<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. 2)*
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)
October 29, 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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CUSIP NO. 403820103 Page 2 of 17 Pages
--------- - --
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
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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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 90,411
BENEFICIALLY ---------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING 0
PERSON ---------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
90,411
---------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
90,411
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.16%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 403820103 Page 3 of 17 Pages
--------- - --
- -------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 4,620
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 4,620
--------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
4,620
- -------------------------------------------------------------------------------
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
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<PAGE>
CUSIP NO. 403820103 Page 4 of 17 Pages
--------- - --
- -------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 68,886
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 68,886
---------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
68,886
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.22%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 403820103 Page 5 of 17 Pages
--------- - --
- -------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 10,905
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 10,905
---------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
10,905
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.98%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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<PAGE>
CUSIP NO. 403820103 Page 6 of 17 Pages
--------- - --
- -------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 90,411
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 90,411
---------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
90,411
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.16%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 403820103 Page 7 of 17 Pages
--------- - --
- -------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 90,411
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 90,411
---------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
90,411
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.16%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 403820103 Page 8 of 17 Pages
--------- - --
- -------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 90,411
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 90,411
---------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
90,411
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.16%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
<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 I, L.P., K Capital II, L.P. and K
Capital Offshore Master Fund (U.S. Dollar), L.P. (collectively the
"Partnership"); K Capital I, L.P. and K Capital 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 and certain other managed accounts.
9
<PAGE>
ITEM 4. PURPOSE OF TRANSACTION
The Partnership and certain other managed accounts 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 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 maybe
proposed by the Reporting Persons to the
10
<PAGE>
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 October 29, 1999, the Reporting Persons may be
deemed to beneficially own 90,411 shares of Common
Stock of the Company. Based upon their being
1,107,143 shares of Common Stock outstanding, the
shares of Common Stock which the Reporting Persons
may be deemed to beneficially own represents
approximately 8.16% 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 Reporting Persons have made the following
purchases of shares of Common Stock:
K Capital I, L.P.
<TABLE>
<CAPTION>
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
- -----------------------------------------------------------------------
8/23/99 30 $19.8123 $594
- -----------------------------------------------------------------------
</TABLE>
11
<PAGE>
K Capital II, L.P.
<TABLE>
<CAPTION>
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
- -----------------------------------------------------------------------
8/23/99 440 $19.8125 $8,717
- -----------------------------------------------------------------------
9/28/99 1,130 $20.0625 $22,670
- -----------------------------------------------------------------------
</TABLE>
K Capital Offshore Master Fund (U.S. Dollar), L.P.
<TABLE>
<CAPTION>
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
- -----------------------------------------------------------------------
8/23/99 30 $19.8123 $594
- -----------------------------------------------------------------------
9/10/99 1,915 $20.0625 $38,419
- -----------------------------------------------------------------------
9/28/99 1,870 $20.0625 $37,516
- -----------------------------------------------------------------------
10/22/99 500 $20.0625 $10,031
- -----------------------------------------------------------------------
10/29/99 2,000 $20.00 $40,000
- -----------------------------------------------------------------------
</TABLE>
In addition, other accounts under the management of the General Partner
acquired 6,000 shares on September 17, 1999 at an aggregate purchase price of
$120,300 at $20.05 per share.
12
<PAGE>
CUSIP NO. 403820103 Page 13 of 17 Pages
--------- -- --
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.
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 5th day of November, 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
14
<PAGE>
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
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 5th day of November, 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
16
<PAGE>
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
