<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)*
GLOBAL TELECOMMUNICATION SOLUTIONS, INC.
---------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
---------------------------------------------------------------
(Title of Class of Securities)
37935Y107
-------------------------------
(CUSIP Number)
Copy to:
Stephen A. Cohen, Esq.
Woodland Partners Morrison Cohen Singer & Weinstein, LLP
68 Wheatley Road 750 Lexington Avenue
Brookville, New York 11545 New York, New York 10022
Telephone (516) 626-3070 Telephone (212) 735-8600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
July 10, 1997
---------------------------------------------------------------
(Date of Event which Requires Filing 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 space .
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).
(Continued on following page(s))
-1 of 30 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Partners
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* WC, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
151,668 shares 2.9%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 396,450 shares 7.6%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 151,668 shares 2.9%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
396,450 shares 7.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
548,118 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
10.4%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-2 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Rubenstein
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* PF, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
207,781 shares 4.0%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 1,257,004 shares 21.7%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 207,781 shares 4.0%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
1,257,004 shares 21.7%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,464,785 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
24.9%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-3 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Marilyn Rubenstein
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group*
(a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* PF, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
26,667 shares 0.5%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 521,451 shares 9.8%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 26,667 shares 0.5%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
521,451 shares 9.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
548,118 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
10.4%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-4 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Rubenstein Family Limited Partnership
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* WC, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
Pursuant to Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
10,000 shares 0.2%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 538,118 shares 10.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 10,000 shares 0.2%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
538,118 shares 10.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
548,118 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
10.4%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-5 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
===============================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Marilyn and Barry Rubenstein Family Foundation
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
10,334 shares 0.2%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 537,784 shares 10.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 10,334 shares 0.2%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
537,784 shares 10.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
548,118 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
10.4%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-6 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Venture Fund
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* WC, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
108,334 shares 2.1%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 439,784 shares 8.4%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 108,334 shares 2.1%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
439,784 shares 8.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
548,118 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
10.4%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-7 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seneca Ventures
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* WC, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
33,334 shares 0.7%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 514,784 shares 9.8%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 33,334 shares 0.7%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
514,784 shares 9.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
548,118 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
10.4%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-8 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Services Corp.
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 548,118 shares 10.4%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
548,118 shares 10.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
548,118 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
10.4%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-9 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Brian Rubenstein
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 10,334 shares 0.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
10,334 shares 0.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
10,334 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-10 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Partners, L.P.
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
---- --------------------------------------------------------------------------
4 Source of Funds* WC, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
861,667 shares 15.3%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 55,000 shares 1.1%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 861,667 shares 15.3%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
55,000 shares 1.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
916,667 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
16.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person* PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-11 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Foreign Partners, L.P.
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* WC, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
55,000 shares 1.1%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 861,667 shares 15.3%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 55,000 shares 1.1%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
861,667 shares 15.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
916,667 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
16.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-12 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Partners, LLC
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 916,667 shares 16.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
916,667 shares 16.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
916,667 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
16.2%
---- --------------------------------------------------------------------------
14 Type of Reporting Person*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-13 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Management Ltd.
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization Cayman Islands, B.W.I.
- ---- ---------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 916,667 shares 16.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
916,667 shares 16.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
916,667 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
16.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person* CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-14 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Irwin Lieber
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* PF, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
66,667 shares 1.3%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 916,667 shares 16.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 66,667 shares 1.3%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
916,667 shares 16.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
983,334 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
17.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-15 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Fingerhut
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* PF, OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
66,667 shares 1.3%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 916,667 shares 16.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 66,667 shares 1.3%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
916,667 shares 16.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
983,334 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
17.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-16 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seth Lieber
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 916,667 shares 16.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
916,667 shares 16.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
916,667 shares
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
16.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-17 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Jonathan Lieber
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds* OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 916,667 shares 16.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
916,667 shares 16.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
916,667
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
16.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-18 of 30-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Matthew A. Smith
- ---- ---------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) / /
- ---- ---------------------------------------------------------------------------
3 SEC Use Only
- ---- ---------------------------------------------------------------------------
4 Source of Funds*
OO
- ---- ---------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to / /
Item 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
Number of ---- ------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 916,667 shares 16.2%
Owned By ---- ------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ---- ------------------------------------------------------------
With 10 Shared Dispositive Power
916,667 shares 16.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
916,667
- ---- ---------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- ---- ---------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
16.2%
- ---- ---------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-19 of 30-
<PAGE>
This statement, dated July 14, 1997, constitutes Amendment No. 7 to the
Schedule 13D, dated February 1, 1995, regarding the reporting persons
ownership of certain securities of Global Telecommunication Solutions, Inc.
(the "Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule." All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 7 to the Schedule is filed in accordance with Rule
13d-2 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), by the reporting persons. Accordingly, it shall refer only to
information which has materially changed since the filing of the Schedule.
The information contained herein gives effect to a one-for-three reverse
stock split effected in March 1997.
ITEM 1. SECURITY AND THE ISSUER.
Common Stock, $0.01 par value per share (the "Common Stock"), sold
pursuant to a Registration Statement filed by the Issuer with the Securities
and Exchange Commission (the "Registration Statement").
ITEM 2. IDENTITY AND BACKGROUND.
(a) The Rubenstein Family Limited Partnership, a limited partnership
organized under the laws of the State of New York (the "Rubenstein
Partnership").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Barry Rubenstein and Marilyn Rubenstein are the two general partners
of the Rubenstein Partnership.
-20 of 30-
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ITEM 3. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.
Barry Rubenstein used $275,000 of personal funds and other funds to
purchase 50,000 shares of Common Stock for his personal account and $275,000
of personal funds and other funds to purchase 50,000 shares of Common Stock
for his IRA account.
Marilyn Rubenstein used $110,000 of personal funds and other funds to
purchase 20,000 shares of Common Stock.
Woodland Partners used $275,000 of working capital and other funds to
purchase 50,000 shares of Common Stock.
Woodland Venture Fund used $441,000 of working capital and other funds
to purchase 72,000 shares of Common Stock.
The Marilyn and Barry Rubenstein Family Foundation used $55,000 of
working capital and other funds to purchase 10,000 shares of Common Stock.
The Rubenstein Partnership used $55,000 of working capital and other
funds to purchase 10,000 shares of Common Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The reporting persons acquired their securities for purposes of
investment. The reporting persons do not have any plans or proposals which
relate to or would result in any of the actions set forth in subparagraphs
(a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
(a) The following list sets forth the aggregate number and percentage
(based on 5,072,538 shares of Common Stock outstanding per the Issuer's
Prospectus dated July 9, 1997, including the exercise of the underwriter's over-
allotment option to purchase 375,000 shares of Common Stock) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of July 14, 1997:
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Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned (1)
- ---- --------------------- ----------------------
Woodland Partners 548,118(2) 10.4%
Barry Rubenstein 1,464,785(3) 24.9%
Marilyn Rubenstein 548,118(4) 24.9%
The Rubenstein Family
Limited Partnership 548,118(5) 10.4%
The Marilyn and Barry
Rubenstein Family
Foundation 548,118(6) 10.4%
Woodland Venture Fund 548,118(7) 10.4%
Seneca Ventures 548,118(8) 10.4%
Woodland Services Corp. 548,118(9) 10.4%
Brian Rubenstein 10,334(10) *
- --------------------------------
* Less than 1%
(1) Includes shares of Common Stock issuable upon the exercise of the Warrants,
the Offering Warrants, Conversion Warrants, the Option, 1997 Consulting
Option, the Private Placement Warrants and the 1997 Warrants.
(2) Includes 66,667 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants and 13,334 shares of Common Stock issuable upon
exercise of the Offering Warrants. Woodland Partners disclaims beneficial
ownership of the rest of the securities except to the extent of its equity
interest therein.
(3) Includes 68,057 shares of Common Stock owned individually by Barry
Rubenstein, 63,333 shares of Common Stock held in his IRA Rollover account,
18,057 shares of Common Stock issuable upon the exercise of the Conversion
Warrants, 33,334 shares of Common Stock issuable upon the exercise of the
Option and 25,000 shares of Common Stock issuable upon the exercise of the
1997 Consulting Option. Mr. Rubenstein disclaims beneficial ownership of
the rest of the securities except to the extent of his equity interest
therein.
(4) Includes 26,667 shares of Common Stock owned individually by Marilyn
Rubenstein. Mrs. Rubenstein disclaims beneficial ownership of the rest of
the securities except to the extent of her equity interest therein.
(5) Includes 10,000 shares of Common Stock owned individually by the Rubenstein
Partnership. Rubenstein Partnership disclaims beneficial ownership of the
rest of the securities except to the extent of its equity interest therein.
(6) Includes 10,334 shares of Common Stock owned by the Foundation. The
Foundation disclaims beneficial ownership of the rest of the securities
except to the extent of its equity interest therein.
(7) Includes 33,334 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants and 75,000 shares of Common Stock owned by the
Fund. The Fund disclaims beneficial ownership of the rest of the
securities except to the extent of its equity interest therein.
(8) Includes 33,334 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants. Seneca disclaims beneficial ownership of the
rest of the securities except to the extent of its equity interest therein.
(9) Services disclaims beneficial ownership of these securities except to the
extent of its equity interest therein.
(10) Consists of 10,334 shares of Common Stock owned by the Foundation.
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Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned (1)
- ---- --------------------- ----------------------
Wheatley Partners, L.P. 916,667(11) 16.2%
Wheatley Foreign
Partners, L.P. 916,667(12) 16.2%
Wheatley Partners, LLC 916,667(13) 16.2%
Wheatley Management Ltd. 916,667(13) 16.2%
Irwin Lieber 983,334(13,14) 17.2%
Barry Fingerhut 983,334(13,15) 17.2%
Seth Lieber 916,667(13) 16.2%
Jonathan Lieber 916,667(13) 16.2%
Matthew A. Smith 916,667(13) 16.2%
(b) Woodland Partners has sole power to vote and to dispose of
151,668 shares of Common Stock (which includes shares issuable upon the
exercise of the Warrants, the Offering Warrants and the Private Placement
Warrants), representing approximately 2.9% of the outstanding Common Stock,
and may be deemed to have shared power to vote and to dispose of 396,450
shares of Common Stock (which includes shares issuable upon the exercise of
the Conversion Warrants, the Private Placement Warrants, the Option and the
1997 Consulting Option), representing approximately 7.6% of the outstanding
Common Stock.
Barry Rubenstein, by virtue of being a general partner of
Woodland Partners, the Rubenstein Partnership, the Fund and Seneca, a trustee
of the Foundation, a member and an officer of Wheatley LLC, and husband of
Marilyn Rubenstein, may be deemed to have shared power to vote and to dispose
of 1,257,004 shares of Common Stock (including shares issuable upon the
exercise of the Private Placement Warrants, the Offering Warrants and the
1997 Warrants) representing approximately 21.7% of the outstanding Common
Stock. Barry Rubenstein has sole power to vote and to dispose of 207,781
shares of Common Stock (which includes shares issuable upon the exercise of
the Conversion Warrants, the Option and the 1997 Consulting Option),
representing approximately 4.0% of the outstanding Common Stock.
- ---------------------------------
(11) Includes 313,334 shares of Common Stock, 313,333 shares of Common Stock
issuable upon the exercise of the Private Placement Warrants and 235,000
shares of Common Stock issuable upon the exercise of the 1997 Warrants.
Wheatley disclaims beneficial ownership of the rest of the securities
except to the extent of its equity interest therein.
(12) Includes 20,000 shares of Common Stock, 20,000 shares of Common Stock
issuable upon the exercise of the Private Placement Warrants and 15,000
shares of Common Stock issuable upon the exercise of the 1997 Warrants.
Wheatley Foreign disclaims beneficial ownership of the rest of the
securities except to the extent of its equity interest therein.
(13) The reporting person disclaims beneficial ownership of these securities
except to the extent of his or its equity interest therein.
(14) Includes 66,667 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants owned by Irwin Lieber.
(15) Includes 66,667 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants owned by Barry Fingerhut.
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<PAGE>
Marilyn Rubenstein, by virtue of being a general partner of
Woodland Partners and the Rubenstein Partnership, a trustee of the
Foundation, and wife of Barry Rubenstein, may be deemed to have shared power
to vote and to dispose of 521,451 shares of Common Stock (which includes
shares issuable upon the exercise of the Private Placement Warrants, the
Conversion Warrants, the Offering Warrants, the Option and the 1997
Consulting Option), representing approximately 9.8% of the outstanding Common
Stock. Marilyn Rubenstein has sole power to vote and to dispose of 26,667
shares of Common Stock, representing approximately 0.5% of the outstanding
Common Stock.
The Rubenstein Partnership has the sole power to vote and to
dispose of 10,000 shares of Common Stock, representing approximately 0.2% of
the outstanding Common Stock, and may be deemed to have shared power to vote
and to dispose of 538,118 shares of Common Stock (which includes shares
issuable upon the exercise of the Private Placement Warrants, the Conversion
Warrants, the Offering Warrants, the Option and the 1997 Consulting Option),
representing approximately 10.2% of the outstanding Common Stock.
The Fund has sole power to vote and to dispose of 108,334
shares of Common Stock (which includes shares issuable upon the exercise of
the Private Placement Warrants), representing approximately 2.1% of the
outstanding Common Stock, and may be deemed to have shared power to vote and
to dispose of 439,784 shares of Common Stock (which includes shares issuable
upon the exercise of the Conversion Warrants, the Offering Warrants, the
Private Placement Warrants, the Option and the 1997 Consulting Option),
representing approximately 8.4% of the outstanding Common Stock.
Seneca has sole power to vote and to dispose of 33,334 shares
of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 0.7% of the
outstanding Common Stock, and may be deemed to have shared power to vote and
to dispose of 514,784 shares of Common Stock (which includes shares issuable
upon the exercise of the Conversion Warrants, the Offering Warrants, the
Private Placement Warrants, the Option and the 1997 Consulting Option),
representing approximately 9.8% of the outstanding Common Stock.
The Foundation has sole power to vote and dispose of 10,334
shares of Common Stock, representing approximately 0.2% of the outstanding
Common Stock, and may be deemed to have shared power to vote and to dispose
of 537,784 shares of Common Stock (which includes shares issuable upon the
exercise of the Conversion Warrants, the Offering Warrants, the Private
Placement Warrants, the Option and the 1997 Consulting Option), representing
approximately 10.2% of the outstanding Common Stock.
Services may be deemed to have shared power to vote and to
dispose of 548,118 shares of Common Stock (which includes shares issuable
upon the exercise of the
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<PAGE>
Conversion Warrants, the Offering Warrants, the Private Placement Warrants,
the Option and the 1997 Consulting Option), representing approximately 10.4%
of the outstanding Common Stock.
Brian Rubenstein, by virtue of being a trustee of the
Foundation, may be deemed to have shared power to vote and to dispose of
10,334 shares of Common Stock, representing approximately 0.2% of the
outstanding Common Stock.
Wheatley Partners, L.P. has sole power to vote and to dispose
of 861,667 shares of Common Stock (which includes shares issuable upon the
exercise of the Private Placement Warrants and the 1997 Warrants),
representing approximately 15.3% of the outstanding Common Stock, and may be
deemed to have shared power to vote and to dispose of 55,000 shares of Common
Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants and the 1997 Warrants), representing approximately 1.1% of
the outstanding Common Stock.
Wheatley Foreign Partners, L.P. has sole power to vote and to
dispose of 55,000 shares of Common Stock (which includes shares issuable upon
the exercise of the Private Placement Warrants and the 1997 Warrants),
representing approximately 1.1% of the outstanding Common Stock, and may be
deemed to have shared power to vote and to dispose of 861,667 shares of
Common Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants and the 1997 Warrants), representing approximately 15.3%
of the outstanding Common Stock.
Wheatley Partners, LLC may be deemed to have shared power to
vote and to dispose of 916,667 shares of Common Stock (which includes shares
issuable upon the exercise of the Private Placement Warrants and the 1997
Warrants), representing approximately 16.2% of the outstanding Common Stock.
Wheatley Management Ltd. may be deemed to have shared power to
vote and to dispose of 916,667 shares of Common Stock (which includes shares
issuable upon the exercise of the Private Placement Warrants and the 1997
Warrants), representing approximately 16.2% of the outstanding Common Stock.
Irwin Lieber, by virtue of being a member and an officer of
Wheatley LLC, may be deemed to have shared power to vote and to dispose of
916,667 shares of Common Stock (including shares issuable upon the exercise
of the Private Placement Warrants and the 1997 Warrants), representing
approximately 16.2% of the outstanding Common Stock. Irwin Lieber has sole
power to vote and to dispose of 66,667 shares of Common Stock (which consists
of shares issuable upon the exercise of the Private Placement Warrants),
representing approximately 1.3% of the outstanding Common Stock.
Barry Fingerhut, by virtue of being a member and an officer of
Wheatley LLC, may be deemed to have shared power to vote and to dispose of
916,667 shares of Common Stock (including shares issuable upon the exercise
of the Private Placement Warrants and the 1997 Warrants), representing
approximately 16.2% of the outstanding Common Stock. Barry Fingerhut
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<PAGE>
has sole power to vote and to dispose of 66,667 shares of Common Stock (which
consists of shares issuable upon the exercise of the Private Placement
Warrants), representing approximately 1.3% of the outstanding Common Stock.
Seth Lieber, by virtue of being a member and an officer of
Wheatley LLC, may be deemed to have shared power to vote and to dispose of
916,667 shares of Common Stock (including shares issuable upon the exercise
of the Private Placement Warrants and the 1997 Warrants), representing
approximately 16.2% of the outstanding Common Stock.
Jonathan Lieber, by virtue of being a member and an officer of
Wheatley LLC, may be deemed to have shared power to vote and to dispose of
916,667 shares of Common Stock (including shares issuable upon the exercise
of the Private Placement Warrants and the 1997 Warrants), representing
approximately 16.2% of the outstanding Common Stock.
Matthew A. Smith, by virtue of being a member and an officer
of Wheatley LLC, may be deemed to have shared power to vote and to dispose
of 916,667 shares of Common Stock (including shares issuable upon the
exercise of the Private Placement Warrants and the 1997 Warrants),
representing approximately 16.2% of the outstanding Common Stock.
(c) The following is a description of all transactions in the
securities of the Issuer by the reporting persons identified in Item 2 of
this Schedule 13D effected from May 10, 1997 through July 14, 1997,
inclusive:
Name of Shareholder Purchase Date Number of Shares Price per Share
- ------------------- ------------- ---------------- ---------------
Woodland Partners July 10, 1997 50,000 $5-1/2
Barry Rubenstein July 10, 1997 50,000 $5-1/2
Barry Rubenstein
R/O IRA July 10, 1997 50,000 $5-1/2
Marilyn Rubenstein July 10, 1997 20,000 $5-1/2
The Rubenstein
Partnership July 10, 1997 10,000 $5-1/2
The Foundation July 10, 1997 10,000 $5-1/2
The Fund July 14, 1997 72,000 $6-1/8
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<PAGE>
Woodland Partners, Barry Rubenstein, Barry Rubenstein R/O IRA,
Marilyn Rubenstein, The Rubenstein Partnership and The Foundation acquired
shares of Common Stock in the Offering and the Fund acquired the shares of
Common Stock in the over-the-counter market.
(d) No other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of such
securities.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES
OF THE ISSUER.
(j) Each of Barry Rubenstein, Marilyn Rubenstein, the Foundation,
Woodland Partners, the Fund, Seneca Ventures, Wheatley Partners and Wheatley
Foreign Partners entered into a lock-up agreement, each dated June 10, 1997
(the "Lock-up Agreement"), with GKN Securities Corp., the managing
underwriter of the public offering of 2,875,000 shares of the Issuer's Common
Stock (including 375,000 shares of Common Stock issued upon the exercise of
the over-allotment option). The Lock-up Agreement prohibits the sale,
transfer or disposal of shares of Common Stock held directly or beneficially
by such shareholders for a period of 12 months, commencing on the effective
date of the Issuer's Registration Statement, without the prior written
consent of the Underwriter.
The Lock-up Agreement also provides that for a period of five
years, commencing on the effective date of the Registration Statement, the
Underwriter shall have the right to purchase for its account or to sell for
the account of such shareholders any shares of Common Stock sold pursuant to
Rule 144 promulgated under the Securities Act of 1933, as amended.
None of the shares of Common Stock included in Item 5(c) of this
Schedule 13D are subject to the Lock-up Agreement.
(k) Except for the circumstances discussed or referred to in
paragraphs (a) through (j), there are no contracts, arrangements,
understandings, or relationships with respect to the securities of the Issuer
among any of the persons reporting in this Schedule 13D.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement dated August 1, 1997 among the reporting
persons by which they have agreed to file this Schedule 13D and all necessary
amendments, as required by Rule 13d-1(f).
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<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
each of the undersigned hereby certifies that the information set forth in this
statement is true, correct and complete.
Date: August 1, 1997
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, a General Partner
SENECA VENTURES
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, a General Partner
WOODLAND SERVICES CORP.
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, President
THE RUBENSTEIN FAMILY
LIMITED PARTNERSHIP
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, a General Partner
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<PAGE>
THE MARILYN AND BARRY RUBENSTEIN
FAMILY FOUNDATION
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, a Trustee
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY PARTNERS LLC
By: /s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
------------------------------------------
Irwin Lieber, President
/s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein
/s/ Marilyn Rubenstein
------------------------------------------
Marilyn Rubenstein
/s/ Irwin Lieber
------------------------------------------
Irwin Lieber
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<PAGE>
/s/ Barry Fingerhut
------------------------------------------
Barry Fingerhut
/s/ Seth Lieber
------------------------------------------
Seth Lieber
/s/ Jonathan Lieber
------------------------------------------
Jonathan Lieber
/s/ Matthew A. Smith
------------------------------------------
Matthew A. Smith
*
------------------------------------------
Brian Rubenstein
* /s/ Barry Rubenstein
- -----------------------------------
Barry Rubenstein, Attorney-in-Fact
ATTENTION:INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
-30 of 30-
<PAGE>
EXHIBIT A
JOINT FILING AGREEMENT
----------------------
In accordance with Rule 13d-1(f) under the Securities Exchange Act,
as amended, the undersigned hereby agree to the joint filing on behalf of
each of them on a statement on Schedule 13D (including amendments thereto)
with respect to the Common Stock, par value $0.01 per share, of Global
Telecommunications Solutions, Inc. and that this Agreement be included as an
Exhibit to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement
this 1st day of August, 1997.
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
SENECA VENTURES
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
WOODLAND SERVICES CORP.
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, President
<PAGE>
THE RUBENSTEIN FAMILY
LIMITED PARTNERSHIP
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
THE MARILYN AND BARRY RUBENSTEIN
FAMILY FOUNDATION
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a Trustee
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY PARTNERS LLC
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
--------------------------------------
Irwin Lieber, President
/s/ Barry Rubenstein
------------------------------------------
Barry Rubenstein
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<PAGE>
/s/ Marilyn Rubenstein
------------------------------------------
Marilyn Rubenstein
/s/ Irwin Lieber
------------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
-------------------------------------------
Barry Fingerhut
/s/ Seth Lieber
-------------------------------------------
Seth Lieber
/s/ Jonathan Lieber
-------------------------------------------
Jonathan Lieber
/s/ Matthew A. Smith
-------------------------------------------
Matthew A. Smith
*
-------------------------------------------
Brian Rubenstein
* /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, Attorney-in-Fact
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