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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) April 16, 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 been named as defendants in a lawsuit
filed 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.
ITEM 5. EXHIBITS
99.1 Press Release of the Company dated April 16, 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: April 22, 1998 President, CEO, CFO
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Exhibit No. 99.1
BESICORP GROUP INC. News Release
Contact: Steven G. Nachimson, General Counsel & Corporate Secretary (914)
336-7700
BESICORP ACKNOWLEDGES INITIATION OF LITIGATION BY NORCEN
KINGSTON, NEW YORK, APRIL 16, 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%, which supply electricity to Niagara Mohawk Power Corporation, have been
named as defendants in a lawsuit filed 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 has also
been named as a defendant in the suit.
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 challenges 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 suit alleges that the
Partnerships and Niagara Mohawk have each breached and repudiated their
contracts with Norcen. It is further alleged that Niagara Mohawk tortiously
interfered with contractual relations between the Partnerships and Norcen. The
lawsuit seeks to enjoin the Partnerships from consummating the MRA unless all
consideration payable to the Partnerships is placed in escrow. In addition, the
suit seeks monetary damages from the Partnerships and Niagara Mohawk, and also
requests punitive damages from Niagara Mohawk.
The Partnerships are consulting with counsel regarding the lawsuit. At the
present time, it is not known whether the action will have a material adverse
impact upon Besicorp.
Besicorp specializes in the development of independent power projects and energy
technologies.
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