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. 11)(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 25, 1999
(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d- 1(f) or 240.13d-(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 ss.240.13d-7 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 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
-1 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Woodland Partners
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
WC, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 13,334 shares 0.1%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 461,304 shares 3.2%
Person With _________________________________________________________________
9 Sole Dispositive Power
13,334 shares 0.1%
_________________________________________________________________
10 Shared Dispositive Power
461,304 shares 3.2%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
474,638 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
3.3%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-2 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Barry Rubenstein
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
PF, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 229,724 shares 1.6%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 494,914 shares 3.4%
Person With _________________________________________________________________
9 Sole Dispositive Power
229,724 shares 1.6%
_________________________________________________________________
10 Shared Dispositive Power
494,914 shares 3.4%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
724,638 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
4.9%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-3 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Marilyn Rubenstein
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
PF, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 474,638 shares 3.3%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
474,638 shares 3.3%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
474,638 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
3.3%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-4 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Brookwood Partners, L.P. (formerly, The Rubenstein Family Limited Partnership)
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
WC, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 474,638 shares 3.3%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
474,638 shares 3.3%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
474,638 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
3.3%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-5 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name 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 (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 231,580 shares 1.6%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 243,058 shares 1.7%
Person With _________________________________________________________________
9 Sole Dispositive Power
231,580 shares 1.6%
_________________________________________________________________
10 Shared Dispositive Power
243,058 shares 1.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
474,638 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
3.3%
________________________________________________________________________________
14 Type of Reporting Person*
OO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-6 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Woodland Venture Fund
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
WC, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 474,638 shares 3.3%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
474,638 shares 3.3%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned by Each Reporting Person
474,638 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
3.3%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-7 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Seneca Ventures
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
WC, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 474,638 shares 3.3%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
474,638 shares 3.3%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
474,638 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
3.3%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-8 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Woodland Services Corp.
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 474,638 shares 3.3%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
474,638 shares 3.3%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
474,638 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
3.3%
________________________________________________________________________________
14 Type of Reporting Person*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-9 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Brian Rubenstein
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 231,580 shares 1.6%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
231,580 shares 1.6%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
231,580 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.6%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-10 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name 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 (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
WC, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
Delaware
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 235,000 shares 1.6%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 15,000 shares 0.1%
Person With _________________________________________________________________
9 Sole Dispositive Power
235,000 shares 1.6%
_________________________________________________________________
10 Shared Dispositive Power
15,000 shares 0.1%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned by Each Reporting Person
250,000 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.7%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-11 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name 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 (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
WC, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
Delaware
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 15,000 shares 0.1%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 235,000 shares 1.6%
Person With _________________________________________________________________
9 Sole Dispositive Power
15,000 shares 0.1%
_________________________________________________________________
10 Shared Dispositive Power
235,000 shares 1.6%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
250,000 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.7%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-12 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Wheatley Partners, LLC
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
Delaware
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 250,000 shares 1.7%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
250,000 shares 1.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
250,000 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.7%
________________________________________________________________________________
14 Type of Reporting Person*
OO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-13 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Wheatley Management Ltd.
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
Cayman Islands, B.W.I.
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 250,000 shares 1.7%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
250,000 shares 1.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
250,000 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.7%
________________________________________________________________________________
14 Type of Reporting Person*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-14 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Irwin Lieber
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
PF, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 250,000 shares 1.7%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
250,000 shares 1.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
250,000 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-15 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Barry Fingerhut
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
PF, OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 250,000 shares 1.7%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
250,000 shares 1.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
250,000 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) Excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-16 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Seth Lieber
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 250,000 shares 1.7%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
250,000 shares 1.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned by Each Reporting Person
250,000 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-17 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Jonathan Lieber
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 250,000 shares 1.7%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
250,000 shares 1.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
250,000 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-18 of 28 Pages-
<PAGE>
CUSIP
No. 37935Y107 13D
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Rebecca Rubenstein
________________________________________________________________________________
2 Check the Appropriate Box if a Member (a) [_]
of a Group* (b) [_]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds*
OO
________________________________________________________________________________
5 Check Box if Disclosure of Legal
Proceedings is Required Pursuant [_]
to Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of Shares 0 shares 0%
Beneficially _________________________________________________________________
Owned 8 Shared Voting Power
by Each
Reporting 231,580 shares 1.6%
Person With _________________________________________________________________
9 Sole Dispositive Power
0 shares 0%
_________________________________________________________________
10 Shared Dispositive Power
231,580 shares 1.6%
________________________________________________________________________________
11 Aggregate Amount Beneficially
Owned By Each Reporting Person
231,580 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount [_]
in Row (11) excludes Certain
Shares*
________________________________________________________________________________
13 Percent of Class Represented by
Amount in Row (11)
1.6%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-19 of 28 Pages-
<PAGE>
This statement, dated October 25, 1999, constitutes Amendment No. 11 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. 11 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.
The source of funds for the acquisition of the additional securities was
the other funds of The Marilyn and Barry Rubenstein Family Foundation.
Number of Shares Purchase Price
---------------- --------------
The Marilyn and Barry Rubenstein 221,246 $2,212
Family Foundation
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 14,440,946 shares of Common Stock outstanding as reported in the
Issuer's Form 10-Q for the quarter ended June 30, 1999) of outstanding shares of
Common Stock owned beneficially by each reporting person named in Item 2, as of
October 25, 1999:
-20 of 28 Pages-
<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 474,638 (2), (3), (4), (5) 3.3%
Barry Rubenstein 724,638 (2), (3), (4), (5), (6), (7) 4.9%
Marilyn Rubenstein 474,638 (2), (3), (4), (5) 3.3%
Brookwood Partners, L.P. (formerly,
The Rubenstein Family Limited Partnership) 474,638 (2), (3), (4), (5) 3.3%
The Marilyn & Barry Rubenstein Family Foundation 474,638 (2), (3), (4), (5) 3.3%
Woodland Venture Fund 474,638 (2), (3), (4), (5) 3.3%
Seneca Ventures 474,638 (2), (3), (4), (5) 3.3%
Woodland Services Corp. 474,638 (2), (3), (4), (5) 3.3%
Brian Rubenstein 231,580 (4), (5) 1.6%
Wheatley Partners, L.P. 250,000 (4), (6), (7) 1.7%
Wheatley Foreign Partners, L.P. 250,000 (4), (6), (7) 1.7%
Wheatley Partners, LLC 250,000 (4), (6), (7) 1.7%
Wheatley Management Ltd. 250,000 (4), (6), (7) 1.7%
Irwin Lieber 250,000 (4), (6), (7) 1.7%
Barry Fingerhut 250,000 (4), (6), (7) 1.7%
Seth Lieber 250,000 (4), (6), (7) 1.7%
Jonathan Lieber 250,000 (4), (6), (7) 1.7%
Rebecca Rubenstein 231,580 (4), (5) 1.6%
</TABLE>
(b) Woodland Partners has sole power to vote and to dispose of 13,334
shares of Common Stock (consisting of shares issuable upon the exercise of the
Offering Warrants), representing approximately 0.1% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 461,304
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 3.2% of the outstanding Common Stock.
- -------------------------
(1) Includes shares of Common Stock issuable upon the exercise of the
Warrants, the Offering Warrants, Conversion Warrants, the Option, 1997
Consulting Option, the 1997 Warrants, and the 1998 Option.
(2) Includes 13,334 shares of Common Stock issuable upon the exercise of
the Offering Warrants owned by Woodland Partners.
(3) Includes 103,333 shares of Common Stock held in Barry Rubenstein's 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.
(4) The reporting person disclaims beneficial ownership of these
securities except to the extent of his/her/its equity interest
therein.
(5) Includes 231,580 shares of Common Stock owned by the Foundation.
(6) Includes 235,000 shares of Common Stock issuable upon the exercise of
the 1997 Warrants held by Wheatley Partners, L.P.
(7) Includes 15,000 shares of Common Stock issuable upon the exercise of
the 1997 Warrants held by Wheatley Foreign Partners, L.P.
-21 of 28 Pages-
<PAGE>
Barry Rubenstein, by virtue of being a general partner of Woodland
Partners, Brookwood Partners, L.P., the Fund and Seneca, a trustee of the
Foundation, a member and an officer of Wheatley LLC, may be deemed to have
shared power to vote and to dispose of 494,914 shares of Common Stock (including
shares issuable upon the exercise of the Offering Warrants and the 1997
Warrants), representing approximately 3.4% of the outstanding Common Stock.
Barry Rubenstein has sole power to vote and to dispose of 229,724 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 1.6% of the outstanding Common Stock.
Marilyn Rubenstein, by virtue of being a general partner of Woodland
Partners and Brookwood Partners, L.P., a trustee of the Foundation, and wife of
Barry Rubenstein, may be deemed to have shared power to vote and to dispose of
474,638 shares of Common Stock (which includes shares issuable upon the exercise
of the Conversion Warrants, the Offering Warrants, the Option, the 1997
Consulting Option and the 1998 Option), representing approximately 3.3% of the
outstanding Common Stock.
Brookwood Partners, L.P. may be deemed to have shared power to vote and to
dispose of 474,638 shares of Common Stock (which includes shares issuable upon
the exercise of the Conversion Warrants, the Offering Warrants, the Option, the
1997 Consulting Option and the 1998 Option), representing approximately 3.3% of
the outstanding Common Stock.
The Fund may be deemed to have shared power to vote and to dispose of
474,638 shares of Common Stock (which includes shares issuable upon the exercise
of the Conversion Warrants, the Offering Warrants, the Option, the 1997
Consulting Option and the 1998 Option), representing approximately 3.3% of the
outstanding Common Stock.
Seneca may be deemed to have shared power to vote and to dispose of 474,638
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants, the Option, the 1997 Consulting
Option and the 1998 Option), representing approximately 3.3% of the outstanding
Common Stock.
The Foundation has sole power to vote and to dispose of 231,580 shares of
Common Stock, representing approximately 1.6% of the outstanding Common Stock,
and may be deemed to have shared power to vote and to dispose of 243,058 shares
of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants, the Option, the 1997 Consulting
Option and the 1998 Option), representing approximately 1.7% of the outstanding
Common Stock.
Services may be deemed to have shared power to vote and to dispose of
474,638 shares of Common Stock (which includes shares issuable upon the exercise
of the Conversion Warrants, the Offering Warrants, the Option, the 1997
Consulting Option and the 1998 Option), representing approximately 3.3% of the
outstanding Common Stock.
-22 of 28 Pages-
<PAGE>
Brian Rubenstein, by virtue of being a trustee of the Foundation, may be
deemed to have shared power to vote and to dispose of 231,580 shares of Common
Stock, representing approximately 1.6% 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 231,580 shares of Common
Stock, representing approximately 1.6% of the outstanding Common Stock.
Wheatley Partners, L.P. has sole power to vote and to dispose of 235,000
shares of Common Stock (consisting of shares issuable upon the exercise of the
1997 Warrants), representing approximately 1.6% of the outstanding Common Stock,
and may be deemed to have shared power to vote and to dispose of 15,000 shares
of Common Stock (consisting of shares issuable upon the exercise of the 1997
Warrants), representing approximately 0.1% of the outstanding Common Stock.
Wheatley Foreign Partners, L.P. has sole power to vote and to dispose of
15,000 shares of Common Stock (consisting of shares issuable upon the exercise
of the 1997 Warrants), representing approximately 0.1% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 235,000
shares of Common Stock (consisting of shares issuable upon the exercise of the
1997 Warrants), representing approximately 1.6% of the outstanding Common Stock.
Wheatley Partners, LLC may be deemed to have shared power to vote and to
dispose of 250,000 shares of Common Stock (consisting of shares issuable upon
the exercise of the 1997 Warrants), representing approximately 1.7% of the
outstanding Common Stock.
Wheatley Management Ltd. may be deemed to have shared power to vote and to
dispose of 250,000 shares of Common Stock (consisting of shares issuable upon
the exercise of the 1997 Warrants), representing approximately 1.7% 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 250,000 shares of
Common Stock (consisting of shares issuable upon the exercise of the 1997
Warrants), representing approximately 1.7% 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 250,000 shares
of Common Stock (consisting of shares issuable upon the exercise of the 1997
Warrants), representing approximately 1.7% 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 250,000 shares of
Common Stock (consisting of shares issuable upon the exercise of the 1997
Warrants), representing approximately 1.7% 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 250,000 shares
of Common Stock (consisting
-23 of 28 Pages-
<PAGE>
of shares issuable upon the exercise of the 1997 Warrants), representing
approximately 1.7% 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 August 25, 1999 through October 25, 1999, inclusive:
<TABLE>
<CAPTION>
Purchase or Number of Shares Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- --------- ------------------- ----------
<S> <C> <C> <C>
Woodland Partners 10/25/99 (292,913) $0.01
Barry Rubenstein 10/25/99 (387,549) $0.01
Marilyn Rubenstein 10/25/99 (26,667) $0.01
Brookwood Partners, L.P. 10/25/99 (10,000) $0.01
The Marilyn and Barry Rubenstein 10/25/99 221,246 $0.01
Family Foundation
Woodland Venture Fund 10/25/99 (185,623) $0.01
Seneca Ventures 10/25/99 (110,623) $0.01
Wheatley Partners, L.P. 10/25/99 (2,917,965) $0.01
Wheatley Foreign Partners, L.P. 10/25/99 (198,656) $0.01
Irwin Lieber 10/25/99 (221,246) $0.01
Barry Fingerhut 10/25/99 (221,246) $0.01
</TABLE>
The reporting persons sold or purchased the shares of Common Stock in
private transactions.
(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) Effective October 25, 1999, the reporting persons ceased to be the
beneficial owners of more than five percent (5%) of the Common Stock of the
Issuer.
-24 of 28 Pages-
<PAGE>
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.
On October 12, 1999, GKN Securities Corp. waived its right of first refusal
to purchase or sell the securities of the Issuer referred to above.
(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.
-25 of 28 Pages-
<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: November 2, 1999 WOODLAND PARTNERS
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
SENECA VENTURES
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
WOODLAND SERVICES CORP.
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, President
BROOKWOOD PARTNERS, L.P.
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
THE MARILYN AND BARRY RUBENSTEIN
FAMILY FOUNDATION
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a Trustee
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: /s/ Irwin Lieber
--------------------------------------
Irwin Lieber, President
-26 of 28 Pages-
<PAGE>
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: /s/ Irwin Lieber
--------------------------------------
Irwin Lieber, President
WHEATLEY PARTNERS LLC
By: /s/ Irwin Lieber
--------------------------------------
Irwin Lieber, President
WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
--------------------------------------
Irwin Lieber, President
/s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein
/s/ Marilyn Rubenstein
--------------------------------------
Marilyn Rubenstein
/s/ Irwin Lieber
--------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
--------------------------------------
Barry Fingerhut
/s/ Seth Lieber
--------------------------------------
Seth Lieber
/s/ Jonathan Lieber
--------------------------------------
Jonathan Lieber
-27 of 28 Pages-
<PAGE>
*
--------------------------------------
Brian Rubenstein
*
--------------------------------------
Rebecca Rubenstein
* /s/ Barry Rubenstein
- --------------------------------------
Barry Rubenstein, Attorney-in-Fact
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
-28 of 28 Pages-
