UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
GOLF ROUNDS.COM, INC.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
38168R108
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(CUSIP Number)
David Alan Miller, Esq.
Graubard Mollen & Miller
600 Third Avenue
New York, New York 10016-2097
Telephone: (212) 818-8800
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
March 1, 2000
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
.
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on 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 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 1 of 12 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 38168R108 Page 2 of 12 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
The Rachel Beth Heller 1997 Trust Dated 7/9/97
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
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7 SOLE VOTING POWER
70,000
----------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 70,000
WITH ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168R108 Page 3 of 12 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
The Evan Todd Heller 1997 Trust Dated 6/17/97
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
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7 SOLE VOTING POWER
70,000
----------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 70,000
WITH ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168R108 Page 4 of 12 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Martan & Co.
13-1924455
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
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7 SOLE VOTING POWER
70,000
----------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 70,000
WITH ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168R108 Page 5 of 12 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Donehew Fund Limited Partnership
83-0316971
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Georgia
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7 SOLE VOTING POWER
519,690
----------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 70,000
WITH ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
519,690
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.8%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168R108 Page 6 of 12 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Jonathan & Nancy Glaser Family Trust Dated 12/16/98
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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7 SOLE VOTING POWER
40,000
----------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 40,000
WITH ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168R108 Page 7 of 12 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
W. Robert Ramsdell
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
40,000
----------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 40,000
WITH ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 38168R108 Page 8 of 12 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Nagelberg Family Trust Dated 9/24/97
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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7 SOLE VOTING POWER
140,000
----------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 140,000
WITH ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
140,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 38168R108 Page 9 of 12 Pages
- ---------------------- -----------------------------
Item 1. Security and Issuer
The class of equity securities to which this statement relates is the
common stock, $.01 par value ("Common Stock"), of Golf Rounds.com, Inc., a
Delaware corporation ("Issuer"), whose principal executive offices are located
at 376 Main Street, P.O. Box 74, Bedminster, New Jersey 07921.
The percentages of beneficial ownership reflected in this Statement are
based upon 2,099,491 shares of Common Stock outstanding on January 28, 2000,
which number has been obtained directly from the Issuer.
Item 2. Identity and Background
The "group" that was created in connection with the transactions described
in Item 6 no longer exists. Each of the Reporting Persons hereby disclaims
beneficial ownership of any shares of the Issuer's Common Stock owned by each of
the other Reporting Persons. Each of the Reporting Persons other than Donehew
Fund Limited Partnership hereby disclaims beneficial ownership of the shares of
the Issuer's Common Stock that are subject to the proxies described in Item 6.
Item 3. Source and Amounts of Funds or Other Consideration
No change.
Item 4. Purpose of Transactions
Each of the Reporting Persons has acquired the securities specified in Item
5 of this Schedule 13D for investment purposes. Each of the Reporting Persons
may acquire additional securities from time to time in the market or in private
transactions. None of these persons has any agreements to acquire any additional
Common Stock at this time. None of these persons has any present plans that
relate to or would result in: an extraordinary corporate transaction, such as a
merger, reorganization or liquidation, involving the Issuer or any of its
subsidiaries; a sale or transfer of a material amount of assets of the Issuer or
any of its subsidiaries; any change in the present board of directors or
management of the Issuer, including any plans or proposals to change the number
or term of directors or to fill any existing vacancies on the board; any
material change in the present capitalization or dividend policy of the Issuer;
any other material change in the Issuer's business or corporate structure;
changes in the Issuer's charter, bylaws or instruments corresponding thereto or
other actions that may impede the acquisition of control of the Issuer by any
person; causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
causing a class of equity securities of the Issuer to become eligible for
termina tion of registration pursuant to Section 12(g)(4) of the Securities and
Exchange Act of 1934; or any action similar to the above.
<PAGE>
CUSIP No. 38168R108 Page 10 of 12 Pages
- ---------------------- -----------------------------
Item 5. Interest in Securities of the Issuer
The Rachel Beth Heller Trust owns 70,000 shares of Common Stock directly.
The Rachel Beth Heller Trust acquired 70,000 shares of Common Stock in the
transaction described in Item 6. The Rachel Beth Heller Trust is deemed to
beneficially own 70,000 shares of Common Stock, representing 3.3% of the
outstanding shares of Common Stock.
The Evan Todd Heller Trust owns 70,000 shares of Common Stock directly. The
Evan Todd Heller Trust has acquired 70,000 shares of Common Stock in the
transaction described in Item 6. The Evan Todd Heller Trust is deemed to
beneficially own 70,000 shares of Common Stock, representing 3.3% of the
outstanding shares of Common Stock.
Martan owns 70,000 shares of Common Stock directly. Martan acquired 70,000
shares of Common Stock in the transaction described in Item 6. Martan is deemed
to beneficially own 70,000 shares of Common Stock, representing 3.3% of the
outstanding shares of Common Stock.
Donehew Fund Limited Partnership owns 70,000 shares of Common Stock
directly. Donehew acquired 70,000 shares of Common Stock in the transaction
described in Item 6 and has sole voting power over such shares and 449,690
additional shares of Common Stock pursuant to the proxies discussed in Item 6.
Donehew is deemed to beneficially own 519,690 shares of Common Stock,
representing 24.8% of the outstanding shares of Common Stock.
The Glaser Family Trust owns 40,000 shares of Common Stock directly. The
Glaser Family Trust acquired 40,000 shares of Common Stock in the transaction
described in Item 6. The Glaser Family Trust is deemed to beneficially own
40,000 shares of Common Stock, representing 1.9% of the outstanding shares of
Common Stock.
Ramsdell owns 40,000 shares of Common Stock directly. Ramsdell acquired
40,000 shares of Common Stock in the transaction described in Item 6. Ramsdell
is deemed to beneficially own 40,000 shares of Common Stock, representing 1.9%
of the outstanding shares of Common Stock.
The Nagelberg Family Trust owns 140,000 shares of Common Stock directly.
The Nagelberg Family Trust acquired 140,000 shares of Common Stock in the
transaction described in Item 6. The Nagelberg Family Trust is deemed to
beneficially own 140,000 shares of Common Stock, representing 6.7% of the
outstanding shares of Common Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to the Securities of the Issuer
On January 18, 2000, six stockholders of the Issuer ("Sellers") entered
into a stock purchase agreement ("Stock Purchase Agreement") with the Reporting
Persons pursuant to which the Sellers agreed to sell to the Reporting Persons an
aggregate of 500,000 shares of Common Stock at a price of $1.375 per share. In
connection with the execution of the Stock Purchase Agreement, the Issuer and
its directors, Messrs. Paul O. Koether, John W. Galuchie, Jr. and Thomas K. Van
<PAGE>
CUSIP No. 38168R108 Page 11 of 12 Pages
- ------------------------- ---------------------------------
Herwarde, entered into a related agreement ("Related Agreement") with the
Reporting Persons pursuant to which, among other things, Messrs. Koether,
Galuchie and Van Herwarde agreed to resign as directors and appoint new
directors designated by the Reporting Persons. The Reporting Persons designated
Messrs. Robert H. Donehew, Larry Grossman and John F. McCarthy, III, for
appointment to the board of directors of the Issuer, to take office upon the
resignation of the current directors. Mr. Koether and entities he controls,
including some of the other Sellers, also agreed to give a designee of the
Reporting Persons irrevocable proxies to vote an additional 449,690 shares of
the Issuer's common stock that he and such other entities own.
The sale of shares contemplated by the Stock Purchase Agreement was
consummated on January 21, 2000, and on that date the proxies given by Mr.
Koether and certain entities controlled by him to Donehew Fund Limited
Partnership as designee of the Reporting Persons became effective. The
resignations of Messrs. Koether, Galuchie and Van Herwarde, and the appointment
of Messrs. Donehew, Grossman and McCarthy, became effective on February 3, 2000.
The Sellers include Asset Value Holdings, Inc., a Delaware corporation of
which Mr. Koether is President and Mr. Galuchie is Treasurer, Bradford Trading
Company, a Delaware corporation, Mr. Koether, Shamrock Associates, a New Jersey
limited partnership of which Mr. Koether is the general partner, Sun Equities
Corporation, a Delaware corporation of which Mr. Koether is Chairman and Mr.
Galuchie is Vice President and a director, and Mr. Van Herwarde.
The persons or entities who gave proxies to Donehew Fund Limited
Partnership included Paul O. Koether, Paul O. Koether Individual Retirement
Account, Asset Value Holdings, Inc., Shamrock Associates and Sun Equities
Corporation.
The Reporting Persons have no further rights to designate any persons to
serve as directors of the Issuer.
Item 7. Material to be Filed as Exhibits
No change.
<PAGE>
CUSIP No. 38168R108 Page 12 of 12 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.
Dated: May 4, 2000
THE RACHEL BETH HELLER 1997 TRUST DATED 7/9/97
/s/ Lawrence Kupferberg
By:
---------------------------------------
Name: Lawrence Kupferberg
Title: Trustee
THE EVAN TODD HELLER 1997 TRUST DATED 6/17/97
/s/ Lawrence Kupferberg
By:
---------------------------------------
Name: Lawrence Kupferberg
Title: Trustee
MARTAN & CO.
/s/ Michael Silvestri
By:
------------------------------------------
Name: Michael Silvestri
Title: President
DONEHEW FUND LIMITED PARTNERSHIP
Donehew Capital LLC, General Partner
/s/ Robert H. Donehyew
By:
------------------------------------------
Name: Robert H. Donehew
Title: Manager, Donehew Capital LLC,
General Partner
JONATHAN & NANCY GLASER FAMILY TRUST DATED
12/16/98
/s/ Jonathan Glaser
By:
---------------------------------------
Name: Jonathan Glaser
Title: Trustee
/s/ W. Robert Ramsdell
------------------------------------------
W. Robert Ramsdell
NAGELBERG FAMILY TRUST DATED 9/24/97
/s/ David S. Nagelberg
By:
-------------------------------------------
Name: David S. Nagelberg
Title: Trustee
Page 12 of 12 Pages
