UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Information to be Included in Statements Filed Pursuant
To 240.13d-1(b), (c) and Amendments Thereto Filed
Pursuant to 240.13d-2
Sheffield Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
8212 3D309
(CUSIP Number)
February 27, 1998
(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)
The information required in 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>
CUSIP NO. 8212 3D309 13G Page 2 of 6 Pages
1) Names of Reporting Persons/I.R.S. Identification Nos. of Above
Persons
Global Capital Management, Inc./FEIN 41-1625323
2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [ ]
(b) [ ]
3) SEC Use Only
4) Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
5) Sole Voting Power
1,125,359
6) Shared Voting Power
0
7) Sole Dispositive Power
1,125,359
8) Shared Dispositive Power
0
9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,125,359
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
11) Percent of Class Represented by Amount in Row (9)
8.2%
12) Type of Reporting Person (See Instructions)
CO<PAGE>
Page 3 of 6 Pages
SCHEDULE 13G
ITEM 1. (a) Name of Issuer:
Sheffield Pharmaceuticals, Inc.
(b) Address of Issuer's Principal Executive Offices:
30 Rockefeller Plaza
Suite 4515
New York, New York 10112
ITEM 2. (a) Name of Person Filing:
Global Capital Management, Inc.
(b) Address of Principal Business Office:
602 Carlson Parkway
Suite 200
Minnetonka, Minnesota 55305
(c) Citizenship:
Delaware
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
8212 3D309
ITEM 3. If this statement is filed pursuant to Rule 13d-1(c), check
this box:
[X]<PAGE>
Page 4 of 6 Pages
ITEM 4. Ownership
(a) Amount Beneficially Owned:
1,125,359
(b) Percent of Class:
8.2%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
1,125,359
(ii) Shared power to vote or to direct the vote
0
(iii) Sole power to dispose or to direct the
disposition of
1,125,359
(iv) Shared power to dispose or to direct the
disposition of
0
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
The securities are held by two investment partnerships of
which the reporting person is the general partner and a
private investment company of which the reporting person is
both the manager and investment manager (collectively, the
"Investors"). Each of the Investors has the right to
receive any dividends from, and the proceeds from the sale
of, the securities that it holds. None of the Investors
individually has an interest relating to more than five
percent of the class.
ITEM 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company
Not Applicable<PAGE>
Page 5 of 6 Pages
ITEM 8. Identification and Classification of Members of the Group
Not Applicable
ITEM 9. Notice of Dissolution of Group
Not Applicable
ITEM 10. Certification
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 in connection with
or as a participant in any transaction having such purpose
or effect.<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: March 10 , 1998 GLOBAL CAPITAL MANAGEMENT, INC.
By: /s/ John D. Brandenborg
-------------------------
Name: John D. Brandenborg
Title: Vice President<PAGE>
