[1]
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OMB APPROVAL
OMB Number:3235-0145
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Estimated average burden
hours per form 14.90
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
*
Gardenburger Inc.
*
- -----------------------------------------------------------------
Common Stock
*
365476100
*
Elizabeth D. Giorgis
Gruber and McBaine Capital Management
50 Osgood Place, Penthouse
San Francisco, CA 94133
(415) 981-2101
- -----------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
*
November 25, 1998
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(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement
/ /. (A fee is not required only if the reporting person: (1)
has a previous statement on file reporting beneficial ownership
of more than five percent of the class of securities described in
Item 1; and (2) has filed no amendment subsequent thereto
reporting beneficial ownership of five percent or less of such
class.) (See Rule 13d-7.)
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).
SEC 1746 (12-91)
[2]<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 2 of 17 Pages
- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C.
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(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
CALIFORNIA
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 538,850
REPORTING -------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
538,850
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
538,850
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.17
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
[3]<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 3 of 17 Pages
- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
JON D. GRUBER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, PF
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E)/ /
- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 69,150
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 538,850
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 69,150
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
538,850
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
608,000
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.96
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
[4]<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 4 of 17 Pages
- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
J. PATTERSON McBAINE
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
- -----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, PF
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E)/ /
- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 41,200
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 538,850
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 41,200
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
538,850
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
580,050
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.64
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
[5]<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 5 of 17 Pages
- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
LAGUNITAS PARTNERS, A California Limited Partnership
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(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
CALIFORNIA
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 250,250
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
250,250
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
250,250
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.87
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
[6]<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 6 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GMJ INVESTMENTS, A California Limited Partnership
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(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
CALIFORNIA
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
2500
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2500
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.03
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
[7]<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 7 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
THOMAS O. LLOYD-BUTLER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- -----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, 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
UNITED STATES
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 538,850
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
538,850
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
538,850
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.17
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 8 of 17 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of
Gardenburger Inc. ("GBUR"). The principal executive office of
GBUR is located at 1411 SW Morrison, Suite 400, Portland, OR
97205.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in
Instruction C of Schedule 13D and, where applicable, their
respective places of organization, general partners, directors,
executive officers and controlling persons, and the information
regarding them, are as follows:
(a) Gruber and McBaine Capital Management, L.L.C. (LLC); Jon D.
Gruber (Gruber); J. Patterson McBaine (McBaine); Thomas O. Lloyd-
Butler (TLB); Lagunitas Partners, L.P., a California limited
partnership (Lag); GMJ Investments, L.P., a California limited
partnership (GMJ).
(b) The business address of LLC, Gruber, McBaine, TLB, Lag and
GMJ is 50 Osgood Place, Penthouse, San Francisco, CA 94133.
(c) LLC is an investment adviser. Gruber and McBaine are the
Managers of LLC and TLB is a member of LLC. Lag and GMJ are
investment limited partnerships. LLC is the general partner of
Lag and GMJ.
(d) During the last five years, none of such persons has been
convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors).
(e) During the last five years, none of such persons was a party
to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or
is 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.
(f) All such persons are citizens of the United States of
America.
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 9 of 17 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were
as follows:
Purchaser Source of Funds Amount
LLC Capital Under Management $3,382,302
Gruber Personal Funds $810,374
McBaine Personal Funds $473,025
Lag Working Capital $2,948,160
GMJ Working Capital $32,129
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the purchase of the Stock reported herein was
and is for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in
Item 2 of this statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
Lag 250,250 2.87 0 250,250 0 250,250
GMJ 2,500 0.03 0 2,500 0 2,500
LLC 538,850 6.17 0 538,850 0 538,850
Gruber608,000 6.96 69,150 538,850 0 538,850
McBaine580,050 6.64 41,200 538,850 0 538,850
TLB 538,850 6.17 0 538,850 0 538,850
Note: In addition to the shares reported, 45,000 shares are
owned by an investment advisory client of LLC over which LLC does
not have voting or dispositive power. Therefore, LLC disclaims
beneficial ownership with respect to those shares.
The persons filing this statement effected the following
transactions in the Stock on the dates indicated, and such
transactions are the only transactions in the Stock by the
persons filing this statement since January 1, 1998:
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 10 of 17 Pages
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
LLC P 2/3/99 1400 11.31 INCA
McBaine P 2/3/99 200 11.31 INCA
LLC P 2/2/99 1800 11.56 INCA
McBaine P 2/2/99 200 11.56 INCA
Lag P 2/1/99 1000 11.56 INCA
Lag P 2/1/99 2500 12.00 CHAS
Gruber P 2/1/99 1000 12.00 CHAS
LLC P 2/1/99 1500 12.00 CHAS
Lag P 1/29/99 2000 12.00 OPCO
Gruber P 1/29/99 1000 12.00 OPCO
McBaine P 1/29/99 500 12.00 OPCO
LLC P 1/29/99 1500 12.00 OPCO
LLC P 1/7/99 4000 10.75 SHWD
Gruber P 1/7/99 1000 10.75 SHWD
Lag P 1/6/99 4500 10.63 SHWD
Gruber P 1/6/99 1000 10.63 SHWD
McBaine P 1/6/99 1000 10.63 SHWD
LLC P 1/6/99 3500 10.63 SHWD
Lag P 1/5/99 4000 11.00 SHWD
LLC P 1/5/99 1000 11.00 SHWD
LLC P 1/5/99 1600 10.69 INCA
Lag P 12/31/98 2500 10.94 HRZG
Lag P 12/30/98 3000 10.65 CHAS
Gruber P 12/30/98 1500 10.65 CHAS
McBaine P 12/30/98 500 10.65 CHAS
Gruber P 12/22/98 2000 10.06 NITE
Lag P 12/17/98 3000 10.12 INCA
Gruber P 12/17/98 1000 10.12 INCA
Lag P 12/16/98 3000 10.22 INCA
Gruber P 12/16/98 1000 10.22 INCA
Lag P 12/11/98 20000 9.13 HMQT
LLC P 12/11/98 24000 9.13 HMQT
Gruber P 12/11/98 5500 9.13 HMQT
McBaine P 12/11/98 5500 9.13 HMQT
Gruber P 12/11/98 1500 9.06 INCA
McBaine P 12/11/98 500 9.06 INCA
Lag P 12/10/98 7000 9.13 HMQT
LLC P 12/10/98 5500 9.13 HMQT
Gruber P 12/10/98 500 9.13 HMQT
McBaine P 12/10/98 2000 9.13 HMQT
LLC P 12/10/98 1000 9.06 INCA
Gruber P 12/10/98 500 9.06 INCA
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 11 of 17 Pages
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
McBaine P 12/10/98 500 9.06 INCA
Lag P 12/9/98 3000 8.97 INCA
LLC P 12/9/98 5000 8.97 INCA
Gruber P 12/9/98 1000 8.97 INCA
McBaine P 12/9/98 1000 8.97 INCA
Lag P 12/8/98 4000 9.81 INCA
LLC P 12/8/98 1300 9.81 INCA
Lag P 12/2/98 10000 10.25 HMQT
LLC P 12/2/98 15000 10.25 HMQT
Gruber P 12/2/98 3000 10.25 HMQT
McBaine P 12/2/98 2000 10.25 HMQT
Lag P 12/2/98 4500 10.26 INCA
LLC P 12/2/98 1500 10.26 INCA
Lag P 12/1/98 3700 10.36 INCA
LLC P 12/1/98 5000 10.36 INCA
Gruber P 12/1/98 2000 10.36 INCA
McBaine P 12/1/98 500 10.36 INCA
Lag P 11/25/98 5000 10.75 INCA
LLC P 11/25/98 18700 10.75 INCA
Lag P 11/24/98 2000 11.05 INCA
LLC P 11/24/98 3300 11.05 INCA
McBaine P 11/24/98 1000 11.05 INCA
Lag P 11/24/98 10000 11.88 HMQT
LLC P 11/24/98 5000 11.88 HMQT
Lag P 11/23/98 2300 12.75 CHAS
LLC P 11/23/98 5000 13.11 INCA
LLC P 11/18/98 1200 11.75 INCA
LLC P 11/17/98 1100 12.00 DAIN
LLC P 11/17/98 500 11.94 INCA
LLC P 11/16/98 1400 11.50 INCA
Lag P 11/13/98 2000 11.50 INCA
McBaine P 11/13/98 300 11.50 SHWD
LLC P 11/13/98 2700 11.50 SHWD
Lag P 11/12/98 1500 11.37 INCA
LLC P 11/12/98 2000 11.37 INCA
Lag P 11/11/98 7000 11.49 DAIN
Gruber P 11/11/98 2000 11.49 DAIN
McBaine P 11/11/98 1000 11.49 DAIN
LLC P 11/11/98 2000 11.37 INCA
Lag P 11/10/98 4000 11.74 INCA
LLC P 11/10/98 1000 11.74 INCA
Lag P 11/9/98 7000 11.17 INCA
LLC P 11/9/98 2000 11.17 INCA
Gruber P 11/9/98 2000 11.17 INCA
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 12 of 17 Pages
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
LLC P 11/5/98 9000 11.59 INCA
Gruber P 11/5/98 3000 11.59 INCA
McBaine P 11/5/98 1000 11.59 INCA
McBaine P 11/4/98 3000 12.36 MONT
Lag P 11/3/98 4000 12.44 INCA
LLC P 11/3/98 3000 12.44 INCA
Gruber P 11/3/98 1000 12.44 INCA
Lag P 11/2/98 7800 12.76 INCA
LLC P 11/2/98 1000 12.76 INCA
McBaine P 11/2/98 1000 12.76 INCA
Gruber P 10/30/98 1000 13.18 INCA
LLC P 10/30/98 10600 13.18 INCA
Lag P 10/29/98 1500 13.13 PIPR
Gruber P 10/29/98 1000 13.13 PIPR
LLC P 10/29/98 800 13.31 INCA
Lag P 10/28/98 5000 13.16 INCA
LLC P 10/28/98 3000 13.16 INCA
Gruber P 10/28/98 1400 13.16 INCA
LLC P 10/28/98 500 13.00 SHWD
Lag P 10/23/98 8000 12.77 INCA
LLC P 10/23/98 14000 12.77 INCA
Gruber P 10/23/98 3500 12.77 INCA
McBaine P 10/23/98 1000 12.77 INCA
Lag P 10/22/98 5000 13.24 INCA
Gruber P 10/22/98 1000 13.24 INCA
LLC P 10/21/98 4900 13.04 INCA
Lag P 10/20/98 5000 13.63 DAIN
LLC P 10/20/98 2000 13.31 INCA
Gruber P 10/20/98 1000 13.31 INCA
LLC P 10/19/98 5000 13.28 DAIN
Gruber P 10/19/98 1300 13.28 DAIN
McBaine P 10/19/98 600 13.28 DAIN
Lag P 10/15/98 3900 13.94 CHAS
LLC P 10/15/98 1000 13.94 CHAS
LLC P 10/15/98 500 12.81 INCA
LLC P 10/15/98 500 13.63 PIPR
Lag P 10/14/98 5000 12.02 INCA
Gruber P 10/14/98 1000 12.02 INCA
McBaine P 10/14/98 700 12.02 INCA
McBaine P 10/14/98 700 12.71 OPCO
LLC P 10/14/98 6300 12.71 OPCO
LLC P 10/5/98 2000 10.44 INCA
Gruber P 10/2/98 2000 11.00 INCA
LLC P 10/2/98 7000 11.00 INCA
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 13 of 17 Pages
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
Lag P 9/15/98 2500 10.55 INCA
LLC P 9/15/98 1000 10.55 INCA
Gruber P 9/15/98 1000 10.55 INCA
McBaine P 9/15/98 500 10.55 INCA
LLC P 9/14/98 2500 10.56 SHWD
Lag P 9/11/98 400 10.00 INCA
Lag P 9/10/99 2100 9.69 INCA
Lag P 8/31/98 2000 10.06 INCA
LLC P 8/31/98 1000 10.06 INCA
LLC P 8/25/98 2500 12.00 HRZG
Lag P 8/20/98 2000 12.00 INCA
Gruber P 8/20/98 1000 12.00 INCA
Lag P 8/11/98 3000 11.88 SHWD
LLC P 8/11/98 1000 11.88 SHWD
Lag P 7/30/98 10000 14.00 ADAM
LLC P 7/30/98 9000 14.00 ADAM
Gruber P 7/30/98 1000 14.00 ADAM
Lag P 7/27/98 5000 13.72 TSCO
LLC P 7/27/98 3700 13.72 TSCO
Gruber P 7/27/98 1000 13.72 TSCO
McBaine P 7/27/98 500 13.72 TSCO
Lag P 7/23/98 2500 13.88 HRZG
LLC P 7/23/98 1500 13.88 HRZG
Gruber P 7/23/98 1000 13.88 HRZG
Lag P 7/21/98 5000 13.58 HMQT
LLC P 7/21/98 8300 13.58 HMQT
Gruber P 7/21/98 1200 13.58 HMQT
McBaine P 7/21/98 500 13.58 HMQT
Gruber P 7/14/98 1000 14.02 INCA
LLC P 7/14/98 5200 14.02 INCA
Lag P 7/8/98 2500 13.75 PWJC
Gruber P 7/8/98 2000 13.75 PWJC
McBaine P 7/8/98 500 13.75 PWJC
Lag P 7/8/98 2500 13.62 INCA
LLC P 7/8/98 1600 13.62 INCA
McBaine P 7/8/98 400 13.62 INCA
Lag P 7/7/98 10000 14.00 DAIN
LLC P 7/7/98 9000 14.00 DAIN
Gruber P 7/7/98 1000 14.00 DAIN
Lag P 7/7/98 2000 13.69 INCA
Lag P 7/6/98 14000 13.81 PIPR
GMJ P 7/6/98 1500 13.81 PIPR
LLC P 7/6/98 1500 13.81 PIPR
Gruber P 7/6/98 1000 13.81 PIPR
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 14 of 17 Pages
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
McBaine P 7/6/98 2000 13.81 PIPR
LLC P 7/6/98 700 13.73 INCA
Gruber P 7/6/98 2000 13.73 INCA
McBaine P 7/6/98 300 13.73 INCA
LLC P 7/6/98 15300 13.45 SHWD
Gruber P 7/6/98 1150 13.45 SHWD
McBaine P 7/6/98 2550 13.45 SHWD
LLC P 7/2/98 4500 12.75 DAIN
Gruber P 7/2/98 4500 12.75 DAIN
McBaine P 7/2/98 1000 12.75 DAIN
Lag P 6/30/98 2000 12.00 PIPR
LLC P 6/30/98 6000 12.00 PIPR
Gruber P 6/30/98 1000 12.00 PIPR
McBaine P 6/30/98 1000 12.00 PIPR
Gruber P 6/30/98 600 11.69 INCA
McBaine P 6/30/98 500 11.69 INCA
Lag P 6/29/98 2500 11.69 INCA
LLC P 6/29/98 2000 11.69 INCA
Gruber P 6/29/98 1000 11.69 INCA
McBaine P 6/29/98 500 11.69 INCA
Lag P 6/26/98 1250 11.38 DAIN
LLC P 6/26/98 500 11.38 DAIN
Gruber P 6/26/98 500 11.38 DAIN
McBaine P 6/26/98 250 11.38 DAIN
Lag P 6/25/98 4300 11.48 PIPR
LLC P 6/25/98 4000 11.48 PIPR
McBaine P 6/25/98 1700 11.48 PIPR
Lag P 6/25/98 1000 11.50 NITE
LLC P 6/25/98 2000 11.50 NITE
GMJ P 6/25/98 1000 11.42 INCA
LLC P 6/25/98 2000 11.42 INCA
Gruber P 6/25/98 1000 11.42 INCA
Lag P 6/24/98 2500 11.50 PIPR
Lag P 6/24/98 5000 11.71 TSCO
LLC P 6/24/98 5000 11.71 TSCO
Lag P 6/24/98 2500 11.72 SHWD
LLC P 6/24/98 6000 11.72 SHWD
Gruber P 6/24/98 1500 11.72 SHWD
McBaine P 6/24/98 3000 11.71 INCA
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 15 of 17 Pages
[Key to brokers used:]
ADAM Adam Harkness Hill
CHAS Charles Schwab
DAIN Dain Raucher
HMQT Hambrecht & Quist
HRZG Herzog Heine Geduld
INCA Instinet
MONT NationsBanc Montgomery Securities
NITE Knight Securities
OPCO CIBC Oppenheimer
PIPR Piper Jaffrey
PWJC Paine Webber
SHWD Sherwood Securities
TSCO Troster Singer
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
LLC is the general partner of Lag and GMJ, pursuant to limited
partnership agreements. These agreements provide to the general
partner the authority, among other things, to invest the funds of
GMJ and Lag in the Stock, to vote and dispose of those securities
and to file this statement on behalf of GMJ and Lag. Also
pursuant to those limited partnership agreements, LLC is entitled
to fees based on assets under management and realized and
unrealized gains, if certain conditions are met. Pursuant to
investment management agreements, LLC is authorized, among other
things, to invest funds of its various investment advisory
clients, and to vote and dispose of those securities. Such
investment management agreements may be terminated by either
party on thirty days' notice, and provide for fees payable to LLC
based on assets under management and realized and unrealized
gains, if certain conditions are met. Pursuant to authority
granted to LLC orally and under a Power of Attorney, LLC is
authorized, among other things, to invest funds of various
relatives and affiliates of Gruber and McBaine. Such authority
may be terminated at any time on notice and there are no fees
payable to LLC for those services.
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 16 of 17 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule
13D or 13G (previously filed).
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I
certify that the information set forth in this statement is true,
complete and correct.
DATED: February 26, 1999
/s/ Jon D. Gruber
Jon D. Gruber
/s/ J. Patterson McBaine
J. Patterson McBaine
/s/ Thomas O. Lloyd-Butler
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, L.L.C., by
/s/ J. Patterson McBaine
J. Patterson McBaine, Manager
Lagunitas Partners, L.P., by
Gruber and McBaine Capital Management, L.L.C., by
/s/ J. Patterson McBaine
J. Patterson McBaine, Manager
<PAGE>
SCHEDULE 13D
CUSIP No. 365476100 Page 17 of 17 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and
Exchange Commission (the "SEC") any and all statements on
Schedule 13D or Schedule 13G (and any amendments or supplements
thereto) required under section 13(d) of the Securities Exchange
Act of 1934, as amended, in connection with purchases by the
undersigned of Common Stock of GBUR. For that purpose, the
undersigned hereby constitute and appoint Gruber & McBaine
Capital Management, L.L.C., as their true and lawful agent and
attorney-in-fact, with full power and authority for and on behalf
of the undersigned to prepare or cause to be prepared, sign, file
with the SEC and furnish to any other person all certificates,
instruments, agreements and documents necessary to comply with
section 13(d) and section 16(a) of the Securities Exchange Act of
1934, as amended, in connection with said purchases, and to do
and perform every act necessary and proper to be done incident to
the exercise of the foregoing power, as fully as the undersigned
might or could do if personally present.
DATED: February 26, 1999.
/s/ Jon D. Gruber
Jon D. Gruber
/s/ J. Patterson McBaine
J. Patterson McBaine
/s/ Thomas O. Lloyd-Butler
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, L.L.C., by
/s/ J. Patterson McBaine
J. Patterson McBaine, Manager
Lagunitas Partners, L.P., by
Gruber and McBaine Capital Management, L.L.C., by
/s/ J. Patterson McBaine
J. Patterson McBaine, Manager
CSR\2217\006\1032317.01 2/26/1999 3:33
