SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
Amendment No. 9
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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
Times 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)
November 18, 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
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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) (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
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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) (b)
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3 SEC USE ONLY
-----------------------------------------------------------------
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
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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
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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) (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%
-----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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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) (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.
------------------------------------------------------------------
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
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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) (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
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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) (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%
------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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CUSIP No. 403820103
-----------------------------------------------------------------
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) (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)
2.5%
-----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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Introduction:
This amendment is being made to disclose follow up correspondence with the
Issuer dated November 18, 2005 related to Issuer's Annual Meeting and the
Definitive Proxy filed by the Issuer on November 17, 2005, as well as a
subsequent filing by the Issuer dated November 18, 2005. The Reporting Persons,
in correspondence to the Issuer's Board of Directors, proposed in their letter
of November 7, 2005, and reported in Amendment No. 8 to Schedule 13D, that the
Issuer's Annual Meeting be postponed in order to provide shareholders with
adequate time to review matters relating to the strategic alternatives that may
be available to the Issuer. The Reporting Persons have attached hereto as
Exhibit A and filed under Item 7 of this Schedule 13D a copy of correspondence
to the Board of Directors of Issuer dated November 18, 2005.
This amendment no. 9 reflects no changes in the previously reported
holdings of the Reporting Persons.
AMENDMENT NO. 9
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 Nov. 7, 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 Reporting Persons to the Issuer dated November
18, 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: November 18, 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
EXHIBIT A
November 18, 2005
Via Facsimile & U.S. Mail
To the Board of Directors
Gyrodyne Company of America
102 Flowerfield
St. James, NY 11780
Attention: Mr. Paul L. Lamb
Mr. Stephen V. Maroney
Gentlemen:
On November 7, 2005 we sent a letter asking the Company to:
1. Share with shareholders the pending report on the strategic
alternatives; and
2. To postpone the shareholders' meeting to allow shareholders time to
digest this information.
In a letter filed with the SEC Friday, November 18, 2005, i.e., after filing the
definitive proxy, the Company's Management says, among other things, that the
Board recently received the final report regarding strategic alternatives, but
again does not provide that information. Management is essentially asking all
shareholders to vote blindly, only to be informed of the Company's intended
direction after the vote has occurred. We believe it only appropriate and
consistent with good corporate governance to release the report immediately or
delay the meeting.
Thank you for your consideration.
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
Tel: 972-3-6782426
Fax: 972-3-6781494