Elliott Associates, L.P. – ‘4’ for 3/31/00 re: Isco International Inc.

As of:  Monday, 4/10/00   ·   For:  3/31/00   ·   Accession #:  1013594-0-105   ·   File #:  0-22302

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of        4     10K 
                Securities by an Insider                                         

4
1st Page of 4
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
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)                        

3.     IRS or Social Security Number of Reporting Person (Voluntary)            

4.     Statement for (Month/Day/Year)                                           

03/00                                                             

5.     If Amendment, Date of Original (Month/Year)                              

6.     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 4)

4
2nd Page of 4
TOC
1st
Previous
Next
↓Bottom
Just 2nd
Table I   Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.     Title of Security (Instr. 3)                                             

2.     Transaction Date (Month/Day/Year)                                        

3.     Transaction Code (Inst. 8)                                               

V                                                                 

4.     Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)           

Amount:                                               

(A) or (D):                                           

Price:                                                

5.     Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4) 

6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)                        

7.     Nature of Indirect Beneficial Ownership (Instr. 4)                       

Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.                                                   

 (Page 2 of 4)

4
3rd Page of 4
TOC
1st
Previous
Next
↓Bottom
Just 3rd
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) Option to Purchase                                            
(b) 10% Convertible Notes                                         
(c) 10% Warrants                                                  

2.     Conversion or Exercisable Price of Derivative Security                   

(a) $1,111,112                                                    
(b) $.25                                                          
(c) $.25                                                          

3.     Transaction Date (Month/Day/Year)                                        

(a) 03/27/00                                                      
(b) 03/27/00                                                      
(c) 03/27/00                                                      

4.     Transaction Code (Instr. 8)                                              

Code                                                              

(a) X                                                 
(b) X                                                 
(c) X                                                 

V                                                                 

5.   Number of Derivative  Securities Acquired (A) or Disposed of (D) (Instr. 3,
4 and 5)                                                              

(A)                                                               

(b) $1,111,112 face amount                            
(c) 444,444                                           

(D)                                                               

             (a)    Option to purchase  $1,111,112  face amount of 10% Notes and
444,444 10% Warrants                    

6.     Date Exercisable and Expiration Date (Month/Day/Year)                    

Date Exercisable:                                                 

(a) Immediately                                       
(b) Immediately                                       
(c) Immediately                                       

Expiration Date:                                                  

(a) 08/05/00                                          
(b) 01/02/01                                          
(c) 11/05/04                                          

 (Page 3 of 4)

4
Last Page of 4
TOC
1st
Previous
Next
↓Bottom
Just 4th
7.     Title and Amount of Underlying Securities (Instr. 3 and 4)               

Title:                                                            

(a) 10% Convertible Notes and 10% Warrants            
(b) Common Stock                                      
(c) Common Stock                                      

Amount or Number of Shares:                                       

         (a) $1,111,112 face amount of 10% Convertible Notes and 444,444
10% Warrants                            
(b) 4,444,448                                         
(c)   444,444                                         

8.     Price of Derivative Security (Inst. 5)                                   

(a) $1,111,112                                                    
(b) and (c) $1,111,112*                                           

9.   Number of Derivative Securities  Beneficially Owned at End of Month (Instr.
4)                                                                    

(a) 0                                                             
(b) $1,666,668 face amount plus accrued interest (c) 666,666      

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

(a) D                                                             
(b) D                                                             
(c) D                                                             

11.    Nature of Indirect Beneficial Ownership (Instr. 4)                       

Not Applicable.                                       

Explanation of Responses:                                                       

       *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: April 10, 2000                                              

WESTGATE INTERNATIONAL, L.P.                          
By: Martley International, Inc., as Attorney-in-Fact  

By: /s/ Elliot Greenberg____                  
Elliot Greenberg          
Vice President            

**Signature of Reporting Person               

 (Page 4 of 4)

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘4’ Filing		Date		First		Last			Other Filings
Filed on:		4/10/00		4					4
For Period end:		3/31/00							10-Q,  4
									List all Filings