<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Golf Trust of America, Inc.
------------------------------------------------
(Name of Issuer)
Common Stock $.01 par value per share
------------------------------------------------
(Title of Class of Securities)
38168B103
------------------------------------------------
(CUSIP Number)
Cristina Fernandez-Haegg
Schooner Capital LLC
745 Atlantic Avenue
Boston, MA 02lll
- with copies to -
William P. Gelnaw, Esq.
Choate, Hall & Stewart
Exchange Place
53 State Street
Boston, MA 02109
(Name, Address and Telephone Number of Person Authorized
to Receive Notes and Communications)
January 21, 2000
------------------------------------------------
(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 which 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-7(b) for other
parties to whom copies are to be sent.
*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 ("Act") 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>
SCHEDULE 13D
CUSIP No. 38168B103 Page 2 of 15 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS AND I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(entities only)
Schooner Capital LLC 04-2495214
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
Not Applicable
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0 Shares
PERSON WITH --------------------------------------------------
8 SHARED VOTING POWER
672,700 Shares
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
672,700 Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
672,700 Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
Not Applicable
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 8.81%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168B103 Page 3 of 15 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS AND I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(entities only)
Vincent J. Ryan
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
Not Applicable
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH --------------------------------------------------
8 SHARED VOTING POWER
672,700 Shares
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
672,700 Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
672,700 Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
Not Applicable
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 8.81%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168B103 Page 4 of 15 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS AND I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(entities only)
Cristina Fernandez-Haegg
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
Not Applicable
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Spain
- -------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 500 Shares
PERSON WITH --------------------------------------------------
8 SHARED VOTING POWER
672,700 Shares
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
500 Shares
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
672,700 Shares
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
673,200 Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
Not Applicable
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 8.814%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168B103 Page 5 of 15 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS AND I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(entities only)
Paul E. Mauk
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
Not Applicable
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 400 Shares
PERSON WITH --------------------------------------------------
8 SHARED VOTING POWER
672,700
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
400 Shares
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
672,700
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
673,100 Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
Not Applicable
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 8.813%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168B103 Page 6 of 16 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS AND I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(entities only)
Paul A. Keel
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
Not Applicable
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 1,720 Shares
PERSON WITH --------------------------------------------------
8 SHARED VOTING POWER
0
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,720 Shares
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,720 Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
Not Applicable
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 0.0225%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168B103 Page 7 of 15 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS AND I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(entities only)
Christina Benet
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
Not Applicable
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 2,000 Shares
PERSON WITH --------------------------------------------------
8 SHARED VOTING POWER
0
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,000 Shares
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,000 Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
Not Applicable
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 0.0262%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168B103 Page 8 of 15 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS AND I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(entities only)
Richard Cleary
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) / /
Not Applicable
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 1,000 Shares
PERSON WITH --------------------------------------------------
8 SHARED VOTING POWER
0
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,000 Shares
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000 Shares
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
Not Applicable
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 0.0131%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 38168B103 Page 9 of 15 Pages
ITEM 1. SECURITY AND ISSUER.
The class of security to which this statement relates is the common
stock, par value $.01 par value ("Common Stock"), of Golf Trust of America,
Inc., a Maryland corporation (the "Issuer"). The address of the principal
executive office of the Issuer is 14 North Adger's Wharf, Charleston, South
Carolina 29401.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This Schedule is being filed jointly by the following reporting
persons (hereinafter sometimes collectively referred to as the "Reporting
Person") pursuant to an Agreement of Joint Filing attached hereto as Exhibit A:
(i) Schooner Capital LLC, a Delaware limited liability company
("Schooner Capital").
(ii) Vincent J. Ryan, an individual who is Chairman and indirect
controlling stockholder of Schooner Capital.
(iii) Cristina Fernandez-Haegg, an individual who is President of
Schooner Capital.
(iv) Paul E. Mauk, an individual who is an agent of Schooner
Capital and the President of Coastal Clubs, Inc. ("Coastal
Clubs"), a Massachusetts corporation and an affiliate of
Schooner Capital.
(v) Paul A. Keel, an individual who is an agent of Schooner
Capital and the President of Trident Resource Partners, Inc.
("Trident"), a Massachusetts corporation and an affiliate of
Schooner Capital.
(vi) Christina Benet, an individual who is an Investment Manager of
Schooner Capital.
(vii) Richard Cleary, an individual who is an agent of Schooner
Capital and the President of Beagle, Inc., a Massachusetts
corporation and an affiliate of Schooner Capital.
(b), (c), and (f).Each of the Reporting Persons has a business address
of 745 Atlantic Avenue, 11th Floor, Boston, MA 02111.
Schooner Capital is a privately owned Delaware limited liability
company, the principal business of which is purchasing, for investment and
trading purposes, securities and other financial instruments.
Vincent J. Ryan is a United States citizen residing in The Commonwealth
of Massachusetts whose principal occupation is as an executive officer of
Schooner Capital.
Cristina Fernandez-Haegg is a citizen of Spain and is a United States
resident, residing in The Commonwealth of Massachusetts whose principal
occupation is as an executive officer of Schooner Capital.
<PAGE>
CUSIP No. 38168B103 Page 10 of 15 Pages
Paul E. Mauk, Paul A. Keel and Richard Cleary are each United States
citizens residing in The Commonwealth of Massachusetts whose principal
occupations are as executive officers of Coastal Clubs, Inc., Trident Resources,
Inc., and Beagle, Inc., respectively.
Christina Benet is a United States citizen residing in The Commonwealth
of Massachusetts whose principal occupation is as executive officer of Schooner
Capital.
(d) No events have occurred which would be required to be reported
under the provisions of this Item.
(e) No events have occurred which would be required to be reported
under the provisions of this Item.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source of the funds used by Schooner Capital to purchase shares of
Common Stock was working capital. The approximate aggregate amount of funds used
to purchase such Common Stock was $11,154,906.89. All such securities were
acquired by open market purchases.
Cristina Fernandez-Haegg, Christina Benet, Paul E. Mauk, Paul A. Keel
and Richard Cleary each used cash assets to purchase their respective shares of
Common Stock. Ms. Haegg, Ms. Benet, Mr. Mauk, Mr. Keel and Mr. Cleary used
approximately $7,750, $33,500, $6,450, $28,625 and $16,750, respectively, to
acquire such Common Stock. All such securities were acquired by open market
purchases.
ITEM 4. PURPOSE OF THE TRANSACTION.
The Reporting Persons have acquired shares of Common Stock of the
Issuer in order to obtain a substantial equity position in the Issuer.
Schooner Capital has followed the Issuer's performance for sometime.
In December, 1999, Paul E. Mauk, an affiliate of Schooner Capital, met with
members of the Issuer's management to discuss the Issuer's past performance
and strategic plans for the future. On December 15, 1999, Schooner Capital
sent a letter to W. Bradley Blair, II, President and Chief Executive Officer
of the Issuer expressing Schooner Capital's belief that the Issuer's current
real estate investment trust structure was not optimal to best leverage both
current and future marketing opportunities. In the letter and in subsequent
conversations with management of the Issuer, Schooner Capital has expressed
interest in working with the Issuer on a going private transaction that would
seek to address the interests of all stakeholders in the Issuer, including
the holders of operating partnership units in Golf Trust of America, L.P.,
the operating partnership controlled by the Issuer.
The Reporting Persons believe that a change in the Issuer is
necessary in order to maximize shareholder value and remain interested in
working collaboratively with the Issuer's management and Board of Directors
toward a going private transaction. The Reporting Persons intend to continue
to
<PAGE>
CUSIP No. 38168B103 Page 11 of 15 Pages
contact the Issuer regarding a meeting to discuss the Reporting Persons'
analysis of the benefits of such a transaction to the Issuer's stakeholders.
In the event the Issuer is unresponsive or unreceptive to the Reporting
Persons' request for a negotiated transaction, the Reporting Persons will
evaluate possible alternatives with respect to the Issuer, which may include
making a tender offer directly to the Issuer's stockholders, seeking
representation on the Issuer's Board of Directors, purchasing additional shares
of the Issuer's Common Stock on the open market or otherwise, or disposing of
all or some of the Reporting Persons' shares of Common Stock on the open market,
or otherwise.
The Reporting Persons may contact other persons interested in the
Issuer, or other interested persons, for purposes of discussing the Issuer.
Whether the Reporting Persons decide to pursue any course of action
with the Issuer, including participating in a going private transaction or the
purchase of additional shares of the Issuer's Common Stock, and the method and
timing of any such purchases, will depend on their continuing assessment of all
relevant factors, including without limitation the following: the Issuer's
business prospects; other business and investment opportunities available to
Reporting Persons; financing availability and terms; economic conditions; stock
market and money market conditions; the attitude and actions of the Issuer's
management and Board of Directors; the availability and nature of opportunities
to dispose of the Reporting Persons' interest in the Issuer; and other plans and
requirements of Reporting Persons.
Depending upon their assessment of these factors from time to time, the
Reporting Persons may change their present intentions as stated above or dispose
of some or all of the shares of Issuer's Common Stock held by them in the open
market, in privately negotiated transactions, to third parties or otherwise, and
may sell such shares to one or more purchasers. Although the foregoing
represents the range of activities presently contemplated by the Reporting
Persons with respect to the Issuer's Common Stock, the possible activities of
the Reporting Persons are subject to change at any time.
Except as set forth in this Item 4 and elsewhere in this Statement,
none of the reporting Persons has any plans or proposals which relate to or
would result in any of the actions specified in clauses (a) through (j) of Item
4 of Schedule 13D, and each of the foregoing persons reserves the right to
change its intentions with respect to any of the foregoing at any time.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)(b) The beneficial ownership and voting and dispositive power of
each of the Reporting Persons over Common Stock of the Issuer as of the date
hereof is as follows:
(i) Schooner Capital is the beneficial owner of 672,700 shares of
Common Stock of the Issuer. The total number of shares of
Common Stock beneficially owned by Schooner Capital represents
8.81% of Common Stock of the Issuer.
(ii) Vincent J. Ryan may be deemed the beneficial owner of 672,700
shares of Common Stock of the Issuer representing 8.81% of the
Common Stock of the Issuer as a result of his being an
executive officer and maintaining an indirect controlling
interest in Schooner
<PAGE>
CUSIP No. 38168B103 Page 12 of 15 Pages
Capital. Vincent J. Ryan does not beneficially own any shares
of Common Stock of the Issuer other than through Schooner
Capital.
(iii) Cristina Fernandez-Haegg is the beneficial owner of 500 shares
of Common Stock of the Issuer and may be deemed the beneficial
owner of 672,700 shares of Common Stock of the Issuer as a
result of her being an executive officer of Schooner Capital.
The total number of shares of Common Stock which Ms.
Fernandez-Haegg may be deemed to beneficially own is 673,200
shares, representing 8.814% of the shares of Common Stock
outstanding.
(iv) Paul E. Mauk is the beneficial owner of 400 shares of Common
Stock of the Issuer and may be deemed the beneficial owner of
672,700 shares of Common Stock of the Issuer as a result of
him being an agent of Schooner Capital with respect to such
shares. The total number of shares of Common Stock
beneficially owned by Mr. Mauk represents 8.813% of the shares
of Common Stock outstanding.
(v) Christina Benet is the beneficial owner of 2,000 shares of
Common Stock of the Issuer. The total number of shares of
Common Stock beneficially owned by Ms. Benet represents
0.0262% of the Shares of Common Stock outstanding.
(vi) Richard Cleary is the beneficial owner of 1,000 shares of
Common Stock of the Issuer. The total number of shares of
Common Stock beneficially owned by Mr. Cleary represents
0.0131% of the shares of Common Stock outstanding.
(vii) Paul A. Keel is the beneficial owner of 1,720 shares of Common
Stock of the Issuer. The total number of shares of Common
Stock beneficially owned by Mr. Keel represents 0.0225% of the
shares of Common Stock outstanding.
The number of shares beneficially owned and the percentage of
outstanding shares represented thereby, for each of the Reporting Persons, have
been computed in accordance with Rule 13D-3 under the Securities Exchange Act of
1934, as amended. The percentages of ownership described above are based on the
7,637,488 shares of Common Stock reported as outstanding by the Issuer in its
Form 10-Q for the quarter ended September 30, 1999.
(c) Transactions in the class of securities reported on herein effected
within the last 60 days by Schooner Capital are as follows (such transactions
comprise open market purchases of Common Stock unless otherwise indicated):
<TABLE>
<CAPTION>
Date Number of Shares Price Total
---- ---------------- -------- -----------
<S> <C> <C> <C>
12/17/1999 10,000 $15.5000 $155,000.00
12/20/1999 12,500 $16.6920 $208,650.00
12/20/1999 4,600 $16.9293 $77,874.78
</TABLE>
<PAGE>
CUSIP No. 38168B103 Page 13 of 15 Pages
<TABLE>
<CAPTION>
Date Number of Shares Price Total
---- ---------------- -------- -----------
<S> <C> <C> <C>
12/21/1999 15,000 $17.0000 $255,000.00
12/22/1999 800 $16.7500 $13,400.00
12/23/1999 6,900 $16.7428 $115,525.32
12/27/1999 13,200 $16.3438 $215,738.16
12/28/1999 27,300 $16.6126 $453,523.98
12/29/1999 5,400 $16.5000 $89,100.00
12/30/1999 74,800 $16.6250 $1,243,550.00
12/31/1999 2,500 $16.5000 $41,250.00
01/03/2000 20,500 $16.6159 $340,625.95
01/05/2000 81,100 $16.6250 $1,348,287.50
01/07/2000 17,400 $16.7500 $291,450.00
01/12/2000 54,700 $16.7500 $916,225.000
01/12/2000 10,000 $16.7500 $167,500.00
01/18/2000 10,000 $16.6200 $166,200.00
01/20/2000 5,000 $16.6250 $83,125.00
01/21/2000 301,000 $16.5212 $4,987,931.00
</TABLE>
Transactions in the class of securities reported on herein effected
within the last 60 days by Cristina Fernandez-Haegg, Paul Mauk, Christina Benet,
Paul A. Keel and Richard Cleary for and on behalf of the Managed Account are as
follows (such transactions comprise open market purchases of Common Stock unless
otherwise indicated):
<TABLE>
<CAPTION>
Number of
Date Shares Price Per Share Total
-------- --------- --------------- ------------
<S> <C> <C> <C> <C>
Cristina Fernandez-Haegg 12/17/99 500 $15.500 $7,750.00
Paul E. Mauk 12/20/99 400 $16.125 $6,450.00
Christina Benet 1/12/00 1,000 $17.000 $17,000.00
1/25/00 1,000 $16.500 $16,500.00
</TABLE>
<PAGE>
CUSIP No. 38168B103 Page 14 of 15 Pages
<TABLE>
<CAPTION>
Number of
Date Shares Price Per Share Total
-------- --------- --------------- ------------
<S> <C> <C> <C> <C>
Paul A. Keel 1/18/00 500 $16.500 $8,250.00
1/24/00 235 $16.500 $3,877.50
1/24/00 985 $16.750 $16,498.75
Richard Cleary 1/21/00 1,000 $16.750 $16,750.00
</TABLE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Not Applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A. Agreement of Joint Filing
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Schooner Capital LLC
By: /s/ Cristina Fernandez-Haegg
----------------------------------
Name: Cristina Fernandez-Haegg
Title: President
/s/ Vincent J. Ryan
---------------------------------------
Vincent J. Ryan
/s/ Cristina Fernandez-Haegg
---------------------------------------
Cristina Fernandez-Haegg
/s/ Paul E. Mauk
---------------------------------------
Paul E. Mauk
/s/ Christina Benet
---------------------------------------
Christina Benet
/s/ Paul E. Keel
---------------------------------------
Paul E. Keel
/s/ Richard Cleary
---------------------------------------
Richard Cleary
Dated: January 28, 2000
<PAGE>
AGREEMENT OF JOINT FILING
GOLF TRUST OF AMERICA, INC.
COMMON STOCK PAR VALUE $.01
In accordance with Rule 13-D-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby confirm the agreement by and among them
to the joint filing on behalf of each of them of a Statement on Schedule 13D and
any and all amendments thereto, with respect the above referenced securities and
that this Agreement be included as an Exhibit to such filing.
This Agreement may be executed in any number of counterparts each of
which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same Agreement.
WITNESS WHEREOF, the undersigned hereby execute this Agreement as of
this 28th day of January, 2000.
SCHOONER CAPITAL LLC
By: /s/ Cristina Fernandez-Haegg
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Cristina Fernandez-Haegg
/s/ Vincent J. Ryan
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Vincent J. Ryan
/s/ Cristina Fernandez-Haegg
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Cristina Fernandez-Haegg
/s/ Christina Benet
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Christina Benet
/s/ Paul E. Mauk
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Paul E. Mauk
/s/ Paul A. Keel
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Paul A. Keel
