UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------
SCHEDULE 13D
(Rule 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 6 )*
GLOBAL TELECOMMUNICATION SOLUTIONS, INC.
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(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 Person
Authorized to Receive Notices and Communications)
April 22, 1997
- --------------------------------------------------------------------------------
(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 |_|.
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 the following page(s)
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
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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
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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
Number of
Shares 101,668 shares 4.5%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 184,450 shares 7.9%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
101,668 shares 4.5%
--------------------------------------------------------
10 Shared Dispositive Power
184,450 shares 7.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
286,118 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
11.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 2 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Rubenstein
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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
Number of
Shares 107,781 shares 4.8%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 1,095,004 shares 37.5%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
107,781 shares 4.8%
--------------------------------------------------------
10 Shared Dispositive Power
1,095,004 shares 37.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,202,785 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
40.2%
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14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 3 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 6,667 shares 0.3%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 279,451 shares 11.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
6,667 shares 0.3%
--------------------------------------------------------
10 Shared Dispositive Power
279,451 shares 11.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
286,118 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
11.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 4 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 334 shares 0.01%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 285,784 shares 11.9%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
334 shares 0.01%
--------------------------------------------------------
10 Shared Dispositive Power
285,784 shares 11.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
286,118 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
11.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 5 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 36,334 shares 1.6%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 249,784 shares 10.5%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
36,334 shares 1.6%
--------------------------------------------------------
10 Shared Dispositive Power
249,784 shares 10.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
286,118 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
11.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 6 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 33,334 shares 1.5%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 252,784 shares 10.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
33,334 shares 1.5%
--------------------------------------------------------
10 Shared Dispositive Power
252,784 shares 10.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
286,118 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
11.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 7 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 0 shares 0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 286,118 shares 11.9%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
1 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
286,118 shares 11.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
286,118 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
11.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 8 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 0 shares 0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 334 shares 0.01%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
334 shares 0.01%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
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)
0.01%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 9 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 861,667 shares 31.5%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 55,000 shares 2.51%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
861,667 shares 31.5%
--------------------------------------------------------
10 Shared Dispositive Power
55,000 shares 2.5%
- --------------------------------------------------------------------------------
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)
33.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 10 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 55,000 shares 2.5%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 861,667 shares 31.5%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
55,000 shares 2.5%
--------------------------------------------------------
10 Shared Dispositive Power
861,667 shares 31.5%
- --------------------------------------------------------------------------------
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)
33.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 11 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 0 shares 0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 916,667 shares 33.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
916,667 shares 33.1%
- --------------------------------------------------------------------------------
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)
33.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 12 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 0 shares 0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 916,667 shares 33.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
916,667 shares 33.1%
- --------------------------------------------------------------------------------
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)
33.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 13 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 66,667 shares 3.0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 916,667 shares 33.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
66,667 shares 3.0%
--------------------------------------------------------
10 Shared Dispositive Power
916,667 shares 33.1%
- --------------------------------------------------------------------------------
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)
34.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 14 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 66,667 shares 3.0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 916,667 shares 33.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
66,667 shares 3.0%
--------------------------------------------------------
10 Shared Dispositive Power
916,667 shares 33.1%
- --------------------------------------------------------------------------------
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)
34.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 15 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 0 shares 0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 916,667 shares 33.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
916,667 shares 33.1%
- --------------------------------------------------------------------------------
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)
33.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 16 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 0 shares 0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 916,667 shares 33.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
916,667 shares 33.1%
- --------------------------------------------------------------------------------
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)
33.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 17 of 27 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 0 shares 0%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 916,667 shares 33.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
916,667 shares 33.1%
- --------------------------------------------------------------------------------
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)
33.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 18 of 27 -
<PAGE>
This statement, dated April 22, 1997, constitutes Amendment No. 6 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. 6 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.
All information referred to herein reflects a one for three reverse stock
split effected on March 24, 1997.
ITEM 1. Security and the Issuer
Warrants, exercisable as of April 22, 1997, expiring December 14, 1999,
entitling the holder thereof to purchase one share of Common Stock at $12.00 per
share (the "1997 Warrants").
ITEM 3. Source and Amounts of Funds or Other Consideration.
Wheatley Partners, LP used $2,350,000 of working capital and other funds
to exercise 313,334 Private Placement Warrants.
Wheatley Foreign Partners, LP used $150,000 of working capital and other
funds to exercise 20,000 Private Placement Warrants.
On April 22, 1997, the Issuer issued 235,000 and 15,000 1997 Warrants to
Wheatley Partners, LP and Wheatley Foreign Partners, LP, respectively, in
consideration of the exercise of the Private Placement Warrants by Wheatley
Partners, LP and Wheatley Foreign Partners, LP.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 2,189,782 shares of Common Stock outstanding, including (i) 1,856,448
shares of Common Stock outstanding as reported in the Issuer's Form 10-K for the
year ended December 31, 1996, and (ii) 333,334 shares issued upon the exercise
of Private Placement Warrants) of outstanding shares of Common Stock owned
beneficially by each reporting person named in Item 2, as of April 22, 1997:
- 19 of 27 -
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
Woodland Partners 286,118(2) 11.9%
Barry Rubenstein 1,202,785(3) 40.2%
Marilyn Rubenstein 286,118(4) 11.9%
The Marilyn and Barry Rubenstein
Family Foundation 286,118(5) 11.9%
Woodland Venture Fund 286,118(6) 11.9%
Seneca Ventures 286,118(7) 11.9%
Woodland Services Corp. 286,118(8) 11.9%
Brian Rubenstein 334(9) *
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* 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 18,057 shares of Common Stock owned individually by Barry
Rubenstein, 13,333 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 6,667 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 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.
(6) Includes 33,334 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants and 3,000 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.
(7) 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.
(8) Services disclaims beneficial ownership of these securities except to the
extent of its equity interest therein.
(9) Consists of 334 shares of Common Stock owned by the Foundation.
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<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
Wheatley Partners, L.P. 916,667(10) 33.1%
Wheatley Foreign Partners, L.P. 916,667(11) 33.1%
Wheatley Partners, LLC 916,667(12) 33.1%
Wheatley Management Ltd. 916,667(12) 33.1%
Irwin Lieber 983,334(12),(13) 34.7%
Barry Fingerhut 983,334(12),(14) 34.7%
Seth Lieber 916,667(12) 33.1%
Jonathan Lieber 916,667(12) 33.1%
Matthew A. Smith 916,667(12) 33.1%
(b) By virtue of being a general partner of Woodland Partners, the Fund
and Seneca, a trustee of the Foundation, a member and an officer of Wheatley
LLC, and husband of Marilyn Rubenstein, Barry Rubenstein may be deemed to have
shared power to vote and to dispose of 1,095,004 shares of Common Stock
(including shares issuable upon the exercise of the Private Placement Warrants
and the 1997 Warrants) representing approximately 37.5% of the outstanding
Common Stock. Barry Rubenstein has sole power to vote and to dispose of 107,781
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants, the Option and the 1997 Consulting
Option), representing approximately 4.8% of the outstanding Common Stock.
Marilyn Rubenstein, by virtue of being a general partner of Woodland
Partners, a trustee of the Foundation, and wife of Barry Rubenstein, may be
deemed to have shared power to vote and to dispose of 279,451 shares of Common
Stock (which includes shares issuable upon the exercise of the Private Placement
Warrants, the Conversion Warrants, the Offering
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(10) Includes 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.
(11) Includes 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.
(12) The reporting person disclaims beneficial ownership of these securities
except to the extent of his or its equity interest therein.
(13) Includes 66,667 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants owned by Irwin Lieber.
(14) 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>
Warrants, the Option and the 1997 Consulting Option) representing approximately
11.6% of the outstanding Common Stock. Marilyn Rubenstein has sole power to vote
and to dispose of 6,667 shares of Common Stock, representing approximately 0.3%
of the outstanding Common Stock.
Woodland Partners has sole power to vote and to dispose of 101,668
shares of Common Stock (which includes shares issuable upon the exercise of the
Warrants and the Private Placement Warrants), representing approximately 4.5% of
the outstanding Common Stock, and may be deemed to have shared power to vote and
to dispose of 184,450 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 7.9% of the outstanding Common Stock.
The Fund has sole power to vote and to dispose of 36,334 shares of
Common Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 1.6% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 249,784
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants, the Option and the 1997 Consulting
Option), representing approximately 10.5% 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 1.5% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 252,784
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants, the Option and the 1997 Consulting
Option), representing approximately 10.6% of the outstanding Common Stock.
The Foundation has sole power to vote and dispose of 334 shares of
Common Stock, representing approximately 0.01% of the outstanding Common Stock,
and may be deemed to have shared power to vote and to dispose of 285,784 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 11.9% of the
outstanding Common Stock.
Services may be deemed to have shared power to vote and to dispose
of 286,118 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 11.9% 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 334 shares of
Common Stock, representing approximately .01% of the outstanding Common Stock.
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<PAGE>
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 31.5% 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 2.5% 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 2.5% 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 31.5% 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 33.1% 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 33.1% of the outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Irwin
Lieber 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
33.1% 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
3.0% of the outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Barry
Fingerhut 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
33.1% of the outstanding Common Stock. Barry Fingerhut 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 3.0% of the outstanding Common Stock.
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<PAGE>
By virtue of being a member and an officer of Wheatley LLC, Seth
Lieber 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
33.1% of the outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Jonathan
Lieber 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
33.1% of the outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Matthew
A. Smith 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
33.1% 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 February 21, 1997 through April 22, 1997, inclusive:
On April 22, 1997, Wheatley Partners, LP and Wheatley Foreign
Partners, LP exercised 313,334 Private Placement Warrants and 20,000 Private
Placement Warrants, respectively. The exercise price of the Private Placement
Warrants was $7.50 per warrant. Wheatley Partners, LP and Wheatley Foreign
Partners, LP acquired 313,334 shares and 20,000 shares, respectively, of the
Issuer's Common Stock.
On April 22, 1997, the Issuer issued 235,000 and 15,000 1997
Warrants to Wheatley Partners, LP and Wheatley Foreign Partners, LP,
respectively, in consideration of the exercise of the Private Placement Warrants
by Wheatley Partners, LP and Wheatley Foreign Partners, LP.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer
(i) The Issuer agreed that the 1997 Warrants shall be of the series
of warrants which are registered under the Exchange Act and traded on Nasdaq
under the symbol "GTSTW."
(j) Except for the circumstances discussed or referred to in
paragraphs (a) through (i), 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.
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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: April 30, 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 MARILYN AND BARRY RUBENSTEIN
FAMILY FOUNDATION
By: /s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a Trustee
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<PAGE>
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
/s/ Barry Fingerhut
--------------------------------------------
Barry Fingerhut
/s/ Seth Lieber
--------------------------------------------
Seth Lieber
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<PAGE>
/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).
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