SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
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. 4)(1)
MOTO GUZZI CORPORATION (f/k/a NORTH ATLANTIC ACQUISITION CORP.)
- --------------------------------------------------------------------------------
(Name of issuer)
CLASS A COMMON STOCK
- --------------------------------------------------------------------------------
(Title of class of securities)
619819 10 5
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person authorized
to receive notices and communications)
March 5, 1999
- --------------------------------------------------------------------------------
(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 28 Pages)
- --------
(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. 619819 10 5 13D Page 2 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THE MARILYN AND BARRY RUBENSTEIN FAMILY FOUNDATION
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 619819 10 5 13D Page 3 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARRY RUBENSTEIN
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER(1}
SHARES
BENEFICIALLY 20,000
OWNED BY EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
448,000(2)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER(1)
20,000
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
448,000(2)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
468,000(1)(2)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(1) These securities are held by the Barry Rubenstein Rollover IRA.
(2) Includes (i) 342,410 shares of Class A Common Stock held by Wheatley
Partners, L.P., (ii) 21,590 shares of Class A Common Stock held by Wheatley
Foreign Partners, L.P., (iii) 35,000 shares of Class A Common Stock held by
Woodland Venture Fund, (iv) 21,000 shares of Class A Common Stock held by
Woodland Partners and (v) 28,000 shares of Class A Common Stock held by
Seneca Ventures. Mr. Rubenstein disclaims beneficial ownership of these
securities, except to the extent of his respective equity interest therein.
<PAGE>
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CUSIP No. 619819 10 5 13D Page 4 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BROOKWOOD PARTNERS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY EACH --------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 619819 10 5 13D Page 5 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WHEATLEY PARTNERS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 342,410
OWNED BY EACH --------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
21,590(1)
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
342,410
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
21,590(1)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
364,000(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(1) Includes 21,590 shares of Class A Common Stock held by Wheatley Foreign
Partners, L.P., of which Wheatley Partners, L.P. disclaims beneficial
ownership.
<PAGE>
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CUSIP No. 619819 10 5 13D Page 6 of 28 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WHEATLEY FOREIGN PARTNERS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 21,590
OWNED BY EACH --------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
342,410(1)
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
21,590
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
342,410(1)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
364,0001
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.61%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(1) Includes 342,410 shares of Class A Common Stock held by Wheatley Partners,
L.P., of which Wheatley Foreign Partners, L.P. disclaims beneficial
ownership.
<PAGE>
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CUSIP No. 619819 10 5 13D Page 7 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WOODLAND VENTURE FUND
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 35,000
OWNED BY EACH --------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
35,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
35,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 8 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WOODLAND PARTNERS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 21,000
OWNED BY EACH --------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
21,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 619819 10 5 13D Page 9 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SENECA VENTURES
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 28,000
OWNED BY EACH --------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
28,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
28,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 619819 10 5 13D Page 10 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARRY FINGERHUT
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 21,000
OWNED BY EACH --------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
364,000(1)
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
21,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
364,000(1)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
385,000(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(1) Includes (i) 342,410 shares of Class A Common Stock held by Wheatley
Partners, L.P. and (ii) 21,590 shares of Class A Common Stock held by
Wheatley Foreign Partners, L.P., of which Mr. Fingerhut disclaims
beneficial ownership except to the extent of his respective equity
interest therein.
<PAGE>
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CUSIP No. 619819 10 5 13D Page 11 of 28 Pages
- ----------------------------------- ---------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
IRWIN LIEBER
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 21,000
OWNED BY EACH --------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
364,000(1)
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
21,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
364,000(1)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
385,000(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(1) Includes (i) 342,410 shares of Class A Common Stock held by Wheatley
Partners, L.P. and (ii) 21,590 shares of Class A Common Stock held by
Wheatley Foreign Partners, L.P., of which Mr. Lieber disclaims
beneficial ownership except to the extent of his respective equity
interest therein.
<PAGE>
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CUSIP No. 619819 10 5 13D Page 12 of 28 Pages
- ----------------------------------- ---------------------------------
The following constitutes Amendment No. 4 to the Schedule 13D filed by
the undersigned (the "Schedule 13D"). Except as specifically amended by this
Amendment No. 4, the Schedule 13D remains in full force and effect.
Item 1 is hereby amended to add the following:
Item 1. Security and Issuer.
This Statement relates to Class A Common Stock, $.01 par value per
share, of Moto Guzzi Corporation (the "Issuer"). On March 5, 1999, the Issuer,
Moto Guzzi Corporation, a Delaware corporation ("MGC"), and for limited purposes
Trident Rowan Group, Inc. a Maryland corporation ("TRG"), closed on a merger and
reorganization pursuant to which MGC merged with and into the Issuer, with the
Issuer being the surviving corporation (the "Merger"). Pursuant to the Merger,
the Issuer filed an Amended and Restated Certificate of Incorporation, that,
among other things, reclassified and combined the Class B Common Stock into the
Class A Common Stock and changed the Issuer's name from North Atlantic
Acquisition Corp. to Moto Guzzi Corporation. The principal executive offices of
the Issuer are located at 350 Park Avenue, New York, New York 10022.
Item 2 is hereby amended to add the following:
Item 2. Identity and Background.
1. (a) Wheatley Partners, L.P., a Delaware limited partnership
("Wheatley").
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
2. (a) Wheatley Foreign Partners, L.P., a Delaware limited
partnership ("Wheatley Foreign").
(b) Address: Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Principal Business: Investments
3. (a) Wheatley Management Ltd., a Cayman Islands corporation
("Wheatley Management").
(b) Address: Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Principal Business: Investments
<PAGE>
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CUSIP No. 619819 10 5 13D Page 13 of 28 Pages
- ----------------------------------- ---------------------------------
4. (a) Wheatley Partners, LLC, a Delaware limited
liability company ("Wheatley LLC").
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
5. (a) Barry Fingerhut
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
6. (a) Woodland Venture Fund, a New York limited partnership.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
7. (a) Woodland Partners, a New York general partnership.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
8. (a) Seneca Ventures, a New York limited partnership.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
9. (a) Irwin Lieber
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
10. (a) Jonathan Lieber
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
11. (a) Seth Lieber
(b) Address: 80 Cuttermill Road
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 14 of 28 Pages
- ----------------------------------- ---------------------------------
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
(d) No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) No Reporting Person has, during the last five years, been
party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or state securities
laws or finding any violation with respect to such laws.
Item 3 is hereby amended to add the following:
Item 3. Source and Amount of Funds or Other Consideration.2
The aggregate purchase price of the 342,410 shares of Class A
Common Stock held by Wheatley is $2,445,788 (exclusive of the consideration
payable upon exercise of not currently exercisable nominal warrants to purchase
65,221 shares of Class A Common Stock) and were acquired with its working
capital and its other funds.
The aggregate purchase price of the 21,590 shares of Class A
Common Stock held by Wheatley Foreign is $154,212 (exclusive of the
consideration payable upon exercise of not currently exercisable nominal
warrants to purchase 4,112 shares of Class A Common Stock) and were acquired
with its working capital and its other funds.
The aggregate purchase price of the 21,000 shares of Class A
Common Stock held by Woodland Partners is $150,000 (exclusive of the
consideration payable upon exercise of not currently exercisable nominal
warrants to purchase 4,000 shares of Class A Common Stock) and were acquired
with its working capital and other funds.
The aggregate purchase price of the 35,000 shares of Class A
Common Stock held by Woodland Venture Fund is $250,000 (exclusive of the
consideration payable upon exercise of not currently exercisable nominal
warrants to purchase 6,667 shares of Class A Common Stock) and were acquired
with its working capital and its other funds.
The aggregate purchase price of the 28,000 shares of Class A
Common Stock held by Seneca Ventures is $200,000 (exclusive of the consideration
payable upon exercise of not
- --------
(2) Reference is made to Item 5(c) regarding the issuance to certain
Reporting Persons of certain shares of Class A Common Stock upon the
exchange of securities of MGC pursuant to or concurrently with the
Merger.
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 15 of 28 Pages
- ----------------------------------- ---------------------------------
currently exercisable nominal warrants to purchase 4,000 shares of Class A
Common Stock) and were acquired with its working capital and its other funds.
The aggregate purchase price of the 21,000 shares of Class A
Common Stock held by each of Barry Fingerhut and Irwin Lieber is $150,000 each
(exclusive of the consideration payable by each upon exercise of not currently
exercisable nominal warrants to purchase 4,000 shares of Class A Common Stock)
and were acquired with the personal and other funds of each of Mr. Fingerhut and
Mr. Lieber.
Item 4 is hereby amended to read in its entirety as follows:
Item 4. Purpose of Transaction.
The Reporting Persons acquired the shares of Class A Common Stock, and,
as applicable, the securities of the Issuer or MGC that were exchanged for or
converted into shares of Class A Common Stock for investment purposes. On March
8, 1999, Barry Fingerhut was elected to the Issuer's Board of Directors. Except
as set forth herein and for Mr. Fingerhut, in his capacity as a director of the
Issuer, no Reporting Person has any present plan or proposal that would relate
to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4
of Schedule 13D.
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 sets forth the aggregate number and
percentage (based on 5,496,000 shares of Class A Common Stock outstanding as of
March 23, 1999, as reported by a representative of the Issuer) of Class A Common
Stock beneficially owned by each person named in Item 2 of Schedule 13D.
Shares of Common Percentage of Shares of
Stock Common Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Wheatley Partners, L.P.(1) 364,000 6.6%
Barry Rubenstein(2) 468,000 8.5%
Irwin Lieber(3) 385,000 7.0%
Barry Fingerhut(3) 385,000 7.0%
Wheatley Partners, LLC(4) 364,000 6.6%
Seth Lieber(3) 364,000 6.6%
Jonathan Lieber(3) 364,000 6.6%
Wheatley Management Ltd.(5) 21,590 0.4%
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 16 of 28 Pages
- ----------------------------------- ---------------------------------
Shares of Common Percentage of Shares of
Stock Common Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Wheatley Foreign Partners, L.P.(6) 364,000 6.6%
Seneca Ventures 28,000 0.5%
Woodland Venture Fund 35,000 0.6%
Woodland Partners 21,000 0.4%
Marilyn Rubenstein(7) 84,000 1.5%
Woodland Services Corp.(8) 63,000 1.1%
- ---------------------
(1) Includes 21,590 shares of Class A Common Stock held by Wheatley
Foreign. Wheatley disclaims beneficial ownership of the securities held
by Wheatley Foreign.
(2) Includes (i) 342,410 shares of Class A Common Stock held by Wheatley
Partners, L.P., (ii) 21,590 shares of Class A Common Stock held by
Wheatley Foreign Partners, L.P., (iii) 35,000 shares of Class A Common
Stock held by Woodland Venture Fund, (iv) 21,000 shares of Class A
Common Stock held by Woodland Partners and (v) 28,000 shares of Class A
Common Stock held by Seneca Ventures. Mr. Rubenstein disclaims
beneficial ownership of these securities, except to the extent of his
respective equity interest therein.
(3) Includes (i) 342,410 shares of Class A Common Stock held by Wheatley
and (ii) 21,590 shares of Class A Common Stock held by Wheatley
Foreign, of which the person identified in the table disclaims
beneficial ownership, except to the extent of his respective equity
interest therein.
(4) Includes (i) 342,410 shares of Class A Common Stock held by Wheatley
and (ii) 21,590 shares of Class A Common Stock held by Wheatley
Foreign. The Wheatley LLC disclaims beneficial ownership of these
securities except to the extent of its equity respective ownership in
Wheatley and Wheatley Foreign.
(5) Includes 21,590 shares of Class A Common Stock held by Wheatley
Foreign, of which Wheatley Management disclaims beneficial ownership,
except to the extent of its equity interest therein.
(6) Includes 342,410 shares of Class A Common Stock held by Wheatley.
Wheatley Foreign disclaims beneficial ownership of the securities held
by Wheatley.
(7) Includes (i) 21,000 shares of Class A Common Stock held by Woodland
Partners, (ii) 35,000 shares of Class A Common Stock held by Woodland
Venture Fund and (iii) 28,000 shares of Class A Common Stock held by
Seneca Ventures. Mrs. Rubenstein disclaims beneficial
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 17 of 28 Pages
- ----------------------------------- ---------------------------------
ownership of the securities held by Woodland Partners, Woodland Venture
Fund and Seneca Ventures, except to the extent of her respective equity
interest therein. Does not include securities held by Barry Rubenstein,
the husband of Marilyn Rubenstein.
(8) Includes (i) 35,000 shares of Class A Common Stock held by Woodland
Venture Fund and (ii) 28,000 shares of Class A Common Stock held by
Seneca Ventures, of which Woodland Services Corp. disclaims beneficial
ownership, except to the extent of its respective equity ownership
therein.
(b) Wheatley has sole power to vote and dispose of 342,410
shares of Class A Common Stock, representing approximately 6.2% of the
outstanding shares of Class A Common Stock and may be deemed to have shared
power to vote and dispose of 21,590 shares of Class A Common Stock, representing
approximately 0.4% of the outstanding shares of Class A Common Stock.
By virtue of being the general partner of Wheatley and a
general partner of Wheatley Foreign, Wheatley LLC may be deemed to have shared
power to vote and dispose of 364,000 shares of Common Stock, representing
approximately 6.6% of the outstanding shares of Class A Common Stock.
By virtue of being a member and an officer of Wheatley LLC,
each of Seth Lieber and Jonathan Lieber may be deemed to have shared power to
vote and dispose of 364,000 shares of Class A Common Stock, representing
approximately 6.6% of the outstanding shares of Class A Common Stock.
Barry Rubenstein has sole power to vote and dispose of 20,000
shares of Class A Common Stock held by the Barry Rubinstein Rollover IRA,
representing approximately 0.4% of the outstanding shares of Common Stock. By
virtue of being a member and an officer of Wheatley LLC and a general partner of
Seneca Ventures, Woodland Partners and Woodland Venture Fund, Mr. Rubenstein may
be deemed to have shared power to vote and dispose of 448,000 shares of Class A
Common Stock, representing approximately 8.2% of the outstanding shares of Class
A Common Stock.
Irwin Lieber has sole power to vote and dispose of 21,000
shares of Class A Common Stock, representing approximately 0.4% of the
outstanding shares of Class A Common Stock. By virtue of being a member and an
officer of Wheatley LLC, Irwin Lieber may be deemed to have shared power to vote
and dispose of 364,000 shares of Class A Common Stock, representing
approximately 6.6% of the outstanding shares of Class A Common Stock.
Barry Fingerhut has sole power to vote and dispose of 21,000
shares of Class A Common Stock, representing approximately 0.4% of the
outstanding shares of Class A Common Stock. By virtue of being a member and an
officer of Wheatley LLC, Barry Fingerhut may be deemed to have shared power to
vote and dispose of 364,000 shares of Class A Common Stock, representing
approximately 6.6% of the outstanding shares of Class A Common Stock.
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 18 of 28 Pages
- ----------------------------------- ---------------------------------
Wheatley Foreign has sole power to vote and dispose of 21,590
shares of Class A Common Stock, representing approximately 0.4% of the
outstanding shares of Class A Common Stock and may be deemed to have shared
power to vote and dispose of 342,410 shares of Class A Common Stock,
representing approximately 6.2% of the outstanding shares of Class A Common
Stock.
By virtue of being a general partner of Wheatley Foreign,
Wheatley Management may be deemed to have shared power to vote and dispose of
21,590 shares of Class A Common Stock, representing approximately 0.4% of the
outstanding shares of Class A Common Stock.
Seneca has sole power to vote and dispose of 28,000 shares of
Class A Common Stock representing approximately 0.5% of the outstanding shares
of Class A Common Stock.
Woodland Venture Fund has sole power to vote and dispose of
35,000 shares of Class A Common Stock representing approximately 0.6% of the
outstanding shares of Class A Common Stock.
Woodland Partners has sole power to vote and dispose of 21,000
shares of Class A Common Stock representing 0.4% of the outstanding shares of
Class A Common Stock.
By virtue of being a general partner of Woodland Partners and
an officer of Woodland Services Corp., which is a general partner of Seneca
Ventures and Woodland Venture Fund, Marilyn Rubenstein may be deemed to have
shared power to vote and dispose of 84,000 shares of Class A Common Stock,
representing approximately 1.5% of the outstanding shares of Class A Common
Stock.
By virtue of being a general partner of Seneca Ventures and
Woodland Venture Fund, Woodland Services Corp. may be deemed to have shared
power to vote and dispose of 63,000 shares of Class A Common Stock, representing
approximately 1.1% of the outstanding shares of Class A Common Stock.
(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 since the filing of Amendment No. 3.
Transaction Number of Shares Transaction
Name Date Acquired/Sold Price
---- ---- ------------- -----
Class A Common Stock
- --------------------
Barry Rubenstein Rollover IRA 3/3/99 30,000(S) $10.65
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 19 of 28 Pages
- ----------------------------------- ---------------------------------
3/5/99 20,000(C) (1)
3/12/99 5,000(S)(2) $8.25
3/15/99 5,500(S)(2) $8.1875
Foundation 3/16/99 9,500(S)(2) $8.1875
Brookwood 3/5/99 8,000(C) (1)
3/17/99 8,000(S)(2) $8.25
Wheatley 3/5/99 342,410(E) (3)
Wheatley Foreign 3/5/99 21,590(E) (3)
Woodland Venture Fund 3/5/99 21,000(E) (3)
Seneca Ventures 3/5/99 28,000(E) (3)
Barry Fingerhut 3/5/99 21,000(E) (3)
Irwin Lieber 3/5/99 21,000(E) (3)
Class B Common Stock
- --------------------
Foundation 3/5/99 10,000(C) (1)
Brookwood 3/5/99 4,000(C) (1)
- ---------------
(1) Upon the filing of an Amended and Restated Certificate of Incorporation
of the Issuer, which occurred concurrently with consummation of the
Merger, all shares of Class B Common Stock were converted (C) into two
shares of Class A Common Stock and two Class A Warrants.
(2) The sales of shares of Class A Common Stock set forth in the table
above are designated by an (S) and were consummated in open market
transactions.
(3) Pursuant to the Merger, the holders preferred stock of MGC exchanged
(E) such securities for (i) shares of Class A Common Stock and (ii)
nominal warrants to purchase shares of Class A Common Stock (0.4146744
shares of Class A Common Stock and warrants to purchase 0.07898667
shares of Class A Common Stock for each shares of MGC preferred stock).
Additionally, the Issuer offered to exchange MGC warrants for (i)
shares of Class A Common Stock and (ii) nominal warrants to purchase
shares of Class A Common Stock (0.145326 shares of Class A Common Stock
and warrants to purchase 0.02768 shares of Class A Common Stock for
each MGC warrant). Pursuant to an escrow agreement, 200,000 shares of
Class A Common Stock issued to former MGC security holders, on a pro
rata basis, has been placed into escrow to cover claims that may arise
as a result of the Merger. (approximately six percent of the shares of
Class A Common Stock received by the former
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 20 of 28 Pages
- ----------------------------------- ---------------------------------
MGC security holders, including the shares of Class A Common Stock set
forth in the table above).
Item 5(e) is amended to read in its entirety as follows:
On March 5, 1999, the Issuer filed an Amended and Restated
Certificate of Incorporation that, among other things, reclassified and combined
the Class B Common Stock into the Class A Common Stock, and, as a result, each
of the Foundation, Barry Rubenstein, Marilyn Rubenstein, Brian Rubenstein and
Rebecca Rubenstein ceased to be the beneficial holders of more than five percent
of the Class B Common Stock. As a result of the sales of all of the shares of
Class A Common Stock, which are described in Item 5(c) above, held by the
Foundation and Brookwood, the Foundation and Brookwood do not beneficially own
any securities of the Issuer and are no longer deemed part of this Schedule 13D.
Item 6 is amended to add the following:
Item 6. Contracts, Agreements, Understandings or
Relationships with Respect to Securities of Issuer.
On March 5, 1998, in connection with the Merger, each of
Wheatley, Wheatley Foreign, Woodland Venture Fund, Woodland Partners and Seneca
Ventures executed a lock-up agreement pursuant to which each of the entities
agreed not to sell, offer or otherwise dispose of the securities of the Issuer
received in connection with the Merger or the transactions contemplated thereby
without the prior consent of the Issuer. Other than as described herein, there
are no contracts, arrangements or understandings among the Reporting Persons, or
between the Reporting Persons and any other person, with respect to the
securities of the Issuer.
Item 7 is amended to add the following:
Item 7. Material to be Filed as Exhibits.
--------------------------------
Exhibit A. Lock-up Agreement
Exhibit B. Joint Filing Agreement
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 21 of 28 Pages
- ----------------------------------- ---------------------------------
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: March 29, 1999 THE MARILYN AND BARRY RUBENSTEIN
FOUNDATION
By:/s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a Trustee
/s/ Barry Rubenstein
-------------------------------------------
Barry Rubenstein
BROOKWOOD PARTNERS, L.P.
By:/s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
the General Partner
By: /s/ Irwin Lieber
----------------------------------------
Irwin Lieber, President
/s/ Irwin Lieber
-------------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
-------------------------------------------
Barry Fingerhut
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 22 of 28 Pages
- ----------------------------------- ---------------------------------
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC,
a General Partner
By: /s/ Irwin Lieber
---------------------------------------
Irwin Lieber, President
SENECA VENTURES
By: /s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 23 of 28 Pages
- ----------------------------------- ---------------------------------
EXHIBIT INDEX
Exhibit Page
A. Lock-up Agreement 24
B. Joint Filing Agreement 27
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 24 of 28 Pages
- ----------------------------------- ---------------------------------
March 5, 1999
North Atlantic Acquisition Corp.
5 East 59th Street, 3rd Floor
New York, New York 10022
Moto Guzzi Corp.
c/o Trident Rowan Group, Inc.
2 Worlds Fair Drive
Somerset, NJ 08873
Re: Restriction on Stock Sales
Dear Sir or Madam:
Upon consummation of the Agreement and Plan of Merger and
Reorganization dated August 18, 1998, as amended, the ("Merger Agreement", or
the "Merger") among North Atlantic Acquisition Corp. ("NAAC"), Trident Rowan
Group, Inc. ("TRG") and Moto Guzzi Corp. ("Moto Guzzi"), NAAC will convert and
exchange (i) the shares of common stock, $.01 par value, ("Old Moto Guzzi Common
Stock") of Moto Guzzi outstanding on the date of this Agreement and the shares
of preferred stock, $.01 par value ("Old Moto Guzzi Preferred Stock") of Moto
Guzzi outstanding on the date of this Agreement for (A) 3,110,058 shares of the
Class A Common Stock, $.01 par value ("Class A Common Stock") of NAAC, subject
to adjustment, and (B) warrants (the "Nominal Warrants") to purchase 592,400
shares of Class A Common Stock. In addition in consideration of the contribution
to the capital of Moto Guzzi of certain intercompany indebtedness, upon
consummation of the Merger, NAAC will issue to the holders of such indebtedness
871,953 Class A Common Stock and Nominal Warrants to purchase 166,080 of Class A
Common Stock. Furthermore, in consideration of the cancellation of certain
warrants to purchase shares of Old Moto Guzzi Common Stock, upon consummation of
the Merger NAAC w3ill issue to the holders of such warrants up to 217,989 shares
of Class A
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 25 of 28 Pages
- ----------------------------------- ---------------------------------
Common Stock and Nominal Warrants to Purchase up to 41,520 shares of Class A
Common Stock.
NAAC has indicated that the prospect of sales of any of such shares of
Class A Common Stock and Nominal Warrants, each received pursuant to the Merger
Agreement and upon consummation of the Merger (collectively the "Securities"),
prior to several months after March 5, 199, which is the effective time of the
Merger (the "Effective Time") could be detrimental to their merger efforts. NAAC
requests that the undersigned Merger (the "Effective Time") could be detrimental
to their merger efforts. NAAC requests that the undersigned agree to sell any of
the Securities for a period ending on the earliest of (i) y months after the
Effective Time, (ii) the date on which NAAC Class A Warrants, or (iii) the date
on which any other person who has agreed to "lock-up" any NAAC securities in
connection with the consummation of the Merger is released from such lock-up
obligation with respect to any of such securities (the Lock-up Period"). It is
understood that the term Securities, as defined above, does not include any and
all securities of NAAC held by the undersigned prior to the Effective Time any
and all securities of NAAC acquired by the undersigned after the Effective Time
as a result of any transaction not described in the first paragraph hereof.
The undersigned recognizes that is in the best financial interests of
the undersigned, as a holder of the securities of Moto Guzzi, that Moto Guzzi
complete the proposed Merger.
The undersigned further recognizes that the undersigned's Securities,
are, or may be, subject to certain restrictions on its transferability,
including those imposed by the federal securities laws. Notwithstanding these
restrictions, the undersigned has agreed to enter into this Agreement to further
assure NAAC that the Securities of the undersigned will not enter the public
market at a time that might impair the merger efforts.
The undersigned, therefore, hereby acknowledges and agrees that the
undersigned will not, directly as indirectly, without the prior written consent
of NAAC sell, offer, contract to sell, grant any option to purchase or otherwise
dispose (collectively, "a Disposition") of any of the Securities or of any
securities convertible into or exchangeable for, or any rights to purchase or
acquire any of the Securities, held by the undersigned, or which maybe deemed to
be beneficially owned by the undersigned pursuant to the Rules and Regulations
promulgated under the Securities Act of 1933, as amended (collectively the
"Lock-Up Securities"), for a period commencing at the Effective Time and ending
at the end of the Lock-Up Period. The foregoing restriction is expressly agreed
to preclude the holder of Lock-Up Securities from engaging in any hedging or
other transaction which is designed to or reasonably could be expected to lead
to or result in a Disposition of Lock-Up Securities during the Lock-up Period,
even if such Lock-Up Securities would be disposed of by someone other than such
holder. Such prohibited hedging or other transactions would include, without
limitation, any short sale (whether or not against the box) or any purchase,
sale or grant of any right (including, without limitation, any put or call
option) with respect to the any Lock-Up Securities or with respect to any
securities (other than a broad-based market basked or index) that includes,
relate to or derives any significant part of its value from Lock-Up Securities.
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 26 of 28 Pages
- ----------------------------------- ---------------------------------
Notwithstanding the foregoing, the undersigned may transfer any or all
of the Lock-Up Securities (i) as a bona fide gift or gifts, (ii) as a
distribution to limited partners or shareholders of such person or (iii) to an
affiliate of such person; provided, however, that in any such case it shall be a
condition to the transfer that the transferee execute an agreement stating that
the transferee is receiving and holding the Lock-Up Securities subject to the
provisions of this letter agreement. The transferor shall notify NAAC in writing
prior to the transfer and there shall be no further transfer of such Lock-Up
Securities except in accordance with this letter agreement. In addition,
notwithstanding the foregoing, the undersigned may pledge the Lock-Up Securities
to a bona fide lender who has extended or is extending credit to the undersigned
or his or its affiliates.
Executed as an instrument under seal this 5th day of March, 1999.
Very truly yours,
SENECA VENTURES
WOODLAND VENTURE FUND
WOODLAND PARTNERS
WHEATLEY PARTNERS, L.P.
WHEATLEY FOREIGN PARTNERS L.P.
By:_________________________
Barry Rubenstein
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 27 of 28 Pages
- ----------------------------------- ---------------------------------
EXHIBIT B
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of each of them of an amendment to Schedule 13D dated March 29,
1999 (including amendments thereto) with respect to the Class A Common Stock of
Moto Guzzi Corporation (f/k/a North Atlantic Acquisition Corp.). This Joint
Filing Agreement shall be filed as an Exhibit to such amendment.
Dated: March 29, 1999 THE MARILYN AND BARRY RUBENSTEIN
FOUNDATION
By:/s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a Trustee
/s/ Barry Rubenstein
-------------------------------------------
Barry Rubenstein
BROOKWOOD PARTNERS, L.P.
By:/s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
the General Partner
By: /s/ Irwin Lieber
----------------------------------------
Irwin Lieber, President
/s/ Irwin Lieber
-------------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
-------------------------------------------
Barry Fingerhut
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 619819 10 5 13D Page 28 of 28 Pages
- ----------------------------------- ---------------------------------
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC,
a General Partner
By: /s/ Irwin Lieber
---------------------------------------
Irwin Lieber, President
SENECA VENTURES
By: /s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
