8-K

                                                         Exhibit Index at Page 3


                       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





Date of Report (Date of earliest event reported):     December 2, 2002
                                                 -----------------------------


                               GENESEE CORPORATION
- -------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


   NEW YORK                           0-1653                 16-0445920
- ------------------------------------------------------------------------------
(State or other Jurisdiction         (Commission           (IRS Employer
of Incorporation)                    File Number)          Identification No.)


 600 Powers Building, 16 West Main Street,  Rochester, New York        14614
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices)                             (Zip Code)


Registrant's telephone number, including area code:            (585) 454-1250
                                                   ----------------------------


Item 5.    OTHER EVENTS.

           Genesee Corporation issued a news release on December 2, 2002, which
           is filed with this report as Exhibit 99.


Item 7.    EXHIBITS.

           An exhibit filed with this report is identified in the Exhibit Index
           at Page 3.



2

                                   SIGNATURES

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.

                                      Genesee Corporation


Date:     December 2, 2002            By      /s/ Steven M. Morse
     ---------------------------        ---------------------------------------
                                              Steven M. Morse, Vice President
                                              and Chief Financial Officer






3






                                  EXHIBIT INDEX

                                                                    PAGE
Exhibit 99               News Release Dated December 2, 2002           4

EX-99

4

                                                                      EXHIBIT 99








600 Powers Building, 16 West Main Street, Rochester, New York  14614-1601
585-454-1250

FOR IMMEDIATE RELEASE                             CONTACT:  Mark W. Leunig
                                                  Director of Investor Relations
                                                  (585) 454-1250



GENESEE CORPORATION ANNOUNCES FURTHER ADJUSTMENT IN VALUE OF $4 MILLION NOTE
RECEIVABLE FROM HIGH FALLS BREWING COMPANY


         ROCHESTER, NEW YORK, December 2, 2002 -- Genesee Corporation
(NASDAQ/NMS: GENBB) today announced that is has updated its estimate of the
value of the $4 million note receivable from High Falls Brewing Company LLC
("High Falls"), reducing the amount recorded for the note on the Corporation's
Statement of Net Assets in Liquidation to $2.8 million. Prior to this
adjustment, the note receivable from High Falls was recorded at $3.7 million.
The $900,000 reduction reflects management's current estimate of the value of
the note based on the fair market value of publicly traded debt instruments of
similar quality. After giving effect to this adjustment, the Corporation
estimates that net assets in liquidation at October 26, 2002 are $15.2 million,
or $9.10 per share, compared to the $16.1 million in net assets in liquidation,
or $9.64 per share, that was previously reported.

The Corporation has begun discussions with High Falls regarding the terms of a
possible restructuring of the High Falls note after being notified by High Falls
that it will not be able to make the $1 million principal payment due on
December 15, 2002. High Falls has indicated that it expects to make the $120,000
interest payment that is due on December 15, 2002. The Corporation does not
expect to make any further announcements regarding the status of the High Falls
note prior to the completion of its discussions with High Falls regarding a
possible restructuring.





5



FORWARD-LOOKING STATEMENTS

Statements made in this news release about the net assets of the Corporation in
liquidation are forward-looking statements within the meaning of the federal
securities laws. These forward-looking statements are subject to a number of
significant risks and uncertainties, and there can be no assurance that the
expectations reflected in those statements will be realized or achieved. Such
risks and uncertainties include, without limitation, the amount and timing of
payments to the Corporation by High Falls Brewing Company LLC ("High Falls")
under a promissory note held by the Corporation; the risk of default by High
Falls on its payment and other obligations under that note; the possible
extension of payment or renegotiation of terms under that note; possible
contingent liabilities and post-closing indemnification and other obligations
arising from the sale of the Corporation's brewing, foods and equipment leasing
businesses and other assets; the risk that federal, state or local taxing
authorities will audit the tax returns filed by the Corporation to report the
sale of its brewing, foods and equipment leasing businesses and other assets
resulting in additional taxes being assessed against the Corporation; the risk
that income, sales, use and other tax returns filed by the Corporation prior to
the divestiture of its brewing, foods and equipment leasing businesses might be
audited by federal, state or local taxing authorities resulting in additional
taxes being assessed against the Corporation; the risk that the Corporation may
not be able to realize its current estimate of the net value of its assets; the
risk that the Corporation may have underestimated the settlement expense of its
obligations and liabilities, including without limitation, its estimates of
self-insured workers compensation liability, accrued compensation, and tax
liabilities; and risks associated with the liquidation and dissolution of the
Corporation, including without limitation, settlement of the Corporation's
liabilities and obligations, costs incurred in connection with carrying out the
plan of liquidation and dissolution, the amount of income earned during the
liquidation period on the Corporation's bond portfolio and investments in money
market funds, risks that the market value of the Corporation's bond portfolio
could decline, risks associated with investment in bonds and money market funds
in the current low interest rate environment, and the actual timing of the
winding up and dissolution of the Corporation. Rules governing liquidation
accounting require the Corporation to estimate the net value of assets in
liquidation. The estimates of net assets in liquidation are based on generally
accepted accounting principles and present facts and circumstances and the value
of assets actually realized in liquidation is expected to differ from the
amounts estimated and could be greater or lesser than the amounts estimated.
Accordingly, it is not possible to predict the aggregate amount that will
ultimately be distributable to shareholders and no assurance can be given that
the amount to be received in liquidation will equal or exceed the estimate of
net assets in liquidation per share set forth in the this news release.