<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENT FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 1)*
GYRODYNE COMPANY OF AMERICA, INC
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
403820103
-----------------------------------------------------
(CUSIP NUMBER)
Donald J. Savage, K Capital Partners, LLC
441 Stuart Street, 6th Floor
Boston, Massachusetts 02116
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
August 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 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 and 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 1 of 17 Pages
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SCHEDULE 13D
CUSIP NO. 403820103 PAGE 2 OF 17 PAGES
<TABLE>
<C> <S>
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
K Capital Partners, LLC
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(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) / /
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
76,496
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 76,496
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
76,496
- -----------------------------------------------------------------------------
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*
00
- -----------------------------------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE 13D
CUSIP NO. 403820103 PAGE 3 OF 17 PAGES
<TABLE>
<C> <S>
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
K Capital I, L.P.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(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) / /
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
4,590
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 4,590
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,590
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.42%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE 13D
CUSIP NO. 403820103 PAGE 4 OF 17 PAGES
<TABLE>
<C> <S>
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
K Capital II, L.P.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(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) / /
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
67,316
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 67,316
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,316
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.16%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE 13D
CUSIP NO. 403820103 PAGE 5 OF 17 PAGES
<TABLE>
<C> <S>
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
K Capital Offshore Master Fund (U.S. Dollar), L.P.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(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) / /
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
4,590
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 4,590
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,590
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.42%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE 13D
CUSIP NO. 403820103 PAGE 6 OF 17 PAGES
<TABLE>
<C> <S>
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harwich Capital Partners, LLC
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(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) / /
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
76,496
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 76,496
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
76,496
- -----------------------------------------------------------------------------
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*
00
- -----------------------------------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE 13D
CUSIP NO. 403820103 PAGE 7 OF 17 PAGES
<TABLE>
<C> <S>
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Thomas Knott
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(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) / /
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
76,496
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 76,496
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
76,496
- -----------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE 13D
CUSIP NO. 403820103 PAGE 8 OF 17 PAGES
<TABLE>
<C> <S>
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Abner Kurtin
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(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) / /
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
76,496
NUMBER OF ------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 76,496
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
76,496
- -----------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------
</TABLE>
<PAGE>
ITEM 1. SECURITY AND ISSUER
This Report on Schedule 13D relates to shares of common stock, par
value $1.00 per share (the "Common Stock"), of GYRODYNE Company of America, Inc.
(the "Company"), whose principal executive offices are located at 17 Flowerfield
Street, Suite 15, St. James, New York 11780.
ITEM 2. IDENTITY AND BACKGROUND
This Report is filed by K Capital Partners I, L.P., K Capital Partners
II, L.P. and K Capital Offshore Master Fund (U.S. Dollar), L.P. (collectively
the "Partnership"); K Capital Partners I, L.P. and K Capital Partners II, L.P.,
are each a Delaware limited partnership having their principal place of business
and executive offices at c/o K Capital Partners, LLC, 441 Stuart Street, 6th
Floor, Boston, MA 02116; K Capital Offshore Master Fund (U.S. Dollar), L.P. is a
limited partnership organized in the Cayman Islands with a registered address at
the offices of Citco Fund Services (Cayman Islands) Limited, Corporate Centre,
West Bay Road, P.O. Box 31106 SMB, Grand Cayman, Cayman Islands; K Capital
Partners, LLC, a Delaware limited liability company and the sole General Partner
of the Partnership (the "General Partner") having its principal place of
business and executive offices at 441 Stuart Street, 6th Floor, Boston, MA
02116; Harwich Capital Partners, LLC, a Delaware limited liability company and
the Managing Member of the General Partner having its principal place of
business at 441 Stuart Street, 6th floor, Boston, Massachusetts 02116; and
Thomas Knott and Abner Kurtin, each of whom are the Managing Members of Harwich
Capital Partners, LLC, having its principal business address c/o K Capital
Partners, LLC, 441 Stuart Street, 6th floor, Boston, Massachusetts 02116
(collectively, the "Reporting Persons"). The principal business of each
Reporting Person is to administer, promote, manage and advise private investment
pools and any business related thereto or useful in connection therewith. K
Capital Partners, LLC is the sole general partner of the Partnership.
During the past five years or since their inception, the Reporting
Persons have not been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors), and have not been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and
are not, as a result of any such proceeding, 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.
Mr. Knott and Mr. Kurtin are United States citizens.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The source of funds for the transactions described in Item 5(c) were
assets of the Partnership.
9
<PAGE>
ITEM 4. PURPOSE OF TRANSACTION
The Partnership acquired the Common Stock described in Item 5(c) for
investment purposes. None of the Reporting Persons have any current plans or
proposals which relate to or would result in:
a. The acquisition by any person of additional securities of the issuer,
or the disposition of securities of the issuer;
b. An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the issuer or any of its
subsidiaries;
c. A sale or transfer of a material amount of assets of the issuer or any
of its subsidiaries;
d. Any change in the present board of directors or management of the
issuer, including any plans or proposals to change the number or term
of directors or to fill any existing vacancies on the board;
e. Any material change in the present capitalization or dividend policy
of the issuer;
f. Any other material change in the issuer's business or corporate
structure including but not limited to, if the issuer is a registered
closed-end investment company, any plans or proposals to make any
change in its investment policy for which a vote is required by
Section 13 of the Investment Company Act of 1940;
g. Changes in the issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control
of the issuer by any person;
h. Causing a class of securities of the issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted
in an inter-dealer quotation system of a registered national
securities association;
i. A class of equity securities of the issuer becoming eligible for
termination of registration pursuant to Section 1(g)(4) of the
Securities Exchange Act of 1934; or
j. Any action similar to any of those enumerated above.
The Reporting Persons believe that the market price of the Company's
common stock does not fully reflect the potential
10
<PAGE>
value of such shares. Depending upon the market price, it is possible
that the Reporting Persons will acquire additional shares of the
Company's common stock. The Reporting Persons are continuing to
evaluate alternatives that may be proposed by the Reporting Persons to
the Company's management or shareholders in order to realize this
potential value. The Reporting Persons currently have no specific
plans or proposals. There can be no assurance that any specific plans
or proposals will be identified or proposed and if identified or
proposed, will be successful in realizing such potential value.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
a. As of August 12, 1999, the Partnership may be deemed to beneficially
own 76,496 shares of Common Stock of the Company. Based upon their
being 1,093,041 shares of Common Stock outstanding, the shares of
Common Stock which the Partnership may be deemed to beneficially own
represents approximately 7.0% of the outstanding shares of Common
Stock of the Company.
b. In accordance with the Agreement of Limited Partnership, the General
partner has the sole power to vote and the sole power to dispose of
the shares of Common Stock of the Company held by the Partnership.
c. The Partnership has made the following purchases of shares of Common
Stock:
<TABLE>
<CAPTION>
----------------------------------------------------------
K Capital I, L.P.
----------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
----------------------------------------------------------
<S> <C> <C> <C>
6/2/99 654 $14.00 $ 9,156
----------------------------------------------------------
6/3/99 632 $14.00 $ 8,848
----------------------------------------------------------
7/29/99 1,000 $19.975 $19,975
----------------------------------------------------------
8/5/99 957 $20.125 $19,259
----------------------------------------------------------
8/5/99 957 $20.09 $19,226
----------------------------------------------------------
8/12/99 390 $20.1875 $ 7,873
----------------------------------------------------------
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------
K Capital II, L.P.
----------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
----------------------------------------------------------
<S> <C> <C> <C>
4/6/99 2,560 $14.00 $35,840
----------------------------------------------------------
4/6/99 740 $14.00 $10,360
----------------------------------------------------------
6/2/99 26,142 $14.00 $365,988
----------------------------------------------------------
6/3/99 26,268 $14.00 $367,752
----------------------------------------------------------
8/5/99 2,943 $20.125 $59,227
----------------------------------------------------------
8/5/99 3,943 $20.09 $79,214
----------------------------------------------------------
8/12/99 5,720 $20.1875 $115,472
----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------
K Capital Offshore Master Fund (U.S. Dollar), L.P.
----------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
----------------------------------------------------------
<S> <C> <C> <C>
8/5/99 2,100 $20.125 $42,262
----------------------------------------------------------
8/5/99 2,100 $20.09 $42,189
----------------------------------------------------------
8/12/99 390 $20.1875 $7,873
----------------------------------------------------------
</TABLE>
All transactions were made in the open market on NASDAQ.
d. Each Partnership is a limited partnership. Each member of the
Partnership is entitled to receive certain distributions from the
Partnership's assets as specified in the Partnership's governing
documents.
e. Not Applicable.
The filing of this statement shall not be construed as an admission
that any of the Reporting Persons are, for the purposes of Sections 13(d) or
13(g) of the Securities Exchange Act of 1934, the beneficial owners of any
securities covered by this statement.
12
<PAGE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) between or among any of the Reporting Persons and any other
person with respect to any securities of the Company other than the governing
documents of the Partnership.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 - Agreement regarding filing of joint Schedule 13D.
13
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, each of the undersigned hereby certifies that the information
set forth in this statement is true, complete and correct.
EXECUTED as a sealed instrument this 13th day of August, 1999.
K Capital I, L.P.
By: /s/ Thomas Knott
-------------------------------------
K Capital Partners, LLC, General
Partner by: Harwich Capital
Partners LLC, its Managing
Member, by Thomas Knott, its
Managing Member
K Capital II, L.P.
By: /s/ Thomas Knott
-------------------------------------
K Capital Partners, LLC, General
Partner by: Harwich Capital
Partners LLC, its Managing
Member, by Thomas Knott, its
Manager Member
K Capital Offshore Master Fund
(U.S. Dollar), L.P.
By: /s/ Thomas Knott
-------------------------------------
K Capital Partners, LLC, General
Partner by: Harwich Capital
Partners LLC, its Managing
Member, by Thomas Knott, its
Managing Member
K Capital Partners, LLC
By: /s/ Thomas Knott
-------------------------------------
Harwich Capital Partners, LLC
by Thomas Knott, its Managing
Member
14
<PAGE>
Harwich Capital Partners, LLC
By: /s/ Thomas Knott
-------------------------------------
Thomas Knott, its Managing
Member
/s/ Thomas Knott
-----------------------------------------
Thomas Knott
/s/ Abner Kurtin
-----------------------------------------
Abner Kurtin
15
<PAGE>
EXHIBIT 1
AGREEMENT
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree that only one statement containing the
information required by Schedule 13D need be filed with respect to the ownership
by each of the undersigned of the shares of Common Stock of GYRODYNE Company of
America, Inc., and that all subsequent amendments to this statement on Schedule
13D, shall be filed on behalf of each of the undersigned without the necessity
of filing additional joint acqusition statements.
EXECUTED as a sealed instrument this 13th day of August, 1999.
K Capital I, L.P.
By: /s/ Thomas Knott
-------------------------------------
K Capital Partners, LLC, General
Partner by: Harwich Capital
Partners LLC, its Managing
Member, by Thomas Knott, its
Managing Member
K Capital II, L.P.
By: /s/ Thomas Knott
-------------------------------------
K Capital Partners, LLC, General
Partner by: Harwich Capital
Partners LLC, its Managing
Member, by Thomas Knott, its
Manager Member
K Capital Offshore Master Fund
(U.S. Dollar), L.P.
By: /s/ Thomas Knott
-------------------------------------
K Capital Partners, LLC, General
Partner by: Harwich Capital
Partners LLC, its Managing
16
<PAGE>
Member, by Thomas Knott, its
Managing Member
K Capital Partners, LLC
By: /s/ Thomas Knott
-------------------------------------
Harwich Capital Partners, LLC
by Thomas Knott, its Managing
Member
Harwich Capital Partners, LLC
By: /s/ Thomas Knott
-------------------------------------
Thomas Knott, its Managing
Member
/s/ Thomas Knott
-----------------------------------------
Thomas Knott
/s/ Abner Kurtin
-----------------------------------------
Abner Kurtin
17
