-----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, DLw0TAU3z5r2UGs/49qf7AG88JKzW+/1Ez7FXxilVsCYq/BjP4YK6wmyrePne0iP YiKnj2T8tIjB+PS+jF3haQ== 0000950123-00-000666.txt : 20000203 0000950123-00-000666.hdr.sgml : 20000203 ACCESSION NUMBER: 0000950123-00-000666 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20000201 GROUP MEMBERS: GBU INC /ADV GROUP MEMBERS: GEM CAPITAL MANAGEMENT INC GROUP MEMBERS: GERALD B. UNTERMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WINSTAR COMMUNICATIONS INC CENTRAL INDEX KEY: 0000868797 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 133585278 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: SEC FILE NUMBER: 005-41746 FILM NUMBER: 519164 BUSINESS ADDRESS: STREET 1: 685 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2125844000 FORMER COMPANY: FORMER CONFORMED NAME: ROBERN INDUSTRIES INC DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: ROBERN APPAREL INC DATE OF NAME CHANGE: 19600201 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GBU INC /ADV CENTRAL INDEX KEY: 0000853658 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 133548863 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 70 E 55TH ST 12TH FL CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2127530700 FORMER COMPANY: FORMER CONFORMED NAME: GBU INC /ADV DATE OF NAME CHANGE: 19980331 SC 13G/A 1 AMENDMENT #1 TO SCHEDULE 13G: WINSTAR/GBU 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1) WinStar Communications, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 975515107 - -------------------------------------------------------------------------------- (CUSIP Number) December 31, 1999 ------------------------------------------------------- (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) 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). Page 1 of 10 Pages 2 CUSIP No. 975515107 1. NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS GBU Inc. ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5. SOLE VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED BY EACH 3,458,660 REPORTING PERSON WITH - -------------------------------------------------------------------------------- 6. SHARED VOTING POWER -0- - -------------------------------------------------------------------------------- 7. SOLE DISPOSITIVE POWER 3,458,660 - -------------------------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,458,660 - -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.2% - -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON * IA - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 975515107 1. NAMES OF REPORTING PERSONS Page 2 of 10 Pages 3 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS GEM Capital Management, Inc. ----------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5. SOLE VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED BY EACH 1,769,685 REPORTING PERSON WITH - -------------------------------------------------------------------------------- 6. SHARED VOTING POWER -0- - -------------------------------------------------------------------------------- 7. SOLE DISPOSITIVE POWER 1,769,685 - -------------------------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,769,685 - -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.2% - -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON * IA - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 833482102 1. NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Page 3 of 10 Pages 4 Gerald B. Unterman ----------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - ---------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 5. SOLE VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5,228,345 - -------------------------------------------------------------------------------- 6. SHARED VOTING POWER -0- - -------------------------------------------------------------------------------- 7. SOLE DISPOSITIVE POWER 5,228,345 - -------------------------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,228,345 - -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.3% - -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON * IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT Item 1(a). Name of Issuer WinStar Communications, Inc. Item 1(b). Address of Issuer's Principal Executive Offices Page 4 of 10 Pages 5 230 Park Avenue New York, New York 10169 Item 2(a). Name of Person Filing GBU Inc. GEM Capital Management, Inc. Gerald B. Unterman Item 2(b). Address of Principal Business Office 70 East 55th Street - 12th Floor New York, NY 10022 Item 2(c). Citizenship The information contained in Item 4 on the cover pages is incorporated hereby by reference Item 2(d). Title of Class of Securities Common Stock Item 2(e). CUSIP Number 975515107 Item 3. This Statement is filed pursuant to Rule 13d-1(c) and Rule 13d-2(b) Item 4. Ownership as of December 31, 1999 The information contained in Items 5-11 on the cover pages is incorporated hereby by reference Item 5. Ownership of Five Percent or Less of a Class Not Applicable Item 6. Ownership of More Than Five Percent on Behalf of Another Person Page 5 of 10 Pages 6 GBU Inc., a registered investment adviser, is the general partner of Oak Tree Partners, L.P., a Delaware limited partnership which beneficially owns more than five percent (5%) of the Common Stock of WinStar Communications, Inc. Item 7. Identification and Classification of Certain Subsidiaries Not Applicable Item 8. Identification and Classification of Members of a Group See Exhibit A annexed hereto Item 9. Notice of Dissolution of a Group Not Applicable Item 10. Certification By signing below the undersigned certify that, to the best of their knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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. After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and accurate. SIGNATURE: Date: January 19, 2000 GBU INC. By: /s/ Gerald B.Unterman ---------------------------- Gerald B. Unterman President Page 6 of 10 Pages 7 GEM CAPITAL MANAGEMENT, INC. By: /s/ Gerald B.Unterman ---------------------------- Gerald B. Unterman President /s/ Gerald B.Unterman ------------------------------- GERALD B. UNTERMAN Page 7 of 10 Pages EX-99.A 2 I.D. AND CLASSIFICATION OF MEMEBRS OF A GROUP 1 EXHIBIT A Mr. Unterman is the President, a director and controlling shareholder of GBU Inc. ("GBU"), an investment adviser registered under Section 203 of the Investment Advisers Act of 1940 (the "Advisers Act"). GBU is the sole general partner of Oak Tree Partners, L.P. ("Oak Tree") and GEM Convertible Securities Partners, L.P. ("GEM Convertible"). As of December 31, 1999, Oak Tree owned an aggregate of (a) 2,399,012 shares of the Common Stock of WinStar Communications, Inc. (the "Company"), (b) 321,940 shares of the Company's 6% Series A Cumulative Convertible Preferred Stock (the "Series A Preferred Stock"), (c) 28,000 shares of the Company's 7 1/4% Series F Senior Cumulative Convertible Preferred Stock (the "Series F Preferred Stock"), and (d) 187,600 warrants (the "Warrants"). As of December 31, 1999, GEM Convertible owned 98,213 shares of the Company's Common Stock. Each share of Series A Preferred Stock is convertible into the Common Stock of the Company at a conversion rate of one share of Common Stock for each share of Series A Preferred Stock. Each share of Series F Preferred Stock is convertible into the Common Stock of the Company at a conversion rate of 16.13912 shares of Common Stock for each share of Series F Preferred Stock. Each Warrant may be exercised for one share of the Common Stock. Pursuant to Regulation 13d-3(d)(1) promulgated under the Securities Exchange Act of 1934, as amended (the "Regulation"), GBU is deemed to be the beneficial owner of an additional 961,435 shares of Common Stock which Oak Tree has the right to acquire upon conversion of the Series A Preferred Stock and the Series F Preferred Stock and upon exercise of the Warrants. GBU is deemed to be the beneficial owner of 3,458,660 shares or 6.0% of the Company's Common Stock. Mr. Unterman is also the President, director and majority shareholder of GEM Capital Management, Inc. ("GEM Capital"), an investment adviser registered under the Advisers Act. GEM Capital is an investment adviser for various managed accounts over which it has investment discretion. Pursuant to the Regulation, GEM Capital is deemed to be the beneficial owner of the shares of Common Stock, Series A Preferred Stock, and 7% Series D Senior Cumulative Convertible Preferred Stock (the "Series D Preferred Stock") owned by the accounts for which GEM Capital acts as investment adviser. Accordingly, GEM Capital is deemed to be the beneficial owner of (a) 223,681 shares of Common Stock, (b) 1,238,033 shares of Series A Preferred Stock, and (c) 305,557 shares of Series D Preferred Stock. Page 8 of 10 Pages 2 Each share of Series D Preferred Stock is convertible into the Common Stock of the Company at a conversion rate of 1.0079 shares of Common Stock for each share of Series D Preferred Stock. Pursuant to the Regulation, GEM Capital is deemed to be the beneficial owner of an additional 1,546,004 shares of Common Stock which it has the right to acquire upon conversion of the Series A Preferred Stock and the Series D Preferred Stock. GEM Capital is deemed to be the beneficial owner of 1,769,685 shares or 3.2% of the Common Stock. GBU and GEM Capital are of the view that they are not acting as a "group" for purposes of Section 13(d) under the Securities Exchange Act of 1934 and they are not otherwise required to attribute to each other the beneficial ownership of securities deemed to be beneficially owned by the other corporation under the Securities Exchange Act. Page 9 of 10 Pages EX-99.B 3 JOINT FILING AGREEMENT 1 EXHIBIT B The undersigned hereby agree that for the purposes of complying with Regulation 13D promulgated under the Securities Exchange Act of 1934, as amended, relating to the reporting of beneficial ownership, from time to time, of the Common Stock of WinStar Communications, Inc., by each of the undersigned, only one statement on Schedule 13G (or one Amendment, as the case may be, in the event an amendment to the Schedule 13G is required to be filed), will be filed on behalf of each of the undersigned. Dated: January 19, 2000 GBU INC. By: /s/ Gerald B.Unterman ---------------------------- Gerald B. Unterman President GEM CAPITAL MANAGEMENT, INC. By:/s/ Gerald B.Unterman ---------------------------- Gerald B. Unterman President /s/ Gerald B.Unterman ---------------------------- GERALD B. UNTERMAN Page 10 of 10 Pages -----END PRIVACY-ENHANCED MESSAGE-----