SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
Amendment No. 7
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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
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 LLP
7 Times Square
Time Square Tower
New York, NY 10036
(212) 832-8300
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 14, 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).
CUSIP No. 403820103 Page 2 of 11
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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)
5.1%
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14 TYPE OF REPORTING PERSON*
BD
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CUSIP No. 403820103 Page 3 of 11
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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
----------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
8 SHARED VOTING POWER
61,772
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
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)
5.1%
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14 TYPE OF REPORTING PERSON*
OO
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CUSIP No. 403820103 Page 4 of 11
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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
----------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
8 SHARED VOTING POWER
61,772
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
61,772
---------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
61,772
--------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
---------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 403820103 Page 5 of 11
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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)
----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
----------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
----------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
8 SHARED VOTING POWER
61,772
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
61,772
---------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
61,772
---------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
---------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
---------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 403820103 Page 6 of 11
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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
----------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
8 SHARED VOTING POWER
30,524
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9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
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*
---------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
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14 TYPE OF REPORTING PERSON*
PN
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CUSIP No. 403820103 Page 7 of 11
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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)
----------------------------------------------------------------
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)
2.5%
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14 TYPE OF REPORTING PERSON*
CO
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CUSIP No. 403820103 Page 8 of 11
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1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Elchanan Maoz
---------------------------------------------------------------
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
----------------------------------------------------------------
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)
2.5%
---------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 403820103 Page 9 of 11
Introduction:
This amendment is being made to disclose correspondence with the Issuer
dated June 14, 2005 pursuant to which Everest Special Situations Fund L.P
submitted a proposal under Rule 14a-8 of the Securities Exchange Act of 1934, as
amended, for inclusion in management's proxy statement for the next annual
meeting (the "Proposal").
The Proposal is attached hereto as Exhibit A and filed under Item 7 of this
Schedule 13D. This amendment is being made to report the submission of the
proposal to the issue and does not constitute the solicitation of any
shareholder vote.
This amendment no. 7 reflects no changes in the previously reported
holdings of the Reporting Persons.
AMENDMENT NO. 7
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 5. Interest in Securities of the Issuer
(c) From the date of the last amendment to Schedule 13D filed May 23,
2005, 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
Exhibit A: Letter from the Everest Special Situations Fund L.P. to the
Issuer dated June 14, 2005.
CUSIP No. 403820103 Page 10 of 11
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: June 16, 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/ MATTHEW BRAND
Name: Matthew Brand
Title: Managing Director
KELLOGG GROUP, LLC
By: /s/ MATTHEW BRAND
Name: Matthew Brand
Title: Managing Director
/s/ CHARLES K. KELLOGG
Charles K. Kellogg
/s/ LEE KELLOGG
Lee Kellogg
CUSIP No. 403820103 Page 11 of 11
EXHIBIT A
June 14, 2005
Mr. Peter Pitsiokos
Chief Operating Officer and Secretary
Gyrodyne Company of America, Inc.
102 Flowerfield
St. James, NY 11780
Dear Mr. Pitsiokos:
As demonstrated by our report on Schedule 13D, as amended (a copy of which
is attached and which has previously been provided to you), we have beneficially
owned shares of Gyrodyne Company of America, Inc. ("Gyrodyne") valued at more
than $2,000 continuously for more than one year and we intend to continue our
ownership through the date of Gyrodyne's next annual meeting. We are hereby
submitting the following proposal and supporting statement pursuant to Rule
14a-8 of the Securities Exchange Act of 1934 for inclusion in management's proxy
statement for the next annual meeting of stockholders. Please contact us if you
would like to discuss this proposal.
RESOLVED: That the Gyrodyne By-Laws relating to Meeting of Stockholders be
amended to provide that special meetings of the stockholders of Gyrodyne
may be called at any time by the President, Chairman of the Board, the
Board of Directors or at the request of the holders of not less than
fifteen percent (15%) of all the shares entitled to vote at any such
meeting.
Supporting Statement
At present, the By-laws of Gyrodyne provide (in Section 203) that a special
meeting of shareholders may be called only by the Company's President, the
Chairman of the Board or the Board of Directors. We believe it would be
appropriate and consistent with sound corporate governance to provide that the
stockholders of Gyrodyne also have the means to call special meetings of the
stockholders, to provide a mechanism for the prompt consideration of matters
relating to Gyrodyne and appropriate for stockholders' consideration or action.
If you believe the By-laws of Gyrodyne should be amended so as to provide
stockholders the ability to call a special meeting of the stockholders, please
vote FOR this proposal.
Very truly yours,
EVEREST SPECIAL SITUATIONS FUND L.P.
By: /s/ ELCHANAN MAOZ
Name: Elchanan "Nani" Maoz
Title: Chairman and Chief
Executive Officer
Tel: 972-3-6858555
Fax: 972-3-6858557