<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-----------------------
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13D-1(A) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13D-2(A)
Black Hills Corporation
-----------------------
(Name of Issuer)
Common Stock
$1.00 par value
---------------
(Title of Class of Securities)
092113109
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(CUSIP Number)
Gerald R. Forsythe
1111 S. Willis Avenue
Wheeling, Illinois 60090
Tel. No. 847-459-4140
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 7, 2000
(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-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ]
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(1) 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 disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 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).
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<PAGE> 2
CUSIP No. 092113109 13D Page 2 of 14 Pages
--------------------- -------- --------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gerald R. Forsythe
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUND*
SC, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
NUMBER OF 17,100
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,651,031
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 1,040,738
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
627,393
--------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,668,131
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12 CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* See description under Item 5. [X]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
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14 TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
CUSIP No. 092113109 13D Page 3 of 14 Pages
--------------------- -------- --------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michelle R. Fawcett
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUND*
SC
---------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,668,131
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 107,317
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,560,814
--------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,668,131
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12 CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* See description under Item 5. [X]
---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
CUSIP No. 092113109 13D Page 4 of 14 Pages
--------------------- -------- --------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John W. Salyer, Jr.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUND*
SC
---------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,668,131
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 1,98,123
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,470,007
--------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,668,131
---------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* See description under Item 5. [X]
---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 5
CUSIP No. 092113109 13D Page 5 of 14 Pages
--------------------- -------- --------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marsha Fournier
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUND*
SC
---------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
---------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,668,131
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 107,317
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,560,814
--------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,668,131
---------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* See description under Item 5. [X]
---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 6
CUSIP No. 092113109 13D Page 6 of 14 Pages
--------------------- -------- --------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Monica Breslow
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUND*
SC
---------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,668,131
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 107,317
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,560,814
--------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,688,131
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12 CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* See description under Item 5. [X]
---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 7
CUSIP No. 092113109 13D Page 7 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Melissa S. Forsythe
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUND*
SC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
---------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,668,131
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 107,317
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,560,814
--------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,668,131
---------------------------------------------------------------------
12 CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* See description under Item 5. [X]
---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 8
Page -8- of 14 Pages
ITEM 1. SECURITY AND ISSUER.
The class of equity securities to which this statement relates is the
common stock $1.00 par value per share, (the "Common Stock") of Black Hills
Corporation, a South Dakota corporation (the "Company"). The principal executive
offices of the Company are located at 625 Ninth Street, Rapid City, South Dakota
57709.
ITEM 2. IDENTITY AND BACKGROUND.
This Schedule 13D is being filed on behalf of the former shareholders of
Indeck Capital, Inc., a Delaware corporation, consisting of Michelle R. Fawcett,
Marsha Fournier, Monica Breslow, Melissa S. Forsythe, Gerald R. Forsythe and
John W. Salyer, Jr. (collectively, the "Reporting Persons") -----------------
The Reporting Persons are filing this Statement jointly as they may be
deemed to be a "group" within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended, solely as a result of their agreement to
acquire and vote the securities pursuant to the Merger Agreement and
Shareholders Agreement as more fully discussed in Items 3 and 4. A joint filing
agreement among the Reporting Persons is attached hereto as Exhibit 1.
Name: Michelle R. Fawcett
Citizenship: United States
Occupation: Homemaker
Name of Employer: N/A
Business of Employer: N/A
Business Address: N/A
Name: Marsha Fournier
Citizenship: United States
Occupation: Executive
Name of Employer: Indeck Power Equipment Company, Inc.
Business of Employer: Energy
Business Address: 1111 South Willis Avenue
Wheeling, IL 60090
Name: Monica Breslow
Citizenship: United States
<PAGE> 9
Page -9- of 14 Pages
Occupation: Homemaker
Name of Employer: N/A
Business of Employer: N/A
Business Address: N/A
Name: Melissa S. Forsythe
Citizenship: United States
Occupation: Homemaker
Name of Employer: N/A
Business of Employer: N/A
Business Address: N/A
Name: Gerald R. Forsythe
Citizenship: United States
Occupation: Executive
Name of Employer: Indeck Power Equipment Company, Inc.
Business of Employer: Energy
Business Address: 1111 South Willis Avenue
Wheeling, IL 60090
Name: John W. Salyer, Jr.
Citizenship: United States
Occupation: Executive
Name of Employer: Black Hills Energy Capital, Inc.
Business of Employer: Independent Power Generation
Business Address: 1075 Noel Avenue
Wheeling, IL 60090
During the past five (5) years, none of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
During the past five (5) years, none of the Reporting Persons, has been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to Federal or State securities laws or finding any
violation with respect to such laws.
<PAGE> 10
Page -10- of 14 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Mr. Forsythe acquired 17,100 shares of the Company's Common Stock during
January and February of 2000 using personal funds in an aggregate amount equal
to $412,275.
On June 30, 2000, Black Hills issued 1,536,751 shares of Common Stock and
4,000 shares of Series 2000-A Preferred Stock to the Reporting Persons pursuant
to the Agreement and Plan of Merger, dated as of January 1, 2000, by and among
the Company, Black Hills Energy Capital, Inc. ("BHEC"), Indeck Capital, Inc.
("Indeck"), and the Reporting Persons, as amended, modified and supplemented to
the date hereof (the "Merger Agreement") pursuant to which Indeck merged with
and into BHEC.
ITEM 4. PURPOSE OF TRANSACTION.
The securities of the Company were issued to the Reporting Persons as
merger consideration pursuant to the Merger Agreement. Additionally, pursuant to
the Merger Agreement, additional shares of the Company may be issued to the
Reporting Persons in the future as contingent merger consideration. The
Reporting Persons entered into a Shareholders Agreement whereby the Reporting
Persons are entitled to nominate one member to the Board of Directors of the
Company and vote for such nominee (the Shareholders Agreement). Pursuant to the
Shareholders Agreement, the Reporting Persons nominated Mr. Forsythe and Mr.
Forsythe has been elected to the Company's Board of Directors. Mr. Forsythe
acquired 17,100 shares of Black Hills Common Stock in the open market. All the
securities acquired by the Reporting Persons are being held for investment
purposes.
Except as disclosed above, the Reporting Persons presently have no plans or
proposals which relate to or would result in any of the following (although the
Reporting Persons reserve the right to develop such plans or proposals): (i) the
acquisition of additional securities of the Company, or the disposition of
securities of the Company; (ii) an extraordinary corporate transaction, such as
a merger, reorganization or liquidation, involving the Company or any of its
subsidiaries; (iii) a sale or transfer of a material amount of assets of the
Company or any of its subsidiaries; (iv) any change in the present Board of
Directors or management of the Company, including any plans or proposals to
change the number of directors or to fill any existing vacancies on the
Company's Board of Directors; (v) any material change in the present
capitalization or dividend policy of the Company; (vi) any other material change
in the Company's business or corporate structure; (vii) any other material
change in the Company's certificate of incorporation or by-laws or other actions
which may impede the acquisition of control of the Company by any person; (viii)
causing a class of securities of the Company to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an inter-dealer
quotation system of a registered national securities association; (ix) a class
of equity
<PAGE> 11
Page -11- of 14 Pages
securities of the Company becoming eligible for termination of registration
pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended;
or (x) any action similar to any of those enumerated above.
ITEM 5. INTEREST INSECURITIES OF THE ISSUER.
(a) Based on the Form 10-Q of the Company for the period ended March 31,
2000, as of April 28, 2000, there were 21,390,946 shares of the Company's Common
Stock outstanding. In the aggregate, the Reporting Persons beneficially own
1,668,131 shares of the Company's Common Stock, including 4,000 shares of Series
2000-A Preferred Stock convertible into 114,280 shares of Common Stock. These
shares represent approximately 7.8% of the Company's Common Stock outstanding as
of April 28, 2000. Mr. Forsythe, as a Director of the Company, will be entitled
to participate in programs of the Company in which he may obtain from time to
time additional shares of the Company's Common Stock, including the Outside
Directors Stock Based Compensation Plan. Mr. Salyer, as an employee of the
Company, will be entitled to participate in programs of the Company in which he
may obtain from time to time additional shares of the Company's Common Stock,
including the Black Hills Corporation 1996 Stock Option Plan. The Reporting
Persons, as shareholders of the Company, will be entitled to participate in
programs of the Company in which they may obtain from time to time additional
shares of the Company's Common Stock, including a Dividend Reinvestment
Plan.
(b) The information required by Item 5(b) may be found in the responses to
Items 7, 8, 9, 10 and 11 of the cover pages to this Schedule 13D. Each Reporting
Person disclaims beneficial ownership of securities over which such Reporting
Person does not have sole dispositive power.
(c) None.
(d) None.
(e) Not applicable.
<PAGE> 12
Page -12- of 14 Pages
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Except for as set forth in the Merger Agreement (as described above), the
Shareholders Agreement (as described above) and a Registration Rights Agreement
between the Company and the reporting Persons, whereby the Reporting Persons
were granted rights to have their Common Stock registered under the Securities
Act of 1933, as amended, to best knowledge of the Reporting Persons, there are
no other contracts, assignments, understandings or relationships (legal or
otherwise) between the Reporting Persons and any other person, with respect to
any securities of the Company, including, but not limited to, transfer or voting
arrangements, puts or calls, guarantees of profits, division of profits or loss,
or the giving or withholding of proxies.
<PAGE> 13
Page -13- of 14 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1: Joint Filing Agreement among the Reporting Persons
Exhibit 2: Agreement and Plan of Merger, dated as of January 1, 2000,
among the Company, BHEC, Indeck, and the Reporting Persons.
Exhibit 3: Addendum to the Agreement and Plan of Merger, dated as of April
6, 2000, among the Company, BHEC, Indeck, and the Reporting
Persons.
Exhibit 4: Supplemental Agreement Regarding Contingent Merger
Consideration, dated as of January 1, 2000, among the Company,
BHEC, Indeck, and the Reporting Persons.
Exhibit 5: Supplemental Agreement Regarding Restructuring of Certain
Qualifying Facilities.
Exhibit 6: Addendum to the Agreement and Plan of Merger, dated as of June
30, 2000, among the Company, BHEC, Indeck, and the Reporting
Persons.
Exhibit 7: Registration Rights Agreement among the Company and the
Reporting Persons dated as of June 30, 2000.
Exhibit 8: Shareholders Agreement among the Company and the Reporting
Persons dated as of June 30, 2000.
<PAGE> 14
SIGNATURE PAGE
After reasonable inquiry and to the best knowledge and belief of each of
the undersigned, each of the undersigned certifies that the information set
forth in this Statement on Schedule 13D with respect to such person is true,
complete and correct.
Date: July 5, 2000
/s/ Gerald R. Forsythe
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Name: Gerald R. Forsythe
/s/ Michelle R. Fawcett
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Name: Michelle R. Fawcett
/s/ Marsha Fournier
------------------------------------
Name: Marsha Fournier
/s/ Monica Breslow
------------------------------------
Name: Monica Breslow
/s/ Melissa S. Forsythe
------------------------------------
Name: Melissa S. Forsythe
/s/ John W. Salyer, Jr.
------------------------------------
Name: John W. Salyer, Jr.
