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FORM 3
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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
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|1. Name and Address of Reporting Person* |2. Date of Event Requiring |4. Issuer Name and Ticker or Trading Symbol |
| | Statement | |
| NEW VALLEY CORPORATION | (Month/Day/Year) | |
|------------------------------------------| | GBI CAPITAL MANAGEMENT CORP. (GBC) |
| (Last) (First) (Middle) | |-----------------------------------------------------------|
| | 02/08/01 |5. Relationship of Reporting | 6. If Amendment, Date |
| 100 S.E. SECOND STREET |---------------------------| Person to Issuer | of Original |
|------------------------------------------|3. IRS Identification | (Check all applicable) | (Month/Day/Year) |
| (Street) | Number of Reporting | | |
| | Person, if an Entity |[ ] Director [X] 10% Owner | |
| | (Voluntary) | | |
| | |[ ] Officer [ ] Other (specify| |
| | | (give below) |-------------------------|
| | | title below) | 7. Individual or Joint/ |
| MIAMI FLORIDA 33131 | 13-5482050 | | Group Filing (Check |
|--------------------------------------------------------------------------------------------------------| applicable line) |
| (City) (State) (Zip) | |
| | [ ] Form Filed by |
| | One Reporting |
| | Person |
| | [X] Form Filed by |
| | More than One |
| | Reporting Person |
|----------------------------------------------------------------------------------------------------------------------------------|
| TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED |
|----------------------------------------------------------------------------------------------------------------------------------|
|1. Title of Security | 2. Amount of Securities | 3. Ownership Form: | 4. Nature of Indirect |
| (Instr. 4) | Beneficially Owned | Direct (D) or | Beneficial |
| | (Instr. 4) | Indirect (I) | Ownership (Instr. 4) |
| | | (Instr. 5) | |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| COMMON STOCK, $0.0001 PAR VALUE | SEE ATTACHMENT A | SEE ATTACHMENT A | SEE ATTACHMENT A |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
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|----------------------------------------|------------------------------|---------------------------|------------------------------|
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|----------------------------------------|------------------------------|---------------------------|------------------------------|
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|----------------------------------------|------------------------------|---------------------------|------------------------------|
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|----------------------------------------|------------------------------|---------------------------|------------------------------|
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|----------------------------------------|------------------------------|---------------------------|------------------------------|
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* If the form is filed by more than one Reporting Person, see Instruction
5(b)(v). Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED
IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY
VALID OMB CONTROL NUMBER.
Page 1 of 8 Pages
FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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| 1. Title of Derivative Security |2. Date |3. Title and Amount of |4. Conver- | 5. Owner- |6. Nature of Indirect|
| (Instr. 4) | Exercisable and | Securities Underlying | sion or | ship | Beneficial Owner- |
| | Expiration Date | Derivative Securities | Exercise | Form of | ship (Instr. 5) |
| | (Month/Day/Year) | (Instr. 4) | Price of | Deriva- | |
| | | | Deriva- | tive | |
| | | | tive | Security:| |
| | | | Security | Direct | |
| |--------------------|--------------------------| | (D) or | |
| | Date | Expira- | | Amount or | | Indirect | |
| | Exercis-| tion | Title | Number of | | (I) | |
| | able | Date | | Shares | | (Instr. | |
| | | | | | | 5) | |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| 7-1/2% SENIOR CONVERTIBLE | SEE | SEE | COMMON STOCK,| SEE | SEE | SEE | |
| PROMISSORY NOTE DUE | ATTACH- | ATTACH- | $0.0001 | ATTACHMENT| ATTACHMENT | ATTACHMENT | |
| DECEMBER 31, 2005 (THE "NOTE") | MENT A | MENT A | PAR VALUE | A | A | A | SEE ATTACHMENT A |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
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|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
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|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
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|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
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|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
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|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
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|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
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|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
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Explanation of Responses: See Attachment A. New Valley Corporation
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By: /s/ Richard J. Lampen 2/20/01
** Intentional misstatements or omissions of facts constitute Federal Criminal ----------------------------------- -----------
Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date
Name: Richard J. Lampen
Note: File three copies of this Form, one of which must be manually signed. Title: Executive Vice President
If space provided is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
(Print or Type Responses)
Page 2 of 8 Pages
ATTACHMENT TO FORM 3
DESIGNATED FILER: NEW VALLEY CORPORATION
ISSUER NAME AND TICKER OR TRADING SYMBOL: GBI CAPITAL MANAGEMENT CORP. (GBC)
DATE OF EVENT: 02/08/01
Signatures of additional Reporting Persons:
NEW VALLEY HOLDINGS, INC.
By: /s/ RICHARD J. LAMPEN February 20, 2001
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Name: Richard J. Lampen
Title: Executive Vice President
BGLS INC.
By: /s/ RICHARD J. LAMPEN February 20, 2001
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Name: Richard J. Lampen
Title: Executive Vice President
VECTOR GROUP LTD.
By: /s/ RICHARD J. LAMPEN February 20, 2001
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Name: Richard J. Lampen
Title: Executive Vice President
/s/ BENNETT S. LEBOW February 20, 2001
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Bennett S. LeBow
Page 3 of 8 Pages
ATTACHMENT TO FORM 3
DESIGNATED FILER: NEW VALLEY CORPORATION
ISSUER NAME AND TICKER OR TRADING SYMBOL: GBI CAPITAL MANAGEMENT CORP. (GBC)
DATE OF EVENT: 02/08/01
TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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REPORTING PERSON AMOUNT OF SECURITIES BENEFICIALLY OWNED OWNERSHIP FORM/NATURE OF OWNERSHIP
- ------------------------------- ----------------------------------------- --------------------------------------------------------
New Valley Corporation 18,508,696 Indirect. New Valley Corporation ("New Valley") owns
100 S.E. Second Street all of the outstanding shares of Ladenburg, Thalmann
Miami, Florida 33131 Group Inc. ("Ladenburg") which in turn holds the
shares of common stock of the Issuer reported herein
(the "Securities").
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New Valley Holdings, Inc. 18,508,696 Indirect. New Valley Holdings, Inc. ("N.V. Holdings")
204 Plaza Centre may be deemed to beneficially own the Securities by
3505 Silverside Road virtue of its ownership of 55.76% of the outstanding
Wilmington, Delaware 19810 shares of New Valley which in turn owns all of the
outstanding shares of Ladenburg. N.V. Holdings
disclaims beneficial ownership of the Securities, and
this report shall not be deemed an admission that N.V.
Holdings is the beneficial owner of such Securities
for purposes of Section 16 or for any other purpose.
- ------------------------------- ----------------------------------------- --------------------------------------------------------
BGLS Inc. 18,508,696 Indirect. BGLS Inc. ("BGLS") may be deemed to
100 S.E. Second Street beneficially own the Securities by virtue of its
Miami, Florida 33131 ownership of 0.37% of the outstanding shares of New
Valley and all of the outstanding shares of N.V.
Holdings. New Valley in turn owns all of the outstanding
shares of Ladenburg. BGLS disclaims beneficial ownership
of the Securities, and this report shall not be deemed
an admission that BGLS is the beneficial owner of such
Securities for purposes of Section 16 or for any other
purpose.
- ------------------------------- ----------------------------------------- --------------------------------------------------------
Vector Group Ltd. 18,508,696 Indirect. Vector Group Ltd. ("VGL") may be deemed to
100 S.E. Second Street beneficially own the Securities by virtue of its
Miami, Florida 33131 ownership of all of the outstanding shares of BGLS
which in turn owns 0.37% of the outstanding shares of
New Valley and all of the outstanding shares of N.V.
Holdings. New Valley in turn owns all of the outstanding
shares of Ladenburg. VGL disclaims beneficial ownership
of the Securities, and this report shall not be deemed
an admission that VGL is the beneficial owner of such
Securities for purposes of Section 16 or for any other
purpose.
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Page 4 of 8
ATTACHMENT TO FORM 3
DESIGNATED FILER: NEW VALLEY CORPORATION
ISSUER NAME AND TICKER OR TRADING SYMBOL: GBI CAPITAL MANAGEMENT CORP. (GBC)
DATE OF EVENT: 02/08/01
TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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REPORTING PERSON AMOUNT OF SECURITIES BENEFICIALLY OWNED OWNERSHIP FORM/NATURE OF OWNERSHIP
- ------------------------------- ----------------------------------------- --------------------------------------------------------
Bennett S. LeBow 18,508,696 Indirect. Mr. LeBow may be deemed to beneficially own
100 S.E. Second Street the Securities by virtue of his direct and indirect
Miami, Florida 33131 beneficial ownership of approximately 41% of the
outstanding shares of VGL which in turn owns all of
the outstanding shares of BGLS which in turn owns
0.37% of New Valley and all of the outstanding shares
of N.V. Holdings. New Valley in turn owns all of the
outstanding shares of Ladenburg. Mr. LeBow disclaims
beneficial ownership of the Securities, and this
report shall not be deemed an admission that Mr. LeBow
is the beneficial owner of such Securities for
purposes of Section 16 or for any other purpose.
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Page 5 of 8
ATTACHMENT TO FORM 3
DESIGNATED FILER: NEW VALLEY CORPORATION
ISSUER NAME AND TICKER OR TRADING SYMBOL: GBI CAPITAL MANAGEMENT CORP. (GBC)
DATE OF EVENT: 02/08/01
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
- -------------------------- ------------------------------ ---------------------- ------------------------ -------------------------
REPORTING PERSON DATE EXERCISABLE AND AMOUNT OF SECURITIES CONVERSION OR EXERCISE OWNERSHIP FORM/NATURE OF
EXPIRATION DATE UNDERLYING DERIVATIVE PRICE OF DERIVATIVE OWNERSHIP
SECURITY SECURITY
- -------------------------- ----------------- ------------ ---------------------- ------------------------ -------------------------
Date Exercisable Expiration
Date
- -------------------------- ----------------- ------------ ---------------------- ------------------------ -------------------------
New Valley Corporation Upon issuance 12/31/05 3,080,769 $2.60 (2) Indirect. New Valley
(1) owns all of the
outstanding shares of
Ladenburg which in turn
holds the Note reported
herein.
- -------------------------- ----------------- ------------ ---------------------- ------------------------ -------------------------
New Valley Holdings, Inc. Upon issuance 12/31/05 3,080,769 $2.60 (2) Indirect. N.V. Holdings
(1) may be deemed to
beneficially own the
Note by virtue of its
ownership of 55.76% of
the outstanding shares
of New Valley which in
turn owns all of the
outstanding shares of
Ladenburg. N.V. Holdings
disclaims beneficial
ownership of the Note,
and this report shall
not be deemed an
admission that N.V.
Holdings is the
beneficial owner of
such Note for purposes
of Section 16 or for any
other purpose.
- -------------------------- ----------------- ------------ ---------------------- ------------------------ -------------------------
BGLS Inc. Upon issuance 12/31/05 3,080,769 $2.60 (2) Indirect. BGLS may be
(1) deemed to beneficially
own the Note by virtue
of its ownership of
0.37% of the outstanding
shares of New Valley and
all of the outstanding
shares of N.V. Holdings.
New Valley in turn owns
all of the outstanding
shares of Ladenburg.
BGLS disclaims
beneficial ownership of
the Note, and this
report shall not be
deemed an admission that
BGLS is the beneficial
owner of such Note for
purposes of Section 16
or for any other
purpose.
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Page 6 of 8
ATTACHMENT TO FORM 3
DESIGNATED FILER: NEW VALLEY CORPORATION
ISSUER NAME AND TICKER OR TRADING SYMBOL: GBI CAPITAL MANAGEMENT CORP. (GBC)
DATE OF EVENT: 02/08/01
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
- -------------------------- ------------------------------ ---------------------- ------------------------ -------------------------
REPORTING PERSON DATE EXERCISABLE AND AMOUNT OF SECURITIES CONVERSION OR EXERCISE OWNERSHIP FORM/NATURE OF
EXPIRATION DATE UNDERLYING DERIVATIVE PRICE OF DERIVATIVE OWNERSHIP
SECURITY SECURITY
- -------------------------- ----------------- ------------ ---------------------- ------------------------ -------------------------
Date Exercisable Expiration
Date
- -------------------------- ----------------- ------------ ---------------------- ------------------------ -------------------------
Vector Group Ltd. Upon issuance 12/31/05 3,080,769 $2.60 (2) Indirect. VGL may be
(1) deemed to beneficially
own the Note by virtue
of its ownership of all
of the outstanding
shares of BGLS which in
turn owns 0.37% of the
outstanding shares of
New Valley and all of
the outstanding shares
of N.V. Holdings. New
Valley in turn owns all
of the outstanding
shares of Ladenburg. VGL
disclaims beneficial
ownership of the Note,
and this report shall
not be deemed an
admission that VGL is
the beneficial owner of
such Note for purposes
of Section 16 or for any
other purpose.
- -------------------------- ----------------- ------------ ---------------------- ------------------------ -------------------------
Bennett S. LeBow Upon issuance 12/31/05 3,080,769 $2.60 (2) Indirect. Mr. LeBow may
(1) be deemed to
beneficially own the
Note by virtue of his
direct and indirect
beneficial ownership of
approximately 41% of the
outstanding shares of
VGL which in turn owns
all of the outstanding
shares of BGLS which in
turn owns 0.37% of New
Valley and all of the
outstanding shares of
N.V. Holdings. New
Valley in turn owns all
of the outstanding
shares of Ladenburg. Mr.
LeBow disclaims
beneficial ownership of
the Note, and this
report shall not be
deemed an admission that
Mr. LeBow is the
beneficial owner of
such Note for purposes
of Section 16 or for any
other purpose.
- -------------------------- ----------------- ------------ ---------------------- ------------------------ -------------------------
Page 7 of 8
ATTACHMENT TO FORM 3
DESIGNATED FILER: NEW VALLEY CORPORATION
ISSUER NAME AND TICKER OR TRADING SYMBOL: GBI CAPITAL MANAGEMENT CORP. (GBC)
DATE OF EVENT: 02/08/01
(1) The Note will be issued to Ladenburg on consummation of the transactions
contemplated by that certain Stock Purchase Agreement dated February 8,
2001 among Ladenburg, New Valley, the Issuer, Berliner Effektengesellschaft
AG and Ladenburg, Thalmann & Co., Inc. Consummation is currently
anticipated to take place during the second quarter of 2001.
(2) The conversion price is subject to adjustment for reclassifications, stock
splits, stock dividends, spin-offs or distributions, share combinations or
other similar changes affecting the shares of common stock of the Issuer as
a whole and all holders thereof or if the Issuer consolidates with, merges
with or into, any other entity, sells or transfers all or substantially all
of its assets or engages in any reorganization, reclassification or
recapitalization which is effected in such a manner that the holders of
shares of common stock of the Issuer are entitled to receive stock,
securities, cash or other assets with respect to or in exchange for shares
of common stock of the Issuer.
Page 8 of 8 Pages