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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
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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)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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)
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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
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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)
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