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
                               ________________

                                May 22, 1996                   
               Date of Report (Date of Earliest Event Reported)

                          NIAGARA  CORPORATION         
              (Exact Name of Registrant as Specified in Charter)

             Delaware                     0-22206              59-3182820
     (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
           of Incorporation)                              Identification No.)

                              667 Madison Avenue
                              New York, New York        
                   (Address of Principal Executive Offices)

                                    10021  
                                  (Zip Code)

                               (212) 317-1000                    
             (Registrant's Telephone Number, Including Area Code)

                 International Metals Acquisition Corporation
                  (Former Name or Former Address, if Changed
                              Since Last Report)


                    ITEM 5. OTHER EVENTS.

                    On May 22, 1996, Niagara Corporation (formerly
          International Metals Acquisition Corporation), a Delaware
          corporation (the "Registrant"), issued an aggregate of
          168,750 shares of its common stock, par value $.001 per
          share (the "Common Stock"), in exchange (the "Exchange")
          for purchase options (collectively, the "Purchase Op-
          tions") issued by the Registrant in 1993 to the under-
          writers of its initial public offering.  The Purchase
          Options were exercisable until August 13, 1998 for an
          aggregate of 250,000 units at $9.00 per unit (subject, in
          each case, to certain anti-dilution adjustments), with
          each unit consisting of one share of Common Stock and two
          warrants, with each warrant exercisable for one share of
          Common Stock at $6.60.  The Exchange was made pursuant to
          the terms of an UPO Exchange Agreement, dated May 15,
          1996 (the "Exchange Agreement"), by and among the Regis-
          trant and GKN Securities Corp., Roger Gladstone, David M.
          Nussbaum, Robert Gladstone, Richard Buonocore, Debra L.
          Schondorf, Andrea B. Goldman, Ira S. Greenspan and
          Barington Capital Corp., L.P.  A copy of each of the
          Exchange Agreement and the press release announcing the
          execution of the Exchange Agreement is attached hereto as
          Exhibit 10.1 and Exhibit 99.1, respectively.

                    ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FI-
                              NANCIAL INFORMATION AND EXHIBITS.

                    (c)  Exhibits.

          10.1      UPO Exchange Agreement by and among the Regis-
                    trant and GKN Securities Corp., Roger Glad-
                    stone, David M. Nussbaum, Robert Gladstone,
                    Richard Buonocore, Debra L. Schondorf, Andrea
                    B. Goldman, Ira S. Greenspan and Barington
                    Capital Corp., L.P.

          99.1      Press Release dated May 16, 1996.


                                  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.

                                             NIAGARA CORPORATION

                                             By:/s/Michael Scharf    
                                                _____________________
                                                Name:  Michael Scharf
                                                Title: President
          Date: May 30, 1996 


                                EXHIBIT INDEX

               Exhibit No.         Description                  Page No.

                  10.1        UPO Exchange Agreement by and         -
                              among the Registrant and 
                              GKN Securities Corp., 
                              Roger Gladstone, David M. 
                              Nussbaum, Robert Gladstone, 
                              Richard Buonocore, Debra L. 
                              Schondorf, Andrea B. Goldman, 
                              Ira S. Greenspan and Barington 
                              Capital Corp., L.P.

                  99.1        Press Release dated May 16, 1996.    -
[{"type": "8-K", "sequence": "1", "description": "8-K", "secsgml_size_bytes": 4941}]
{"company-data": {"conformed-name": "NIAGARA CORP", "cik": "0000710976", "assigned-sic": "2510", "irs-number": "592126505", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-18101", "film-number": "96575235"}, "business-address": {"street1": "PO BOX 1592", "city": "PONTE VEDRA", "state": "FL", "zip": "32004"}, "former-company": {"former-conformed-name": "PALM BEACH GAS CORP", "date-changed": "19890720"}}
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
                               ________________

                                May 22, 1996                   
               Date of Report (Date of Earliest Event Reported)

                          NIAGARA  CORPORATION         
              (Exact Name of Registrant as Specified in Charter)

             Delaware                     0-22206              59-3182820
     (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
           of Incorporation)                              Identification No.)

                              667 Madison Avenue
                              New York, New York        
                   (Address of Principal Executive Offices)

                                    10021  
                                  (Zip Code)

                               (212) 317-1000                    
             (Registrant's Telephone Number, Including Area Code)

                 International Metals Acquisition Corporation
                  (Former Name or Former Address, if Changed
                              Since Last Report)

                    ITEM 5. OTHER EVENTS.

                    On May 22, 1996, Niagara Corporation (formerly
          International Metals Acquisition Corporation), a Delaware
          corporation (the "Registrant"), issued an aggregate of
          168,750 shares of its common stock, par value $.001 per
          share (the "Common Stock"), in exchange (the "Exchange")
          for purchase options (collectively, the "Purchase Op-
          tions") issued by the Registrant in 1993 to the under-
          writers of its initial public offering.  The Purchase
          Options were exercisable until August 13, 1998 for an
          aggregate of 250,000 units at $9.00 per unit (subject, in
          each case, to certain anti-dilution adjustments), with
          each unit consisting of one share of Common Stock and two
          warrants, with each warrant exercisable for one share of
          Common Stock at $6.60.  The Exchange was made pursuant to
          the terms of an UPO Exchange Agreement, dated May 15,
          1996 (the "Exchange Agreement"), by and among the Regis-
          trant and GKN Securities Corp., Roger Gladstone, David M.
          Nussbaum, Robert Gladstone, Richard Buonocore, Debra L.
          Schondorf, Andrea B. Goldman, Ira S. Greenspan and
          Barington Capital Corp., L.P.  A copy of each of the
          Exchange Agreement and the press release announcing the
          execution of the Exchange Agreement is attached hereto as
          Exhibit 10.1 and Exhibit 99.1, respectively.

                    ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FI-
                              NANCIAL INFORMATION AND EXHIBITS.

                    (c)  Exhibits.

          10.1      UPO Exchange Agreement by and among the Regis-
                    trant and GKN Securities Corp., Roger Glad-
                    stone, David M. Nussbaum, Robert Gladstone,
                    Richard Buonocore, Debra L. Schondorf, Andrea
                    B. Goldman, Ira S. Greenspan and Barington
                    Capital Corp., L.P.

          99.1      Press Release dated May 16, 1996.

                                  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.

                                             NIAGARA CORPORATION

                                             By:/s/Michael Scharf    
                                                _____________________
                                                Name:  Michael Scharf
                                                Title: President
          Date: May 30, 1996 

                                EXHIBIT INDEX

               Exhibit No.         Description                  Page No.

                  10.1        UPO Exchange Agreement by and         -
                              among the Registrant and 
                              GKN Securities Corp., 
                              Roger Gladstone, David M. 
                              Nussbaum, Robert Gladstone, 
                              Richard Buonocore, Debra L. 
                              Schondorf, Andrea B. Goldman, 
                              Ira S. Greenspan and Barington 
                              Capital Corp., L.P.

                  99.1        Press Release dated May 16, 1996.    -