Sept Form 3 - Jeffrey Thorp

3 1 sept_form3thorp-hecla.htm MISC\SEPT_FORM3THORP-HECLA Sept Form 3 - Jeffrey Thorp

FORM 3

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

1. Name and Address of Reporting Person* 2. Date of Event 4. Issuer Name and Ticker or Trading Symbol
Langley Partners, L.P. Requiring Statement
_____________________________________ (Month/Day/Year) Hecla Mining Company
(Last) (First) (Middle) NYSE Symbol: HL
7/25/2002 5. Relationship of Reporting Person 6. If Amendment,
535 Madison Avenue, 7th Floor to Issuer (Check all applicable) Date of Original
_____________________________________ 3. I.R.S. Identification (Month/Day/Year)
(Street) Number of Reporting __ Director _X_ 10% Owner
Person, if an Entity
New York, New York 10022 (Voluntary) __ Officer (give __ Other (specify 7. Individual or Joint/
_____________________________________ title below) below) Group Filing (Check
(City) (State) (Zip) Applicable Line)
___ Form filed by One
Reporting Person
_X_ Form filed by more
than One Reporting
Person
Table 1 - Non-Derivative Securities Beneficially Owned

1. Title of Security 2. Amount of Securities 3. Ownership Form: Direct 4. Nature of Indirect Beneficial
(Instr. 4) Beneficially Owned (D) or Indirect (I) Ownership (Instr. 5)
(Instr. 4) (Instr. 5)
--------------------- -------------------- ---------------------- -----------------------------

*If the form is filed by more than one Reporting Person, see Instruction 5(b)(v).

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

(Print or Type Responses) (Over)

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Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative 2. Date Exercisable 3. Title and Amount of 4. Conversion or 5. Ownership 6. Nature of
Security (Instr. 4) and Expiration Date Securities Underlying Exercise Price Form of Deri- Indirect
----------------------- (Month/Day/Year) Derivative Security of Derivative vative Sec- Beneficial
(Instr. 4) Security urity: Di- Ownership
--------------------- ---------------------- rect (D) or (Instr. 5)
Expira- Amount Indirect (I)
Date Exer- tion or Number (Instr. 5)
cisable Date Title of Shares
--------- ------- ------------- --------- -------------- -------------- ----------

Series B 7% Preferred Immediately Common Stock, 54,018.72(1) $15.55 D(2)
Stock, par value $0.25 par value
per share $0.25 per share

Series B 7% Preferred Immediately Common Stock, 400,317.30(1) $15.55 I(3)
Stock, par value $0.25 par value
per share $0.25 per share

Explanation of Responses:

(1) Each share of Series B 7% Preferred Stock, par value $0.25 per share (the "Preferred Stock"), is
convertible into approximately 3.2154 shares of Common Stock.

(2) Langley Partners, L.P. is the record holder of 16,800 shares of Preferred Stock. Each of Langley
Management, LLC, Langley Capital, LLC and Jeffrey Thorp, all of whom may be deemed to be the beneficial owner of
the 16,800 shares of Preferred Stock held of record by Langley Partners, L.P., disclaim beneficial ownership of
the reported securities except to the extent of each of their respective pecuniary interests therein, and this
report shall not be deemed an admission that any such reporting person is the beneficial owner of such securities
for purposes of Section 16 or for any other purpose.

(3) Langley Partners, L.P. has the right to acquire 124,500 shares of Preferred Stock (the "Additional Preferred Stock")
through a call option with Lehman Brothers Inc. The call option is currently comprised of long and short positions on a basket of
securities of a number of companies (the "Other Securities") in addition to the Additional Preferred Stock of Hecla Mining Company.
The Additional Preferred Stock represents approximately 46% of the total notional market values of the option components as of
September 10, 2002. Langley Partners, L.P. has the right to acquire the Additional Preferred Stock within sixty (60) days through
physical settlement of its option on such shares. The current exercise price of the option on the basket of securities is
$307,390 (the "Basket Exercise Price") and the expiration date of the option is August 7, 2003. To the extent that the
components of the basket of securities are modified upon the mutual consent of Langley Partners, L.P. and Lehman Brothers Inc.,
the Basket Exercise Price would be changed. There is no currently determinable exercise price for the Additional Preferred Stock,
as it cannot be purchased separately from the basket. In order to acquire the Additional Preferred Stock through the option,
Langley Partners, L.P. must simultaneously settle all of its positions on the Other Securities and, therefore, acquire the
Other Securities at the same time as Langley Partners, L.P. acquires the Additional Preferred Stock. Unless and until the
Additional Preferred Stock is acquired by Langley Partners, L.P., in whole or in part, Lehman Brothers Inc. (to the extent it
currently owns such shares) shall remain the record owner of the Additional Preferred Stock and shall have the right to vote and
dispose of such shares of Additional Preferred Stock. Each of Langley Partners, L.P., Langley Management, LLC, Langley Capital,
LLC and Jeffrey Thorp, all of whom may be deemed to be the beneficial owner of the Additional Preferred Stock that Langley
Partners, L.P. has the right to acquire, disclaim beneficial ownership of the reported securities except to the extent of each of
their respective pecuniary interests therein, if any, and this report shall not be deemed an admission that any such reporting
person is the beneficial owner of the Additional Preferred Stock for purposes of Section 16 or for any other purpose.

** Intentional misstatements or omissions of facts constitute /s/Jeffrey Thorp 9/12/02
Federal Criminal Violations. ------------------------------- --------------
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date

Jeffrey Thorp, in his capacity
as managing member of each of
Langley Management, LLC and
Langley Capital, LLC, the
general partners of Langley
Partners, L.P.

Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure. Page 2

(Print or Type Responses)

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Joint Filer Information

1. Name: Langley Management, LLC

2. Address: 535 Madison Avenue, 7th Floor
New York, NY 10022

3. Designated Filer: Langley Partners, L.P.

4. Issuer & Ticker Symbol: Hecla Mining Company
NYSE Symbol: HL

5. Date of Event Requiring Statement: July 25, 2002

/s/ Jeffrey Thorp 9/12/02
--------------------------------- ----------------
Jeffrey Thorp, in his capacity as Date
managing member of Langley
Management, LLC

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Joint Filer Information

1. Name: Langley Capital, LLC

2. Address: 535 Madison Avenue, 7th Floor
New York, NY 10022

3. Designated Filer: Langley Partners, L.P.

4. Issuer & Ticker Symbol: Hecla Mining Company
NYSE Symbol: HL

5. Date of Event Requiring Statement: July 25, 2002

/s/ Jeffrey Thorp 9/12/02
--------------------------------- ----------------
Jeffrey Thorp, in his capacity as Date
managing member of Langley
Capital, LLC

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Joint Filer Information

1. Name: Jeffrey Thorp

2. Address: 535 Madison Avenue, 7th Floor
New York, NY 10022

3. Designated Filer: Langley Partners, L.P.

4. Issuer & Ticker Symbol: Hecla Mining Company
NYSE Symbol: HL

5. Date of Event Requiring Statement: July 25, 2002

/s/ Jeffrey Thorp 9/12/02
--------------------------------- ----------------
Jeffrey Thorp Date

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