UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Amendment No. 1)
Under the Securities Exchange Act of 1934
Information to be Included in Statements Filed Pursuant
To 240.13d-1(b), (c) and Amendments Thereto Filed
Pursuant to 240.13d
Sheffield Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
8212 3D309
(CUSIP Number)
March 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).
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CUSIP NO. 8212 3D309 13G (Amendment No. 1) Page 2 of 5 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
611,530
6) Shared Voting Power
0
7) Sole Dispositive Power
611,530
8) Shared Dispositive Power
0
9) Aggregate Amount Beneficially Owned by Each Reporting Person
611,530
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
11) Percent of Class Represented by Amount in Row (9)
4.7%
12) Type of Reporting Person (See Instructions)
CO
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CUSIP NO. 8212 3D309 13G (Amendment No. 1) Page 3 of 5 Pages
SCHEDULE 13G
AMENDMENT NO. 1
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]
ITEM 4. Ownership
(a) Amount Beneficially Owned:
611,530
(b) Percent of Class:
4.7%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
611,530
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CUSIP NO. 8212 3D309 13G (Amendment No. 1) Page 4 of 5 Pages
(ii) Shared power to vote or to direct the vote
0
(iii) Sole power to dispose or to direct the
disposition of
611,530
(iv) Shared power to dispose or to direct the
disposition of
0
ITEM 5. Ownership of Five Percent or Less of a Class
If this Statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than 5 percent of the class of
securities, check the following [X].
ITEM 6. Ownership of More Than Five Percent on Behalf of Another Person
No Change
ITEM 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company
Not Applicable
ITEM 8. Identification and Classification of Members of the Group
Not Applicable
ITEM 9. Notice of Dissolution of Group
Not Applicable
ITEM 10. Certification
No Change
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CUSIP NO. 8212 3D309 13G (Amendment No. 1) Page 5 of 5 Pages
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: April 8, 1998 GLOBAL CAPITAL MANAGEMENT, INC.
By: /s/ John D. Brandenborg
-------------------------------
Name: John D. Brandenborg
Title: Vice President
