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
Sumichrast, Martin A.
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
11/30/1999
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director (X) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
CEO and President
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>
Common Stock, par value $.0|- |- | |- |- |- |240,000 |D |(1) |
5 per share | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<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>
10% Convertible Prefer|1:1 |11/08|P | |1,000,000 |A |Immed|01/01|Common Stock|1,000,0|$2.063 |1,000,000 |I |(1) |
red Stock, Series A | |/99 | | | | |. |/05 |, $0.05 par |00 | | | | |
| | | | | | | | |value per sh| | | | | |
| | | | | | | | |are | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Purchase |$2.85 |11/08|P | |700,000 |A |Immed|11/09|Common Stock|700,000|$0.15 |- |I |(1) |
Warrants (Right to Buy| |/99 | | | | |. |/02 |, $0.05 par | | | | | |
) | | | | | | | | |value per sh| | | | | |
| | | | | | | | |are | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Purchase |$2.85 |11/08|S | |490,000 |D |Immed|11/09|Common Stock|490,000|(2) |210,000 |I |(1) |
Warrants (Right to Buy| |/99 | | | | |. |/02 |, $0.05 par | | | | | |
) | | | | | | | | |value per sh| | | | | |
| | | | | | | | |are | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Convertible Note, due |.35:1 |11/08|S | |$2,000,000 |D |Immed|12/31|10% Converti|700,000|(2) |$2,000,000 (|I |(1) |
12/31/2004 | |/99 | | |(3) | |. |/04 |ble Preferre| | |3) | | |
| | | | | | | | |d Stock, Ser| | | | | |
| | | | | | | | |ies A | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Call Option (Right to |(3) |11/08|J (3| |1,000,000 (|A |Immed|12/31|10% Converti|1,000,0|(3) |1,000,000 (3|I |(1) |
buy) | |/99 |) | |4) | |. |/00 |ble Preferre|00 | |) | | |
| | | | | | | | |d Stock, Ser| | | | | |
| | | | | | | | |ies A | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Call Option (Right to |(4) |11/08|J (4| |$2,000,000 |D |Immed|12/31|Convertible |$2,000,|(4) |(4) |I |(1) |
buy) | |/99 |) | |(5) | |. |/04 |Notes, due 1|000 | | | | |
| | | | | | | | |2/31/04 | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Class C Common Stock P|$7.00 |- |- | |- - |A,D|Immed|02/20|Common Stock|70,000 |- |70,000 |D | |
urchase Warrants (Righ| | | | | | |. |/02 |, $0.05 par | | | | | |
t to Buy) | | | | | | | | |value per sh| | | | | |
| | | | | | | | |are | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Stock Option (Right to|$4.50 |(5) |- | |- - |A,D|12/31|(5) |Common Stock|75,000 |(5) |75,000 |D | |
Buy) | | | | | | |/99 | |, par value | | | | | |
| | | | | | | | |$.05 per sha| | | | | |
| | | | | | | | |re | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) The securites are owned by Belle Holdings, Inc. ("Belle"), a corporation
of which Mr. Sumichrast is sole stockholder, director and officer.
(2) Pursuant to the terms of the convertible note, due December 31, 2004,
Belle borrowed $2,000,000 of a permittable aggregate principal amount of
$4,000,000 in exchange for the convertible note and the 490,000 warrants. In
lieu of interest payable with respect to the principal amount due, Belle
has assigned to the payee of the note the right to receive any and all
dividend payments due on the issuer's 10% Convertible Preferred Stock, Series
A (the "Preferred Stock") owned by Belle. The note is convertible at any time
and from time to time into shares of the Preferred Stock at a ratio of
.35:1. The Preferred Stock is convertible at any time and from time to time
into the issuer's common stock, par value $0.05 per share, at a 1:1 ratio.
(3) In connection with Belle's purchase of 1,000,000 shares of Preferred Stock
and 700,000 warrants, Belle received the option, exercisable at any
time and from time to time, to buy up to 1 million additional shares of
Preferred Stock on the same terms as the initially purchased Preferred Stock.
(4) In connection with Belle's sale of the $2,000,000 convertible note and
490,000 warrants, Belle gave the payee of the note the right to buy up to $2
million aggregate principal amount of additional
notes.
(5) The options were granted on December 23, 1998 pursuant to an employee stock
option plan, vest on December 31, 1999 and expire ten years
from the date of
grant.
SIGNATURE OF REPORTING PERSON
Martin A. Sumichrast
DATE
June 30, 2000
