APL CORP SELLS 1.3 MLN SHARES OF POREX <PORX.O>
APL Corp said it sold 1,250,000
shares of Porex Technologies Corp it owned for 40.6 mln dlrs
and, pending federal approval, will use the proceeds to buy 1.5
mln shares and certain notes of Fischbach Corp <FIS> that APL's
Pennsylvania Engineering Corp affiliate owns.
    Victor Posner is chairman of APL and Pennsylvania
Engineering. After buying the Fischbach shares, API said it
will own about 54.3 pct of Fischbach's voting securities
assuming conversion of all convertible debentures held by APL.
   
    APL said it planned to buy the Fischbach shares from
Pennsylvania Engineering at market value and to use proceeds to
make a secured demand loan to Pennsylvania Engineering.
    APL said it planned to purchase 470,000 dlrs principal
amount of Fischbach's 8-1/2 convertible subordinated debentures
and 4.5 mln dlr 4-3/4 pct convertible subordinated debentures.
APL also said that Pennsylvania Engineering and the holders of
Pennsylvania Engineering's senior notes and senior secured
notes in a face amount of about 56 mln dlrs  also agreed that
proceeds received from the sale of Fischbach notes and stock
will be used to fully satisify its oligations under the notes.
 Reuter
