SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
Amendment No. 3
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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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P.O. Box 36254
Tel Aviv 65115 Israel
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)
November 10, 2004
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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)
5.3%
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14 TYPE OF REPORTING PERSON*
BD
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2
CUSIP No. 403820103
-------------------------------------------------------------------------------
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
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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)
5.3%
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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
-------------------------------------------------------------------------------
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)
5.3%
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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
-------------------------------------------------------------------------------
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*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
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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
-------------------------------------------------------------------------------
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%
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14 TYPE OF REPORTING PERSON*
CO
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7
CUSIP No. 403820103
-------------------------------------------------------------------------------
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)
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
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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8
Introduction: As further described in this Amendment No. 3 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 with respect to the
annual meeting of shareholders scheduled for November 11, 2004 and the Reporting
Persons' intent with respect to the voting on specific questions coming before
the shareholders, as more fully described below. This Amendment No. 3 reflects
no changes in the previously reported holdings of the Reporting Persons.
AMENDMENT NO. 3
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 P.O. Box 36254, Tel Aviv 65115 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
9
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 November 10, 2004, the
Reporting Persons may be deemed to own beneficially in the aggregate 92,296
shares of the Issuer's Common Stock, which constitutes approximately 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
year ended July 31, 2004 filed on September 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 August 30, 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
Exhibit A -- Letter to the Board of Directors of Gyrodyne Company of
America, Inc. dated November 10, 2004 from Everest Special Situations Fund L.P.
and Kellogg Capital Group, LLC.
10
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: November 10, 2004
EVEREST SPECIAL SITUATIONS FUND L.P.
By: Maoz Everest
Fund Management Ltd.,
Its general partner
ELCHANAN MAOZ
_______________________________
By: /s/ Elchanan Maoz
Name: Elchanan Maoz
Title: Chairman and Chief Executive Officer
MAOZ EVEREST FUND MANAGEMENT LTD.
ELCHANAN MAOZ
_______________________________
By: /s/ Elchanan Maoz
Name: Elchanan Maoz
Title: Chairman and Chief Executive Officer
ELCHANAN MAOZ
___________________
/s/ Elchanan Maoz
Elchanan Maoz
KELLOGG CAPITAL GROUP, LLC
MATT BRAND
_____________________________
By: /s/ Mathew Brand
Name: Matthew Brand
Title: Managing Director
KELLOGG GROUP, LLC
MATT BRAND
_____________________________
By: /s/ Mathew Brand
Name: Matthew Brand
Title: Managing Director
CHARLES K. KELLOGG
_________________________
/s/ Charles K. Kellogg
Charles K. Kellogg
LEE KELLOGG
_________________________
/s/ Lee Kellogg
Lee Kellogg
11
EXHIBIT A
November 10, 2004
Via Facsimile & Courier
Gyrodyne Company of America
102 Flowerfield
St. James, NY 11780
Attention: Mr. Paul L. Lamb, Chairman of the Board
Re: Voting at Shareholder Meeting, Thursday, November 11, 2004
Gentlemen:
While we are pleased the Company has appointed an outside
director to represent significant institutional and other non-management
shareholder investors, we remain concerned about management's responsiveness to
such shareholders, ourselves included.
Accordingly, we enclose Proxy cards indicating our support FOR
Mr. Elliot Levine, the new investor representative, but AGAINST the incumbent
directors standing for re-election. A careful reading of the Company's proxy
card indicates that we can accomplish this objective by putting a LINE THROUGH
the names of each of Messrs. Palmedo, Maroney and Macklin, which we have done on
the enclosed proxy cards. We have indicated on our proxy to ABSTAIN from
Proposal 2, relating to the ratification of the selection of the auditors.
Nothing contained herein shall be construed as a solicitation
of a proxy; indeed, as no alternatives are presented, our voting as indicated
serves to note our concern.
Very truly yours,
EVEREST SPECIAL SITUATIONS FUND L.P. KELLOGG CAPITAL GROUP, LLC
By: /s/ ELCHANAN "NANI" MAOZ By: /s/ MATT BRAND
Name: Elchanan "Nani" Maoz Name: Matt Brand
Title: Chairman and Title: Managing Director
Chief Executive Officer
cc: Dennis J. Block, Esq.