SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a).
(Amendment No. 9)(1)
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)
November 1, 1998
- --------------------------------------------------------------------------------
(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(e, 13d-1(f) or 13d-(g), check the following box
|_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following page(s))
- --------
(1) 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 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).
Page 1 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Partners
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 151,668 shares 1.9%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 805,942 shares 9.8%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 151,668 shares 1.9%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 805,942 shares 9.8%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 957,610 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| 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
| | 617,273 shares 7.6%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,857,004 shares 21.3%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 617,273 shares 7.6%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,857,004 shares 21.3%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 2,474,277 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 27.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Marilyn Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* PF, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 26,667 shares 0.3%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 930,943 shares 11.2%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 26,667 shares 0.3%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 930,943 shares 11.2%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 957,610 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| The Rubenstein Family Limited Partnership
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 10,000 shares 0.1%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 947,610 shares 11.4%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 10,000 shares 0.1%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 947,610 shares 11.4%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 957,610 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| The Marilyn and Barry Rubenstein Family Foundation
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 10,334 shares 0.1%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 947,276 shares 11.4%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 10,334 shares 0.1%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 947,276 shares 11.4%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 957,610 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Venture Fund
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 108,334 shares 1.3%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 849,276 shares 10.3%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 108,334 shares 1.3%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 849,276 shares 10.3%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 957,610 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Seneca Ventures
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 33,334 shares 0.4%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 924,276 shares 11.2%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 33,334 shares 0.4%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 924,276 shares 11.2%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 957,610 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Services Corp.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 957,610 shares 11.6%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 957,610 shares 11.6%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 957,610 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Brian Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 10,334 shares 0.1%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 10,334 shares 0.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 10,334 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 0.1%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| 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
| | 1,414,805 shares 16.5%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 101,862 shares 1.3%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 1,414,805 shares 16.5%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 101,862 shares 1.3%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,516,667 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 17.7%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| 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
| | 101,862 shares 1.3%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,414,805 shares 16.5%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 101,862 shares 1.3%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,414,805 shares 16.5%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,516,667 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 17.7%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Wheatley Partners, LLC
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Delaware
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,516,667 shares 17.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,516,667 shares 17.7%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,516,667 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 17.7%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Wheatley Management Ltd.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Cayman Islands, B.W.I.
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,516,667 shares 17.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,516,667 shares 17.7%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,516,667 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 17.7%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Irwin Lieber
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* PF, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 66,667 shares 0.8%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,516,667 shares 17.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 66,667 shares 0.8%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,516,667 shares 17.7%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,583,334 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 18.3%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Barry Fingerhut
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* PF, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 66,667 shares 0.8%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,516,667 shares 17.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 66,667 shares 0.8%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,516,667 shares 17.7%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,583,334 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 18.3%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Seth Lieber
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,516,667 shares 17.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,516,667 shares 17.7%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,516,667 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 17.7%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Jonathan Lieber
|
- --------------------------------------------------------------------------------
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 United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,516,667 shares 17.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,516,667 shares 17.7%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,516,667 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 17.7%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Rebecca Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 10,334 shares 0.1%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 10,334 shares 0.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 10,334 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 0.1%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 19 of 29
<PAGE>
This statement, dated November 1, 1998 constitutes Amendment No. 9 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. 9 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 3. Source and Amounts of Funds or Other Consideration.
As of November 1, 1998, Barry Rubenstein, among certain other investors,
acquired 96,799 shares of Common Stock and $273,913 of a $1,000,000 promissory
note from J. Mark Rubenstein (J. Mark Rubenstein is a former director and
officer of the Issuer) for $157,500. The Issuer offered each holder of a portion
of the Promissory Note, to convert his or her portion of the Promissory Note
into shares of Common Stock of the Issuer at a conversion rate of 1 share for
each $1.23 in principal amount converted. Barry Rubenstein delivered $273,913 in
principal to the Issuer which was converted into 222,693 shares of Common Stock
of the Issuer.
Barry Rubenstein used personal funds to acquire the securities.
ITEM 4. Purpose of Transaction.
The reporting persons acquired their securities for purposes of
investment. Other than the reporting persons' purchase or sale of additional
securities of the Issuer, no reporting person has any present plan or proposal
which would relate to or result in any of the matters set forth in subparagraphs
(a) through (j) of Item 4 of Schedule 13D except as set forth herein.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on (i) 8,007,829 shares of Common Stock outstanding as reported in the
Issuer's private placement offering dated September 17, 1998, plus (ii) the
private placement of 1,198,000 shares of the Issuer's Common Stock on October 1,
1998, plus (iii) 813,008 shares of the Issuer's Common Stock issued for the
Promissory Note as of November 1, 1998) of outstanding shares of Common Stock
owned beneficially by each reporting person named in Item 2, as of November 1,
1998:
Page 20 of 29
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
<S> <C> <C>
Woodland Partners 957,610(2) 11.6%
Barry Rubenstein 2,474,277(3) 27.9%
Marilyn Rubenstein 957,610(4) 11.6%
The Rubenstein Family Limited Partnership 957,610(5) 11.6%
The Marilyn & Barry Rubenstein Family Foundation957,610(6) 11.6%
Woodland Venture Fund 957,610(7) 11.6%
Seneca Ventures 957,610(8) 11.6%
Woodland Services Corp. 957,610(9) 11.6%
Brian Rubenstein 10,334(10,13) *
Wheatley Partners, L.P. 1,516,667(11) 17.7%
</TABLE>
- --------
* Less than 1%.
(1) Includes shares of Common Stock issuable upon the exercise of the
Warrants, the Offering Warrants, Conversion Warrants, the Option, 1997
Consulting Option, the Private Placement Warrants, the 1997 Warrants,
and the 1998 Option.
(2) Includes 66,667 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants and 13,334 shares of Common Stock issuable
upon exercise of the Offering Warrants. Woodland Partners disclaims
beneficial ownership of the rest of the securities except to the extent
of its equity interest therein.
(3) Includes 387,549 shares of Common Stock owned individually by Barry
Rubenstein, 103,333 shares of Common Stock held in his IRA Rollover
account, 18,057 shares of Common Stock issuable upon the exercise of the
Conversion Warrants, 33,334 shares of Common Stock issuable upon the
exercise of the Option, 25,000 shares of Common Stock issuable upon the
exercise of the 1997 Consulting Option, and 50,000 shares of Common
Stock issuable upon the exercise of the 1998 Option. Mr. Rubenstein
disclaims beneficial ownership of the rest of the securities except to
the extent of his equity interest therein.
(4) Includes 26,667 shares of Common Stock owned individually by Marilyn
Rubenstein. Mrs. Rubenstein disclaims beneficial ownership of the rest
of the securities except to the extent of her equity interest therein.
(5) Includes 10,000 shares of Common Stock owned individually by the
Rubenstein Partnership. The Rubenstein Partnership disclaims beneficial
ownership of the rest of the securities except to the extent of its
equity interest therein.
(6) Includes 10,334 shares of Common Stock owned by the Foundation. The
Foundation disclaims beneficial ownership of the rest of the securities
except to the extent of its equity interest therein.
(7) Includes 33,334 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants and 75,000 shares of Common Stock owned by
the Fund. The Fund disclaims beneficial ownership of the rest of the
securities except to the extent of its equity interest therein.
(8) Includes 33,334 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants. Seneca disclaims beneficial ownership of the
rest of the securities except to the extent of its equity interest
therein.
(9) Services disclaims beneficial ownership of the rest of the securities
except to the extent of its equity interest therein.
(10) Consists of 10,334 shares of Common Stock owned by the Foundation.
(11) Includes 866,472 shares of Common Stock, 313,333 shares of Common Stock
issuable upon the exercise of the Private Placement Warrants and 235,000
shares of Common Stock issuable upon the exercise of the 1997 Warrants.
Wheatley disclaims beneficial ownership of the rest of the securities
except to the extent of its equity interest therein.
Page 21 of 29
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Wheatley Foreign Partners, L.P. 1,516,667(12) 17.7%
Wheatley Partners, LLC 1,516,667(13) 17.7%
Wheatley Management Ltd. 1,516,667(13) 17.7%
Irwin Lieber 1,583,334(13,14) 18.3%
Barry Fingerhut 1,583,334(13,15) 18.3%
Seth Lieber 1,516,667(13) 17.7%
Jonathan Lieber 1,516,667(13) 17.7%
Rebecca Rubenstein 10,334(10,13) *
</TABLE>
(b) Woodland Partners has sole power to vote and to dispose of
151,668 shares of Common Stock (which includes shares issuable upon the exercise
of the Warrants, the Offering Warrants and the Private Placement Warrants),
representing approximately 1.9% of the outstanding Common Stock, and may be
deemed to have shared power to vote and to dispose of 805,942 shares of Common
Stock (which includes shares issuable upon the exercise of the Conversion
Warrants, the Private Placement Warrants, the Option, the 1997 Consulting Option
and the 1998 Option), representing approximately 9.8% of the outstanding Common
Stock.
Barry Rubenstein, by virtue of being a general partner of
Woodland Partners, the Rubenstein Partnership, the Fund and Seneca, a trustee of
the Foundation, a member and an officer of Wheatley LLC, and husband of Marilyn
Rubenstein, may be deemed to have shared power to vote and to dispose of
1,857,004 shares of Common Stock (including shares issuable upon the exercise of
the Private Placement Warrants, the Offering Warrants and the 1997 Warrants)
representing approximately 21.3% of the outstanding Common Stock. Barry
Rubenstein has sole power to vote and to dispose of 617,273 shares of Common
Stock (which includes shares issuable upon the exercise of the Conversion
Warrants, the Option, the 1997 Consulting Option and the 1998 Option),
representing approximately 7.6% of the outstanding Common Stock.
Marilyn Rubenstein, by virtue of being a general partner
of Woodland Partners and the Rubenstein Partnership, a trustee of the
Foundation, and wife of Barry Rubenstein, may be deemed to have shared power to
vote and to dispose of 930,943 shares of Common Stock (which includes shares
issuable upon the exercise of the Private Placement Warrants, the Conversion
Warrants, the Offering Warrants, the Option, the 1997 Consulting Option and the
1998 Option), representing approximately 11.2% of the outstanding Common Stock.
Marilyn Rubenstein has sole power to vote and to dispose of 26,667 shares of
Common Stock, representing approximately 0.3% of the outstanding Common Stock.
- --------
(12) Includes 66,862 shares of Common Stock, 20,000 shares of Common
Stock issuable upon the exercise of the Private Placement Warrants and
15,000 shares of Common Stock issuable upon the exercise of the 1997
Warrants. Wheatley Foreign disclaims beneficial ownership of the rest
of the securities except to the extent of its equity interest therein.
(13) The reporting person disclaims beneficial ownership of these securities
except to the extent of his/her/its equity interest therein.
(14) Includes 66,667 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants owned by Irwin Lieber.
(15) Includes 66,667 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants owned by Barry Fingerhut.
Page 22 of 29
<PAGE>
The Rubenstein Partnership has the sole power to vote and
to dispose of 10,000 shares of Common Stock, representing approximately 0.1% of
the outstanding Common Stock, and may be deemed to have shared power to vote and
to dispose of 947,610 shares of Common Stock (which includes shares issuable
upon the exercise of the Private Placement Warrants, the Conversion Warrants,
the Offering Warrants, the Option, the 1997 Consulting Option and the 1998
Option), representing approximately 11.4% of the outstanding Common Stock.
The Fund has sole power to vote and to dispose of 108,334
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 1.3% of the outstanding
Common Stock, and may be deemed to have shared power to vote and to dispose of
849,276 shares of Common Stock (which includes shares issuable upon the exercise
of the Conversion Warrants, the Offering Warrants, the Private Placement
Warrants, the Option, the 1997 Consulting Option and the 1998 Option),
representing approximately 10.3% of the outstanding Common Stock.
Seneca has sole power to vote and to dispose of 33,334
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 0.4% of the outstanding
Common Stock, and may be deemed to have shared power to vote and to dispose of
924,276 shares of Common Stock (which includes shares issuable upon the exercise
of the Conversion Warrants, the Offering Warrants, the Private Placement
Warrants, the Option, the 1997 Consulting Option and the 1998 Option),
representing approximately 11.2% of the outstanding Common Stock.
The Foundation has sole power to vote and dispose of
10,334 shares of Common Stock, representing approximately 0.1% of the
outstanding Common Stock, and may be deemed to have shared power to vote and to
dispose of 947,276 shares of Common Stock (which includes shares issuable upon
the exercise of the Conversion Warrants, the Offering Warrants, the Private
Placement Warrants, the Option, the 1997 Consulting Option and the 1998 Option),
representing approximately 11.4% of the outstanding Common Stock.
Services may be deemed to have shared power to vote and to
dispose of 957,610 shares of Common Stock (which includes shares issuable upon
the exercise of the Conversion Warrants, the Offering Warrants, the Private
Placement Warrants, the Option, the 1997 Consulting Option and the 1998 Option),
representing approximately 11.6% of the outstanding Common Stock.
Brian Rubenstein, by virtue of being a trustee of the
Foundation, may be deemed to have shared power to vote and to dispose of 10,334
shares of Common Stock, representing approximately 0.1% of the outstanding
Common Stock.
Rebecca Rubenstein, by virtue of being a trustee of the
Foundation, may be deemed to have shared power to vote and to dispose of 10,334
shares of Common Stock, representing approximately 0.1% of the outstanding
Common Stock.
Page 23 of 29
<PAGE>
Wheatley Partners, L.P. has sole power to vote and to
dispose of 1,414,805 shares of Common Stock (which includes shares issuable upon
the exercise of the Private Placement Warrants and the 1997 Warrants),
representing approximately 16.5% of the outstanding Common Stock, and may be
deemed to have shared power to vote and to dispose of 101,862 shares of Common
Stock (which includes shares issuable upon the exercise of the Private Placement
Warrants and the 1997 Warrants), representing approximately 1.3% of the
outstanding Common Stock.
Wheatley Foreign Partners, L.P. has sole power to vote and
to dispose of 101,862 shares of Common Stock (which includes shares issuable
upon the exercise of the Private Placement Warrants and the 1997 Warrants),
representing approximately 1.3% of the outstanding Common Stock, and may be
deemed to have shared power to vote and to dispose of 1,414,805 shares of Common
Stock (which includes shares issuable upon the exercise of the Private Placement
Warrants and the 1997 Warrants), representing approximately 16.5% of the
outstanding Common Stock.
Wheatley Partners, LLC may be deemed to have shared power
to vote and to dispose of 1,516,667 shares of Common Stock (which includes
shares issuable upon the exercise of the Private Placement Warrants and the 1997
Warrants), representing approximately 17.7% of the outstanding Common Stock.
Wheatley Management Ltd. may be deemed to have shared
power to vote and to dispose of 1,516,667 shares of Common Stock (which includes
shares issuable upon the exercise of the Private Placement Warrants and the 1997
Warrants), representing approximately 17.7% of the outstanding Common Stock.
Irwin Lieber, by virtue of being a member and an officer
of Wheatley LLC, may be deemed to have shared power to vote and to dispose of
1,516,667 shares of Common Stock (including shares issuable upon the exercise of
the Private Placement Warrants and the 1997 Warrants), representing
approximately 17.7% of the outstanding Common Stock. Irwin Lieber has sole power
to vote and to dispose of 66,667 shares of Common Stock (which consists of
shares issuable upon the exercise of the Private Placement Warrants),
representing approximately 0.8% of the outstanding Common Stock.
Barry Fingerhut, by virtue of being a member and an
officer of Wheatley LLC, may be deemed to have shared power to vote and to
dispose of 1,516,667shares of Common Stock (including shares issuable upon the
exercise of the Private Placement Warrants and the 1997 Warrants), representing
approximately17.7% of the outstanding Common Stock. Barry Fingerhut has sole
power to vote and to dispose of 66,667 shares of Common Stock (which consists of
shares issuable upon the exercise of the Private Placement Warrants),
representing approximately 0.8% of the outstanding Common Stock.
Seth Lieber, by virtue of being a member and an officer
of Wheatley LLC, may be deemed to have shared power to vote and to dispose of
1,516,667 shares of Common Stock
Page 24 of 29
<PAGE>
(including shares issuable upon the exercise of the Private Placement Warrants
and the 1997 Warrants), representing approximately 17.7% of the outstanding
Common Stock.
Jonathan Lieber, by virtue of being a member and an
officer of Wheatley LLC, may be deemed to have shared power to vote and to
dispose of 1,516,667 shares of Common Stock (including shares issuable upon the
exercise of the Private Placement Warrants and the 1997 Warrants), representing
approximately 17.7% of the outstanding Common Stock.
(c) The following is a description of all transactions in the
securities of the Issuer by the reporting persons identified in Item 2 of this
Schedule 13D effected from October 2, 1998 through November 1, 1998, inclusive:
As of November 1, 1998, Barry Rubenstein acquired 96,799 shares
of Common Stock and $273,913 of the Promissory Note from J. Mark Rubenstein for
$157,500. The Issuer offered each holder of a portion of the Promissory Note, to
convert his or her portion of the Promissory Note into shares of Common Stock of
the Issuer at a conversion rate of 1 share for each $1.23 in principal amount
converted. Barry Rubenstein delivered $273,913 in principal to the Issuer which
was converted into 222,693 shares of Common Stock of the Issuer.
(d) No other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of such
securities.
(e) Not applicable.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer.
(j) Each of Barry Rubenstein, Marilyn Rubenstein, the Foundation,
Woodland Partners, the Fund, Seneca Ventures, Wheatley Partners and Wheatley
Foreign Partners entered into a lock-up agreement, each dated June 10, 1997 (the
"Lock-up Agreement"), with GKN Securities Corp., the managing underwriter of the
public offering of 2,875,000 shares of the Issuer's Common Stock (including
375,000 shares of Common Stock issued upon the exercise of the over-allotment
option).
The Lock-up Agreement provides that for a period of five years,
commencing on the effective date of the Registration Statement, the Underwriter
shall have the right to purchase for its account or to sell for the account of
such shareholders any shares of Common Stock sold pursuant to Rule 144
promulgated under the Securities Act of 1933, as amended.
None of the shares of Common Stock included in Item 5(c) of this
Schedule 13D are subject to the Lock-up Agreement.
Page 25 of 29
<PAGE>
(k) Except for the circumstances discussed or referred to in
paragraphs (a) through (j), there are no contracts, arrangements,
understandings, or relationships with respect to the securities of the Issuer
among any of the persons reporting in this Schedule 13D.
Page 26 of 29
<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: December 22, 1998 WOODLAND PARTNERS
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
SENECA VENTURES
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WOODLAND SERVICES CORP.
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, President
THE RUBENSTEIN FAMILY
LIMITED PARTNERSHIP
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
THE MARILYN AND BARRY RUBENSTEIN
FAMILY FOUNDATION
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a Trustee
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, Chief Executive Officer
Page 27 of 29
<PAGE>
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY PARTNERS LLC
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY MANAGEMENT LTD.
By: Irwin Lieber
----------------------------------------
Irwin Lieber, President
Barry Rubenstein
----------------------------------------
Barry Rubenstein
Marilyn Rubenstein
----------------------------------------
Marilyn Rubenstein
Irwin Lieber
----------------------------------------
Irwin Lieber
Barry Fingerhut
----------------------------------------
Barry Fingerhut
Seth Lieber
----------------------------------------
Seth Lieber
Jonathan Lieber
----------------------------------------
Jonathan Lieber
Page 28 of 29
<PAGE>
*
----------------------------------------
Brian Rubenstein
*
----------------------------------------
Rebecca Rubenstein
* Barry Rubenstein
- ----------------------------------------
Barry Rubenstein, Attorney-in-Fact
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C.
1001).
Page 29 of 29
