UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __1___)*
Planet Polymer Technologies, Inc.
______________________________________________________
(Name of Issuer)
Common Stock, $ No Par Value
______________________________________________________
(Title of Class of Securities)
727044109
____________________________________
(CUSIP Number)
Austin W. Marxe, 153 East 53rd Street, New York, NY 10022
(212) 832-5300
______________________________________________________
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 17, 1997
_________________________________________________________
(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-
I(b)(3) or (4), check the following box ___.
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
*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 the 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).
SCHEDULE 13D
CUSIP No. 727044109 Page 2 of 6 Pages
- ----------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Special Situations Private Equity Fund, L.P.
F13-3916551
MG Advisers, L.L.C. F13-3916549
- ----------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) | |
(b) |X|
- ----------------------------------------------------------------
(3) SEC USE ONLY
- ----------------------------------------------------------------
(4) SOURCE OF FUNDS* 00
________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO 2(d) OR 2(e) ____
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER See Marxe/Greenhouse
SHARES -------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER None
OWNED BY -------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER See Marxe/Greenhouse
REPORTING -------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
882,337
- ----------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- ----------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.7
- ----------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IV/IA
- ----------------------------------------------------------------
SCHEDULE 13D
CUSIP No.727044109 Page 3 of 6 Pages
- ----------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Austin W. Marxe
David M. Greenhouse
- ----------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) | |
(b) |X|
- ----------------------------------------------------------------
(3) SEC USE ONLY
- ----------------------------------------------------------------
(4) SOURCE OF FUNDS* 00
________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO 2(d) OR 2(e) ____
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ----------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER 882,337
SHARES -------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER None
OWNED BY -------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER 882,337
REPORTING -------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
882,337
- -----------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- ----------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.7
- ----------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- ----------------------------------------------------------------
Page 4 of 6 Pages
Item 1. Security and Issuer. This Schedule relates to the
Common Stock no par value of Planet Polymer
Technologies, Inc.. The Issuer's principal executive
offices are located at 9985 Businesspark Avenue, Suite
A, San Diego, CA 92131.
Item 2. Identity and Background. This Schedule is filed on
behalf of (i) Special Situations Private Equity Fund,
L.P., a Delaware limited partnership (the "Private
Equity Fund"); (ii) MG Advisers. L.L.C., a New York
limited liability company ("MG"); (ii) Austin W. Marxe
and (iv) David Greenhouse. Each of the foregoing is
hereinafter referred to, individually, as a "Reporting
Person" and, collectively, as the "Reporting Persons."
The principal office and business address of the
Reporting Persons is 153 East 53rd Street, 51st floor,
New York, NY 10022.
The principal business of the Private Equity Fund is to
invest in equity and equity related securities. The
principal business of MG is to act as general partner
of and the investment adviser to the Private Equity
Fund. The principal occupation of Austin W. Marxe and
David Greenhouse, both of whom are United States
citizens, is to serve as officers, directors and
members or principal shareholders of MG and other
Advisers.
Neither the Fund, MG, Austin W. Marxe nor David
Greenhouse, during the last 5 years, has been convicted
in any criminal proceeding or was or is subject to a
judgement, decree or final order enjoining future
violations of, or prohibiting or mandating activities
subject to, Federal or state securities laws or finding
any violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The Fund received a stock dividend of 7,337 shares as a
result of securities owned that were purchased by
utilizing available cash assets.
Item 4. Purpose of the Transaction. Each of the Reporting
Persons has acquired and is holding the Securities
solely for investment purposes and not with the purpose
or the effect of changing or influencing control of the
Issuer. The Fund acquired the Securities in the
ordinary course of business and is holding such
Securities for the benefit of its third party
investors. The Fund may acquire additional shares of
Common Stock as dividends on any unconverted shares of
Series A Convertible Preferred Stock.
Page 5 of 6 Pages
Item 5. Interest in Securities of the Issuer. See pps. 2-3 of
this Schedule, setting forth the aggregate number and
percentage of the Securities beneficially owned by each
Reporting Person, the number of shares as to which
there is sole or shared power to vote, or to direct the
vote, and sole or shared power to dispose or to direct
the disposition.
On December 17, 1997 the fund received a stock dividend
of 7,337 shares from its beneficial ownership of Series
A Convertible Preferred Stock. No other trades
occurred within the last 60 days.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
See Item 2 and Item 4 of this Schedule. The
partnership agreement for the Fund provides for MG
(and, accordingly, Marxe and Greenhouse) to exercise
sole voting and dispositive power with respect to the
shares of Common Stock and also provides for an annual
allocaiton to MG of a portion of the profits generated
by transactions engaged in by the Fund. There are no
written agreements among the Reporting Persons with
respect to the matters set forth in Item 4 of this
Schedule.
Item 7. Material to be Filed as Exhibits.
None
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.
January 7, 1998
/s/ Austin W. Marxe
_________________________________
Special Situaitons Private Equity Fund, L.P.
by: Austin W. Marxe, Managing Director
/s/ Austin W. Marxe
_____________________________
MG Advisers, L.L.C.
by: Austin Marxe, President and CEO
Page 6 of 6 Pages
/s/ Austin W. Marxe
_____________________________
Austin W. Marxe
/s/ David Greenhouse
_____________________________
David Greenhouse
