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. 3)(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 & WOLOSKY 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)
February 4, 1999
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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).
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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*
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 10,000 (Class B Common Stock)
OWNED BY EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
10,000 (Class B Common Stock)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000 (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)
6.7% (Class B Common Stock)
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14 TYPE OF REPORTING PERSON*
OO
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*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*
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(1)
SHARES
BENEFICIALLY 50,000 (Class A Common Stock)
OWNED BY EACH -----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
14,000(2) (Class B Common Stock)
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9 SOLE DISPOSITIVE POWER(1)
50,000 (Class A Common Stock)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
14,000(2) (Class B Common Stock)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,000(1) (Class A Common Stock)
14,000(2) (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)
5.5% (Class A Common Stock)
9.3% (Class B Common Stock)
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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(1) These securities are held by the Barry Rubenstein Rollover IRA.
(2) Includes (i) 10,000 shares of Class B Common Stock held by The Marilyn
and Barry Rubenstein Family Foundation, of which Mr. Rubenstein
disclaims beneficial ownership, and (ii) 4,000 shares of Class B Common
Stock held by Brookwood Partners, L.P., of which Mr. Rubenstein
disclaims beneficial ownership except to the extent of his equity
interest therein.
<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)
BROOKWOOD PARTNERS, L.P.
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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*
WC, 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 4,000 (Class B Common Stock)
OWNED BY EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,000 (Class B Common Stock)
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000 (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)
2.7% (Class A Common Stock)
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14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<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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The following constitutes Amendment No. 3 to the Schedule 13D filed by
the undersigned (the "Schedule 13D"). Except as specifically amended by this
Amendment No. 3, the Schedule 13D remains in full force and effect.
Item 2 is hereby amended to add the following:
Item 2. IDENTITY AND BACKGROUND.
(a) Brookwood Partners, L.P., a New York limited partnership
("Brookwood").
(b) Business address: 68 Wheatley Road
Brookville, New York 11545
(c) The principal business of Brookwood is passive investment
activities.
(d) Brookwood has not, during the last five years, been convicted
in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) Brookwood has not, 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.
The aggregate purchase price of the 10,000 shares of Class B
Common Stock purchased by the Foundation is $100,000, which came from its other
funds. The aggregate purchase price of the 4,000 shares of Class B Common Stock
purchased by Brookwood is $40,000, which came from its capital and 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
December 31, 1998 as reported by the Issuer in its Form 10QSB for the period
ended November 30, 1998 (the "Form 10QSB")) of Class A Common Stock beneficially
owned by each of the Reporting Persons and Class B Common Stock beneficially
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 6 of 10 Pages
Common Stock)
657289-20-3 (Class B
Common Stock)
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SHARES
BENEFICIALLY PERCENTAGE
NAME OWNED OF SHARES
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CLASS A COMMON STOCK
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Barry Rubenstein(1) 50,000 5.5%
CLASS B COMMON STOCK
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Foundation 10,000 6.7%
Barry Rubenstein(2)(3) 14,000 9.3%
Marilyn Rubenstein(2)(3) 14,000 9.3%
Brian Rubenstein(2) 10,000 6.7%
Rebecca Rubenstein(2) 10,000 6.7%
Brookwood 4,000 2.7%
(1) Consists of 50,000 shares of Class A Common Stock held by the Barry
Rubenstein Rollover IRA.
(2) Consists of 10,000 shares of Class B Common Stock held by the
Foundation, of which the Reporting Person disclaims beneficial
ownership.
(3) Consists of 4,000 shares of Class B Common Stock held by Brookwood, of
which the Reporting Person disclaims beneficial ownership to the extent
of his or her equity interest therein.
(b) Barry Rubenstein has sole power to vote and dispose of the
50,000 shares of Class A Common Stock held by the Barry Rubenstein Rollover IRA,
representing approximately 5.5% of the outstanding shares of Class A Common
Stock and, as a trustee of the Foundation and a general partner of Brookwood,
may be deemed to have shared power to vote and dispose of 14,000 shares of Class
B Common Stock, representing approximately 9.3% of the outstanding shares of
Class B Common Stock.
Each of Brian Rubenstein and Rebecca Rubenstein, as a trustee
of the Foundation, may be deemed to have shared power to vote and dispose of the
10,000 shares of Class B Common Stock, representing approximately 6.7% of the
outstanding shares of Class B Common Stock.
Marilyn Rubenstein, as a trustee of the Foundation and a
general partner of Brookwood, may be deemed to have shared power to vote and
dispose of 14,000 shares of Class B Common Stock,
<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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representing approximately 9.3% of the outstanding shares of Class B Common
Stock.
The Foundation has sole power to vote and dispose of 10,000
shares of Class B Common Stock, representing approximately 6.7% of the
outstanding shares of Class B Common Stock.
Brookwood has sole power to vote and dispose of 4,000 shares
of Class B Common Stock, representing approximately 2.7% of the outstanding
shares of Class B Common Stock.
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 since the filing of Amendment No. 2.
NUMBER OF
TRANSACTION SHARES TRANSACTION
NAME DATE PURCHASED/SOLD PRICE
---- ---- -------------- -----
CLASS A COMMON STOCK
Foundation 2/4/99 10,000(S) $11.9375
CLASS B COMMON STOCK
Barry Rubenstein
Rollover IRA 2/5/99 22,000(S) $10.00
Foundation 2/5/99 10,000(P) $10.00
Brookwood 2/5/99 4,000(P) $10.00
The shares of Class A Common Stock set forth in the table
above were sold (S) in an open market sale of 10,000 Units, each Unit consisting
of one share of Series A Common Stock and one Warrant. The shares of Class B
Common Stock set forth in the table above were purchased (P) or sold (S) in open
market transactions.
Item 7 is amended to add the following:
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A. Joint Filing Agreement
<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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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: February 26, 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
<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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EXHIBIT INDEX
EXHIBIT PAGE
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A. Joint Filing Agreement 10
<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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EXHIBIT A
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 February
26, 1999 (including amendments thereto) with respect to the Class A Common Stock
and Class B Common Stock of North Atlantic Acquisition Corp. This Joint Filing
Agreement shall be filed as an Exhibit to such amendment.
Dated: February 26, 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
