-----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, Oasxpt7H16p45kWjDbRWUOydbJuIynE2F6Rri7Dw44j2O0xgCaNr4/TkMHLEcaHP 6TaQ3q+nOCIzrzRaw3jLNQ== 0000912057-01-527037.txt : 20010809 0000912057-01-527037.hdr.sgml : 20010809 ACCESSION NUMBER: 0000912057-01-527037 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20010808 GROUP MEMBERS: ABNER KURTIN GROUP MEMBERS: HARWICH CAPITAL PARTNERS, LLC GROUP MEMBERS: K CAPITAL OFFSHORE MASTER FUND (US DOLLAR) LP GROUP MEMBERS: SPECIAL K CAPITAL OFFSHORE MASTER FUND (US) 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: 1700951 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 a2056234zsc13da.txt SCHEDULE 13D/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D/A-7 (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. 7) 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 8, 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 SHARES 7. SOLE VOTING POWER 209,350 BENEFICIALLY OWNED BY EACH --------------------------------------------------- REPORTING PERSON WITH 8. SHARED VOTING POWER 0 --------------------------------------------------- 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 SHARES 7. SOLE VOTING POWER 27,781 BENEFICIALLY OWNED BY EACH --------------------------------------------------- REPORTING PERSON WITH 8. SHARED VOTING POWER 0 --------------------------------------------------- 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 SHARES 7. SOLE VOTING POWER 181,569 BENEFICIALLY OWNED BY EACH --------------------------------------------------- REPORTING PERSON WITH 8. SHARED VOTING POWER 0 --------------------------------------------------- 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 SHARES 7. SOLE VOTING POWER 209,350 BENEFICIALLY OWNED BY EACH --------------------------------------------------- REPORTING PERSON WITH 8. SHARED VOTING POWER 0 --------------------------------------------------- 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 SHARES 7. SOLE VOTING POWER 209,350 BENEFICIALLY OWNED BY EACH --------------------------------------------------- REPORTING PERSON WITH 8. SHARED VOTING POWER 0 --------------------------------------------------- 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 SHARES 7. SOLE VOTING POWER 209,350 BENEFICIALLY OWNED BY EACH --------------------------------------------------- REPORTING PERSON WITH 8. SHARED VOTING POWER 0 --------------------------------------------------- 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. 7 ("Amendment No. 7") 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, and Amendment No. 6 filed on July 26, 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. 7 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 8, 2001, the Reporting Persons delivered a letter to the Chairman of the Board of Directors of the Company responding both to his letter of July 24, 2001 and to the meeting that occurred on July 31, 2001 between the Board of Directors and the Reporting Persons. The letter reiterated the Reporting Persons' interest in exploring the possibility of the Reporting Persons offering to acquire any or all of the outstanding shares of the Company for $19.00 per share in cash. In order to address the Board's concerns over the proposed issuance of zero coupon bonds, the Reporting Persons eliminated that aspect of its previous proposal and limited its proposed consideration to cash. The Reporting Persons' proposal would not be conditioned on any minimum number of shareholders accepting their offer. The proposal is subject to certain conditions referenced in the letter, a copy of which is attached as an exhibit hereto and incorporated herein by reference. 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 reported in previous filings and as otherwise set forth in Item 4 of this Schedule 13D, 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 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. - ------------------- ------------------- CUSIP NO. 403820103 13D PAGE 9 OF 11 PAGES - ------------------- ------------------- 99.1 Letter dated August 8, 2001 from K Capital Partners, LLC to the Chairman of the Board 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 8th 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 a2056234zex-99_1.txt EXHIBIT 99.1 Exhibit 99.1 August 8, 2001 Chairman of the Board of Directors Gyrodyne Company of America, Inc. 102 Flowerfield Street St. James, NY 11780 To the Chairman of the Board of Directors of Gyrodyne: In response to the Board's concerns regarding our earlier proposal, K Capital Partners hereby makes a new proposal to acquire any or all of the outstanding shares of Gyrodyne for $19.00 per share in cash. This will provide existing shareholders a liquidity option today while allowing other shareholders to maintain their ownership position in Gyrodyne if they so desire. In order to address the Board's concerns over the proposed issuance of zero coupon bonds, we have eliminated that aspect of our previous proposal and limited our proposed consideration to cash. We are not looking for management to endorse our proposal. In fact, we would be comfortable if Gyrodyne recommended against shareholders accepting our offer, and Gyrodyne could put forward its best argument as to why shareholders should not sell. The Board of Gyrodyne should, however, allow shareholders to judge for themselves the attractiveness of our proposal by agreeing to waive all statutory, contractual and other limitations that limit our ability to purchase additional shares of stock (including without limitation exempting us from the New York "business combination" statute). Our proposal would not be conditioned on any minimum level of acceptance of our offer, and shareholders who wish to remain shareholders of Gyrodyne could do so. We emphasize that, as mentioned in our prior letter, we have sufficient financing to support our proposal and we have not conditioned our proposal on any change in the zoning applicable to the real property owned by Gyrodyne. In order to avoid hindering Gyrodyne's ability to consider potentially superior proposals, we also would not seek a break-up fee or similar arrangement, other than customary provisions providing for reimbursement of expenses in the event Gyrodyne accepts a higher offer. In our meeting on Tuesday, July 31, 2001, K Capital and Gyrodyne discussed working together to provide shareholders with an opportunity to express their views on the strategic direction of the company. The Board of Gyrodyne would present a plan for development of Gyrodyne's property, and shareholders would be able to choose to receive either $19.00 per share from K Capital Partners or remain equity holders of Gyrodyne. At this meeting, Chairman Paul Lamb stated that, by Friday, August 3, 2001, he would propose a timetable for this transaction. However, on August 3, Gyrodyne informed us that they would need at least another seven to ten days to respond to us. K Capital is not willing to accept yet another delay by the Board and believes the Board should do what is right for the shareholders. As a shareholder for the past two years, K Capital has given the Board sufficient time to realize the value of Gyrodyne's property. Chairman of the Board of Directors Gyrodyne Company of America, Inc. August 8, 2001 Page 2 This non-binding indication of interest is conditioned upon the same conditions indicated in our previous letter. We hope to hear your response to our proposal at your earliest convenience. Very truly yours, K Capital Partners, LLC By: /s/ Abner Kurtin ----------------------------------------- Name: Abner Kurtin Title: Managing Partner cc: Stephen V. Maroney, Chief Executive Officer Gyrodyne Company of America, Inc. -----END PRIVACY-ENHANCED MESSAGE-----