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. 4)*
GLOBAL TELECOMMUNICATION SOLUTIONS, INC.
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(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
37935Y107
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(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 1, 1997
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following space __.
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
- 1 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Partners
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 478,338 shares 8.2%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
305,000 shares 5.3%
--------------------------------------------------------
10 Shared Dispositive Power
478,338 shares 8.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
783,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
12.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 2 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
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
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5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of
Shares 248,338 shares 4.4%
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 2,535,000 shares 31.9%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
248,338 shares 4.4%
--------------------------------------------------------
10 Shared Dispositive Power
2,535,000 shares 31.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
2,783,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
34.3%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 3 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Marilyn Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF,OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 763,338 shares 12.5%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
20,000 shares 0.4%
--------------------------------------------------------
10 Shared Dispositive Power
763,338 shares 12.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
783,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
12.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 4 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Marilyn and Barry Rubenstein Family Foundation
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 782,338 shares 12.8%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
1,000 shares 0.1%
--------------------------------------------------------
10 Shared Dispositive Power
782,338 shares 12.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
783,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
12.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 5 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Venture Fund
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC,OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 674,338 shares 11.2%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
109,000 shares 1.9%
--------------------------------------------------------
10 Shared Dispositive Power
674,338 shares 11.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
783,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
12.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 6 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seneca Ventures
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC,OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 683,338 shares 11.4%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
100,000 shares 1.8%
--------------------------------------------------------
10 Shared Dispositive Power
683,338 shares 11.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
783,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
12.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 7 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Services Corp.
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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* OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 783,338 shares 12.8%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
783,338 shares 12.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
783,338 shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
12.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 8 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Brian Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 0.1%
Person --------------------------------------------------------
With 9 Sole Dispositive Power
0 shares 0%
--------------------------------------------------------
10 Shared Dispositive Power
1,000 shares 0.1%
- --------------------------------------------------------------------------------
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)
0.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 9 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Partners, L.P.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC,OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Foreign Partners, L.P.
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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* WC,OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Partners LLC
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Management Ltd.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
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 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Irwin Lieber
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF,OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Fingerhut
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF,OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seth Lieber
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 16 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Jonathan Leiber
- --------------------------------------------------------------------------------
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 Items
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
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 17 of 38 -
<PAGE>
CUSIP No. 37935Y107 13D
- --------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Matthew A. Smith
- --------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
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
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 18 of 38 -
<PAGE>
This statement, dated January 1, 1997, constitutes Amendment No. 4 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. 4 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 restate the text of the entire
Schedule except for information which has materially changed since the filing of
the Schedule.
ITEM 1. Security and Issuer.
(d) Warrants, exercisable as of March 1, 1997, expiring November 27,
2001, entitling the holder thereof to purchase one share of Common Stock at
$2.50 per share ("Private Placement Warrants").
ITEM 2. Identity and Background
1. (a) Woodland Partners, a general partnership organized under the laws
of the State of New York.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
The general partners of Woodland Partners are Barry Rubenstein and
Marilyn Rubenstein (husband and wife).
2. (a) Barry Rubenstein, a general partner of Woodland Partners, Seneca
Ventures, and Woodland Venture Fund, a shareholder, officer and
director of Woodland Services Corp., one of the Trustees of The
Marilyn and Barry Rubenstein Family
- 19 of 38 -
<PAGE>
Foundation, and a member and Chief Executive Officer of Wheatley
Partners LLC, the general partner of Wheatley and a general partner of
Wheatley Foreign Partners, L.P.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
Barry Rubenstein is the husband of Marilyn Rubenstein and the father
of Brian Rubenstein.
3. (a) Marilyn Rubenstein, a general partner of Woodland Partners and one
of the Trustees of The Marilyn and Barry Rubenstein Family Foundation.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal occupation: Housewife.
(d) No.
(e) No.
(f) Citizenship: United States.
Marilyn Rubenstein is the wife of Barry Rubenstein and the mother of
Brian Rubenstein.
4. (a) The Marilyn and Barry Rubenstein Family Foundation, an
organization which is exempt from federal income taxation pursuant to
Section 501(a) of the Internal Revenue Code of 1986, as amended (the
"Foundation").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
- 20 of 38 -
<PAGE>
(c) Principal Business: Charitable Foundation.
(d) No.
(e) No.
Barry Rubenstein, Marilyn Rubenstein, and Brian Rubenstein are the
Trustees of the Foundation.
5. (a) Woodland Venture Fund, a limited partnership organized under the
laws of the State of New York (the "Fund").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Woodland Services Corp. and Barry Rubenstein are the general partners
of the Fund. The limited partners of the Fund include certain other investors.
6. (a) Seneca Ventures, a limited partnership organized under the laws of
the State of New York ("Seneca").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Woodland Services Corp. and Barry Rubenstein are the general partners
of Seneca. The limited partners of Seneca include certain other investors.
7. (a) Woodland Services Corp., a corporation organized under the laws of
the State of New York ("Services").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
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(c) Principal Business: Investments.
(d) No.
(e) No.
Barry Rubenstein is the President and sole director of Services, and
Marilyn Rubenstein, his wife, is the Secretary and Treasurer of Services. Barry
Rubenstein owns all of Service's outstanding shares of common stock, no par
value.
8. (a) Brian Rubenstein, one of the Trustees of The Marilyn and Barry
Rubenstein Family Foundation.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: Corporate Finance Staff Analyst
(d) No.
(e) No.
(f) Citizenship: United States.
Brian Rubenstein is the adult son of Barry Rubenstein and Marilyn
Rubenstein.
9. (a) Wheatley Partners, L.P., a limited partnership organized under the
laws of the State of Delaware ("Wheatley").
(b) Address: c/o Wheatley Partners LLC
80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Business: Investments.
(d) No.
(e) No.
Wheatley Partners LLC is the general partner of Wheatley. The limited
partners of Wheatley include certain other investors.
10. (a) Wheatley Foreign Partners, L.P., a limited partnership organized
under the laws of Delaware ("Wheatley Foreign").
(b) Address: Third Floor
One Capital Place
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<PAGE>
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Principal Occupation: Investments.
(d) No.
(e) No.
The general partners of Wheatley Foreign are Wheatley Partners LLC and
Wheatley Management Ltd.
11. (a) Wheatley Partners LLC, a limited liability company organized under
the laws of the State of Delaware ("Wheatley LLC").
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Business: Investments.
(d) No.
(e) No.
Wheatley LLC is the general partner of Wheatley, and also a general
partner of Wheatley Foreign Partners, L.P.
12. (a) Wheatley Management Ltd., a company incorporated in the Cayman
Islands ("Wheatley Management").
(b) Address: Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Principal Occupation: Investments.
(d) No.
(e) No.
Wheatley Management is a general partner of Wheatley Foreign.
13. (a) Irwin Lieber, a member and President, Secretary and Treasurer of
Wheatley LLC, the general partner of Wheatley and a general partner of
Wheatley Foreign,
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and President and a Director of Wheatley Management, a general partner
of Wheatley Foreign.
(b) Address: 80 Cuttermill Road
Great Neck, New York 11021
(c) Principal Occupation: Investment adviser.
(d) No.
(e) No.
(f) Citizenship: United States.
14. (a) Barry Fingerhut, a member and Executive Vice President of Wheatley
LLC, the general partner of Wheatley and a general partner of Wheatley
Foreign.
(b) Address: 80 Cuttermill Road
Great Neck, New York 11021
(c) Principal Occupation: Investment adviser.
(d) No.
(e) No.
(f) Citizenship: United States.
15. (a) Seth Lieber, a member and a Vice President of Wheatley LLC, the
general partner of Wheatley and a general partner of Wheatley Foreign.
(b) Address: 80 Cuttermill Road
Great Neck, New York 11021
(c) Principal Occupation: Investments.
(d) No.
(e) No.
(f) Citizenship: United States.
16. (a) Jonathan Lieber, a member and a Vice President of Wheatley LLC,
the general partner of Wheatley and a general partner of Wheatley
Foreign.
(b) Address: 80 Cuttermill Road
Great Neck, New York 11021
(c) Principal Occupation: Investments.
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<PAGE>
(d) No.
(e) No.
(f) Citizenship: United States.
17. (a) Matthew A. Smith, a member and a Vice President of Wheatley LLC,
the general partner of Wheatley and a general partner of Wheatley
Foreign.
(b) Address: 80 Cuttermill Road
Great Neck, New York 11021
(c) Principal Occupation: Investments.
(d) No.
(e) No.
(f) Citizenship: United States.
ITEM 3. Source and Amounts of Funds or Other Consideration.
The individual reporting persons obtained funds for the purchase of
the shares of Common Stock from their respective personal funds and/or other
funds, the partnerships obtained funds for the purchase of the shares of Common
Stock from their respective working capital and other funds, and the Foundation
obtained funds for the purchase of the shares of Common Stock from its other
funds.
On November 27, 1996, the Issuer sold promissory notes (the
"Promissory Notes") to the Wheatley and Wheatley Foreign, and on December 20,
1996, the Issuer sold Promissory Notes to Fund, Seneca, Woodland Partners, Irwin
Lieber and Barry Fingerhut. As part of the purchase of the Promissory Notes, the
reporting persons also received Private Placement Warrants exercisable to
purchase the number of shares equal to the principal of the Promissory Note
acquired by such reporting person. Pursuant to the terms of the offering of the
Promissory Notes, the Issuer must file a registration statement in regard to the
Private Placement Warrants by April 15, 1997.
The amount of funds used in making the purchases of the Common Stock,
the Warrants, the Restricted Shares, the Conversion Warrants, and the Private
Placement Warrants are set forth below:
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Name Amount of Consideration
---- -----------------------
Woodland Partners $ 525,000
Woodland Venture Fund $ 140,500
Seneca Ventures $ 100,000
Wheatley Partners, L.P. $1,880,000
Wheatley Foreign Partners, L.P. $ 120,000
Barry Rubenstein $ 370,007
Irwin Lieber $ 200,000
Barry Fingerhut $ 200,000
Marilyn Rubenstein $ 100,000
The Marilyn and Barry Rubenstein
Family Foundation $ 5,000
ITEM 4. Purpose of Transaction.
The reporting persons acquired their securities for purposes of
investment. The reporting persons do not have any plans or proposals which
relate to or would result in any of the actions set forth in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 5,512,801 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 1, 1997:
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
Woodland Partners 783,338(2) 12.8%
- ----------
(1) Includes shares of Common Stock issuable upon the exercise of the Warrants,
the Offering Warrants, the Conversion Warrants, the 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
the 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.
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<PAGE>
Barry Rubenstein 783,338(3) 12.8%
Marilyn Rubenstein 783,338(4) 12.8%
The Marilyn and Barry Rubenstein
Family Foundation 783,338(5) 12.8%
Woodland Venture Fund 783,338(6) 12.8%
Seneca Ventures 783,338(7) 12.8%
Woodland Services Corp. 783,338(8) 12.8%
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%
- ----------
(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 and 100,000 shares of Common Stock issuable upon the exercise of
the 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>
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) 28.5%
Seth Lieber 2,000,000(12),(14) 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 248,338 shares of Common
Stock (which includes shares issuable upon the exercise of the Conversion
Warrants, the Offering Warrants and the Option), representing approximately 4.4%
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 763,338 shares of
Common Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants, the Conversion Warrants, the Offering Warrants and the
Option) representing approximately 12.5% 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 478,338 shares of Common Stock (which includes shares
issuable upon the exercise of the Conversion Warrants, the Offering Warrants,
the Private Placement Warrants and the Option), representing approximately 8.2%
of the outstanding Common Stock.
- ----------
(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>
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 674,338
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants and the Option), representing
approximately 11.2% 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 683,338
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants and the Option), representing
approximately 11.4% of the outstanding Common Stock.
Wheatley has sole power to vote and dispose of 1,880,000 shares
of Common Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 25.4% of the outstanding Common
Stock and may be deemed to have shared power to vote and dispose of 120,000
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 2.1% of the outstanding
Common Stock.
Wheatley Foreign has sole power to vote and dispose of 120,000
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 2.1% of the outstanding
Common Stock and may be deemed to have shared power to vote and dispose of
1,880,000 shares of Common Stock (which includes shares issuable upon the
exercise of the Private Placement Warrants), representing approximately 25.4% 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 dispose of 2,000,000
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 26.6% of the outstanding
Common Stock. Irwin Lieber has sole power to vote and dispose of 200,000 shares
of Common Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 3.5% 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 dispose of 2,000,000
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 26.6% of the outstanding
Common Stock. Barry Fingerhut has sole power to vote and dispose of 200,000
shares of Common Stock (which includes shares issuable upon the exercise
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<PAGE>
of the Private Placement Warrants), representing approximately 3.5% of the
outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Seth
Lieber may be deemed to have shared power to vote and dispose of 2,000,000
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 26.6% 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 dispose of
2,000,000 shares of Common Stock (which includes shares issuable upon the
exercise of the Private Placement Warrants), representing approximately 26.6% 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 dispose of
2,000,000 shares of Common Stock (which includes shares issuable upon the
exercise of the Private Placement Warrants), representing approximately 26.6% of
the outstanding Common Stock.
By virtue of being the general partner of Wheatley and Wheatley
Foreign, Wheatley LLC may be deemed to have shared power to vote and dispose of
2,000,000 shares of Common Stock (which includes shares issuable upon the
exercise of the Private Placement Warrants), representing approximately 26.6% of
the outstanding Common Stock.
By virtue of being a general partner of Wheatley Foreign,
Wheatley Management may be deemed to have shared power to vote and dispose of
2,000,000 shares of Common Stock (which includes shares issuable upon the
exercise of the Private Placement Warrants), representing approximately 26.6% 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 782,338 shares of Common Stock (which includes shares issuable upon the
exercise of the Conversion Warrants, the Offering Warrants, the Private
Placement Warrants and the Option), representing approximately 12.8% of the
outstanding Common Stock.
Services may be deemed to have shared power to vote and to
dispose of 783,338 shares of Common Stock (which includes shares issuable upon
the exercise of the Conversion Warrants, the Offering Warrants, the Private
Placement Warrants and the Option), representing approximately 12.8% 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 1,000 shares of
Common Stock.
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<PAGE>
(c) The following is a description of all transactions in the Private
Placement Warrants by the persons identified in Item 2 of this Schedule 13D
effected from November 3, 1996 through January 1, 1997, inclusive.
Number of Private
Purchase or Placement Warrants Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- --------- ------------------- ----------
Wheatley Partners, L.P. 11/27/96 1,880,000 $1,880,000
Wheatley Foreign Partners, L.P. 11/27/96 120,000 $120,000
Irwin Lieber 12/20/96 200,000 $200,000
Barry Fingerhut 12/20/96 200,000 $200,000
Seneca Ventures 12/20/96 100,000 $100,000
Woodland Venture Fund 12/20/96 100,000 $100,000
Woodland Partners 12/20/96 200,000 $200,000
Wheatley and Wheatley Foreign acquired their respective Private
Placement Warrants in a private placement by the Issuer in November, 1996. Irwin
Lieber, Barry Fingerhut, Seneca Ventures, Woodland Venture Fund and Woodland
Partners acquired their respective Private Placement Warrants in a private
placement by the Issuer in December, 1996.
ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
g. Registration Rights Agreement between the Issuer and Woodland
Partners, pursuant to which the Issuer must file a registration statement in
regard to the Private Placement Warrants by April 15, 1997.
h. Wheatley and Wheatley Foreign have entered into a co-investment
agreement dated as of June 25, 1996 pursuant to which Wheatley and Wheatley
Foreign have agreed to act as co-investors with respect to the purchases of
securities of certain companies.
i. Except for the circumstances discussed or referred to in paragraphs
(a) through (h), 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
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<PAGE>
Exhibit A - Agreement dated January 13, 1997 among the reporting
persons by which they have agreed to file this Schedule 13D and all necessary
amendments, as required by Rule 13d-1(f).
- 32 of 38 -
<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: January 13, 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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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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/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).
- 35 of 38 -
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JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $0.01 per share, of Global Telecommunications
Solutions, Inc. and that this Agreement be included as an Exhibit to such joint
filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 13
day of January, 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
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THE MARILYN AND BARRY RUBENSTEIN
FAMILY FOUNDATION
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, a Trustee
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY PARTNERS LLC
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
-----------------------------------
Irwin Lieber, President
/s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein
/s/ Marilyn Rubenstein
-----------------------------------
Marilyn Rubenstein
/s/ Irwin Lieber
-----------------------------------
Irwin Lieber
/s/ Barry Fingerhut
-----------------------------------
Barry Fingerhut
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<PAGE>
/s/ Seth Lieber
-----------------------------------
Seth Lieber
/s/ Jonathan Lieber
-----------------------------------
Jonathan Lieber
/s/ Matthew A. Smith
-----------------------------------
Matthew A. Smith
*
-----------------------------------
Brian Rubenstein
/s/ Barry Rubenstein *
- ----------------------------------
Barry Rubenstein, Attorney-in-Fact
- 38 of 38 -
