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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )
FARMSTEAD TELEPHONE GROUP INC.
(Name of Issuer)
Common Stock, $.001 par value per share
(Title of Class of Securities)
311565 30 3
(CUSIP Number)
April 26, 1999
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule to which this Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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CUSIP NUMBER 311565 30 3
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Brave Asset Management Inc.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) X
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
(See Item 4)
6. SHARED VOTING POWER
(See Item 4)
7. SOLE DISPOSITIVE POWER
(See Item 4)
8. SHARED DISPOSITIVE POWER
(See Item 4)
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
242,200 (See Note 1)
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
11. PERCENT OF THE CLASS REPRESENTED BY AMOUNT IN ROW 9
6.74%
12. TYPE OF REPORTING PERSON
IA (See Item 4)
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CUSIP NUMBER 311565 30 3
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David G. Bunting
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) X
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
(See Item 4)
6. SHARED VOTING POWER
(See Item 4)
7. SOLE DISPOSITIVE POWER
(See Item 4)
8. SHARED DISPOSITIVE POWER
(See Item 4)
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
242,200 (See Note 1)
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
11. PERCENT OF THE CLASS REPRESENTED BY AMOUNT IN ROW 9
6.74%
12. TYPE OF REPORTING PERSON
IN (See Item 4)
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CUSIP NUMBER 311565 30 3
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
T. Brett Haire
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b) X
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER
(See Item 4)
6. SHARED VOTING POWER
(See Item 4)
7. SOLE DISPOSITIVE POWER
(See Item 4)
8. SHARED DISPOSITIVE POWER
(See Item 4)
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
242,200 (See Note 1)
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
11. PERCENT OF THE CLASS REPRESENTED BY AMOUNT IN ROW 9
6.74%
12. TYPE OF REPORTING PERSON
IN (See Item 4)
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Item 1.
(a) Name of Issuer: FARMSTEAD TELEPHONE GROUP INC.
(b) Address of Issuer's Principal Executive Offices:
22 Prestige Park Circle
East Hartford, CT 06108-3728
Item 2.
(a) Name of Person Filing:
(i) Brave Asset Management Inc.
(ii) David G. Bunting
(iii) T. Brett Haire
(b) Address of Principal Business Office:
(i):
47 Summit Avenue
Summit, New Jersey 07901
(ii) and (iii):
c/o Brave Asset Management Inc.
47 Summit Avenue
Summit, New Jersey 07901
(c) Place of Organization or Citizenship:
(i) New Jersey
(ii) and (iii): USA
(d) Title of Class of Securities:
Common Stock, par value $.001
(e) CUSIP NUMBER:
311565 30 3
Item 3. If this statement is filed pursuant to Section 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
78c).
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(d) [ ] Investment company registered under section 8 of the Investment Company
Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with Section 240.13d-1(b)(1)-
(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with Section
240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with Section
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership
The statement on Schedule 13G relates to an aggregate total of 242,200 shares of
the total shares of the issuer as of March 31, 1999, (including 171,900 shares
acquirable under Class A and Class B Warrants within the next 60 days), of
which 67,700 are owned by advisory clients of Brave Asset Management Inc.
("BAMI"), a registered investment adviser, and 71,400 are beneficially owned by
T. Brett Haire and 72,500 are beneficially owned by David G. Bunting. Messrs.
Hair and Brett comprise the control persons of BAMI (collectively, the "Control
Persons"). Mr. Bunting may also be deemed to be the beneficial owner of 30,600
Shares acquirable under Class B Warrants within the next 60 days, beneficially
owned by a minor child, but disclaims such beneficial ownership.
BAMI and the Control Persons are of the view that they are not acting as a
"group" for purposes of Section 13(d) under the 1934 Act and that they are not
otherwise required to attribute to each other the "beneficial ownership" of
securities held by any of them or by any persons or entities advised by BAMI.
(a) Amount Beneficially Owned:
242,200 (See Note 1)
(b) Percent of Class: 6.74%
(c) Number of shares as to which each person has:
(i) sole power to vote or to direct the vote: 0(1)
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(ii) shared power to vote or to direct the vote: 242,200(1)
(iii) sole power to dispose or to direct the disposition of: 0(1)
(iv) shared power to dispose or to direct the disposition of:
242,200(1)
Item 5. Ownership of five percent or less of a class.
Not applicable.
Item 6. Ownership of more than five percent on behalf of another
person.
Not applicable.
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(1) BAMI denies any voting power with respect to the subject securities. The
Control Persons have sole voting power with respect to shares respectively owned
by them. Mr. Bunting denies any voting or dispositive power with respect to
shares owned by his minor child. BAMI shares dispositive power with its clients
with respect to the shares owned by the respective client, which in the
aggregate totals 67,700 shares. BAMI shares dispositive power with the Control
Persons with respect to the shares owned by the respective Control Person, which
in the aggregate total 143,900 shares.
Item 7: Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported by the Parent
Holding Company.
Not applicable.
Item 8: Identification and Classification of Members of the
Group.
See response to Item 4 above.
Item 9: Notice of Dissolution of Group
Not Applicable.
Item 10: Certification
(a) The following certification shall be included if the statement is filed
pursuant to Section 240.13d-1(b):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held in the ordinary course of business and were not
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acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
(b) The following certification shall be included if the statement is filed
pursuant to Section 240.13d-1(c):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: May 6, 1999
BRAVE ASSET MANAGEMENT INC.
By: /s/ David G. Bunting
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David G. Bunting
Secretary-Treasurer
/s/ DAVID G. BUNTING
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DAVID G. BUNTING
/s/ T. BRETT HAIRE
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T. BRETT HAIRE
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Note 1: Included are 171,900 Common Shares that would be acquirable under 49,700
Class A Warrants (each for one share of Common Stock) and 122,200 Class B
Warrants (each for one share of Common Stock) within the next 60 days.
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EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f)(1) under the Securities Exchange Act
of 1934, as amended, the undersigned hereby agrees to the joint filing with each
other of the attached statement on Schedule 13G and to all amendments to such
statement and that such statement and all amendments to such statement is made
on behalf of each of them.
/s/ DAVID G. BUNTING
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DAVID G. BUNTING
/s/ T. BRETT HAIRE
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T. BRETT HAIRE
BRAVE ASSET MANAGEMENT INC.
By: /s/ David G. Bunting
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David G. Bunting
Secretary-Treasurer
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