<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. 4)*
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)
January 14, 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: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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 1 of 18 Pages
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CUSIP No. 403820103 13D Page 2 of 18 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
K Capital Partners, LLC
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 135,750
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 135,750
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
135,750
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
12.26%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
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CUSIP No. 403820103 Page 3 of 18 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
K Capital I, L.P.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 5,808
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 5,808
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,808
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
0.52%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
PN
- -------------------------------------------------------------------------------
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CUSIP No. 403820103 Page 4 of 18 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
K Capital II, L.P.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 89,122
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 89,122
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
89,122
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
8.05%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
PN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP No. 403820103 Page 5 of 18 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
K Capital Offshore Master Fund (U.S. Dollar), L.P.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check 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 Shares (7) Sole Voting
Beneficially Owned Power 34,820
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 34,820
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
34,820
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
3.15%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
PN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP No. 403820103 Page 6 of 18 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Harwich Capital Partners, LLC
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 135,750
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 135,750
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
135,750
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
12.26%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
<PAGE>
CUSIP No. 403820103 Page 7 of 18 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Thomas Knott
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(5) Check 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 Shares (7) Sole Voting
Beneficially Owned Power 135,750
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 135,750
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
135,750
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
12.26%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP No. 403820103 Page 8 of 18 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Abner Kurtin
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(5) Check 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 Shares (7) Sole Voting
Beneficially Owned Power 135,750
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 135,750
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
135,750
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
12.26%
- -------------------------------------------------------------------------------
(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.
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:
9
<PAGE>
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
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.
10
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
a. As of January 14, 2000, the Reporting Persons may be deemed to
beneficially own 135,750 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 12.26% 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:
<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
- ---------------------------------------------------------------------
8/23/99 30 $19.8123 $594
- ---------------------------------------------------------------------
11/23/99 688 $20.51 $14,110.88
- ---------------------------------------------------------------------
11/24/99 400 $20.50 $8,140.00
- ---------------------------------------------------------------------
12/21/99 100 $20.3125 $2,031.25
- ---------------------------------------------------------------------
</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
- --------------------------------------------------------------------
8/23/99 440 $19.8125 $8,717
- --------------------------------------------------------------------
9/28/99 1,130 $20.0625 $22,670
- --------------------------------------------------------------------
11/23/99 2,487 $20.51 $51,008.37
- --------------------------------------------------------------------
11/24/99 5,299 $20.35 $107,834.65
- --------------------------------------------------------------------
12/21/99 700 $20.3125 $14,218.75
- --------------------------------------------------------------------
1/7/00 1,150 $20.4375 $23,503.13
- --------------------------------------------------------------------
1/14/00 5,100 $20.5 $104,550
- --------------------------------------------------------------------
1/20/00 5,500 $20.5 $112,750
- --------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
K Capital Offshore Master Fund (U.S.
- --------------------------------------------------------------------
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
- --------------------------------------------------------------------
</TABLE>
12
<PAGE>
CUSIP No. 403820103 Page 13 of 18 Pages
<TABLE>
<S> <C> <C> <C>
- --------------------------------------------------------------------
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
- --------------------------------------------------------------------
11/10/99 6,000 $20.11 $120,660
- --------------------------------------------------------------------
11/23/99 2,265 $20.51 $46,455.11
- --------------------------------------------------------------------
11/24/99 1,400 $20.35 $28,490
- --------------------------------------------------------------------
12/10/99 3,200 $20.3125 $65,000
- --------------------------------------------------------------------
12/14/99 1,000 $20.3125 $20,312.50
- --------------------------------------------------------------------
12/21/99 200 $20.3125 $4,062.50
- --------------------------------------------------------------------
1/7/00 1,150 $20.4375 $23,503.13
- --------------------------------------------------------------------
1/11/00 1,200 $20.4375 $24,524
- --------------------------------------------------------------------
1/14/00 5,100 $20.5 $104,550
- --------------------------------------------------------------------
1/20/00 2,400 $20.5 $49,200
- --------------------------------------------------------------------
</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.
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.
13
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CUSIP No. 403820103 Page 14 of 18 Pages
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.
14
<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 21st day of January, 2000.
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
15
<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
16
<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 21st day of January, 2000.
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
17
<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
18
