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. 8)(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)
October 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).
-1 of 35 Pages-
<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
Number of 151,668 shares 2.1%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 486,450 shares 6.6%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 151,668 shares 2.1%
With --------------------------------------------------------------
10 Shared Dispositive Power
486,450 shares 6.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
638,118 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-2 of 35-
<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
Number of 297,781 shares 4.1%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,857,004 shares 23.4%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 297,781 shares 4.1%
With --------------------------------------------------------------
10 Shared Dispositive Power
1,857,004 shares 23.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
2,154,785 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
26.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-3 of 35-
<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
Number of 26,667 shares 0.4%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 611,451 shares 8.2%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 26,667 shares 0.4%
With --------------------------------------------------------------
10 Shared Dispositive Power
611,451 shares 8.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
638,118 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-4 of 35-
<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
Number of 10,000 shares 0.1%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 628,118 shares 8.4%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 10,000 shares 0.1%
With --------------------------------------------------------------
10 Shared Dispositive Power
628,118 shares 8.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
638,118 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-5 of 35-
<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
Number of 10,334 shares 0.1%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 627,784 shares 8.4%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 10,334 shares 0.1%
With --------------------------------------------------------------
10 Shared Dispositive Power
627,784 shares 8.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
638,118 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-6 of 35-
<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
Number of 108,334 shares 1.5%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 529,784 shares 7.1%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 108,334 shares 1.5%
With --------------------------------------------------------------
10 Shared Dispositive Power
529,784 shares 7.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
638,118 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-7 of 35-
<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
Number of 33,334 shares 0.5%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 604,784 shares 8.1%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 33,334 shares 0.5%
With --------------------------------------------------------------
10 Shared Dispositive Power
604,784 shares 8.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
638,118 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-8 of 35-
<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
Number of 0 shares 0%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 638,118 shares 8.6%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With --------------------------------------------------------------
10 Shared Dispositive Power
638,118 shares 8.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
638,118 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-9 of 35-
<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
Number of 0 shares 0%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 10,334 shares 0.1%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
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!
-10 of 35-
<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
Number of 1,414,805 shares 18.3%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 101,862 shares 1.4%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 1,414,805 shares 18.3%
With --------------------------------------------------------------
10 Shared Dispositive Power
101,862 shares 1.4%
- --------------------------------------------------------------------------------
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)
19.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-11 of 35-
<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
Number of 101,862 shares 1.4%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,414,805 shares 18.3%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 101,862 shares 1.4%
With --------------------------------------------------------------
10 Shared Dispositive Power
1,414,805 shares 18.3%
- --------------------------------------------------------------------------------
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)
19.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-12 of 35-
<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
Number of 0 shares 0%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,516,667 shares 19.5%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With --------------------------------------------------------------
10 Shared Dispositive Power
1,516,667 shares 19.5%
- --------------------------------------------------------------------------------
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)
19.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-13 of 35-
<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
Number of 0 shares 0%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,516,667 shares 19.5%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With --------------------------------------------------------------
10 Shared Dispositive Power
1,516,667 shares 19.5%
- --------------------------------------------------------------------------------
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)
19.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-14 of 35-
<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
Number of 66,667 shares 0.9%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,516,667 shares 19.5%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 66,667 shares 0.9%
With --------------------------------------------------------------
10 Shared Dispositive Power
1,516,667 shares 19.5%
- --------------------------------------------------------------------------------
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)
20.2%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-15 of 35-
<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
Number of 66,667 shares 0.9%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,516,667 shares 19.5%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 66,667 shares 0.9%
With --------------------------------------------------------------
10 Shared Dispositive Power
1,516,667 shares 19.5%
- --------------------------------------------------------------------------------
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)
20.2%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-16 of 35-
<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
Number of 0 shares 0%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,516,667 shares 19.5%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With --------------------------------------------------------------
10 Shared Dispositive Power
1,516,667 shares 19.5%
- --------------------------------------------------------------------------------
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)
19.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-17 of 35-
<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* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,516,667 shares 19.5%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With --------------------------------------------------------------
10 Shared Dispositive Power
1,516,667 shares 19.5%
- --------------------------------------------------------------------------------
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)
19.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-18 of 35-
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Matthew A. Smith
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 0 shares 0%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With --------------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 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%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-19 of 35-
<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
Number of 0 shares 0%
Shares --------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 10,334 shares 0.1%
Each --------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
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!
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This statement, dated October 1, 1998 constitutes Amendment No. 8 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. 8 to the Schedule is filed in accordance with Rule
13d-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
by the reporting persons. Accordingly, it shall refer only to information which
has materially changed since the filing of the Schedule.
The information contained herein gives effect to a one-for-three
reverse stock split effected in March 1997.
ITEM 1. Security and the Issuer.
(f) Option, exercisable as of February 14, 1996, expiring
February 14, 2001, entitling the holder thereof to purchase up to an aggregate
of 33,334 shares of Common Stock at $14.25 per share, was replaced with an
option, exercisable through February 14, 2001, at $6.563 per share, subject to
adjustment in certain circumstances (the "Option").
(g) Option, exercisable as of February 14, 1997, expiring
February 14, 2002, entitling the holder thereof to purchase up to an aggregate
of 25,000 shares of Common Stock at an exercise price of $9.00 per share, was
replaced with an option, exercisable through February 14, 2002, at 6.563 per
share, subject to adjustment in certain circumstances (the "1997 Consulting
Option").
(h) Option, exercisable as of September 1, 1998 expiring April
2, 2003, entitling the holder thereof to purchase up to an aggregate of 50,000
shares of Common Stock at an exercise price of $7.125 per share, subject to
adjustment in certain circumstances (the "1998 Option").
ITEM 2. Identity and Background.
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
(c) Principal Business: Charitable Foundation
(d) No.
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(e) No.
Barry Rubenstein, Marilyn Rubenstein, Brian Rubenstein,
and effective as of July 1, 1997, Rebecca Rubenstein are the Trustees of the
Foundation.
17. (a) Matthew A. Smith, formerly a member and a Vice President
of Wheatley LLC, the general partner of Wheatley and a general partner of
Wheatley Foreign, resigned as a member and a Vice President of Wheatley LLC
effective June 30, 1998.
(b) Address: 80 Cuttermill Road
Great Neck, New York 11021
(c) Principal Occupation: Investments.
(d) No.
(e) No.
(f) Citizenship: United States.
18. (a) Rebecca Rubenstein, one of the Trustees of The
Marilyn and Barry Rubenstein Family Foundation.
(b) Address: 300 East 75th Street
New York, New York 10021
(c) Principal Occupation: Teacher
(d) No.
(e) No.
(f) Citizenship: United States
Rebecca Rubenstein is the daughter of Barry Rubenstein and
Marilyn Rubenstein.
ITEM 3. Source and Amounts of Funds or Other Consideration.
Wheatley Partners used $898,849 of working capital and other funds to
purchase 553,138 shares of Common Stock.
Wheatley Foreign used $76,151 of working capital and other funds to
purchase 46,862 shares of Common Stock.
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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 5,991,772 shares of Common Stock outstanding per the Issuer's Form
10-Q for the quarter ended June 30, 1998, and the private placement of 1,198,000
shares of the Issuer's Common Stock on October 1, 1998) of outstanding shares of
Common Stock owned beneficially by each reporting person named in Item 2, as of
October 1, 1998:
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
Woodland Partners 638,118(2) 8.6%
Barry Rubenstein 2,154,785(3) 26.8%
Marilyn Rubenstein 638,118(4) 8.6%
The Rubenstein Family
Limited Partnership 638,118(5) 8.6%
- --------
* 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 68,057 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.
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The Marilyn and Barry Rubenstein
Family Foundation 638,118(6) 8.6%
Woodland Venture Fund 638,118(7) 8.6%
Seneca Ventures 638,118(8) 8.6%
Woodland Services Corp. 638,118(9) 8.6%
Brian Rubenstein 10,334(10)(13) *
Wheatley Partners, L.P. 1,516,667(11) 19.5%
Wheatley Foreign Partners, L.P. 1,516,667(12) 19.5%
Wheatley Partners, LLC 1,516,667(13) 19.5%
Wheatley Management Ltd. 1,516,667(13) 19.5%
Irwin Lieber 1,583,334(13)(14) 20.2%
Barry Fingerhut 1,583,334(13)(15) 20.2%
Seth Lieber 1,516,667(13) 19.5%
Jonathan Lieber 1,516,667(13) 19.5%
Matthew A. Smith 0 0.0%
Rebecca Rubenstein 10,334(10)(13) *
- --------
(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 Foundation 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.
(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.
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(b) Woodland Partners has sole power to vote and to dispose of
151,668 shares of Common Stock (which includes shares issuable upon the exercise
of the Warrants, the Offering Warrants and the Private Placement Warrants),
representing approximately 2.1% of the outstanding Common Stock, and may be
deemed to have shared power to vote and to dispose of 486,450 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 6.6% of the outstanding Common
Stock.
Barry Rubenstein, by virtue of being a general partner of
Woodland Partners, the Rubenstein Partnership, the Fund and Seneca, a trustee of
the Foundation, a member and an officer of Wheatley LLC, and husband of Marilyn
Rubenstein, may be deemed to have shared power to vote and to dispose of
1,857,004 shares of Common Stock (including shares issuable upon the exercise of
the Private Placement Warrants, the Offering Warrants and the 1997 Warrants)
representing approximately 23.4% of the outstanding Common Stock. Barry
Rubenstein has sole power to vote and to dispose of 297,781 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 4.1% 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 611,451 shares of Common Stock (which includes shares
issuable upon the exercise of the Private Placement Warrants, the Conversion
Warrants, the Offering Warrants, the Option, the 1997 Consulting Option and the
1998 Option), representing approximately 8.2% of the outstanding Common Stock.
Marilyn Rubenstein has sole power to vote and to dispose of 26,667 shares of
Common Stock, representing approximately 0.4% of the outstanding Common Stock.
The Rubenstein Partnership has the sole power to vote and
to dispose of 10,000 shares of Common Stock, representing approximately 0.1% of
the outstanding Common Stock, and may be deemed to have shared power to vote and
to dispose of 628,118 shares of Common Stock (which includes shares issuable
upon the exercise of the Private Placement Warrants, the Conversion Warrants,
the Offering Warrants, the Option, the 1997 Consulting Option and the 1998
Option), representing approximately 8.4% 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 1.5% of the outstanding
Common Stock, and may be deemed to have shared power to vote and to dispose of
529,784 shares of Common Stock (which includes shares issuable upon the exercise
of the Conversion Warrants, the Offering Warrants, the Private Placement
Warrants, the Option, the 1997 Consulting Option and the 1998 Option),
representing approximately 7.1% 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 0.5% of the outstanding
Common Stock, and may be deemed to have
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<PAGE>
shared power to vote and to dispose of 604,784 shares of Common Stock (which
includes shares issuable upon the exercise of the Conversion Warrants, the
Offering Warrants, the Private Placement Warrants, the Option, the 1997
Consulting Option and the 1998 Option), representing approximately 8.1% 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 627,784 shares of Common Stock (which includes shares issuable upon
the exercise of the Conversion Warrants, the Offering Warrants, the Private
Placement Warrants, the Option, the 1997 Consulting Option and the 1998 Option),
representing approximately 8.4% of the outstanding Common Stock.
Services may be deemed to have shared power to vote and to
dispose of 638,118 shares of Common Stock (which includes shares issuable upon
the exercise of the Conversion Warrants, the Offering Warrants, the Private
Placement Warrants, the Option, the 1997 Consulting Option and the 1998 Option),
representing approximately 8.6% 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.
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 18.3% 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 1.4% 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 1.4% 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 18.3% 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 19.5% of the outstanding Common Stock.
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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 19.5% 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 19.5% 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 0.9% 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
approximately19.5% 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 0.9% 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 (including shares issuable upon the exercise of
the Private Placement Warrants and the 1997 Warrants), representing
approximately 19.5% 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 19.5% 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 August 1, 1998 through October 1, 1998, inclusive:
<TABLE>
<CAPTION>
Name of Shareholder Purchase Date Number of Shares Price per Share
- ------------------- ------------- ---------------- ---------------
<S> <C> <C> <C>
Wheatley Partners October 1, 1998 553,138 $1.625
Wheatley Foreign October 1, 1998 46,862 $1.625
Partners
</TABLE>
Wheatley Partners and Wheatley Foreign Partners acquired the shares of
Common Stock in a private offering by the Issuer.
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(d) No other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of such
securities.
(e) Not applicable.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer.
(j) Each of Barry Rubenstein, Marilyn Rubenstein, the
Foundation, Woodland Partners, the Fund, Seneca Ventures, Wheatley Partners and
Wheatley Foreign Partners entered into a lock-up agreement, each dated June 10,
1997 (the "Lock-up Agreement"), with GKN Securities Corp., the managing
underwriter of the public offering of 2,875,000 shares of the Issuer's Common
Stock (including 375,000 shares of Common Stock issued upon the exercise of the
over-allotment option). The Lock-up Agreement prohibits the sale, transfer or
disposal of shares of Common Stock held directly or beneficially by such
shareholders for a period of 12 months, commencing on the effective date of the
Issuer's Registration Statement, without the prior written consent of the
Underwriter.
The Lock-up Agreement also provides that for a period of five
years, commencing on the effective date of the Registration Statement, the
Underwriter shall have the right to purchase for its account or to sell for the
account of such shareholders any shares of Common Stock sold pursuant to Rule
144 promulgated under the Securities Act of 1933, as amended.
None of the shares of Common Stock included in Item 5(c) of
this Schedule 13D are subject to the Lock-up Agreement.
(k) Except for the circumstances discussed or referred to in
paragraphs (a) through (j), there are no contracts, arrangements,
understandings, or relationships with respect to the securities of the Issuer
among any of the persons reporting in this Schedule 13D.
ITEM 7. Material To Be Filed as Exhibits.
Exhibit A - Agreement effective as of October 1, 1998 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).
Exhibit B - Power of Attorney, dated October 1, 1998,
appointing Barry Rubenstein, attorney-in-fact for Rebecca Rubenstein.
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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: October 15, 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
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<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, President
-----------------------------------------
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
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*
---------------------------------------------
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).
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Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement Schedule 13D (including amendments thereto) with respect to
the Common Stock, par value $.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
effective as of the 1st day of October, 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
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WHEATLEY PARTNERS, L.P
By: Wheatley Partners LLC, General Partner
By: Barry Rubenstein
---------------------------------------------
Barry Rubenstein
Chief Executive Officer
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
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*
---------------------------------------------
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).
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Exhibit B
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature
appears below constitutes and appoints BARRY RUBENSTEIN, her true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for her and in her name, place and stead, in any and all capacities, to sign any
and all statements and reports required under Section 13(d) of the Securities
Exchange Act of 1934, as amended, including, without limitation, Schedule 13D
and all amendments of all such statements and/or reports, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission and with such other parties as may be
required, granting unto said attorney-in-fact and agent, and each of them, full
power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and
purposes as she might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent or any of them, or their or her substitute
or substitutes, may lawfully do or cause to be done by virtue thereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 1st day of
October, 1998.
Rebecca Rubenstein
---------------------------------------------
Rebecca Rubenstein
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