SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                 --------------

                                  SCHEDULE 13G
                                 (Rule 13d-102)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b) (c) AND (d) AND AMENDMENTS THERETO FILED
                            PURSUANT TO RULE 13d-2(b)

                               (Amendment No. )1

                             BayCorp Holdings, Ltd.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                     Common Stock, par value $.01 per share
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    072728108
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

                                  June 5, 2003
- --------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)
                                 --------------

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

            /  /        Rule 13d-1(b)

            / x/        Rule 13d-1(c)

            /  /        Rule 13d-1(d)




- --------
1           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 the disclosures provided in a prior cover page.

            The  information  required in 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 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).





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CUSIP No. 072728108                   13G                      Page 2 of 9 Pages
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================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

                                     Couchman Partners, L.P.
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) / /
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         CITIZENSHIP OR PLACE OF ORGANIZATION

                     British Virgin Islands
- --------------------------------------------------------------------------------
  NUMBER OF        5      SOLE VOTING POWER
   SHARES
BENEFICIALLY                    36,600 shares
 OWNED BY
    EACH
 REPORTING
PERSON WITH    -----------------------------------------------------------------
                   6      SHARED VOTING POWER

                                0 shares
               -----------------------------------------------------------------
                   7      SOLE DISPOSITIVE POWER

                                36,600 shares
               -----------------------------------------------------------------
                   8      SHARED DISPOSITIVE POWER

                                0 shares
- --------------------------------------------------------------------------------
     9         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                     36,600 shares
- --------------------------------------------------------------------------------
     10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
     11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                     5.7%
- --------------------------------------------------------------------------------
     12        TYPE OF REPORTING PERSON*

                     PN
================================================================================

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!





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CUSIP No. 072728108                   13G                      Page 3 of 9 Pages
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================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

                                     Couchman Capital LLC
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) / /
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         CITIZENSHIP OR PLACE OF ORGANIZATION

                     Delaware
- --------------------------------------------------------------------------------
  NUMBER OF        5      SOLE VOTING POWER
   SHARES
BENEFICIALLY                    36,600 shares
 OWNED BY
    EACH
 REPORTING
PERSON WITH    -----------------------------------------------------------------
                   6      SHARED VOTING POWER

                                0 shares
               -----------------------------------------------------------------
                   7      SOLE DISPOSITIVE POWER

                                36,600 shares
               -----------------------------------------------------------------
                   8      SHARED DISPOSITIVE POWER

                                0 shares
- --------------------------------------------------------------------------------
     9         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                     36,600 shares
- --------------------------------------------------------------------------------
     10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
     11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                     5.7%
- --------------------------------------------------------------------------------
     12        TYPE OF REPORTING PERSON*

                     OO
================================================================================

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!




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CUSIP No. 072728108                   13G                      Page 4 of 9 Pages
- ------------------------                                  ----------------------


================================================================================
     1         NAME OF REPORTING PERSONS
               I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

                                     Jonathan Couchman
- --------------------------------------------------------------------------------
     2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) / /
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3         SEC USE ONLY

- --------------------------------------------------------------------------------
     4         CITIZENSHIP OR PLACE OF ORGANIZATION

                     USA
- --------------------------------------------------------------------------------
  NUMBER OF        5      SOLE VOTING POWER
   SHARES
BENEFICIALLY                    36,600 shares
 OWNED BY
    EACH
 REPORTING
PERSON WITH    -----------------------------------------------------------------
                   6      SHARED VOTING POWER

                                0 shares
               -----------------------------------------------------------------
                   7      SOLE DISPOSITIVE POWER

                                36,600 shares
               -----------------------------------------------------------------
                   8      SHARED DISPOSITIVE POWER

                                0 shares
- --------------------------------------------------------------------------------
     9         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
               PERSON

                     36,600 shares
- --------------------------------------------------------------------------------
     10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
               CERTAIN SHARES*                                               / /
- --------------------------------------------------------------------------------
     11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                     5.7%
- --------------------------------------------------------------------------------
     12        TYPE OF REPORTING PERSON*

                     IN
================================================================================

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!




- ------------------------                                  ----------------------
CUSIP No. 072728108                   13G                      Page 5 of 9 Pages
- ------------------------                                  ----------------------


Item 1(a).  Name of Issuer:

            BayCorp Holdings, Ltd.

Item 1(b).  Address of Issuer's Principal Executive Offices:

            1 New Hampshire Avenue, Suite 125
            Portsmouth, New Hampshire 03801

Item 2(a).  Name of Person Filing:

            This statement is jointly filed by Couchman  Partners,  L.P. ("CP"),
            Couchman Capital LLC ("CC"), and Jonathan Couchman (together with CP
            and CC, the "Reporting  Persons").  Because Jonathan Couchman is the
            sole  member  of the  Management  Board of CC,  which in turn is the
            general partner of CP, the Reporting Persons may be deemed, pursuant
            to Rule 13d-3 of the  Securities  Exchange  Act of 1934,  as amended
            (the  "Act"),  to be the  beneficial  owners of all shares of Common
            Stock of the Issuer  held by CP. The  Reporting  Persons  are filing
            this joint  statement,  as they may be  considered  a "group"  under
            Section  13(d)(3)  of the  Act.  However,  neither  the fact of this
            filing  nor  anything  contained  herein  shall be  deemed  to be an
            admission by the Reporting Persons that such a group exists.

Item 2(b).  Address of Principal Business Office or, if None, Residence:

            The  principal  business  address of CP is c/o Hedge  Fund  Services
            (BVI) Limited,  Skelton  Building,  2nd Floor,  Road Town,  Tortola,
            British Virgin Islands. The principal business address of CC and Mr.
            Couchman is 800 Third Avenue, 31st Floor, New York, New York 10022.

Item 2(c).  Citizenship:

            CP is a British Virgin Islands limited partnership. CC is a Delaware
            limited  liability  company.  Jonathan  Couchman is a citizen of the
            United States of America.

Item 2(d).  Title of Class of Securities:

            Common Stock, par value $.01 per share

Item 2(e).  CUSIP Number:

            072728108

Item 3.     If this Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or
            (c), Check Whether the Person Filing is a:

            /X/   Not Applicable

       (a)  / /   Broker or dealer  registered  under Section 15 of the Exchange
                  Act.



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CUSIP No. 072728108                   13G                      Page 6 of 9 Pages
- ------------------------                                  ----------------------


       (b)  / /   Bank as defined in Section 3(a)(6) of the Exchange Act.

       (c)  / /   Insurance  company  as  defined  in  Section  3(a)(19)  of the
                  Exchange Act.

       (d)  / /   Investment   company   registered   under  Section  8  of  the
                  Investment Company Act.

       (e)  / /   An    investment    adviser    in    accordance    with   Rule
                  13d-1(b)(1)(ii)(E).

       (f)  / /   An employee  benefit plan or endowment fund in accordance with
                  Rule 13d-1(b)(1)(ii)(F).

       (g)  / /   A parent holding  company or control person in accordance with
                  Rule 13d-1(b)(1)(ii)(G).

       (h)  / /   A  savings  association  as  defined  in  Section  3(b) of the
                  Federal Deposit Insurance Act.

       (i)  / /   A church  plan  that is  excluded  from the  definition  of an
                  investment  company under Section  3(c)(14) of the  Investment
                  Company Act.

       (j)  / /   Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

Item 4.     Ownership.

       (a)  Amount beneficially owned:

            36,600 shares*

       (b)  Percent of class:

            5.7% (based on 646,937 shares of Common Stock  outstanding as of May
            23, 2003 as reported in the Issuer's proxy statement on Schedule 14A
            filed with the Securities and Exchange Commission on June 12, 2003)

       (c)  Number of shares as to which such person has:

       (i)  Sole power to vote or to direct the vote

            36,600 shares*

       (ii) Shared power to vote or to direct the vote

            0 shares

      (iii) Sole power to dispose or to direct the disposition of

            36,600 shares*




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CUSIP No. 072728108                   13G                      Page 7 of 9 Pages
- ------------------------                                  ----------------------



       (iv) Shared power to dispose or to direct the disposition of

            0 shares
            --------------------
            * Represents  shares held directly by CP. CC, as the general partner
            of CP, and Jonathan  Couchman,  as the sole member of the Management
            Board of CC,  may each be  deemed  to  beneficially  own the  36,600
            shares of Common Stock of the Issuer held by CP.

Item 5.     Ownership of Five Percent or Less of a Class.

            If this  statement  is being filed to report the fact that as of the
date hereof the Reporting  Person has ceased to be the beneficial  owner of more
than five percent of the class of securities, check the following [ ].

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

            Not Applicable

Item 7.     Identification  and  Classification of the Subsidiary Which Acquired
            the  Security  Being  Reported on by the Parent  Holding  Company or
            Control Person.

            Not Applicable

Item 8.     Identification and Classification of Members of the Group.

            See Exhibit A.

Item 9.     Notice of Dissolution of Group.

            Not Applicable

Item 10.    Certifications.

            By signing  below I certify  that,  to the best of my knowledge  and
belief, the securities  referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing  the control of the
Issuer of the  securities  and were not acquired and are not held in  connection
with or as a participant in any transaction having that purpose or effect.






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CUSIP No. 072728108                   13G                      Page 8 of 9 Pages
- ------------------------                                  ----------------------



                                    SIGNATURE

            After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.


Dated:   June 16, 2003                     COUCHMAN PARTNERS, L.P.

                                           By: Couchman Capital LLC,
                                               its general partner

                                           By: /s/ Jonathan Couchman
                                               ---------------------------------
                                               Jonathan Couchman
                                               Member of Management Board



                                           COUCHMAN CAPITAL LLC


                                           By: /s/ Jonathan Couchman
                                               ---------------------------------
                                               Jonathan Couchman
                                               Member of Management Board



                                           /s/ Jonathan Couchman
                                           ------------------------------------
                                           JONATHAN COUCHMAN





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CUSIP No. 072728108                   13G                      Page 9 of 9 Pages
- ------------------------                                  ----------------------


                                    EXHIBIT A

                             JOINT FILING AGREEMENT

            The  undersigned  hereby agree that the  Statement on Schedule  13G,
dated June 16,  2003,  with  respect  to the  shares of Common  Stock of BayCorp
Holdings,  Ltd. and any further  amendments  thereto executed by each and any of
the undersigned shall be filed on behalf of each of the undersigned  pursuant to
and in accordance with the provisions of Rule  13d-1(k)(1)  under the Securities
Exchange Act of 1934, as amended.

            This  Agreement  may be executed in separate  counterparts,  each of
which shall be deemed an original, but all of which shall constitute one and the
same instrument.


Dated:   June 16, 2003                     COUCHMAN PARTNERS, L.P.

                                           By: Couchman Capital LLC,
                                               its general partner

                                           By: /s/ Jonathan Couchman
                                               ---------------------------------
                                               Jonathan Couchman
                                               Member of Management Board



                                           COUCHMAN CAPITAL LLC


                                           By: /s/ Jonathan Couchman
                                               ---------------------------------
                                               Jonathan Couchman
                                               Member of Management Board



                                           /s/ Jonathan Couchman
                                           ------------------------------------
                                           JONATHAN COUCHMAN