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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
February 22, 2001
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Date of Report (Date of earliest event reported)
Illinois Superconductor Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-22302 36-3688459
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
451 Kingston Court, Mt. Prospect, Illinois 60056
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(Address of principal executive offices) (Zip Code)
(847) 391-9400
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS.
1. On February 22, 2001, Illinois Superconductor Corporation issued a
press release announcing that a settlement of previously disclosed shareholder
litigation has been reached, which, subject to court approval, will result in
the Company receiving $15 million, less legal fees and certain other expenses. A
copy of the February 22, 2001 press release is attached hereto as Exhibit 99.1.
A notice of the proposed settlement will be sent to the Company's
shareholders, in accordance with the order of the court. A copy of such notice
is attached hereto as Exhibit 99.2.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Items (a) and (b) are inapplicable.
(c) Exhibits.
99.1 Press Release issued by Illinois Superconductor Corporation on
February 22, 2001, announcing that a settlement of previously
disclosed shareholder litigation has been reached, which,
subject to court approval, will result in the Company
receiving $15 million, less legal fees and certain other
expenses.
99.2 Notice of Pendency of Shareholder Derivative Action, Adequacy
of Representation Determination, Proposed Settlement of
Action, Settlement Hearing, and Right to Appear.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ILLINOIS SUPERCONDUCTOR CORPORATION
By: /s/ CHARLES WILLES
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Charles Willes, Chief Financial Officer
Dated: February 22, 2001
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EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
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99.1 Press Release issued by Illinois Superconductor
Corporation on February 22, 2001, announcing that a
settlement of previously disclosed shareholder
litigation has been reached, which, subject to court
approval, will result in the Company receiving $15
million, less legal fees and certain other . expenses.
99.2 Notice of Pendency of Shareholder Derivative Action,
Adequacy of Representation Determination, Proposed
Settlement of Action, Settlement Hearing, and Right to
Appear.