UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Belle Holdings, Inc.
6000 Fairview Road
Suite 1410
Charlotte, NC 28210
USA
2. Issuer Name and Ticker or Trading Symbol
Global Capital Partners, Inc.
("GCAP")
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
1/31/2000
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Call Option (Right to |(1) |1/10/|C | |100,000 |D |Immed|12/31|10% Converti|100,000|(1) |900,000 |D | |
Buy) | |00 | | | | |. |/00 |ble Preferre| | | | | |
| | | | | | | | |d Stock, Ser| | | | | |
| | | | | | | | |ies A | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
10% Convertible Prefer|1:1 |1/10/|C | |100,000 |A |Immed|01/01|Common Stock|100,000|$2.063 |1,100,000 |D | |
red Stock, Series A | |00 | | | | |. |/05 |, $0.05 par | | | | | |
| | | | | | | | |value | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Convertible Note, due |.35:1 |1/10/|S | |$200,000 |D |Immed|12/31|10% Converti|70,000 |(2) |$1,800,000 |D | |
12/31/2004 | |00 | | | | |. |/04 |ble Preferre| | | | | |
| | | | | | | | |d Stock, Ser| | | | | |
| | | | | | | | |ies A | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Purchase |$5.50 |1/31/|P | |1,500,000 |A |7/1/2|12/31|Common Stock|1,500,0|$0.25 |- |D | |
Warrants (Right to Buy| |00 | | | | |001 |/05 |, $0.05 par |00 | | | | |
) | | | | | | | | |value | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Purchase |$5.50 |1/31/| |S|900,000 |D |7/1/2|12/31|Common Stock|900,000|$0.25 (|- |D | |
Warrants (Right to Buy| |00 | | | | |001 |/05 |, $0.05 par | |3) | | | |
) | | | | | | | | |value | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Purchase |$5.50 |1/31/| |S|200,000 |D |7/1/2|12/31|Common Stock|900,000|$0.25 (|400,000 |D | |
Warrants (Right to Buy| |00 | | | | |001 |/05 |, $0.05 par | |4) | | | |
) | | | | | | | | |value | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) In connection with the purchase by Belle Holdings, Inc. ("Belle") of
1,000,000 shares of 10% Convertible Preferred Stock, Series A ("Preferred
Stock") and other securities, Belle received an option to purchase up to 1
million additional shares of Preferred Stock.
(2) Pursuant to the terms of the agreement between Belle and a third-party
concerning the purchase of convertible notes, due December 31, 2004
(the "Notes"), Belle purchased an additional $200,000 of Notes. In lieu of
interest payable with respect to the principal amount due, Belle assigned to
the payee the right to receive any and all dividend payments due on the
underlying Preferred Stock. The Notes are convertible at a ratio of .35:1 at
any time and from time to time into shares of the Preferred Stock. The
Preferred Stock is convertible at a 1:1 ratio at any time and from time to time
into
shares of the issuer's common stock, par value $0.05 per
share.
(3) Belle sold the warrants in exchange for a note in the amount of $225,000
due July 1, 2001 bearing interest at an annual rate of 8%.
(4) Belle sold the warrants in exchange for a note in the amount of $50,000
due July 1, 2001 bearing interest at an annual rate of 8%.
SIGNATURE OF REPORTING PERSON
/s/ Martin Sumichrast, President
DATE
June 30, 2000
