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*
Michael J. Scharf
c/o Niagara Corporation
667 Madison Avenue
New York, New York 10021
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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)
____________________________________________________________________________
4. Statement for Month/Year
12/97
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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 BELOW)
Chief Executive Officer, President and Chairman of the Board
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7. Individual or Joint/Group Filing (Check Applicable Line)
(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
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2. Transaction Date (Month/Day/Year)
December 8, 1997
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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); Amount;
(A) or (D); Price
(i) 354,500; (A); $5.50
(ii) 95,000; (A); $5.50
(iii) 63,000; (A); $5.50
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
(i) 814,700
(ii) 205,000
(iii) 194,500
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
(i) Direct
(ii) Indirect
(iii) Indirect
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
(ii) Owned by the Michael J. Scharf 1987 Grantor Income Trust of which
Mr. Scharf is Trustee.
(iii) Owned by the Scharf Family 1989 Trust of which Mr. Scharf is
Trustee.
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
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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)
December 4, 1997
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4. Transaction Code (Instr. 8)
J, see footnote (1) below
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
93,000 (D)
_________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Expired 12/11/97
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 93,000
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8. Price of Derivative Securities (Instr. 5)
$3 3/8 per Warrant
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
-0-
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
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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)
December 4, 1997
___________________________________________________________________________
4. Transaction Code (Instr. 8)
J, see footnote (1) below
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
93,000 (A)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Expired 12/11/97
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 93,000
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8. Price of Derivative Securities (Instr. 5)
$3 3/8 per Warrant
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
-0-
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
____________________________________________________________________________
11. Nature of Indirect Beneficial Ownership (Instr. 4)
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1. Title of Derivative Security (Instr. 3)
Warrant for 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)
December 8, 1997
____________________________________________________________________________
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)
93,000 (D)
___________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Expired 12/11/97
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Common Stock; 93,000
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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)
-0-
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
____________________________________________________________________________
11. Nature of Indirect Beneficial Ownership (Instr. 4)
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EXPLANATION OF RESPONSES:
(1) On December 4, 1997, the reporting person converted his beneficial
interest in 93,000 Warrants held in his IRA account from indirect
ownership to direct through the sale of such warrants by his IRA
account and the simultaneous acquisition by the reporting person of
the same amount of Warrants at the same price at which such warrants
were sold.
/s/ Michael J. Scharf 1/12/98
**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).
