UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Alpine Group Inc
(Name of Issuer)
Common Stock
(Title of Class of Securities)
02082510
(CUSIP Number)
December 31, 1997
(Date of Event Requires Filing of this Statement)
(X) Rule 13d-1(b)
( ) Rule 13d-(c)
( ) Rule 13d-1(d)
(1) Names of Reporting Persons; S.S. or I.R.S. Identification Nos. of
Reporting Persons
Union Bank of Switzerland, None
(2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
(3) SEC Use Only
(4) Citizenship or Place of Organization
Switzerland
Number of Shares Beneficially Owned by Each Reporting Person With
(5) Sole Voting Power
(6) Shared Voting Power
1,148,391
(7) Sole Dispositive Power
(8) Shared Dispositive Power
1,148,391
(9)Aggregate Amount Beneficially Owned by Each Reporting Person
1,148,391 shares of Common Stock
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
The filing of this statement shall not be construed as an admission
that Union Bank of Switzerland is, for purposes of section 13(d), or
13(g) of the Act, the beneficial owner of the securities included in
row (9).
(11) Percent of Class Represented by Amount in Row (9)
Approximately 6.8%
(12) Type of Reporting Person (See Instructions)
BK
Item 1 (a)
Name of Issuer:
Alpine Group Inc
Item 1 (b)
Address of Issuer's Principal Executive Offices:
1790 Broadway, Suite 1500, New York, NY 10019
Item 2 (a)
Name of Persons Filing:
Union Bank of Switzerland
Item 2 (b)
Addresses of Principal Business Offices or, if none, Residence:
Bahnhofstrasse 45, 8021 Zurich, Switzerland
Item 2 (c)
Citizenship:
Switzerland
Item 2 (d)
Title of Class of Securities:
Common Stock
Item 2 (e)
CUSIP Number:
02082510
check whether the person filing is a:
(a) Broker or Dealer registered under Section 15 of the Act
(b) X Bank as defined in section 3(a) (6) of the Act *
(c) Insurance Company as defined in section 3(a) (19) of the Act
(d) Investment Company registered under section 8 of the Investment
Company Act
* Union Bank of Switzerland is classified pursuant to no -action relief
granted by the staff of the Securities and Exchange Commission in a letter
dated November 23,1992
(e) An investment adviser in accordance with sect 240.13d-1(b)(1)(ii)(E)
(f) An employee benefit plan or endowment fund in accordance with sect 240.
13d-1(b) (1)(ii)(F)
(g) A parent holding company or control person in accordance with sect
240.13d-1(b) (ii) (G)
(h) A savings association as defined in sect 3(b) of the Federal Deposit
Insurance Act.
(i) A church plan that is excluded from the definition of an investment
company under sect 3(c)(14) of the Investment Company Act of 1940
(j) Group in accordance sect 240.13d-1(b)(1)(ii)(J)
If this statement is filed pursuant to sect 240.13d-1(c), check here.
Item 4
Ownership
Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.
(a) Amount Beneficially Owned:
1,148,391 shares of Common Stock*
* The filing of this statement shall not be construed as an admission that
the Union Bank of Switzerland is, for the purposes of section 13(d), or
section 13(g) of the Act, the beneficial owner of the securities covered
by this statement.
(b) Percent of Class:
Approximately 6.8%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
(ii) shared power to vote or to direct the vote
1,148,391 shares of common stock
(iii) sole power to dispose or to direct the disposition of
(iv) shared power to dispose or to direct the disposition of
1,148,391 shares of common stock
Item 5
Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ]
Item 6
Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7
Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
Not Applicable
Item 8
Identification and Classification of Members of the Group
Not Applicable
Item 9
Notice of Dissolution of Group
Not Applicable
Item 10
Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held
in the ordinary course of business and were not acquired for the purpose
of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that
purpose or effect.
Index of Materials Filed as Exhibits
SIGNATURE
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.
Date: February 17, 1998
Union Bank of Switzerland
By:
Name:
Robert C. Dinerstein
Title:
Senior Managing Director
and General Counsel
By:
Name:
Janet R. Zimmer
Title:
Managing Director
