Inc.
(Name of Issuer)
Common Stock, par value $0.01
(Title of Class of Securities)
01852Q109
(CUSIP Number)
Peter A. Langerman
Franklin Mutual Advisers, Inc.
51 John F. Kennedy Parkway
Short Hills, New Jersey 07078
973.912.2048
(Name, Address and Telephone Number of Person
Authorized to
Receive Notices and Communications)
July 1, 1998
(Date of Event which Requires Filing of this
Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject
of this Schedule 13D, and is filing this schedule because of
Rule 13d-l(b)(3) or (4), check the following box [ ].
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section
18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Franklin Mutual Advisers, Inc.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
See Item 3
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7. SOLE VOTING POWER
0 (See Item 5)
8. SHARED VOTING POWER
9. SOLE DISPOSITIVE POWER
0 (See Item 5)
10. SHARED DISPOSITIVE POWER
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
0 (See Item 5)
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.0%
14. TYPE OF REPORTING PERSON IA
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Franklin Resources, Inc.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
See Item 3
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7. SOLE VOTING POWER
(See Item 5)
8. SHARED VOTING POWER
(See Item 5)
9. SOLE DISPOSITIVE POWER
(See Item 5)
10. SHARED DISPOSITIVE POWER
(See Item 5)
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
0 (See Item 5)
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.0%
14. TYPE OF REPORTING PERSON HC
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Charles B. Johnson
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
See Item 3
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7. SOLE VOTING POWER
(See Item 5)
8. SHARED VOTING POWER
(See Item 5)
9. SOLE DISPOSITIVE POWER
(See Item 5)
10. SHARED DISPOSITIVE POWER
(See Item 5)
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
0 (See Item 5)
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.0%
14. TYPE OF REPORTING PERSON HC (See Item 5)
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Rupert H. Johnson, Jr.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
See Item 3
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7. SOLE VOTING POWER
(See Item 5)
8. SHARED VOTING POWER
(See Item 5)
9. SOLE DISPOSITIVE POWER
(See Item 5)
10. SHARED DISPOSITIVE POWER
(See Item 5)
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
0(See Item 5)
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.0%
14. TYPE OF REPORTING PERSON HC (See Item 5)
This Statement amends in its entirety Item 5 of the Schedule
13D initially filed on November 13, 1997 and relates to the
Common Stock (the "Common Stock") of Alliance Bancorp of New
England, Inc. (the "Issuer").
Item 5. Interest in Securities of the Issuer
(a-b) One or more of Franklin Mutual Adviser, Inc.'s
("FMAI") advisory clients is the owner of 0 shares of the
Common Stock representing approximately 0.0% of the
outstanding shares of Common Stock. Since FMAI's advisory
contracts with its clients grant to FMAI sole voting and
investment power over the securities owned by its advisory
clients, FMAI may be deemed to have been, for purposes of
Rule 13d-3 under the 1934 Act (the "1934 Act"), the
beneficial owner of the securities covered by this
statement.
FMAI is a wholly-owned subsidiary of Franklin Resources,
Inc. ("FRI"). Charles B. Johnson and Rupert H. Johnson, Jr.
(the "Principal Shareholders") each own in excess of 10% of
the outstanding common stock of FRI and are the principal
shareholders of FRI. FRI and the Principal Shareholders
therefore may be deemed to be, for purposes of Rule 13d-3
under the 1934 Act, the beneficial owner of securities held
by persons and entities advised by FRI subsidiaries. FMAI,
FRI and the Principal Shareholders each disclaim any
economic interest or beneficial ownership in any of the
securities covered by this statement owned by advisory
clients of FRI subsidiaries.
Furthermore, FRI, FMAI, and the Principal Shareholders are
of the view that they are not acting as a "group" for
purposes of Section 13(d) under the 1934 Act and that they
are not otherwise required to attribute to each other the
"beneficial ownership" of securities held by any of them or
by any persons or entities advised by FRI subsidiaries.
(c) The only transaction in the shares of the Common Stock
within the past sixty days was the sale, on July 1, 1998, by
one or more of FMAI's advisory clients of 200,599 shares of
Common Stock at a price of $15.50 per share.
(d) No person other than respective advisory clients of FMAI
had the right to receive or the power to direct the receipt
of dividends from, or the proceeds of the sale of the
securities being reported herein.
(e) Not applicable.
After reasonable inquiry, and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete, and correct.
July 2,1998
Franklin Mutual Advisers, Inc.
Franklin Resources, Inc.
Charles B. Johnson
Rupert H. Johnson, Jr.
S\LESLIE M. KRATTER
By: Leslie M. Kratter
Secretary, Franklin Mutual Advisers, Inc.
Vice President & Secretary, Franklin Resources, Inc.
Attorney in Fact for Charles B. Johnson pursuant to Power of
Attorney attached to this Schedule 13D
Attorney in Fact for Rupert H. Johnson, Jr. pursuant to
Power of Attorney attached to this Schedule 13D
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities
Exchange Act of 1934, as amended, the undersigned hereby
agree to the joint filing with each other of the attached
statement on Schedule 13D and to all amendments to such
statement and that such statement and all amendments to such
statement is made on behalf of each of them.
IN WITNESS WHEREOF, the undersigned hereby execute
this agreement on July 2,1998.
Franklin Mutual Advisers, Inc.
Franklin Resources, Inc.
Charles B. Johnson
Rupert H. Johnson, Jr.
S\LESLIE M. KRATTER
By: Leslie M. Kratter
Secretary, Franklin Mutual Advisers, Inc.
Vice President & Secretary, Franklin Resources, Inc.
Attorney in Fact for Charles B. Johnson pursuant to Power of
Attorney attached to this Schedule 13D
Attorney in Fact for Rupert H. Johnson, Jr. pursuant to
Power of Attorney attached to this Schedule 13D
POWER OF ATTORNEY
CHARLES B. JOHNSON hereby appoints LESLIE M. KRATTER his
true and lawful attorney-in-fact and agent to execute and
file with the Securities and Exchange Commission any
Schedule 13D, any amendments thereto or any related
documentation which may be required to be filed in his
individual capacity as a result of his position as an
officer, director or shareholder of Franklin Resources, Inc.
and granting unto said attorney-in-fact and agent, full
power and authority to do and perform each and every act and
thing which he might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, may
lawfully do or cause to be done by virtue hereof.
S\CHARLES B. JOHNSON
POWER OF ATTORNEY
RUPERT H. JOHNSON, JR. hereby appoints LESLIE M. KRATTER his
true and lawful attorney-in-fact and agent to execute and
file with the Securities and Exchange Commission any
Schedule 13D, any amendments thereto or any related
documentation which may be required to be filed in his
individual capacity as a result of his position as an
officer director or shareholder of Franklin Resources, Inc.
and granting unto said attorney-in-fact and agent, full
power and authority to do and perform each and every act and
thing which he might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, may
lawfully do or cause to be done by virtue hereof.
S\RUPERT H. JOHNSON, JR.
