UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.1)*
BAYCORP HOLDINGS, LTD.
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
072728108
(CUSIP Number)
Alan M. Stark
80 Main Street
West Orange, New Jersey 07052
(201)325-8660
(Name Address, and Telephone Number of Person Authorized to Receive
Notices and Communications)
January 24, 1997
(Date of Event which Requires Filing of this Statement)
If this 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 [ ].
Note: Six copies of this statement, including all exhibits, should
be filed with the Commission. See Rule 13d-1(a) for other parties
to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a
prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).
<PAGE>
SCHEDULE 13D
CUSIP No. 072728108
__________________________________________________________________
1) Names of Reporting Person (S.S. or I.R.S. Identifi-
cation No. of Above Person):
LEON G. COOPERMAN
S.S. No. ###-##-####
_________________________________________________________________
2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [X]
(b) [ ]
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Source of Funds:
WC
_________________________________________________________________
5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e):
NOT APPLICABLE
_________________________________________________________________
6) Citizenship or place of Organization:
UNITED STATES
_________________________________________________________________
(7) Sole voting Power
Number of 2,266,520
Shares Bene- --------------------------------------------------
ficially (8) Shared Voting Power
owned by 443,980
Each Report- --------------------------------------------------
ing Person (9) Sole Dispositive Power
With 2,266,520
--------------------------------------------------
(10) Shared Dispositive Power
443,980
________________________________________________________________
11) Aggregate Amount Beneficially Owned by Each Reporting
Person: 2,710,500
_________________________________________________________________
12) Check if the Aggregate Amount in Row (11):
N/A
_________________________________________________________________
13) Percent of Class Represented by Amount in Box (11):
32.4%
_________________________________________________________________
14) Type of Reporting Person
IN
<PAGE>
SCHEDULE 13D
CUSIP No. 072728108
__________________________________________________________________
1) Names of Reporting Person (S.S. or I.R.S. Identifi-
cation No. of Above Person):
OMEGA CAPITAL PARTNERS, L.P.
13-3628306
_________________________________________________________________
2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [X]
(b) [ ]
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Source of Funds:
WC
_________________________________________________________________
5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e):
NOT APPLICABLE
_________________________________________________________________
6) Citizenship or place of Organization:
UNITED STATES
_________________________________________________________________
(7) Sole voting Power
Number of 1,031,760
Shares Bene- --------------------------------------------------
ficially (8) Shared Voting Power
owned by -0-
Each Report- --------------------------------------------------
ing Person (9) Sole Dispositive Power
With 1,031,760
--------------------------------------------------
(10) Shared Dispositive Power
-0-
_________________________________________________________________
11) Aggregate Amount Beneficially Owned by Each Reporting
Person: 1,031,760
_________________________________________________________________
12) Check if the Aggregate Amount in Row (11):
N/A
_________________________________________________________________
13) Percent of Class Represented by Amount in Box (11):
12.3%
_________________________________________________________________
14) Type of Reporting Person
PN
<PAGE>
SCHEDULE 13D
CUSIP No. 072728108
__________________________________________________________________
1) Names of Reporting Person (S.S. or I.R.S. Identifi-
cation No. of Above Person):
OMEGA INSTITUTIONAL PARTNERS, L.P.
13-3633614
_________________________________________________________________
2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [X]
(b) [ ]
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Source of Funds:
WC
_________________________________________________________________
5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e):
NOT APPLICABLE
_________________________________________________________________
6) Citizenship or place of Organization:
UNITED STATES
_________________________________________________________________
(7) Sole voting Power
Number of 76,520
Shares Bene- --------------------------------------------------
ficially (8) Shared Voting Power
owned by -0-
Each Report- --------------------------------------------------
ing Person (9) Sole Dispositive Power
With 76,520
--------------------------------------------------
(10) Shared Dispositive Power
-0-
_________________________________________________________________
11) Aggregate Amount Beneficially Owned by Each Reporting
Person: 76,520
_________________________________________________________________
12) Check if the Aggregate Amount in Row (11):
N/A
_________________________________________________________________
13) Percent of Class Represented by Amount in Box (11):
0.9%
_________________________________________________________________
14) Type of Reporting Person
PN
<PAGE>
SCHEDULE 13D
CUSIP No. 072728108
__________________________________________________________________
1) Names of Reporting Person (S.S. or I.R.S. Identifi-
cation No. of Above Person):
OMEGA ADVISORS, INC.
13-3628307
_________________________________________________________________
2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [X]
(b) [ ]
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Source of Funds:
WC
_________________________________________________________________
5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e):
NOT APPLICABLE
_________________________________________________________________
6) Citizenship or place of Organization:
UNITED STATES
_________________________________________________________________
(7) Sole voting Power
Number of 1,158,240
Shares Bene- --------------------------------------------------
ficially (8) Shared Voting Power
owned by 443,980
Each Report- --------------------------------------------------
ing Person (9) Sole Dispositive Power
With 1,158,240
--------------------------------------------------
(10) Shared Dispositive Power
443,980
_________________________________________________________________
11) Aggregate Amount Beneficially Owned by Each Reporting
Person: 1,602,220
_________________________________________________________________
12) Check if the Aggregate Amount in Row (11):
N/A
_________________________________________________________________
13) Percent of Class Represented by Amount in Box (11):
19.1%
_________________________________________________________________
14) Type of Reporting Person
IA
<PAGE>
PREAMBLE
This Schedule 13D is being filed merely to correct a
typographical error of the numbers in Item 4 of the initial
Schedule 13D dated February 20, 1997.
Item 4. Purpose of Transaction.
On January 1, 1997, Omega Institutional Partners, L.P.
effected a transfer of its shares in Great Bay Power Corporation
("Great Bay") as follows: 88,800 shares thereof to the Managed
Account and 718,400 shares thereof to Omega Overseas Partners, Ltd.
Signature
After reasonable inquiry and to the best of the
undersigned's knowledge and belief, the undersigned hereby
certifies that the information set forth in this statement is true,
complete and correct.
Dated: February 26, 1997
/s/ Alan M. Stark
ALAN M. STARK on behalf of LEON G.
COOPERMAN, pursuant to Power of
Attorney on file.
/s/ Alan M. Stark
ALAN M. STARK on behalf of LEON G.
COOPERMAN, as Managing Member of
Omega Associates, L.L.C. on behalf
of Omega Capital Partners, L.P.,
pursuant to Power of Attorney on file.
/s/ Alan M. Stark
ALAN M. STARK on behalf of LEON G.
COOPERMAN, as Managing Member of
Omega Associates, L.L.C. on behalf
of Omega Institutional Partners, L.P.,
pursuant to Power of Attorney on file.
/s/ Alan M. Stark
ALAN M. STARK on behalf of LEON G.
COOPERMAN, as President of Omega
Advisors, Inc., pursuant to Power
of Attorney on file.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
<PAGE>
SCHEDULE 13D
CUSIP NO. 072728108
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on
Schedule 13D with respect to the Common Stock of BayCorp Holdings,
Ltd., dated February 20, 1997, is, and any further amendments
thereto signed by each of the undersigned shall be, filed on behalf
of each of the undersigned pursuant to and in accordance with the
provisions of Rule 13d-2(f) under the Securities Exchange Act of
1934, as amended.
Dated: February 25, 1997
/s/ Alan M. Stark
ALAN M. STARK on behalf of LEON G.
COOPERMAN, pursuant to Power of
Attorney on file.
/s/ Alan M. Stark
ALAN M. STARK on behalf of LEON G.
COOPERMAN, as Managing Member of
Omega Associates, L.L.C. on behalf
of Omega Capital Partners, L.P.,
pursuant to Power of Attorney on file.
/s/ Alan M. Stark
ALAN M. STARK on behalf of LEON G.
COOPERMAN, as Managing Member of
Omega Associates, L.L.C. on behalf
of Omega Institutional Partners, L.P.,
pursuant to Power of Attorney on file.
/s/ Alan M. Stark
ALAN M. STARK on behalf of LEON G.
COOPERMAN, as President of Omega
Advisors, Inc., pursuant to Power
of Attorney on file.
