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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 7, 1998
BESICORP GROUP INC.
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(Exact name of Registrant as specified in its charter)
New York 0-9964 14-1588329
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(State or other (Commission File (I.R.S. Employer
jurisdiction of incorporation) Number) Identification No.)
1151 Flatbush Road, Kingston, New York 12401
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 914-336-7700
This document consists of 3 pages.
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ITEM 5. OTHER EVENTS
The Company announced that three independent power project partnerships in
which it holds ownership interests ranging from 36% to 50%, which supply
electricity to Niagara Mohawk Power Corporation, have agreed to settle a
lawsuit filed against the partnerships and Niagara Mohawk Power Corporation
in the U.S. District Court for the Southern District of New York by Norcen
Energy Resources, Ltd., a Canadian corporation which supplies natural gas
to the projects. The settlement provides for the discontinuance of the
action against all defendants.
EXHIBITS
99.1 Press Release of the Company dated May 7, 1998
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Besicorp Group Inc., Registrant
By: /s/ Michael J. Daley
Michael J. Daley
Date: May 11, 1998 President, CEO, CFO
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Exhibit 99.1
BESICORP GROUP INC. News Release
Contact: Steven G. Nachimson, General Counsel & Corporate Secretary (914)
336-7700
BESICORP AGREES TO SETTLEMENT TERMS IN NORCEN SUIT
KINGSTON, NEW YORK, MAY 7, 1998 - BESICORP GROUP INC. (AMEX Emerging Company
Marketplace - BGI.EC) announced today that three independent power project
partnerships in which Besicorp holds ownership interests ranging from 36% to
50%, and which supply electricity to Niagara Mohawk Power Corporation, have
agreed to settle a lawsuit filed against the partnerships in the U.S. District
Court for the Southern District of New York by Norcen Energy Resources, Ltd., a
Canadian corporation which supplies natural gas to the projects. Niagara Mohawk
is also named as a defendant in the suit.
As previously disclosed, the defendants named in the lawsuit are Kamine/Besicorp
Beaver Falls, L.P., Kamine/Besicorp Natural Dam, L.P., Kamine/Besicorp Syracuse,
L.P. (the "Partnerships"), and Niagara Mohawk. Norcen's suit challenged the
Partnerships' participation in the Master Restructuring Agreement ("MRA")
executed on July 9, 1997 by Niagara Mohawk and 16 independent power producers.
The MRA provides for the restructuring and buyout of power sales contracts. The
settlement with Norcen is subject to conditions including the three
partnerships' consummating the MRA with Niagara Mohawk and the partnerships'
payment to Norcen from the MRA proceeds of the agreed-upon settlement amounts.
The settlement provides for the discontinuance of the action against all
defendants upon consummation of the MRA by the partnerships.
Besicorp specializes in the development of independent power projects and energy
technologies.
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