SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES ACT OF 1934
AMENDMENT NO. 1
ILLINOIS SUPERCONDUCTOR CORPORATION
(NAME OF SUBJECT COMPANY)
Common Stock, par value $.001 per share (Including the
Associated Rights) (TITLE OF CLASS OF SECURITIES)
452284 10 2
(CUSIP NUMBER OF CLASS OF SECURITIES)
Stewart A. Shiman
95 Revere Drive
Suite A
Northbrook, Illinois 60062
(847) 562-0700
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS
March 12, 1998
(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check the
following box [ ]
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (See Rule 13d-7.)
<PAGE>
CUSIP NO.: 452284 10 2 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Stewart A. Shiman
###-##-####
_______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) (x)
_______________________________________________________________________________
3 SEC USE ONLY
_______________________________________________________________________________
4 SOURCE OF FUNDS
_______________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
_______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
_______________________________________________________________________________
7 SOLE VOTING POWER
Less than 5%
_______________________________________________________________________________
NUMBER OF 8 SHARED VOTING POWER
SHARES Less than 5%
BENEFICIALLY___________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH Less than 5%
REPORTING______________________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
Less than 5%
_______________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
Less than 5%
_______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
_______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 5%
_______________________________________________________________________________
14 TYPE OF REPORTING PERSON
IN
Page 2 of 4 Pages
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This Amendment No. 1 to Schedule 13D amends the original Schedule
13D filed by the reporting person on March 25, 1996 (as so amended, the
"Original 13D"). Capitalized terms used but not otherwise defined herein
shall have the meanings assigned to those terms in the Original 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
On March 12, 1998, the reporting person ceased to be the
beneficial owner of more than 5% of the Common Stock.
Page 3 of 4 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: April 6, 1998
/s/ Stewart A. Shiman
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Stewart A. Shiman
Page 4 of 4 Pages
