SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13D-1(A) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13D-2(A)
(Amendment No. 1)(1)
NORTH ATLANTIC ACQUISITION CORP.
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(Name of issuer)
CLASS A COMMON STOCK
CLASS B COMMON STOCK
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(Title of class of securities)
657289-10-4 (Class A Common Stock)
657289-20-3 (Class B Common Stock)
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, address and telephone number of person
authorized to receive notices and communications)
October 21, 1998
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 10 Pages)
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(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 disclosures provided in a prior cover page.
The information required on 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).
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 2 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THE MARILYN AND BARRY RUBENSTEIN FAMILY FOUNDATION
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 40,000 (Class A Common Stock)
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
40,000 (Class A Common Stock)
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
40,000 (Class A Common Stock)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4% (Class A Common Stock)
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14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 3 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARRY RUBENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUAN
TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER(1)
SHARES
BENEFICIALLY 50,000 (Class A Common Stock)
OWNED BY EACH 22,000 (Class B Common Stock)
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
40,000(2) (Class A Common Stock)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER(1)
50,000 (Class A Common Stock)
22,000 (Class B Common Stock)
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
40,000(2) (Class A Common Stock)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
90,000(2) (Class A Common Stock)
22,000 (Class B Common Stock)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9% (Class A Common Stock)
14.7% (Class B Common Stock)
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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1 These securities are held by the Barry Rubenstein Rollover IRA.
2 Includes 40,000 shares of Class A Common Stock held by The Marilyn and
Barry Rubenstein Family Foundation. Mr. Rubenstein disclaims beneficial
ownership of these securities.
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 4 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MARILYN RUBENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
40,000(1) (Class A Common Stock)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
40,000(1) (Class A Common Stock)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
40,000(1) (Class A Common Stock)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4% (Class A Common Stock)
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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1 Includes 40,000 shares of Class A Common Stock held by The Marilyn and
Barry Rubenstein Family Foundation. Mrs. Rubenstein disclaims
beneficial ownership of these securities.
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 5 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BRIAN RUBENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
40,000(1) (Class A Common Stock)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
40,000(1) (Class A Common Stock)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
40,000(1) (Class A Common Stock)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4% (Class A Common Stock)
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------
(1) Includes 40,000 shares of Class A Common Stock held by The Marilyn and
Barry Rubenstein Family Foundation. Mr. Rubenstein disclaims beneficial
ownership of these securities.
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 6 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
REBECCA RUBENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
40,000(1) (Class A Common Stock)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
40,000(1) (Class A Common Stock)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
40,000(1) (Class A Common Stock)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4% (Class A Common Stock)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------------------
(1) Includes 40,000 shares of Class A Common Stock held by The Marilyn and
Barry Rubenstein Family Foundation. Ms. Rubenstein disclaims beneficial
ownership of these securities.
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 7 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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The following constitutes Amendment No. 1 to the Schedule 13D filed by
the undersigned (the "Schedule 13D"). Except as specifically amended by this
Amendment No. 1, the Schedule 13D remains in full force and effect.
Item 3 is hereby amended to add the following:
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The purchase price of the 8,000 shares of Class B Common Stock
purchased by the Barry Rubenstein Rollover IRA on October 21, 1998 is $88,000
and came from its other funds.
Item 5(a) and (b) are hereby amended to read in their entirety
as follows:
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The following table set forth the aggregate number and
percentage (based on 906,000 shares of Class A Common Stock outstanding as of
May 31, 1998 as reported by the Issuer in its Form 10QSB for the period ended
May 31, 1998 (the "Form 10QSB")) of Class A Common Stock beneficially owned by
each of the Reporting Persons and Class B Common Stock owned by Barry Rubenstein
(based upon 150,000 shares of Class B Common Stock outstanding as reported in
the Form 10QSB).
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 8 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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SHARES PERCENTAGE
NAME BENEFICIALLY OWNED OF SHARES
- ---- ------------------ ---------
CLASS A COMMON STOCK
Foundation 40,000 4.4%
Barry Rubenstein(1) 90,000 9.9%
Marilyn Rubenstein(2) 40,000 4.4%
Brian Rubenstein(2) 40,000 4.4%
Rebecca Rubenstein(2) 40,000 4.4%
CLASS B COMMON STOCK
Barry Rubenstein(3) 22,000 14.7%
- -----------------------
(1) Consists of (i) 40,000 shares of Class A Common Stock held by the
Foundation, of which Mr. Rubenstein disclaims beneficial ownership, and
(ii) 50,000 shares of Class A Common Stock held by the Barry Rubenstein
Rollover IRA.
(2) Consists of 40,000 shares of Class A Common Stock held by the
Foundation, of which the Reporting Person disclaims beneficial
ownership.
(3) Consists of 22,000 shares of Class B Common Stock held by the Barry
Rubenstein Rollover IRA.
(b) Barry Rubenstein has the sole power to vote and dispose of
the 50,000 shares of Class A Common Stock and 22,000 shares of Class B Common
Stock held by the Barry Rubenstein Rollover IRA, representing approximately 5.5%
and 14.7% of the outstanding shares of Class A Common Stock and Class B Common
Stock, respectively, and as a trustee of the Foundation may be deemed to have
shared power to vote and dispose of 40,000 shares of Class A Common Stock held
by the Foundation, representing approximately 4.4% of the outstanding shares of
Class A Common Stock.
Each of Marilyn Rubenstein, Brian Rubenstein and Rebecca
Rubenstein, as a trustee of the Foundation, may be deemed to have shared power
to vote and dispose of the 40,000 shares of Class A Common Stock held by the
Foundation, representing approximately 4.4% of the outstanding shares of Class A
Common Stock.
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 9 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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Item 5(c) is amended to add the following:
(c) The following table sets forth a description of all
transactions in shares of Class A Common Stock or Class B Common Stock of the
Issuer by the Reporting Persons effected in the last sixty days.
NUMBER OF
PURCHASE SHARES PURCHASE
NAME DATE PURCHASED PRICE
---- ---- --------- -----
CLASS B COMMON STOCK
Barry Rubenstein Rollover IRA 10/21/98 8,000 $11.00
The shares of Class B Common Stock set forth in the table
above were purchased in an open market transaction.
Item 6 is amended to add the following:
Item 6. CONTRACTS, AGREEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
On August 18, 1998, the Issuer announced that it had signed a
definitive agreement to merge with Moto Guzzi Corp. ("MGC"). The Issuer has
filed a Registration Statement on Form S-4 (File No. 333-65267) in respect of
such merger (the "Merger"). Barry Rubenstein and certain affiliated entities are
stockholders of MGC. If the Merger of MGC and the Issuer is consummated, Barry
Rubenstein and such affiliated entities will receive shares of Class A Common
Stock and Class B Convertible Preferred Stock, $.01 par value per share. This
Amendment No. 1 does not include any securities that may be received by the
Reporting Persons upon consummation of the Merger. If the Merger is consummated,
the Reporting Persons will further amend the Schedule 13D, as appropriate.
<PAGE>
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CUSIP No. 657289-10-4 (Class A 13D Page 10 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: October 30, 1998 THE BARRY AND MARILYN RUBENSTEIN
FOUNDATION
By:/S/ BARRY RUBENSTEIN
----------------------------------------
Barry Rubenstein, a Trustee
/S/ BARRY RUBENSTEIN
----------------------------------------
Barry Rubenstein
*
----------------------------------------
Marilyn Rubenstein
*
----------------------------------------
Brian Rubenstein
*
----------------------------------------
Rebecca Rubenstein
By: */S/ BARRY RUBENSTEIN
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Barry Rubenstein, Attorney-in-Fact
