UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b)(c),
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
(Amendment No. )
Metro One Telecommunications, Inc.
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(Name of Issuer)
Common Stock, No Par Value
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(Title of Class of Securities)
59163F105
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(CUSIP Number)
[ October 30, 2006 ]
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
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CUSIP No.___________ 13G Page __ of___ Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Strategic Turnaround Equity Partners, LP (Cayman)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_] (b) [X]
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 276,216
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON 8. SHARED DISPOSITIVE POWER
276,216
WITH
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
276,216
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[-]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.43 %
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12. TYPE OF REPORTING PERSON*
PN
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CUSIP No.___________ 13G Page __ of___ Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Bruce Galloway ("Galloway")
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_] (b) [X]
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES 58,832
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 435,590
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 58,832
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 435,590
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
494,422(1)
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[-]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.93%
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12. TYPE OF REPORTING PERSON*
IN
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(2) Reflects (i) 58,832 shares of the Common Stock are owned by Mr. Galloway,
(ii)_94,774 shares of the Common Stock are owned by Mr. Galloway's spouse, (iii)
12,500 shares of the Common Stock are owned by RexonGalloway Capital Growth, an
investment company in which Mr. Galloway is a 50% owner ("RexonGalloway"), (iv)
52,100 shares of Common Stock are owned by Jacombs Investment Inc., where Mr.
Galloway is an officer and primary shareholder and (v) 276,216 shares of Common
Stock held by Strategic Turnaround Equity Partners, LP (Cayman)("STEP"). Mr.
Galloway is a managing member and the majority equity holder of Galloway Capital
Management, LLC, the general partner of STEP. Mr. Galloway disclaims beneficial
ownership of the shares of Common Stock directly beneficially owned by STEP,
L.P. (except for (i)indirect interests therein by virtue of being a member of
Galloway Capital Management LLC, and (ii) the indirect interests of Mr. Galloway
by virtue of being a limited partner of STEP).
CUSIP No.___________ 13G Page __ of___ Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Gary Herman ("Herman")
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_] (b) [X]
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 285,005
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 285,005
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
285,005(1)
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[-]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.57%
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12. TYPE OF REPORTING PERSON* IN
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(2) Reflects (i) 8,789 shares of Common Stock held by FBR, Inc., and (ii)
276,216 shares owned by STEP. Mr. Herman is an officer of FBR, which has
authorized Mr. Herman, to vote and dispose of the shares of Common Stock held by
FBR, Inc. Mr. Herman is a managing member of GCM Administrative Services, LLC,
the investment advisor of STEP. Mr. Herman disclaims beneficial ownership of the
shares of Common Stock directly beneficially owned by Strategic Turnaround
Equity Partners, L.P. (Cayman) (except for indirect interests of therein by
virtue of being a member of Galloway Capital Management LLC).
CUSIP No.________ 13G Page __ of __ Pages
Item 1(a). Name of Issuer:
Metro One Telecommunications, Inc. (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
112000 Murray Scholls Place, Beverton, OR 97007
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Item 2(a). Name of Persons Filing:
Bruce Galloway ("Galloway")
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for Galloway is c/o Galloway Capital
Management, LLC, 720 Fifth Avenue, 10th floor, New York, New York 10019.
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Item 2(c). Citizenship:
Galloway is a citizen of the United States.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with respect to Common
Stock, $0.001 par value per share (the "Common Stock") of the Issuer.
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Item 2(e). CUSIP Number:
59163F204
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) [_] Broker or dealer registered under Section 15 of the Exchange
Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [_] Investment company registered under Section 8 of the
Investment Company Act.
(e) [_] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). (1)
CUSIP No.________ 13G Page __ of __ Pages
Item 1(a). Name of Issuer:
Metro One Telecommunications, Inc. (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
112000 Murray Scholls Place, Beverton, OR 97007
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Item 2(a). Name of Persons Filing:
Gary Herman ("Herman")
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for Herman is c/o Galloway Capital
Management, LLC, 720 Fifth Avenue, 10th floor, New York, New York 10019.
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Item 2(c). Citizenship:
Herman is a citizen of the United States.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with respect to Common
Stock, $0.001 par value per share (the "Common Stock") of the Issuer.
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Item 2(e). CUSIP Number:
59163F204
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) [_] Broker or dealer registered under Section 15 of the Exchange
Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [_] Investment company registered under Section 8 of the
Investment Company Act.
(e) [_] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No.________ 13G Page __ of __ Pages
Item 1(a). Name of Issuer:
Metro One Telecommunications, Inc. (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
112000 Murray Scholls Place, Beverton, OR 97007
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Item 2(a). Name of Persons Filing:
Strategic Turnaround Equity Partners, LP (Cayman)("STEP")
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for STEP is c/o Stuarts Corporate
Services, Ltd, P.O. Box 2510 GT, 4th Fl, One Cayman Financial Centre, 36A Dr.
Roy's Drive, Georgetown, Grand Cayman, Cayman Island. STEP is managed by
Galloway Capital Management, LLC, with its principal business address at 720
Fifth Avenue, 10th Fl, New York, New York 10019.
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Item 2(c). Citizenship:
STEP is a limited partnership formed under the laws of the Cayman
Islands.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with respect to Common
Stock, No Par Value per share (the "Common Stock") of the Issuer.
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Item 2(e). CUSIP Number:
59163F204
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) [_] Broker or dealer registered under Section 15 of the Exchange
Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [_] Investment company registered under Section 8 of the
Investment Company Act.
(e) [_] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No.__________ 13G Page __ of __ Pages
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
The information in items 1 and 5 through 11 on the cover page on this
Schedule 13G is hereby incorporated by reference.
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(b) Percent of class:
The information in items 1 and 5 through 11 on the cover page on this
Schedule 13G is hereby incorporated by reference.
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(c) Number of shares as to which such person has:
The information in items 1 and 5 through 11 on each cover page of this
Schedule 13G is hereby incorporated by reference.
The purpose of this filing is to reflect (i) the puchase of 276,216
shares of common stock by Strategic Turnaround Equity Partners, LP (Cayman)
("STEP") through open market purchases; (ii) the purchase by Mr. Galloway of
58,832 shares of Common Stock; (iii) the purchase by Mr. Galloway's spouse of
97,774 shares of Common Stock; (iv) the purchase by Jacombs Investment Inc. of
52,100 shares of Common Stock; (v) the purchase of RexonGalloway's 12,500 shares
of Common Stock; and (vi) the purchase of FBR, Inc.'s 8,789 shares of Common
Stock. Galloway Capital Management, LLC, a Delaware limited liability company,is
the general partner of STEP. Mr. Galloway and Gary Herman,each of whom are
citizens of the United States , are the managing members of Galloway Capital
Management, LLC, and Mr. Galloway owns (A) a majority of the membership
interests in Galloway Capital Management, LLC. Mr. Galloway and Mr. Herman are
as well managing members of GCM Administrative Services, LLC, the investment
advisor of STEP. Mr. Galloway owns approximately 21% of the partnership
interests in STEP as of October 30, 2006.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [ ].
Not Applicable
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Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
As set forth in Item 4(c), some of the shares of Common Stock covered
by this Schedule 13G are owned by persons other than Galloway, none of whom,
holds five percent or more of the securities reported herein.
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Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or Control
Person.
Not Applicable
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Item 8. Identification and Classification of Members of the Group.
Not Applicable
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Item 9. Notice of Dissolution of Group.
Not Applicable.
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Item 10. Certifications.
(a) The following certification shall be included if the statement is
filed pursuant to Rule 13d-1(c):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 30, 2006
Strategic Turnaround Equity Partners, LP (Cayman)
By: /s/ Gary Herman
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Name: Gary Herman
Title: Managing Member of GCM
Administrative Services, LLC, the
Capital Management, LLC, the
Investment Advisor of Strategic
Turnaround Equity Partners, LP (Cayman)
Galloway Capital Management, LLC
By: /s/ Gary Herman
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Name: Gary Herman
Title: Managing Member
By: ____________________________
Bruce Galloway
By: ____________________________
Gary Herman