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
____________________________________________________________________________
1. Name and Address of Reporting Person
Michael J. Scharf
c/o Niagara Corporation
667 Madison Avenue
New York, New York 10021
____________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Niagara Corporation; NIAG/NIAGW
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
____________________________________________________________________________
4. Statement for Month/Year
05/97
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5. If Amendment, Date of Original (Month/Year)
____________________________________________________________________________
6. Relationship of reporting person to Issuer (Check all applicable)
( X) DIRECTOR
( x) 10% OWNER
( X) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
Chief Executive Officer, President and Chairman of the Board
____________________________________________________________________________
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
____________________________________________________________________________
1. Title of Security (Instr. 3)
Common Stock
____________________________________________________________________________
2. Transaction Date (Month/Day/Year)
5/12/97
___________________________________________________________________________
3. Transaction Code (Instr. 8)
P
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
4,600; A; $5.655
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
____________________________________________________________________________
6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
D
____________________________________________________________________________
7. Nature of Indirect Beneficial Ownership (Instr. 4)
N/A
____________________________________________________________________________
1. Title of Security (Instr. 3)
Common Stock
____________________________________________________________________________
2. Transaction Date (Month/Day/Year)
5/12/97
____________________________________________________________________________
3. Transaction Code (Instr. 8)
P
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
5,850; A; approximately $5.627
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
496,700
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
D
____________________________________________________________________________
7. Nature of Indirect Beneficial Ownership (Instr. 4)
N/A
____________________________________________________________________________
1. Title of Security (Instr. 3)
Common Stock
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2. Transaction Date (Month/Day/Year
____________________________________________________________________________
3. Transaction Code (Instr. 8)
____________________________________________________________________________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
____________________________________________________________________________
5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
100,000
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
I
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
Owned by the Michael J. Scharf 1987 Grantor Income Trust of which
Mr. Scharf is Trustee.
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1. Title of Security (Instr. 3)
Common Stock
____________________________________________________________________________
2. Transaction Date (Month/Day/Year)
____________________________________________________________________________
3. Transaction Code (Instr. 8)
____________________________________________________________________________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
____________________________________________________________________________
5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
100,000
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
I
____________________________________________________________________________
7. Nature of Indirect Beneficial Ownership (Instr. 4)
Owned by the Scharf Family 1989 Trust of which Mr. Scharf is Trustee.
____________________________________________________________________________
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)
____________________________________________________________________________
1. Title of Derivative Security (Instr. 3)
Nonqualified Stock Option (right to buy)
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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; V
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
20,000* (A)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Exercisable: 04/27/98 Expiration Date: 04/27/07
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 20,000 shares
____________________________________________________________________________
8. Price of Derivative Securities (Instr. 5)
N/A
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
____________________________________________________________________________
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)
N/A
____________________________________________________________________________
1. Title of Derivative Security (Instr. 3)
Nonqualified Stock Option (right to buy)
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2. Conversion or Exercise Price of Derivative Security
$5.50
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3. Transaction Date (Month/Day/Year)
04/27/97
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4. Transaction Code (Instr. 8)
A; V
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
20,000* (A)
____________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Exercisable: 04/27/99 Expiration Date: 04/27/07
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 20,000 shares
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8. Price of Derivative Securities (Instr. 5)
N/A
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
____________________________________________________________________________
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)
N/A
____________________________________________________________________________
1. Title of Derivative Security (Instr. 3)
Nonqualified Stock Option (right to buy)
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2. Conversion or Exercise Price of Derivative Security
$5.50
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3. Transaction Date (Month/Day/Year)
04/27/07
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4. Transaction Code (Instr. 8)
A; V
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
20,000* (A)
____________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Exercisable: 04/27/00 Expiration Date: 04/27/07
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 20,000 shares
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8. Price of Derivative Securities (Instr. 5)
N/A
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
____________________________________________________________________________
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)
N/A
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1. Title of Derivative Security (Instr. 3)
Nonqualified Stock Option (right to buy)
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2. Conversion or Exercise Price of Derivative Security
$5.50
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3. Transaction Date (Month/Day/Year)
04/27/97
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4. Transaction Code (Instr. 8)
A; V
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
20,000* (A)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Exercisable: 04/27/01 Expiration Date: 04/27/07
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 20,000 shares
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8. Price of Derivative Securities (Instr. 5)
N/A
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
____________________________________________________________________________
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)
N/A
____________________________________________________________________________
1. Title of Derivative Security (Instr. 3)
Nonqualified Stock Option (right to buy)
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2. Conversion or Exercise Price of Derivative Security
$5.50
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3. Transaction Date (Month/Day/Year)
04/27/97
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4. Transaction Code (Instr. 8)
A; V
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
20,000* (A)
____________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Exercisable: 04/27/02 Expiration Date: 04/27/07
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 20,000 shares
____________________________________________________________________________
8. Price of Derivative Securities (Instr. 5)
N/A
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
200,000*
____________________________________________________________________________
10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
D
____________________________________________________________________________
11. Nature of Indirect Beneficial Ownership (Instr. 4)
N/A
____________________________________________________________________________
1. Title of Derivative Security (Instr. 3)
Incentive Stock Option (right to buy)
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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. Transaction Code (Instr. 8)
____________________________________________________________________________
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
____________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Expiration Date: 09/13/06
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 100,000 shares
____________________________________________________________________________
8. Price of Derivative Securities (Instr. 5)
N/A
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
100,000
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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)
N/A
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1. Title of Derivative Security (Instr. 3)
Redeemable Common Stock Purchase Warrants
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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. Transaction Code (Instr. 8)
____________________________________________________________________________
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
____________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Exercisable: Currently Expiration Date: 08/13/00
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 437,500 shares
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8. Price of Derivative Securities (Instr. 5)
N/A
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
437,500
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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)
N/A
____________________________________________________________________________
1. Title of Derivative Security (Instr. 3)
Redeemable Common Stock Purchase Warrants
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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. Transaction Code (Instr. 8)
____________________________________________________________________________
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
____________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Exercisable: Currently Expiration Date: 08/13/00
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 75,000 shares
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8. Price of Derivative Securities (Instr. 5)
N/A
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
75,000
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
I
____________________________________________________________________________
11. Nature of Indirect Beneficial Ownership (Instr. 4)
Owned by the Michael J. Scharf Grantor Income Trust of which
Mr. Scharf is Trustee.
EXPLANATION OF RESPONSES:
*100,000 Nonqualified Stock Options granted on 4/27/97 under the Company's
1995 Stock Option Plan. End of month totals include 100,000 Nonqualified
Stock Options and 100,000 Incentive Stock Options previously granted under
the same Plan.
/s/ Michael J. Scharf 06/10/97
--------------------------------- ----------------
** 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).
