<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one): [ ] is a restatement
[ ] adds new holdings entries
Institutional Investment Manager Filing this Report:
Name: GBU Inc.
Address: 70 East 55th Street - 12th Floor
New York, New York 10022
13F File Number: 28-3994
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Gerald B. Unterman
Title: President
Phone: (212) 753-0700
Signature, Place, and Date of Signing:
Gerald B. Unterman New York, New York May 4, 1999
Report Type (Check only one):
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
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FORM 13F SUMMARY PAGE
Report Summary
Number of Other Included Managers: -0-
Form 13F Information Table Entry Total: 16
Form 13F Information Table Value Total: $270,756
List of Other Included Managers: None
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FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
NAME OF ISSUER TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/
CLASS (x$1000) PRN AMT CALL
- - -------------- ------------- ----------- ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Advantica COM 00758B109 1,313 262,535 SH
Restaurant
Group
Advantica WT 00758B117 640 602,147 WT
Restaurant
Group
Calif.Fed 2nd CONT. 130209703 7,472 671,674
Bank FSB LITIG.
Calif. Fed. CONT. LITIG. 130209604 4,408 400,751
Bank FSB REC.
Cell Pathways COM 15114R101 12,348 1,674,254 SH
Inc.
Cendant Corp. COM 151313103 13,547 850,000 SH
Dime Bancorp. COM 25429Q102 32,077 1,383,372 SH
Golden State COM 381197102 30,608 1,375,642 SH
Bancorp
Golden State WT EX 000000 381197136 6,620 1,375,642 WT
Bancorp
Loral Space PFD CV 6% G56462149 2,332 49,100 SH
Mediaone PFD CV SER D 58440J203 1,634 18,539 SH
Group Inc.
</TABLE>
<TABLE>
<CAPTION>
NAME OF ISSUER INVSTMT OTHER VOTING VOTING VOTING
DSCRETN MANAGERS AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED NONE
- - -------------- ---------- -------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Advantica SOLE 262,535 0 0
Restaurant
Group
Advantica SOLE 0 0 0
Restaurant
Group
Calif.Fed SOLE 0 0 0
Bank FSB
Calif. Fed. SOLE 0 0 0
Bank FSB
Cell Pathways SOLE 1,674,254 0 0
Inc.
Cendant Corp. SOLE 850,000 0 0
Dime Bancorp. SOLE 1,383,372 0 0
Golden State SOLE 1,375,642 0 0
Bancorp
Golden State SOLE 0 0 0
Bancorp
Loral Space SOLE 49,100 0 0
Mediaone SOLE 18,539 0 0
Group Inc.
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C> <C>
National CAP UTS 632525309 37 1,190 SH
Australia EXCHBL
Bank Ltd.
Nextel Commun. CLA 65332V103 84,281 2,301,200 SH
Inc.
Royal PFD CONV V7780T103 2,215 18,100 SH
Caribbean
Cruises
Tesoro Pete CV 1/100 8861609408 1,671 140,000 SH
Corp.
WinStar COM 975515107 69,553 1,915,400 SH
Commun. Inc.
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
National SOLE 1,190 0 0
Australia
Bank Ltd.
Nextel Commun. SOLE 2,301,200 0 0
Inc.
Royal SOLE 18,100 0 0
Caribbean
Cruises
Tesoro Pete SOLE 140,000 0 0
Corp.
WinStar SOLE 1,915,400 0 0
Commun. Inc.
</TABLE>
