- -------- FORM 3 - -------- 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 - ------------------------------------------------------------------------------------------------------------------------------------ |1. Name and Address of Reporting Person * |2. Date of Event Requiring |4. Issuer Name and Ticker or Trading Symbol | | | Statement | | | Berliner Effektengesellschaft AG | (Month/Day/Year) | | |------------------------------------------| | GBI Capital Management Corp. (GBC) | | (Last) (First) (Middle) | 02/08/01 |-----------------------------------------------------------| | | |5. Relationship of Reporting | 6. If Amendment, Date | | Kurfurstendamm 119 |---------------------------| 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/ | |Berlin Federal Republic of Germany 10711 | | | Group Filing (Check | |--------------------------------------------------------------------------------------------------------| applicable line) | | (City) (State) (Zip) | | | | [x] Form Filed by | | | One Reporting | | | Person | | | [ ] 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 | 3,618,182 Direct | N/A | |----------------------------------------|------------------------------|---------------------------|------------------------------| | | | | | |----------------------------------------|------------------------------|---------------------------|------------------------------| | | | | | |----------------------------------------|------------------------------|---------------------------|------------------------------| | | | | | |----------------------------------------|------------------------------|---------------------------|------------------------------| | | | | | |----------------------------------------|------------------------------|---------------------------|------------------------------| | | | | | |----------------------------------------|------------------------------|---------------------------|------------------------------| | | | | | |----------------------------------------|------------------------------|---------------------------|------------------------------| | | | | | - ----------------------------------------------------------------------------------------------------------------------------------- Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the Form is filed by more than one reporting person, see Instruction 5(b)(v). (Print or Type Responses)
FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) - ------------------------------------------------------------------------------------------------------------------------------------ | 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 |Upon |12/31/05 |Common Stock, | 765,384 | $2.60(2) | Direct | N/A | | Promissory Note due December 31,|Issuance | |$0.0001 par | | | | | | 2005 (the "Note") |(1) | |value | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | |---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------| | | | | | | | | | - ------------------------------------------------------------------------------------------------------------------------------------ Explanation of Responses: - ------------------------ Berliner Effektengesellschaft AG (1) The Note will be issued to Berliner Effektengesellschaft AG ("Berliner") on consummation of the transactions contemplated by that certain Stock Purchase By: /s/ Holger Timm 03/19/2001 Agreement dated February 8, 2001 among Ladenburg, Thalmann Group Inc., ----------------------------------- ----------- New Valley Corporation, the Issuer, Berliner and Ladenburg, Thalmann & Co., Inc. Name: Holger Timm Date Consummation is currently anticipated to take place during the second quarter of Title: Chief Executive Officer 2001. (2) The conversion price is subject to adjustment for reclassifications, stock splits, stock dividends, spin-offs or distributions, share combinations or By: /s/ Wolfgang Janka 03/19/2001 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 Name: Wolfgang Janka Date into, any other entity, sells or transfers all or substantially all of its Title: Chief Financial Officer 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. ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, See Instruction 6 for procedure. (Print or Type Responses) Page 2