SN 1997cy/GRB 970514: A new piece in the gamma-ray burst puzzle?

We present observations of SN 1997cy, a supernova (SN) discovered as part o f the Mount Stromlo Abell Cluster SN Search (Reiss et al.), which does not easily fit into the traditional classification scheme for supernovae. This object's extraordinary optical properties and coincidence with GRB 970514, a short duration gamma-ray burst (GRB), suggest a second case, after SN 199 8bw/GRB 980425, for a SN-GRB association. SN 1997cy is among the most lumin ous SNe yet discovered (M-R << -20.1, H-0 = 65) and has a peculiar spectrum . We present evidence that SN 1997cy ejected approximately 2.6 M-circle dot of Ni-56, supported by its late-time light curve and Fe II/[Fe III] lines in its spectrum, although it is possible that both these observations can b e explained via circumstellar interaction. While SN 1998bw and SN 1997cy ap pear to be very different objects with respect to both their gamma-ray and optical properties, SN 1997cy and the optical transient associated with GRB 970508 have roughly similar late-time optical behavior. This similarity ma y indicate that the late-time optical output of these two intrinsically bri ght transient events have a common physical process. Although the connectio n between GRB 970514 and SN 1997cy is suggestive, it is not conclusive. How ever, if this association is real, follow-up of short duration GRBs detecte d with BATSE or HETE2 should reveal objects similar to SN 1997cy.