<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one): [ ] is a restatement
[ ] adds new holdings entries
Institutional Investment Manager Filing this Report:
Name: GBU Inc.
Address: 70 East 55th Street - 12th Floor
New York, New York 10022
13F File Number: 28-3994
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Gerald B. Unterman
Title: President
Phone: (212) 753-0700
Signature, Place, and Date of Signing:
Gerald B. Unterman New York, New York August 10, 1999
Report Type (Check only one):
[ X ] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
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FORM 13F SUMMARY PAGE
Report Summary
<TABLE>
<S> <C>
Number of Other Included Managers: -0-
Form 13F Information Table Entry Total: 20
Form 13F Information Table Value Total: $427,204
List of Other Included Managers: None
</TABLE>
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FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
NAME OF TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/ INVSTMT OTHER
ISSUER CLASS (x$1000) PRN AMT CALL DSCRETN MANAGERS
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>? <C> <C> <C>
Adelphia PFD CV 006848402 2,010 10,000 SH SOLE
Comm. SER D
Corp.
Advantica COM 00758B109 902 262,535 SH SOLE
Restaurant
Group
Advantica WT 00758B117 177 314,200 WT SOLE
Restaurant
Group
AT&T COM LIB 001957208 2,957 80,730 SH SOLE
Corp. GRP A
Calif.Fed 2nd CONT. 130209703 768 646,674 SOLE
Bank FSB LITIG.
Calif. Fed. CONT. LITIG. 130209604 789 350,751 SOLE
Bank FSB REC.
Cell COM 15114R101 19,609 1,726,885 SH SOLE
Pathways
Inc.
Cendant COM 151313103 52,275 2,550,000 SH SOLE
Corp.
Dime COM 25429Q102 27,840 1,383,372 SH SOLE
Bancorp.
Golden COM 381197102 30,952 1,375,642 SH SOLE
State
Bancorp
Golden WT EX 381197136 1,806 1,375,642 WT SOLE
State 000000
Bancorp
NAME OF VOTING VOTING VOTING
ISSUER AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED NONE
- ------------------------------------------------------
<S> <C> <C> <C>
Adelphia 10,000 0 0
Comm.
Corp.
Advantica 262,535 0 0
Restaurant
Group
Advantica 0 0 0
Restaurant
Group
AT&T 80,730 0 0
Corp.
Calif.Fed 0 0 0
Bank FSB
Calif. Fed. 0 0 0
Bank FSB
Cell 1,726,885 0 0
Pathways
Inc.
Cendant 2,550,000 0 0
Corp.
Dime 1,383,372 0 0
Bancorp.
Golden 1,375,642 0 0
State
Bancorp
Golden 0 0 0
State
Bancorp
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C>? <C> <C> <C>
Kmart Fing PFD TR CV 498778208 1,520 25,975 SH SOLE
7.75%
Loral Space PFD CV 6% G56462149 2,473 49,100 SH SOLE
Mediaone PFD CV SER 58440J203 2,203 24,339 SH SOLE
Group Inc. D
National CAP UTS 632525309 36 1,190 SH SOLE
Australia EXCHBL
Bank Ltd.
Nextel CLA 65332V103 115,491 2,301,200 SH SOLE
Commun.
Inc.
Qwest COM 749121109 30,282 915,900 SH SOLE
Commun.
Inc.
Royal PFD CONV V7780T103 2,172 18,100 SH SOLE
Caribbean
Cruises
Safeguard SB NT CV 786449AD0 11,202 10,732,000 PRN SOLE
Scientifics 144A 6% 06
Inc.
WinStar COM 975515107 121,740 2,497,225 SH SOLE
Commun.
Inc.
<S> <C> <C> <C>
Kmart Fing 25,975 0 0
Loral Space 49,100 0 0
Mediaone 24,339 0 0
Group Inc.
National 1,190 0 0
Australia
Bank Ltd.
Nextel 2,301,200 0 0
Commun.
Inc.
Qwest 915,900 0 0
Commun.
Inc.
Royal 18,100 0 0
Caribbean
Cruises
Safeguard 0 0 0
Scientifics
Inc.
WinStar 2,497,225 0 0
Commun.
Inc.
</TABLE>
