FORM 4
( ) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |_____________________|
|OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Gilbert D. Scharf
P.O. Box 1124
Ponte Vedra, Florida 32004
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2. Issuer Name and Ticker or Trading Symbol
Niagara Corporation; NIAG
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
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4. Statement for Month/Year
11/97
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of reporting person to Issuer (Check all applicable)
( X) DIRECTOR
( x) 10% OWNER
( X) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
Vice President, Secretary and Treasurer
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7. Individual, or Joint/Group Filing (Check all applicable)
( X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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TABLE I
Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security (Instr. 3)
Common Stock, par value $.01 per share
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2. Transaction Date (Month/Day/Year)
11/10/97
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3. Transaction Code (Instr. 8)
X
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
43,000 (A); $5.50
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
363,200
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
D
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
N/A
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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TABLE II
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., Puts, Calls, Warrants, Options, Convertible securities)
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1. Title of Derivative Security (Instr. 3)
Warrants to Purchase Common Stock
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2. Conversion or Exercise Price of Derivative Security
$5.50
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3. Transaction Date (Month/Day/Year)
11/10/97
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4. Transaction Code (Instr. 8) X
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) 43,000 (D)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Expire 12/11/97
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock, par value $.01 per share
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8. Price of Derivative Securities (Instr. 5)
N/A
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
178,500
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
D
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
____________________________________________________________________________
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1. Title of Derivative Security (Instr. 3)
Non-Qualified Options to Purchase Common Stock
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2. Conversion or Exercise Price of Derivative Security
$5.50
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3. Transaction Date (Month/Day/Year) 4/27/97
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4. Transaction Code (Instr. 8) A
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) 10,000 (A)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
2,000 - 4/27/97; 2,000 - 4/27/98; 2,000 - 4/27/99; 2,000 - 4/27/00;
2,000 - 4/27/01; Expiration Date - 4/27/07
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock, par value $.01 per share, 10,000 shares
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8. Price of Derivative Securities (Instr. 5)
N/A
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
10,000
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
D
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
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EXPLANATION OF RESPONSES:
/s/ Gilbert D. Scharf 12/10/97
** SIGNATURE OF REPORTING PERSON DATE
_____________________________
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
