UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b)
FORM 4
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
Westgate International, L.P.
c/o HSBC Financial Services (Cayman) Limited
P.O. Box 1109, Mary Street
Grand Cayman, Cayman Islands, British West Indies
2. Issuer Name and Ticker Trading Symbol
Illinois Superconductor Corporation (ISCO)
2. IRS or Social Security Number of Reporting Person (Voluntary)
3. Statement for (Month/Day/Year)
12/99
4. If Amendment, Date of Original (Month/Year)
5. Relationship of Reporting Person to Issuer (Check all applicable)
[x] Director [ ] Officer (give title below) [ ] Chairman [x] 10% Owner
[ ] Other (specify below)
7. Individual or Joint/Group Filing (Check applicable line)
[x] Form filed by one Reporting Person [ ] Form filed by more than one
Reporting Person
(Page 1 of 7)
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Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)
(a) - (w) Common Stock
2. Transaction Date (Month/Day/Year)
(a) 12/01/99 (b) 12/02/99 (c) 12/02/99 (d) 12/03/99 (e) 12/06/99
(f) 12/07/99 (g) 12/09/99 (h) 12/10/99 (i) 12/13/99 (j) 12/14/99
(k) 12/15/99 (l) 12/16/99 (m) 12/17/99 (n) 12/20/99 (o) 12/21/99
(p) 12/22/99 (q) 12/27/99 (r) 12/29/99 (s) 12/30/99 (t) 12/31/99
(u) 12/06/99 (v) 12/14/99 (w) 12/31/99
3. Transaction Code (Inst. 8)
(a) S (b) S (c) S (d) S (e) S (f) S (g) S (h) S (i) S (j) S (k) S
(l) S (m) S (n) S (o) S (p) S (q) S (r) S (s) S (t) S (u) C (v) C
(w) C
(Page 2 of 7)
V
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount:
(a) 5,000 (b) 5,000 (c) 100,000 (d) 25,000 (e) 35,000 (f) 1,500
(g) 20,000 (h) 15,000 (i) 132,500 (j) 180,000 (k) 55,000 (l)
60,000 (m) 17,500 (n) 15,000 (o) 37,500 (p) 12,500 (q) 15,000
(r) 10,000 (s) 75,000 (t) 30,000 (u) 309,417 (v) 257,958 (w)
516,388
(A) or (D):
(a) D (b) D (c) D (d) D (e) D (f) D (g) D (h) D (i) D (j) D (k)
D (l) D (m) D (n) D (o) D (p) D (q) D (r) D (s) D (t) D (u) A
(v) A (w) A
(Page 3 of 7)
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Price:
(a) $.4400 (b) $.4690 (c) $.4451 (d) $.4400 (e) $.4400 (f)
$.4400 (g) $.4288 (h) $.4200 (i) $.4300 (j) $.4497 (k) $.4245
(l) $.4200 (m) $.4200 (n) $.4200 (o) $.3907 (p) $.4000 (q)
$.3700 (r) $.3600 (s) $.3800 (t)$1.7353 (u) $.2500 (v) $.2500
(w) $.2500
5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
(a) - (w) 535,970
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
(a) - (w) D
7. Nature of Indirect Beneficial Ownership (Instr. 4)
Not Applicable.
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Page 4 of 7)
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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)
(a) 2% Senior Convertible Notes due May 15, 2002 (b) 2% Senior
Convertible Notes due May 15, 2002 (c) 2% Senior Convertible Notes
due May 15, 2002 (d) 10% Convertible Notes due January 2,2001 (e)
10% Warrants (f) Option to Purchase
2. Conversion or Exercisable Price of Derivative Security
(a) $.25
(b) $.25
(c) $.25
(d) $.25
(e) $.25
(f) $1,388,890*
3. Transaction Date (Month/Day/Year)
(a) 12/06/99
(b) 12/14/99
(c) 12/31/99
(d) 12/29/99
(e) 12/29/99
(f) 12/29/99
4. Transaction Code (Instr. 8)
Code
(a) C
(b) C
(c) C
(d) X
(e) X
(f) X
V
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3,
4 and 5)
(A)
(d) $277,778 face amount
(e) 111,111
(D)
(a) $75,000 face amount plus accrued interest thereon (b) $62,500
face amount plus accrued interest thereon (c) $125,000 face amount
plus accrued interest thereon (f) $277,778 face amount of 10%
Convertible Notes and
111,111 10% Warrants (portion of Option disposed of)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable:
(a) Immediately
(b) Immediately
(c) Immediately
(d) Immediately
(e) Immediately
(f) Immediately
Expiration Date:
(a) 05/15/02
(b) 05/15/02
(c) 05/15/02
(d) 01/02/01
(e) 11/05/04
(f) 08/05/00
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title:
(a) Common Stock
(b) Common Stock
(c) Common Stock
(d) Common Stock
(e) Common Stock
(f) 10% Convertible Notes and 10% Warrants
Amount or Number of Shares:
(a) 309,417
(b) 257,958
(c) 516,388
(d) 1,111,112
(e) 111,111
(f) $277,778 face amount of 10% Convertible Notes and 111,111 10%
Warrants (portion of Option disposed of)
8. Price of Derivative Security (Inst. 5)
(a) $.25
(b) $.25
(c) $.25
(d) and (e) $277,778#
(f) $277,778
9. Number of Derivative Securities Beneficially Owned at End of Month (Instr.
4)
(a), (b) and (c) $773,611 face amount
(d) $555,556 face amount
(e) 222,222
(f) $1,111,112 face amount of 10% Convertible Notes and
444,445 10% Warrants
(Page 6 of 7)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)
(a) D
(b) D
(c) D
(d) D
(e) D
(f) D
11. Nature of Indirect Beneficial Ownership (Instr. 4)
Not Applicable.
Explanation of Responses:
* Represents exercise price for entire Option prior to the partial
exercise reported on this Form 4.
# Aggregate price as Option must be exercised for both 10% Convertible
Notes and 10% Warrants.
**Intentional misstatement or omissions of facts constitute Federal
Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Date: January 10, 2000
WESTGATE INTERNATIONAL, L.P.
By: Martley International, Inc., as Attorney-in-Fact
By: /s/ Paul E. Singer____
Paul E. Singer
President
**Signature of Reporting Person
(Page 7 of 7)
