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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
AMENDMENT NO. 2
MEGADATA CORPORATION
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE 585145105
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(Title of class of securities) (CUSIP number)
G.S. BECKWITH GILBERT DENNIS J. BLOCK, ESQ.
FIELD POINT CAPITAL MANAGEMENT COMPANY WEIL, GOTSHAL & MANGES
104 FIELD POINT ROAD 767 FIFTH AVENUE
GREENWICH, CT 06830 NEW YORK, NEW YORK 10153
(203) 629-8757 (212) 310-8000
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(Name, address and telephone number of person authorized to receive
notices and communications)
NOT APPLICABLE
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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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Check the following box if a fee is being paid with the statement [_].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
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CUSIP No. 585145105 13D-PAGE 2
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1 NAME OF REPORTING PERSON: G.S. Beckwith Gilbert
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS:* PF
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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 OF ORGANIZATION: United States
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NUMBER OF 7 SOLE VOTING POWER: 776,000 **
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 70,000 ***
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER 776,000 **
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 70,000 ***
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 846,000
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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): 33.7%
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14 TYPE OF REPORTING PERSON:* IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
** Of these shares, 156,000 shares are held in Mr. Gilbert's IRA account.
*** Mr. Gilbert disclaims beneficial ownership of these shares, which are
held by the Gilbert Family Trust, of which he is a trustee.
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CUSIP No. 585145105 13D-PAGE 3
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1 NAME OF REPORTING PERSON: Gilbert Family Trust
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(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 OF ORGANIZATION: Connecticut
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NUMBER OF 7 SOLE VOTING POWER: 70,000
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: - 0 -
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER 70,000
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: - 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 70,000
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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): 2.8%
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14 TYPE OF REPORTING PERSON: OO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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This is Amendment No. 2 to a statement on Schedule 13D (the
"Original Schedule 13D") filed by G.S. Beckwith Gilbert relating to the shares
of Common Stock, par value $.01 per share (the "Common Stock"), of Megadata
Corporation, a New York corporation ("Megadata" or the "Company"), the principal
executive offices of which are located at 35 Orville Drive, Bohemia, New York
11716. Capitalized terms used herein have the meaning ascribed to them in the
Original Schedule 13D.
Item 3. Source and Amount of Funds or Other
Consideration
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On October 30, 1997, Mr. Gilbert purchased 100,000
shares of Common Stock from the Company for a total consideration
of $75,000. Mr. Gilbert paid for these shares of Common Stock
with his personal funds.
Item 5. Interest in Securities of the Issuer.
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As of November 11, 1997:
(a) (i) Mr. Gilbert beneficially owned 846,000 shares of
Common Stock (including 156,000 shares held in Mr. Gilbert's IRA account and
70,000 shares held by the Trust), representing approximately 33.7% of the
Company's outstanding shares of Common Stock (based upon 2,311,600 shares of
Megadata Common Stock outstanding as reported in Megadata's Quarterly Report on
Form 10-Q for the quarter ended July 31, 1997 as adjusted for the issuance of
200,000 shares of Common Stock by the Company on October 30, 1997 pursuant to
the exercise in full of the warrant
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to purchase 200,000 shares of Common Stock described in Amendment No. 1 to the
Original Schedule 13D). Mr. Gilbert disclaims beneficial ownership of the shares
held by the Trust.
(ii) The Trust beneficially owns 70,000 shares of
Common Stock, representing approximately 2.8% of the Company's outstanding
shares of Common Stock.
(b) Subject to the provisions of the Purchase Agreement
described in Item 4 of the Original Schedule 13D, Mr. Gilbert has sole power to
vote or to direct the vote and sole power to dispose or to direct the
disposition of the 776,000 shares of Common Stock beneficially owned by him and
shares with the other Trustees power to vote or to direct the vote and power to
dispose or to direct the disposition of the 70,000 shares beneficially owned by
the Trust.
(c) The Reporting Persons have not effected any transactions
in the Common Stock since the filing of Amendment No. 1 to the Original Schedule
13D, except that on October 30, 1997, Mr. Gilbert purchased 100,000 shares of
Common Stock from the Company at a price of $0.75 per share pursuant to the
partial exercise of the warrant to purchase 200,000 shares of Common Stock held
by Mr. Gilbert as described in Amendment No. 1 to the Original Schedule 13D and
assigned his right to purchase the
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balance of the shares subject to such warrant to two individuals
for no consideration.
(d)-(e) Not applicable.
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SIGNATURE
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After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.
Dated: November 11, 1997 /s/G.S. Beckwith Gilbert
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G.S. Beckwith Gilbert
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SIGNATURE
After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.
The Gilbert Family Trust
Dated: November 11, 1997 By: /s/G.S. Beckwith Gilbert
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