UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.2)*
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)
April 16, 1999
(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 581,480
Each Report- -------------------------------------------------
ing Person (9) Sole Dispositive Power
With 2,266,520
-------------------------------------------------
(10) Shared Dispositive Power
581,480
____________________________________________________________
11) Aggregate Amount Beneficially Owned by Each Reporting
Person: 2,848,000
_______________________________________________________________
12) Check if the Aggregate Amount in Row (11):
N/A
________________________________________________________________
13) Percent of Class Represented by Amount in Box (11):
34.8%
________________________________________________________________
14) Type of Reporting Person
IN
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):
12.6%
________________________________________________________________
14) Type of Reporting Person
PN
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
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 581,480
Each Report- -------------------------------------------------
ing Person (9) Sole Dispositive Power
With 1,158,240
-------------------------------------------------
(10) Shared Dispositive Power
581,480
________________________________________________________________
11) Aggregate Amount Beneficially Owned by Each Reporting
Person: 1,737,720
________________________________________________________________
12) Check if the Aggregate Amount in Row (11):
N/A
________________________________________________________________
13) Percent of Class Represented by Amount in Box (11):
21.2%
________________________________________________________________
14) Type of Reporting Person
IA
Item 1. Security and Issuer.
This statement relates to the common stock, $.01 par
value (the "Common Stock" or the "Shares"), of BAYCORP HOLDINGS,
LTD. ("Company"), which has its principal executive offices at
20 International Drive, Suite 301, Portsmouth, New Hampshire
03801.
Item 3. Source and Amount of Funds or Other Consideration.
Cooperman beneficially owns 2,848,000 Shares. Of this
amount, 1,031,760 Shares were purchased by Omega Capital
Partners, L.P., at a cost of $7,511,493; 76,520 Shares were
purchased by Omega Institutional Partners, L.P., at a cost of
$557,089; 1,158,240 Shares were purchased by Omega Overseas
Partners, Ltd., at a cost of $8,439,207 ; and 581,480 Shares
were purchased by the Managed Account, at a cost of $3,494,402.
The source of funds for the purchase of all such Shares was
investment capital.
Item 5. Interest in Securities of the Issuer.
Based upon the information contained in the Company's
Form 10K for the year ended December 31, 1998 filed with the
Securities & Exchange Commission, there were issued and
outstanding 8,192,000 Shares as of March 17, 1999. Omega
Capital Partners, L.P., owns 1,031,760 Shares, or 12.6% of those
outstanding; Omega Institutional Partners, L.P., owns 76,520
Shares, or 0.9% of those outstanding; Omega Overseas Partners,
Ltd., owns 1,158,240 Shares, or 14.1% of those outstanding; and
the Managed Account owns 581,480 Shares, or 7.1% of those
outstanding. Cooperman possesses sole power to vote and direct
the disposition of all Shares of Common Stock owned by Omega
Overseas Partners.
The only transaction by the filing entities within 60
days prior to April 16, 1999 and to date was a market purchase
by the Managed Account on April 16, 1999 of 137,500 at $1.875
per share.
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: May 14, 1999
/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).
