SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. ______)
GROEN BROTHERS AVIATION, INC.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
398743 10 4
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(CUSIP Number)
October 26, 2000
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(Date of event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
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CUSIP No. 398743 10 4 Page 2 of 10 Pages
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<S> <C>
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Epsilon Global Active value Fund, LTD
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Island
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES ----------------------------------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 11,152,375
OWNED BY ----------------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER 0
REPORTING ----------------------------------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER 11,152,375
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11,152,375
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 14.8%
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12 TYPE OF REPORTING PERSON 00
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<PAGE>
13G
CUSIP No. 398743 10 4 Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Epsilon Investment Management, LLC 65-0855357
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES ----------------------------------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 12,375,000
OWNED BY ----------------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER 0
REPORTING ----------------------------------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER 12,375,000
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,375,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 16.5%
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12 TYPE OF REPORTING PERSON 00
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<PAGE>
CUSIP No. 398743 10 4 Page 4 of 10 Pages
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<S> <C>
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Steve Stevanovich
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION United States
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES ----------------------------------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 12,500,000
OWNED BY ----------------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER 0
REPORTING ----------------------------------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER 12,500,000
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,500,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 16.7%
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12 TYPE OF REPORTING PERSON IN
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</TABLE>
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Item 1(a). Name of Issuer:
Groen Brothers Aviation, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
2640 W. California Avenue
Suite A
Salt Lake City, Utah 84101
Item 2(a). Name of Persons Filing:
Epsilon Global Active Value Fund, LTD.
Epsilon Investment Management, LLC
Steve Stevanovich
Item 2(b). Address of Principal Business Office or, if None, Residence:
Epsilon Global Active Value Fund, LTD.
7280 W. Palmetto Park Road
Suite 310
Boca Raton, Florida 33433
Epsilon Investment Management, LLC
7280 W. Palmetto Park Road
Suite 310
Boca Raton, Florida 33433
Steve Stevanovich
7280 W. Palmetto Park Road
Suite 310
Boca Raton, Florida 33433
Item 2(c). Citizenship:
Epsilon Global Active Value Fund, LTD. - British Virgin Islands
Epsilon Investment Management, LLC - Delaware
Steve Stevanovich - United States
Item 2(d). Title of Class of Securities:
Common Stock, no par value
Item 2(e). CUSIP Number:
398743 10 4
Page 5 of 10
<PAGE>
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b) or (c), check whether the person filing is a:
(a) |_| Broker or Dealer registered under Section 15
of the Exchange Act.
(b) |_| Bank as defined in Section 3(a)(6) of the
Exchange Act.
(c) |_| Insurance company as defined in Section 3(a)
(19) of the Exchange Act.
(d) |_| Investment company registered under Section
8 of the Investment Company Act.
(e) |_| An investment advisor in accordance with
Rule 13d-1(b)(1)(ii)(E).
(f) |_| An employee benefit plan or endowment fund
in accordance with Rule 13d-1(b)(1)(ii)(F).
(g) |_| A parent holding company or control person
in accordance with Rule 13d-1(b)(1)(ii)(G).
(h) |_| A savings association as defined in Section
3(b) of the Federal Deposit Insurance Act.
(i) |_| A church plan that is excluded from the
definition of an investment company under
Section 3(c)(14) of the Investment Company
Act.
(j) |_| Group, in accordance with Rule 13d-1(b)
(l)(ii)(J).
Not Applicable. This Schedule 13G is filed pursuant to
Rule 13d-1(c).
Item 4. Ownership
(a) Amount beneficially owned:
Epsilon Global Active Value Fund, LTD.
11,152,375 shares of Common Stock, no par value
Epsilon Investment Management, LLC
12,375,000 shares of Common Stock, no par value
Steve Stevanovich
12,500,000 shares of Common Stock, no par value
(b) Percent of class:
Epsilon Global Active Value Fund, LTD.
14.8%
Epsilon Investment Management, LLC
16.5%
Steve Stevanovich
16.7%
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<S> <C>
(c) Number of shares as to which such person has:
Epsilon Global Active Value Fund, LTD.
(i) Sole power to vote or to direct the vote 0
(ii) Shared power to vote or direct the vote 11,152,375
Page 6 of 10
<PAGE>
(iii) Sole power to dispose or to direct the disposition of 0
(iv) Shared power to dispose or to direct the disposition of 11,152,375
Epsilon Investment Management, LLC
(i) Sole power to vote or to direct the vote 0
(ii) Shared power to vote or direct the vote 12,375,000
(iii) Sole power to dispose or to direct the disposition of 0
(iv) Shared power to dispose or to direct the disposition of 12,375,000
Steve Stevanovich
(i) Sole power to vote or to direct the vote 0
(ii) Shared power to vote or direct the vote 12,500,000
(iii) Sole power to dispose or to direct the disposition of 0
(iv) Shared power to dispose or to direct the disposition of 12,500,000
</TABLE>
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.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company or Control Person.
Not Applicable.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of the Group.
Not Applicable.
Item 10. Certifications.
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 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.
Page 7 of 10
<PAGE>
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: November 6, 2000 EPSILON GLOBAL ACTIVE VALUE FUND, LTD.
BY: EPSILON INVESTMENT MANAGEMENT, LLC
By: /s/ Steve G. Stevanovich
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Name: Steve G. Stevanovich
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Title: President
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EPSILON INVESTMENT MANAGEMENT, LLC
By: /s/ Steve G. Stevanovich
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Name: Steve G. Stevanovich
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Title: President
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/s/ Steve Stevanovich
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Steve Stevanovich
Page 8 of 10
<PAGE>
Index to Exhibits
Exhibit No. Exhibit
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99.1 Joint Filing Agreement, dated November 6, 2000 by and among
Epsilon Global Active Value Fund, LTD., Epsilon Investment
Management, LLC and Steve Stevanovich.
Page 9 of 10
<PAGE>
Exhibit 99.1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated under the Securities
Exchange Act of 1934, the undersigned agree to the joint filing of a Statement
on Schedule 13G (including any and all amendments thereto) with respect to the
Common Stock, no par value, of Groen Brothers Aviation, Inc., and further agree
to the filing of this Agreement as an Exhibit thereto. In addition, each party
to this Agreement expressly authorizes each other party to this Agreement to
file any and all amendments to such Statement on Schedule 13G.
Date: November 6, 2000 EPSILON GLOBAL ACTIVE VALUE FUND, LTD.
BY: EPSILON INVESTMENT MANAGEMENT, LLC
By: /s/ Steve G. Stevanovich
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Name: Steve G. Stevanovich
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Title: President
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EPSILON INVESTMENT MANAGEMENT, LLC
By: /s/ Steve G. Stevanovich
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Name: Steve G. Stevanovich
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Title: President
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/s/ Steve Stevanovich
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Steve Stevanovich
Page 10 of 10
