SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
Amendment No. 4
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Gyrodyne Company of America, Inc.
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(Name of Issuer)
Common Stock, $1.00 par value
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(Title of Class of Securities)
403820103
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(CUSIP Number)
Elchanan Maoz
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Platinum House
21 Ha'arba'a Street
Tel Aviv, 64739
Israel
Tel: 972-3-6858555
Fax: 972-3-6858557
Guy N. Molinari, Esq.
Heller Ehrman White & McAuliffe LLP
120 West 45th Street
New York, NY 10036
(212) 832-8300
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
February 9, 2005
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(Date of Event which Requires Filing of 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-1(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.
*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
CUSIP No. 403820103
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1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Kellogg Capital Group, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)X (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
61,772
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
61,772
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
61,772
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
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14 TYPE OF REPORTING PERSON*
BD
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2
CUSIP No. 403820103
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1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Kellogg Group, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)X (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
61,772
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
61,772
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
61,772
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
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14 TYPE OF REPORTING PERSON*
OO
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3
CUSIP No. 403820103
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1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Charles K. Kellogg
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) X (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
61,772
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
61,772
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
61,772
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
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14 TYPE OF REPORTING PERSON*
IN
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4
CUSIP No. 403820103
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1. NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Lee
Kellogg
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) X (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
61,772
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
61,772
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
61,772
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
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14 TYPE OF REPORTING PERSON*
IN
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5
CUSIP No. 403820103
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1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Everest Special Situations Fund L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) X (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
30,524
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
30,524
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
30,524
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
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14 TYPE OF REPORTING PERSON*
PN
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6
CUSIP No. 403820103
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1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Maoz Everest Fund Management Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) X (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
30,524
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
30,524
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
30,524
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
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14 TYPE OF REPORTING PERSON*
CO
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7
CUSIP No. 403820103
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1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Elchanan Maoz
-------------------------------------------------------------------------------
2CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) X (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
-------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-------------------------------------------------------------------------------
8 SHARED VOTING POWER
30,524
-------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
30,524
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
30,524
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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Introduction: As further described in this Amendment No. 4 to this Schedule
13D, Everest Special Situations Fund L.P. ("Everest") and Kellogg Capital Group,
LLC ("Kellogg") in the aggregate beneficially own approximately 8% of the Common
Stock of Gyrodyne Company of America, Inc. (the "Issuer").
Everest and the other Reporting Persons identified herein are filing this
amendment to disclose the correspondence with the Issuer dated February 9, 2005,
attached hereto.
THIS AMENDMENT NO. 4 REFLECTS NO CHANGES IN THE PREVIOUSLY REPORTED
HOLDINGS OF THE REPORTING PERSONS.
AMENDMENT NO. 4
TO THE
SCHEDULE 13D
Item 1. Security and Issuer
(a) Class of Securities: Common Stock, par value $1.00 ("Common Stock")
(b) Issuer: Gyrodyne Company of America, Inc. 102 Flowerfield St. James,
New York 11780
Item 2. Identity and Background
(a-c and f) The persons filing this statement are Everest Special
Situations Fund L.P. ("Everest"), a Delaware limited partnership, Maoz Everest
Fund Management Ltd. ("MEFM"), an Israeli company, Kellogg Capital Group, LLC
("Kellogg"), a New York limited liability company, Kellogg Group, LLC, a New
York limited liability company ("Kellogg Group"), Elchanan Maoz, a citizen of
Israel ("Maoz"), Mr. Charles K. Kellogg, a citizen of the United States and Ms.
Lee Kellogg, a citizen of the United States. Everest, MEFM, Kellogg, Kellogg
Group, Maoz, Mr. Charles K. Kellogg and Ms. Lee Kellogg are referred to herein
collectively as the Reporting Person or Reporting Persons. The principal
business address of Kellogg, Kellogg Group, Mr. Charles K. Kellogg and Ms. Lee
Kellogg is 14 Wall Street, 27th Flr., New York, NY 10005. Ms. Lee Kellogg is the
principal of Kellogg Design Inc, an interior designer. The principal business
address of Everest, Maoz and MEFM is Platinum House, 21 Ha'arba'a Street, Tel
Aviv, 64739 Israel.
Each of Everest and Kellogg is primarily engaged in the business of
investing in securities. The principal business of MEFM is acting as the general
partner of Everest. The Kellogg Group is the sole interest holder of Kellogg.
The name, business address, present principal occupation or employment and
citizenship of each executive officer, director and or executive committee
member of MEFM and Kellogg is set forth on Exhibit A hereto which is
incorporated herein by reference. The Kellogg Group has no officers or
directors.
Mr. Elchanan Maoz is the Chairman of Everest and the controlling
stockholder, Chairman and Chief Executive Officer of MEFM. Charles K. Kellogg is
a controlling member of the Kellogg Group and the Chief Executive Officer and a
member of the Executive Committee of Kellogg. Ms. Lee Kellogg is a controlling
member of Kellogg Group. Each of Mr. Charles K. Kellogg, Ms. Lee Kellogg and the
Kellogg Group is in a position to directly and indirectly determine the
investment and voting decisions made by Kellogg. Each of Charles K. Kellogg, Ms.
Lee Kellogg and the Kellogg Group disclaim beneficial ownership of the shares of
the Issuer's Common Stock beneficially owned by Kellogg, except for their
respective pecuniary interest therein. Each of Charles K. Kellogg, Ms. Lee
Kellogg and the Kellogg Group disclaim beneficial ownership of the shares of the
Issuer's Common Stock beneficially owned by Everest. Mr. Elchanan Maoz is in a
position to directly and indirectly determine the investment and voting
decisions made by MEFM, and consequently Everest. Mr. Elchanan Maoz disclaims
beneficial ownership of the shares of the Issuer's Common Stock beneficially
owned by Everest except for his pecuniary interest therein. Each of Mr. Elchanan
Maoz, Everest and MEFM disclaim beneficial ownership of the shares of the
Issuer's Common Stock beneficially owned by Kellogg.
The Reporting Persons may be deemed to be a "group" within the meaning of
Rule 13d-3 under the Securities Exchange Act of 1934, as amended.
(d,e). During the last five years, none of the Reporting Persons, nor to
the best of their knowledge, any of the Reporting Persons' (if such Reporting
Person is a corporation, particularly or similar entity) executive officers,
directors (if any) or executive committee members, has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
has been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction resulting in its or his being subject to a judgment,
decree or final order enjoining future violation of, or prohibiting or mandating
activities subject to, federal or state securities laws or a finding of any
violation with respect to such laws.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on February 8, 2005, the Reporting Persons
may be deemed to own beneficially in the aggregate 92,296 shares of the Issuer's
Common Stock, which constitutes approximately 7.8% of the outstanding shares of
the Issuer's Common Stock (based upon the number of shares that were reported to
be outstanding in the Issuer's Form 10-QSB for the fiscal quarter then ended
October 31, 2004 filed on December 13, 2004). Mr. Elchanan Maoz by virtue of his
status as a controlling stockholder of Maoz Everest Fund Management Ltd.
("MEFM"), the general partner of Everest, may be deemed to own beneficially the
shares of the Issuer's Common Stock by Everest. Mr. Elchanan Maoz disclaims
beneficial ownership of such shares of the Issuer's Common Stock except to the
extent of his pecuniary interest therein. Kellogg Group, LLC ("Kellogg Group")
as the sole member of Kellogg may be deemed to beneficially own the shares of
the Issuer's Common Stock beneficially owned by Kellogg. Mr. Charles K. Kellogg
and Ms. Lee Kellogg, by virtue of their status as controlling members of Kellogg
Group, may be deemed to own beneficially the shares of the Issuer's Common Stock
beneficially owned by Kellogg Group, and consequently Kellogg. Mr. Charles K.
Kellogg, Ms. Lee Kellogg and Kellogg Group disclaim beneficial ownership of such
shares of the Issuer's Common Stock except to the extent of their pecuniary
interest therein.
(b) Each of Everest, MEFM and Kellogg, respectively, has the sole or shared
power to vote or to direct the vote and to dispose or to direct the disposition
of the shares of which it is deemed to beneficially own. Mr. Charles K. Kellogg,
Ms. Lee Kellogg and Kellogg Group may be deemed to share with Kellogg such
powers with respect to the shares of the Issuer's Common Stock Kellogg
beneficially owns. Mr. Elchanan Maoz may be deemed to share with MEFM such
powers with respect to the shares of the Issuer's common stock MEFM beneficially
owns.
(c) From the date of the last amendment to Schedule 13D filed November 10,
2004, there have been no changes in the holdings of the Reporting Persons.
(d) To the best of each of the Reporting Persons' knowledge, except as set
forth herein, 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, any shares of
common stock which the Reporting Persons may be deemed to own beneficially.
(e) Not applicable.
Item 7. Material to be filed as Exhibits
Letter from the Reporting Persons to the Issuer dated February 9, 2005.
After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 9, 2005
EVEREST SPECIAL SITUATIONS FUND L.P.
By: Maoz Everest
Fund Management Ltd.,
Its general partner
By: /s/ Elchanan Maoz
Name: Elchanan Maoz
Title: Chairman and Chief Executive Officer
MAOZ EVEREST FUND MANAGEMENT LTD.
By: /s/ Elchanan Maoz
Name: Elchanan Maoz
Title: Chairman and Chief Executive Officer
/s/ Elchanan Maoz
Elchanan Maoz
KELLOGG CAPITAL GROUP, LLC
By: /s/ Mathew Brand
Name: Matthew Brand
Title: Managing Director
KELLOGG GROUP, LLC
By: /s/ Mathew Brand
Name: Matthew Brand
Title: Managing Director
/s/ Charles K. Kellogg
Charles K. Kellogg
/s/ Lee Kellogg
Lee Kellogg
EXHIBIT A
February 9, 2005
Gyrodyne Company of America
102 Flowerfield
St. James, NY 11780
Attention: Mr. Paul L. Lamb
Mr. Stephen V. Maroney
Re: Bid Process
Gentlemen:
We were encouraged to learn in the Company's November 12, 2004 press
release (regarding Mr. Pitsiokos's appointment to COO) that the Company has
apparently retained outside investment bankers. The mention did not however
discuss the pursuit and exploration of all strategic alternatives including the
sale of the Company. The Company should not only consider unsolicited bids, but
also pursue potential buyers who are willing to pay a premium to current share
prices. To date, Company management has seemed set on the development of
Flowerfield or riding out the eminent domain process all in hope of realizing
full residential zoning valuations for the property (the best case scenario)- we
believe this method fails to recognize or calculate into it the worst case
scenario.
In recent months we have been extensively involved in searching for ways to
un-lock value for the benefit of Gyrodyne shareholders. A part of this effort
included meetings with real estate developers who may have interest in buying
the Company's land or, through an acquisition of the shareholders' interest, the
Company itself.
As a result of our efforts we are aware of at least one bid recently placed
by a credible real estate developer to buy the entire Company at the current
market price or a slight premium to it. Although we have not seen the offer, we
understand it has been sent to Gyrodyne's senior executives. To date, however,
the Company has failed to notify its shareholders of this offer. The fact that
we have found someone willing to undertake this risk seems to us a material
development particularly in view of the risk inherent in SUNY's condemnation
efforts - specifically the risk that condemnation proceedings may lead to a
light industrial valuation/sale price instead of the desired residential
valuation.
We urge the Board to disclose to shareholders all serious bids or other
genuine indications of interest presented to the Company which would allow
shareholders an exit at a reasonable price and without having to suffer time and
condemnation risks. It is our belief that heightened public disclosure of such
activity could attract the attention of other suitors as well, thus further
enhancing shareholder value and valuation transparency.
Very truly yours,
Everest Special Situations Fund L.P. Kellogg Capital Group, LLC
By: /s/ ELCHANAN MAOZ By: /s/ MATT BRAND
Name: Elchanan "Nani" Maoz Name: Matt Brand
Title: Chairman and Title: Managing Director
Chief Executive Officer
Tel: 972-3-6858555
Fax: 972-3-6858557