-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RVGsXLuZS08GkGN8pWX8vld5tYW5Mcw4rX0iUx10D/u679Uhm+K5aG2sVyMERinA A9wdc6Pq+mb+JyQsR8274Q== 0000912057-01-527910.txt : 20010814 0000912057-01-527910.hdr.sgml : 20010814 ACCESSION NUMBER: 0000912057-01-527910 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20010813 GROUP MEMBERS: ABNER KURTIN GROUP MEMBERS: HARWICH CAPITAL PARTNERS, LLC GROUP MEMBERS: K CAPITAL OFFSHORE MASTER FUND (U.S. DOLLAR), L.P. GROUP MEMBERS: K CAPITAL PARTNERS, LLC GROUP MEMBERS: SPECIAL K CAPITAL OFFSHORE MASTER FUND (U.S. DOLLAR) GROUP MEMBERS: THOMAS KNOTT SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GYRODYNE COMPANY OF AMERICA INC CENTRAL INDEX KEY: 0000044689 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 111688021 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-33650 FILM NUMBER: 1705423 BUSINESS ADDRESS: STREET 1: 17 FLOWERFIELD ST SUITE 15 CITY: ST JAMES STATE: NY ZIP: 11780 BUSINESS PHONE: 5165845400 MAIL ADDRESS: STREET 2: 17 FLOWERFIELD SUITE 15 CITY: ST JAMES STATE: NY ZIP: 11780 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: K CAPITAL PARTNERS LLC CENTRAL INDEX KEY: 0001088580 STANDARD INDUSTRIAL CLASSIFICATION: TEXTILE MILL PRODUCTS [2200] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 441 STUART STREET, 6TH FLOOR STREET 2: 6TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 651764657700 MAIL ADDRESS: STREET 1: 441 STUART STREET, 6TH FLOOR STREET 2: 441 STUART STREET, 6TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 SC 13D/A 1 a2056816zsc13da.txt SC 13D/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D/A-8 (RULE 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13D-L(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. 8) Gyrodyne Company of America, Inc. ------------------------------------------------------------- (Name of issuer) Common Stock ------------------------------------------------------------------ (Title of class of securities) 403820103 ------------------------------------------------------- (CUSIP number) Robert T. Needham, K Capital Partners, LLC 75 Park Plaza Boston, Massachusetts 02116 (617) 646-7700 ------------------------------------------------------------------ (Name, address and telephone number of person authorized to receive notices and communications) August 10, 2001 ------------------------------------------------------------------ (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 that 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. (Page 1 of 11) - -------------------------------- *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 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act. - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 2 OF 11 PAGES - -------------------------- --------------------------- - -------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) K Capital Partners, LLC - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 209,350 SHARES ----------------------------------------------------------- BENEFICIALLY OWNED BY EACH 8. SHARED VOTING POWER 0 REPORTING ----------------------------------------------------------- PERSON WITH 9. SOLE DISPOSITIVE POWER 209,350 ----------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 209,350 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.72% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 3 OF 11 PAGES - -------------------------- --------------------------- - -------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Special K Capital Offshore Master Fund (U.S. Dollar), L.P. - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 27,781 SHARES ----------------------------------------------------------- BENEFICIALLY OWNED BY EACH 8. SHARED VOTING POWER 0 REPORTING ----------------------------------------------------------- PERSON WITH 9. SOLE DISPOSITIVE POWER 27,781 ----------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 27,781 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.484% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 4 OF 11 PAGES - -------------------------- --------------------------- - -------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) K Capital Offshore Master Fund (U.S. Dollar), L.P. - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 181,569 SHARES ----------------------------------------------------------- BENEFICIALLY OWNED BY EACH 8. SHARED VOTING POWER 0 REPORTING ----------------------------------------------------------- PERSON WITH 9. SOLE DISPOSITIVE POWER 181,569 ----------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 181,569 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.236% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 5 OF 11 PAGES - -------------------------- --------------------------- - -------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Harwich Capital Partners, LLC - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 209,350 SHARES ----------------------------------------------------------- BENEFICIALLY OWNED BY EACH 8. SHARED VOTING POWER 0 REPORTING ----------------------------------------------------------- PERSON WITH 9. SOLE DISPOSITIVE POWER 209,350 ----------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 209,350 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.72% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 6 OF 11 PAGES - -------------------------- --------------------------- - -------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Thomas Knott - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S. Citizen - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 209,350 SHARES ----------------------------------------------------------- BENEFICIALLY OWNED BY EACH 8. SHARED VOTING POWER 0 REPORTING ----------------------------------------------------------- PERSON WITH 9. SOLE DISPOSITIVE POWER 209,350 ----------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 209,350 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.72% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 7 OF 11 PAGES - -------------------------- --------------------------- - -------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Abner Kurtin - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S. Citizen - -------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 209,350 SHARES ----------------------------------------------------------- BENEFICIALLY OWNED BY EACH 8. SHARED VOTING POWER 0 REPORTING ----------------------------------------------------------- PERSON WITH 9. SOLE DISPOSITIVE POWER 209,350 ----------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 209,350 - -------------------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.72% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 8 OF 11 PAGES - -------------------------- --------------------------- This Amendment No. 8 ("Amendment No. 8") amends and supplements the Report on Schedule 13D, filed on June 14, 1999, as amended by Amendment No. 1 filed on August 13, 1999, Amendment No. 2 filed on November 5, 1999, Amendment No. 3 filed on December 2, 1999, Amendment No. 4 filed on January 21, 2000, Amendment No. 5 filed on July 13, 2001, Amendment No. 6 filed on July 26, 2001, and Amendment No. 7 filed on August 8, 2001 (collectively, the "Schedule 13D"). Capitalized terms used herein but not defined herein have the meanings ascribed thereto in the Schedule 13D. This filing of Amendment No. 8 is not, and should not be deemed to be construed as, an admission that the Schedule 13D or that any amendment thereto is required to be filed or that any of the Reporting Persons are, for the purposes of Sections 13(d) or 13(g) of the Securities Exchange Act of 1934, the beneficial owners of any securities covered by this statement. ITEM 1. SECURITY AND ISSUER. This Report on Schedule 13D relates to shares of common stock, par value $1.00 per share (the "Shares") of Gyrodyne Company of America, Inc. (the "Company"), whose principal executive offices are located at 102 Flowerfield Street, St. James, New York 11780. ITEM 4. PURPOSE OF TRANSACTIONS. The information set forth in Item 4 of the Schedule 13D is hereby amended and supplemented by the following: On August 10, 2001, the Reporting Persons delivered a letter to the Vice President, Secretary and General Counsel of the Company requesting the right to inspect the stock ledger and list of shareholders of the Company. The Reporting Persons certified that they were requesting these materials for purposes reasonably related to their interests as shareholders of the Company. These purposes include permitting the Reporting Persons to communicate with other shareholders of the Company on matters relating to their interests as shareholders of the Company, including without limitation, their interest in soliciting proxies to elect a slate of directors and to make one or more shareholder proposals at the Company's 2001 Annual Meeting of Shareholders (the "Annual Meeting"), as well as the Reporting Person's possible desire to enter into a business combination transaction pursuant to which they would acquire control of the Company. In addition, the Reporting Persons have engaged as a proxy solicitor D.F. King & Company, Inc., 77 Water Street, 20th Floor, New York, NY 10005. Except as set forth above, the Reporting Persons have no present plans or intentions that would result in any of the matters required to be set forth in items (a) through (j) of Item 4 of Schedule 13D. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Except as otherwise set forth in Item 4 of this Schedule 13D Amendment No. 8 or as previously disclosed, none of the Reporting Persons has any contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to any securities of the Company including, but not limited to, any contract, arrangement, understanding or relationship concerning the transfer or the voting of any securities of the Company, joint ventures, loan or option - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 9 OF 11 PAGES - -------------------------- --------------------------- arrangements, puts or calls, guaranties of profits, division of profits or losses, or the giving or withholding of proxies. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. 99.1 Letter dated August 10, 2001 from K Capital Partners, LLC to the Vice President, Secretary and General Counsel of Gyrodyne Company of America, Inc. - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 10 OF 11 PAGES - -------------------------- --------------------------- SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned hereby certifies that the information set forth in this statement is true, complete and correct. EXECUTED as a sealed instrument this 10th day of August, 2001. Special K Capital Offshore Master Fund (U.S. Dollar), L.P. By: /s/ Robert T. Needham ----------------------------------------------- K Capital Partners, LLC, General Partner By: Harwich Capital Partners, LLC, its Managing Member By: Robert T. Needham, its Chief Administrative Officer K Capital Offshore Master Fund (U.S. Dollar), L.P. By: /s/ Robert T. Needham ----------------------------------------------- K Capital Partners, LLC, General Partner By: Harwich Capital Partners, LLC, its Managing Member By: Robert T. Needham, its Chief Administrative Officer K Capital Partners, LLC By: /s/ Robert T. Needham ------------------------------------------------ Harwich Capital Partners, LLC, its Managing Member By: Robert T. Needham, its Chief Administrative Officer Harwich Capital Partners, LLC By: /s/ Robert T. Needham ----------------------------------------------- Robert T. Needham, its Chief Administrative Officer - -------------------------- --------------------------- CUSIP NO. 403820103 13D PAGE 11 OF 11 PAGES - -------------------------- --------------------------- /s/ Thomas Knott ---------------------------------------------- Thomas Knott /s/ Abner Kurtin ---------------------------------------------- Abner Kurtin EX-99.1 3 a2056816zex-99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 [Letterhead of K Capital Partners] August 10, 2001 BY FACSIMILE AND CERTIFIED MAIL RETURN RECEIPT REQUESTED Mr. Peter Pitsiokos Vice President, Secretary & General Counsel Gyrodyne Company of America, Inc. 102 Flowerfield Street St. James, NY 11780 Re: DEMAND FOR SHAREHOLDER LIST Dear Mr. Pitsiokos, Please be advised that K Capital Offshore Master Fund (U.S. Dollar), L.P. ("K Capital") is the holder of record of 2,000 shares of common stock of Gyrodyne Company of America, Inc. (the "Company"). In its capacity as a shareholder of the Company, K Capital hereby demands under oath, pursuant to Section 624 of the New York Business Corporation Laws, the right to inspect, during business hours by WEDNESDAY, AUGUST 15, 2001, the stock ledger and list of shareholders of the Company and to make copies or extracts therefrom. As part of this demand, K Capital requests the right to inspect and copy the following: 1. A complete record or list of the Company's shareholders, certified by its transfer agent, which sets forth the name and address of each shareholder and the number of shares of Common Stock registered in the name of each shareholder, as of the most recent practicable date and, as soon as the same is available (but in no event later than one business day thereafter), as of the close of business on the record date (the "Record Date") for the Company's 2001 Annual Meeting of Shareholders (the "Annual Meeting"). 2. All lists, tapes and other data in or which come into the possession or control of the Company, or which can reasonably be obtained pursuant to Rules 14b-1 and 14b-2 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which set forth the name and address of, and the number of shares owned by, each beneficial owner of Common Stock who has not objected to having his or her name disclosed (the "non-objecting beneficial owners" or "NOBO" list). Mr. Peter Pitsiokos Gyrodyne Company of America, Inc. August 10, 2001 Page 2 3. A magnetic computer tape list of the Company's shareholders, which sets forth the name and address of each shareholder and the number of shares of Common Stock registered in the name of each shareholder, together with any computer processing information that may be relevant to the use of such computer tape, and a printout of such magnetic computer tape for verification purposes, as of the most recent practicable date and, as soon as the same is available (but in no event later than one business day thereafter), as of the close of business on the Record Date. 4. On a daily basis, all transfer sheets through the date of the Annual Meeting showing any changes in the list of the Company's shareholders subsequent to the date of the shareholder list as of the most recent practicable date, referred to in paragraph 1 above. 5. All information in or which comes into the Company's possession or control, or which can reasonably be obtained from nominees of any central certificate depository system, concerning the number and identity of the actual beneficial owners of Common Stock obtained pursuant to the requirements of Rule 14b-2 promulgated under the Exchange Act. K Capital hereby certifies that it is requesting the foregoing materials for purposes reasonably related to its interest as a shareholder of the Company. These purposes include permitting the undersigned to communicate with other shareholders of the Company on matters relating to their interest as shareholders of the Company, including without limitation the solicitation of proxies to elect a slate of directors at the Annual Meeting, one or more shareholder proposals, as well as the undersigned's possible desire to enter into a business combination transaction pursuant to which it would acquire control of the Company. The requested materials will not be used by the undersigned for any other purpose, and the undersigned will only disclose the materials to its employees and agents, including the persons authorized below, in connection with the conduct of the communication or solicitation. K Capital further certifies, pursuant to Section 624 of the New York Business Corporation Laws, that (1) this inspection is not desired for a purpose which is in the interest of a business or object other than the business of the Company; and (2) K Capital has not, within five (5) years sold or offered for sale any list of shareholders of any corporation of any type or kind, or aided or abetted any person in procuring any such record of shareholders for any such purpose. We also note that the Company has apparently failed to file as exhibits to its periodic reports any of its material contracts, compensation plans or governing documents, as required by Securities and Exchange Commission regulations. As a result, our ability to understand the Company's operations and structure has been hindered. We request that copies of all such documents be sent to us by Wednesday, August 15, 2001. Mr. Peter Pitsiokos Gyrodyne Company of America, Inc. August 10, 2001 Page 3 The undersigned hereby designates Thomas Germinario and Richard Grubaugh, D.F. King & Company, Inc., 77 Water Street, 20th Floor, New York, NY 10005, and each of their respective partners, employees and other persons designated by any of them, acting together, singly or in any combination, to conduct the requested examination and copying of materials. K Capital Offshore Master Fund (U.S. Dollar), L.P. By: /s/ Abner Kurtin ------------------------------- Name: Abner Kurtin Title: Managing Partner -----END PRIVACY-ENHANCED MESSAGE-----