Plainfield reports 49% stake in Wolverine Tube

By Jennifer Chiou

New York, July 25 - Wolverine Tube, Inc. investors led by Plainfield Asset Management LLC reported beneficial ownership of 37,856,316 shares, or 49%, of the company, according to a Schedule 13D filed with the Securities and Exchange Commission.

From July 11 to 18, Plainfield bought 509,382 shares at prices from $0.5999 to $0.89 for a total price of $435,855.77.

Plainfield said that its 38,000 shares of Wolverine's series A preferred stock can be converted into 34,545,455 shares.

On Oct. 9, 2007, Plainfield purchased an additional 153,499 shares at a price per share of $1.10 for an aggregate purchase price of $168,849 in connection with a rights offering.

According to the filing, the preferreds are convertible into Wolverine stock at a conversion price of $1.10 per share.

Accordingly, Alpine's 14,494 preferred shares can be converted into 13,176,364 shares and the 2,000 Alkest shares can be converted into 1,818,182 shares, the 13D added.

On Jan. 27, 2008, Alpine purchased an additional 4,494 shares of the series A preferreds for an aggregate purchase price of $4,494,000.

On March 20, Alpine purchased 10,000 shares of series B preferreds for $10 million. The series B preferreds are also convertible at a conversion price of $1.10 per share of common stock. Accordingly, Alpine's 10,000 series B preferreds can be converted into 9,090,909 shares.

On March 29, the filing added that options granted to Alpine to purchase 1,296,706 shares.

Wolverine Tube provides copper and copper alloy tubes, fabricated products and metal joining products. The company is based in Huntsville, Ala.

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