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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __________)*
Golf Enterprises, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
381633106
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(CUSIP Number)
Lawrence G. Goodman, Esq.
Shereff, Friedman, Hoffman & Goodman, LLP
919 Third Avenue
New York, New York 10022
(212) 758-9500
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 23, 1996
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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 which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box / /.
Check the following box if a fee is being paid with the statement /x/. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) 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 ("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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SCHEDULE 13D
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CUSIP No. 381633106 Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GABRIEL CAPITAL, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(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
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 126,472
EACH -------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
126,472
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
126,472
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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*
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.
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SCHEDULE 13D
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CUSIP No. 381633106 Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ARIEL FUND LIMITED
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(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
CAYMAN ISLANDS
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NUMBER OF 7 SOLE VOTING POWER
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 186,540
EACH -------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
186,540
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
186,540
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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)
2.8%
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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.
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SCHEDULE 13D
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CUSIP No. 381633106 Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ARIEL MANAGEMENT CORP.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
00
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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
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 20,688
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 186,540
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 20,688
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10 SHARED DISPOSITIVE POWER
186,540
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
207,228
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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)
3.1%
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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.
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SCHEDULE 13D
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CUSIP No. 381633106 Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J. EZRA MERKIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
00
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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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NUMBER OF 7 SOLE VOTING POWER
SHARES 20,688
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 313,012
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 20,688
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10 SHARED DISPOSITIVE POWER
313,012
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,700
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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)
5.1%
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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.
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SCHEDULE 13D
Item 1. Security and Issuer
Securities acquired: Common Stock, $.01 par value ("Common Stock")
Issuer: Golf Enterprises, Inc.
1603 LBJ Freeway, Suite 810
Dallas, Texas 75234
(214) 247-1199
Item 2. Identity and Background
(a), (b), (c) and (f) This Schedule 13D is being filed jointly
by Gabriel Capital, L.P., a Delaware limited partnership ("Gabriel"),
Ariel Fund Limited, a Cayman Islands corporation ("Ariel Fund"), Ariel
Management Corp. ("Ariel"), a Delaware corporation and the Investment Advisor
of Ariel Fund, and J. Ezra Merkin ("Merkin"), the General Partner of Gabriel.
Merkin is also the sole shareholder, sole director and president of Ariel.
Gabriel, Ariel Fund, Ariel and Merkin are hereinafter sometimes referred to
collectively as the "Reporting Persons." The business address of each of
Gabriel, Ariel and Merkin is 450 Park Avenue, New York, New York 10022 and
the business address of Ariel Fund is c/o Maples & Calder, P.O. Box 309,
Grand Cayman, Cayman Islands, British West Indies.
Gabriel and Ariel Fund are private investment funds. Ariel and
Merkin are private investment managers.
Merkin is a United States citizen.
See Item 5 for information regarding ownership of Common Stock.
(d) and (e). During the past five years, none of the Reporting
Persons has been convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors) or been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a
result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
6
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Item 3. Source and Amount of Funds
Gabriel purchased an aggregate of 126,742 shares of Common Stock at an
aggregate cost of $1,400,763.60 using its own funds. Ariel Fund purchased an
aggregate of 186,540 shares of Common Stock at an aggregate cost of
$2,066,056.99 using its own funds. In addition, Ariel caused one of its private
discretionary investment accounts to purchase 20,688 shares of Common Stock at
an aggregate cost of $229,133.72 using the funds of such account. See Item 5.
Item 4. Purpose of the Transaction
All of the shares of Common Stock reported herein were acquired for
investment purposes. Each of the Reporting Persons may acquire or dispose of
securities of the Issuer, including shares of Common Stock, directly or
indirectly, in open-market or privately negotiated transactions, depending upon
the evaluation of the performance and prospects of the Issuer by the Reporting
Persons, and upon other developments and circumstances, including, but not
limited to, general economic and business conditions and stock market
conditions.
Except for the foregoing, no Reporting Person has any present plans or
proposals which relate to or would result in any of the actions or events
described in paragraphs (a) through (j) of Item 4 of Schedule 13D. However, the
Reporting Persons retain their respective rights to modify their plans with
respect to the transactions described in this Item 4, to acquire or dispose of
securities of the Issuer and to formulate plans and proposals which could result
in the occurrence of any such events, subject to applicable laws and
regulations.
Item 5. Interest in Securities of the Issuer
(a) and (b) Gabriel is the beneficial owner of 126,472 shares of
Common Stock, for a total beneficial ownership of 1.9% of the outstanding shares
of Common Stock.
Ariel Fund is the beneficial owner of 186,540 shares of Common Stock,
for a total beneficial ownership of 2.8% of the outstanding shares of Common
Stock.
Ariel, as Investment Advisor to Ariel Fund, has the power to vote and
to direct the voting of and the power to dispose and direct the disposition of
the 186,540 shares of Common Stock owned by Ariel Fund. In addition, Ariel has
sole dispositive and voting power with respect to 20,688 shares of Common Stock
purchased by a private discretionary investment account. Accordingly, Ariel may
be deemed to be the beneficial owner of 207,228 shares of Common Stock, or 3.1%
of the outstanding shares of Common Stock.
As the General Partner of Gabriel, Merkin has the power to
vote and to direct
7
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the voting of and the power to dispose and direct the disposition of the
126,472 shares of Common Stock owned by Gabriel. In addition, as the sole
shareholder and president of Ariel, Merkin may be deemed to have power to vote
and to direct the voting of and the power to dispose and direct the disposition
of the 186,540 shares of Common Stock owned by Ariel Fund and the 20,688 shares
of Common Stock owned by Ariel's private account. Accordingly, Merkin may be
deemed to be the beneficial owner of 333,700 shares of Common Stock, or 5.1% of
the outstanding shares of Common Stock.
The number of shares beneficially owned by each of the Reporting
Persons and the percentage of outstanding shares represented thereby, have been
computed in accordance with Rule 13d-3 under the Securities Exchange Act of
1934, as amended. The ownership of the Reporting Persons is based on 6,585,482
outstanding shares of Common Stock as reported by the Issuer in its Joint Proxy
Statement/Prospectus dated June 21, 1996.
In addition to the foregoing, see Item 6 below.
(c) Schedule I indicates the transactions effected by the
Reporting Persons during the past 60 days. All such trades were effected through
the public markets.
(d) Not Applicable
(e) Not Applicable
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer
The Reporting Persons note that the Issuer announced, in a press
release dated July 30, 1996, the consummation of the merger of the Issuer with
GEI Acquisition Corporation.
Item 7. Material to be Filed as Exhibits
Exhibit A. Agreement of Joint Filing.
8
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Signatures
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.
GABRIEL CAPITAL, L.P.
By: /s/ J. Ezra Merkin
______________________________
Name: J. Ezra Merkin
Title: General Partner
ARIEL FUND LIMITED
By: MEESPIERSON MANAGEMENT
(CAYMAN) LIMITED
By: /s/ Peter A. De Ruitjer
______________________________
Name: Peter A. De Ruitjer
Title: Director
By: /s/ Martin Byrne
______________________________
Name: Martin Byrne
Title: Assistant Secretary
ARIEL MANAGEMENT CORP.
By: /s/ J. Ezra Merkin
______________________________
Name: J. Ezra Merkin
Title: President
/s/ J. Ezra Merkin
______________________________
J. EZRA MERKIN
Dated: as of July 30, 1996
9
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SCHEDULE I
Purchases of Shares of Common Stock
Number of Shares
----------------------------
Aggregate
Dollar Aggregate
Amount Price Per Share Ariel Private
Date (w/comm) Share Amount Fund Gabriel Account
- --------- ----------- --------- --------- ------ ------- --------
6/6/96 $48,888.00 $11.6250 4,200 2,348 1,592 260
6/7/96 $61,351.21 $11.5607 5,300 2,962 2,009 329
6/10/96 $264,228.00 $11.6250 22,700 12,690 8,602 1,408
6/14/96 $23,155.00 $11.5625 2,000 1,118 758 124
6/17/96 $116,400.00 $11.6250 10,000 5,590 3,790 620
6/21/96 $76,824.00 $11.6250 6,600 3,690 2,501 409
6/24/96 $144,185.96 $11.6129 12,400 6,931 4,700 769
6/25/96 $23,280.00 $11.6250 2,000 1,118 758 124
7/8/96 $57,887.50 $11.5625 5,000 2,795 1,895 310
7/23/96 $255,750.00 $11.6250 22,000 12,298 8,338 1,364
7/25/96 $234,050.00 $11.6875 20,000 11,180 7,580 1,240
7/25/96 $1,175,000.00 $11.7500 100,000 55,900 37,900 6,200
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Exhibit A
AGREEMENT OF JOINT FILING
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing with all
other Reporting Persons (as such term is defined in the Schedule 13D referred to
below) of a statement on Schedule 13D or any amendments thereto, with respect to
the Common Stock, $0.01 par value, of Golf Enterprises, Inc., and that this
Agreement be included as an Exhibit to such filing.
This Agreement may be executed in any number of counterparts each of
which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same Agreement.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as
of the 30th day of July, 1996.
GABRIEL CAPITAL, L.P.
By: /s/ J. Ezra Merkin
_____________________________________
Name: J. Ezra Merkin
Title: General Partner
ARIEL FUND LIMITED
By: MEESPIERSON MANAGEMENT
(CAYMAN) LIMITED
By: /s/ Peter A. De Ruitjer, Martin Byrne
_____________________________________
Name: Peter A. De Ruitjer, Martin Byrne
Title: Director, Assistant Secretary
ARIEL MANAGEMENT CORP.
By: /s/ J. Ezra Merkin
_____________________________________
Name: J. Ezra Merkin
Title: President
/s/ J. Ezra Merkin
_____________________________________
J. EZRA MERKIN
