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. 5)*
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)
January 2, 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))
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 305,000 shares 5.3%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 553,338 shares 9.3%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
305,000 shares 5.3%
--------------------------------------------------------
10 Shared Dispositive Power
553,338 shares 9.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
858,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
13.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 2 of 25 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
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
Number of
Shares 323,338 shares 5.6%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 2,535,000 shares 31.9%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
323,338 shares 5.6%
--------------------------------------------------------
10 Shared Dispositive Power
2,535,000 shares 31.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,858,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
34.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 3 of 25 -
<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 20,000 shares 0.4%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 838,338 shares 13.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
20,000 shares 0.4%
--------------------------------------------------------
10 Shared Dispositive Power
838,338 shares 13.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
858,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
13.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 4 of 25 -
<PAGE>
SCHEDULE 13D
CUSIP No. 37935Y107
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
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 1,000 shares 0.1%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 857,338 shares 13.9%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
1,000 shares 0.1%
--------------------------------------------------------
10 Shared Dispositive Power
857,338 shares 13.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
858,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
13.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 5 of 25 -
<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 109,000 shares 1.9%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 749,338 shares 12.3%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
109,000 shares 1.9%
--------------------------------------------------------
10 Shared Dispositive Power
749,338 shares 12.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
858,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
13.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 6 of 25 -
<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 100,000 shares 1.8%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 758,338 shares 12.5%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
100,000 shares 1.8%
--------------------------------------------------------
10 Shared Dispositive Power
758,338 shares 12.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
858,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
13.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 7 of 25 -
<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 858,338 shares 13.9%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
858,338 shares 13.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
858,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
13.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 8 of 25 -
<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 1,000 shares 0.2%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
1,000 shares 0.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,000 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!
- 9 of 25 -
<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 1,880,000 shares 25.4%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 120,000 shares 2.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
1,880,000 shares 25.4%
--------------------------------------------------------
10 Shared Dispositive Power
120,000 shares 2.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,000,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
26.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 10 of 25 -
<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 120,000 shares 2.1%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 1,880,000 shares 25.4%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
120,000 shares 2.1%
--------------------------------------------------------
10 Shared Dispositive Power
1,880,000 shares 25.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,000,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
26.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 11 of 25 -
<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 2,000,000 shares 26.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
2,000,000 shares 26.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,000,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
26.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 12 of 25 -
<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 2,000,000 shares 26.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
2,000,000 shares 26.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,000,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
26.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 13 of 25 -
<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 200,000 shares 3.5%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 2,000,000 shares 26.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
200,000 shares 3.5%
--------------------------------------------------------
10 Shared Dispositive Power
2,000,000 shares 26.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,200,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
28.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 14 of 25 -
<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 200,000 shares 3.5%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 2,000,000 shares 26.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
200,000 shares 3.5%
--------------------------------------------------------
10 Shared Dispositive Power
2,000,000 shares 26.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,200,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
28.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 15 of 25 -
<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 2,000,000 shares 26.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
2,000,000 shares 26.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,000,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
26.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
- 16 of 25 -
<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 2,000,000 shares 26.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
2,000,000 shares 26.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,000,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
26.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
- 17 of 25 -
<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 2,000,000 shares 26.6%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
2,000,000 shares 26.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,000,000 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
26.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
- 18 of 25 -
<PAGE>
This statement, dated January 2, 1997, constitutes Amendment No. 5 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. 5 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.
ITEM 1. Security and Issuer.
(e) Option, exercisable as of February 14, 1997, expiring February
14, 2001, entitling the holder thereof to purchase up to an aggregate of 75,000
shares of Common Stock at an exercise price of $3.00 per share, subject to
adjustment in certain circumstances (the "1997 Consulting Option").
ITEM 3. Source and Amounts of Funds or Other Consideration.
On January 2, 1997, the Issuer granted the 1997 Consulting Option to
Barry Rubenstein in consideration of the extension of consulting services to be
provided by Barry Rubenstein to the Issuer for a two-year period commencing on
February 14, 1997. The consulting services are provided pursuant to a Consulting
and Non-Competition Agreement between the Issuer and Mr. Rubenstein.
No funds were used by Mr. Rubenstein in connection with the granting
of the 1997 Consulting Option.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 5,512,801 shares of Common Stock outstanding as reported in the
Issuer's Form 10-Q for the quarter ended September 30, 1996) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of January 2, 1997:
- 19 of 25 -
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
Woodland Partners 858,338(2) 13.9%
Barry Rubenstein 2,858,338(3) 34.9%
Marilyn Rubenstein 858,338(4) 13.9%
The Marilyn and Barry
Rubenstein Family
Foundation 858,338(5) 13.9%
Woodland Venture Fund 858,338(6) 13.9%
Seneca Ventures 858,338(7) 13.9%
Woodland Services Corp. 858,338(8) 13.9%
Brian Rubenstein 1,000(9) 0.1%
Wheatley Partners, L.P. 2,000,000(10) 26.6%
Wheatley Foreign Partners, L.P. 2,000,000(11) 26.6%
- --------
(1) Includes shares of Common Stock issuable upon the exercise of the
Warrants, the Offering Warrants, the Conversion Warrants, the Option, the
1997 Consulting Option and the Private Placement Warrants and 40,000
shares of Capital Common stock issuable upon the exercise of the Offering
Warrants.
(2) Includes 200,000 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants and 40,000 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 54,169 shares of Common Stock owned individually by Barry
Rubenstein, 40,000 shares of Common Stock held in his IRA Rollover
account, 54,169 shares of Common Stock issuable upon the exercise of the
Conversion Warrants, 100,000 shares of Common Stock issuable upon the
exercise of the Option and 75,000 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 20,000 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 1,000 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 100,000 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants and 9,000 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 100,000 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 1,000 shares of Common Stock owned by the Foundation.
(10) Includes 1,880,000 shares of Common Stock issuable upon the exercise of
the Private Placement Warrants. Wheatley disclaims beneficial ownership of
the rest of the securities except to the extent of its equity interest
therein.
(11) Includes 120,000 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants. Wheatley Foreign disclaims beneficial
ownership of the rest of the securities except to the extent of its equity
interest therein.
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<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
Wheatley Partners, LLC 2,000,000(12) 26.6%
Wheatley Management Ltd. 2,000,000(12) 26.6%
Irwin Lieber 2,200,000(12), (13) 28.5%
Barry Fingerhut 2,200,000(12), (14) 28.5%
Seth Lieber 2,000,000(12) 26.6%
Jonathan Lieber 2,000,000(12) 26.6%
Matthew A. Smith 2,000,000(12) 26.6%
- ---------------------------------------------
(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 2,535,000 shares of Common Stock
(including shares issuable upon the exercise of the Private Placement Warrants)
representing approximately 31.9% of the outstanding Common Stock. Barry
Rubenstein has sole power to vote and to dispose of 323,338 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 5.6% 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 838,338 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 13.6% of the outstanding
Common Stock. Marilyn Rubenstein has sole power to vote and to dispose of 20,000
shares of Common Stock, representing approximately 0.4% of the outstanding
Common Stock.
Woodland partners has sole power to vote and to dispose of 305,000
shares of Common Stock (which includes shares issuable upon the exercise of the
Warrants and the Private Placement Warrants), representing approximately 5.3% of
the outstanding Common Stock, and may be deemed to have shared power to vote and
to dispose of 553,338 shares of Common Stock (which
- --------
(12) The reporting person disclaims beneficial ownership of these securities
except to the extent of his or its equity interest therein.
(13) Includes 200,000 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants owned by Irwin Lieber.
(14) Includes 200,000 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants owned by Barry Fingerhut.
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<PAGE>
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 9.3% of the outstanding Common
Stock.
The Fund has sole power to vote and to dispose of 109,000 shares of
Common Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 1.9% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 749,338
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 12.3% of the outstanding Common Stock.
Seneca has sole power to vote and to dispose of 100,000 shares of
Common Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 1.8% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 758,338
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 12.5% of the outstanding Common Stock.
The Foundation has sole power to vote and dispose of 1,000 shares of
Common Stock, and may be deemed to have shared power to vote and to dispose of
857,338 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
13.9% of the outstanding Common Stock.
Services may be deemed to have shared power to vote and to dispose
of 858,338 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 13.8% of the outstanding Common Stock.
ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
Barry Rubenstein entered into a Stock Option Agreement, dated
January 2, 1997, governing the terms of the 1997 Consulting Option.
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 - Barry Rubenstein Stock Option Agreement, dated January
2, 1997.
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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: February 7, 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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