Epsilon Global Active Value Fund Ltd – ‘SC 13G’ on 11/6/00 re: Groen Brothers Aviation Inc/UT

On:  Monday, 11/6/00, at 1:39pm ET   ·   Accession #:  1116502-0-500040   ·   File #:  5-50955

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Statement of Beneficial Ownership   —   Schedule 13G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G      Statement of Beneficial Ownership                     10     36K 

Document Table of Contents

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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 -----------

SCHEDULE 13G
(Rule 13d-102)

 INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
 PURSUANT TO RULE 13d-2(b)
(Amendment No. ______)

 GROEN BROTHERS AVIATION, INC.
 -----------------------------
(Name of Issuer)

Common Stock, no par value
 -----------------------------
(Title of Class of Securities)

 398743 10 4
 -----------------------------
(CUSIP Number)

October 26, 2000
 -----------------------------
 (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)                                                        

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                                                        [Enlarge/Download Table]

CUSIP No. 398743 10 4                                                                                        Page 2 of 10 Pages    
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
    1    NAME OF REPORTING PERSON                                                                                                  
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)                                                                

         Epsilon Global Active value Fund, LTD                                                                                     
-----------------------------------------------------------------------------------------------------------------------------------
     2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                         (a) |_|                                          
                                                                                  (b) |X|                                          
-----------------------------------------------------------------------------------------------------------------------------------
    3    SEC USE ONLY                                                                                                              
-----------------------------------------------------------------------------------------------------------------------------------
    4    CITIZENSHIP OR PLACE OF ORGANIZATION                                            British Virgin Island                     
-----------------------------------------------------------------------------------------------------------------------------------
              NUMBER OF                    5               SOLE VOTING POWER                              0                        
                SHARES                     ----------------------------------------------------------------------------------------
             BENEFICIALLY                  6               SHARED VOTING POWER                            11,152,375               
               OWNED BY                    ----------------------------------------------------------------------------------------
                 EACH                      7               SOLE DISPOSITIVE POWER                         0                        
              REPORTING                    ----------------------------------------------------------------------------------------
                PERSON                     8               SHARED DISPOSITIVE POWER                       11,152,375               
                 WITH                                                                                                              
-----------------------------------------------------------------------------------------------------------------------------------
    9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON                                     11,152,375               
-----------------------------------------------------------------------------------------------------------------------------------
   10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES                                                                     
         CERTAIN SHARES                                                                                   [  ]                     
-----------------------------------------------------------------------------------------------------------------------------------
   11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                                                14.8%                    
-----------------------------------------------------------------------------------------------------------------------------------
   12    TYPE OF REPORTING PERSON                                                                          00                      
-----------------------------------------------------------------------------------------------------------------------------------

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                                       13G                                                                                         

CUSIP No. 398743 10 4                                                                                        Page 3 of 10 Pages    
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    1    NAME OF REPORTING PERSON                                                                                                  
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)                                                                

         Epsilon Investment Management, LLC 65-0855357                                                                             
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     2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                         (a) |_|                                          
                                                                                  (b) |X|                                          
-----------------------------------------------------------------------------------------------------------------------------------
    3    SEC USE ONLY                                                                                                              
-----------------------------------------------------------------------------------------------------------------------------------
    4    CITIZENSHIP OR PLACE OF ORGANIZATION                                            Delaware                                  
-----------------------------------------------------------------------------------------------------------------------------------
              NUMBER OF                    5               SOLE VOTING POWER                              0                        
                SHARES                     ----------------------------------------------------------------------------------------
             BENEFICIALLY                  6               SHARED VOTING POWER                            12,375,000               
               OWNED BY                    ----------------------------------------------------------------------------------------
                 EACH                      7               SOLE DISPOSITIVE POWER                         0                        
              REPORTING                    ----------------------------------------------------------------------------------------
                PERSON                     8               SHARED DISPOSITIVE POWER                       12,375,000               
                 WITH                                                                                                              
-----------------------------------------------------------------------------------------------------------------------------------
    9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON                                     12,375,000               
-----------------------------------------------------------------------------------------------------------------------------------
   10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES                                                                     
         CERTAIN SHARES                                                                                   [  ]                     
-----------------------------------------------------------------------------------------------------------------------------------
   11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                                                16.5%                    
-----------------------------------------------------------------------------------------------------------------------------------
   12    TYPE OF REPORTING PERSON                                                                          00                      
-----------------------------------------------------------------------------------------------------------------------------------

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CUSIP No. 398743 10 4                                                                                        Page 4 of 10 Pages    
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
    1    NAME OF REPORTING PERSON                                                                                                  
         I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)                                                                

         Steve Stevanovich                                                                                                         
-----------------------------------------------------------------------------------------------------------------------------------
     2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                         (a) |_|                                          
                                                                                  (b) |X|                                          
-----------------------------------------------------------------------------------------------------------------------------------
    3    SEC USE ONLY                                                                                                              
-----------------------------------------------------------------------------------------------------------------------------------
    4    CITIZENSHIP OR PLACE OF ORGANIZATION                                            United States                             
-----------------------------------------------------------------------------------------------------------------------------------
              NUMBER OF                    5               SOLE VOTING POWER                              0                        
                SHARES                     ----------------------------------------------------------------------------------------
             BENEFICIALLY                  6               SHARED VOTING POWER                            12,500,000               
               OWNED BY                    ----------------------------------------------------------------------------------------
                 EACH                      7               SOLE DISPOSITIVE POWER                         0                        
              REPORTING                    ----------------------------------------------------------------------------------------
                PERSON                     8               SHARED DISPOSITIVE POWER                       12,500,000               
                 WITH                                                                                                              
-----------------------------------------------------------------------------------------------------------------------------------
    9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON                                     12,500,000               
-----------------------------------------------------------------------------------------------------------------------------------
   10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES                                                                     
         CERTAIN SHARES                                                                                   [  ]                     
-----------------------------------------------------------------------------------------------------------------------------------
   11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                                                16.7%                    
-----------------------------------------------------------------------------------------------------------------------------------
   12    TYPE OF REPORTING PERSON                                                                          IN                      
-----------------------------------------------------------------------------------------------------------------------------------

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Item 1(a).     Name of Issuer:                                                  

Groen Brothers Aviation, Inc.                     

Item 1(b).     Address of Issuer's Principal Executive Offices:                 

2640 W. California Avenue                         
Suite A                                           
Salt Lake City, Utah 84101                        

Item 2(a).     Name of Persons Filing:                                          

Epsilon Global Active Value Fund, LTD.            
Epsilon Investment Management, LLC                
Steve Stevanovich                                 

Item 2(b).     Address of Principal Business Office or, if None, Residence:     

Epsilon Global Active Value Fund, LTD.            
7280 W. Palmetto Park Road      
Suite 310                       
Boca Raton, Florida 33433       

Epsilon Investment Management, LLC                
7280 W. Palmetto Park Road      
Suite 310                       
Boca Raton, Florida 33433       

Steve Stevanovich                                 
7280 W. Palmetto Park Road      
Suite 310                       
Boca Raton, Florida 33433       

Item 2(c).     Citizenship:                                                     

             Epsilon Global Active Value Fund, LTD. - British Virgin Islands
Epsilon Investment Management, LLC - Delaware     
Steve Stevanovich - United States                 

Item 2(d).     Title of Class of Securities:                                    

Common Stock, no par value                        

Item 2(e).     CUSIP Number:                                                    

398743 10 4                                       

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Item 3.           If this statement is filed pursuant to Rule 13d-1(b), or      
          13d-2(b) or (c), check whether the person filing is a:

                  (a)      |_|      Broker or Dealer registered under Section 15
            of the Exchange Act.
               (b)      |_|      Bank as defined in Section 3(a)(6) of the
     Exchange Act.
                  (c)      |_|      Insurance company as defined in Section 3(a)
                 (19) of the Exchange Act.
                 (d)      |_|      Investment company registered under Section
                        8 of the Investment Company Act.
              (e)      |_|      An investment advisor in accordance with
                Rule 13d-1(b)(1)(ii)(E).
                (f)      |_|      An employee benefit plan or endowment fund
                                   in accordance with Rule 13d-1(b)(1)(ii)(F).
                (g)      |_|      A parent holding company or control person
                                    in accordance with  Rule 13d-1(b)(1)(ii)(G).
                 (h)      |_|      A savings association as defined in Section
                                  3(b) of the Federal Deposit Insurance Act.
             (i)      |_|      A church plan that is excluded from the
                                 definition of an investment company under
                                  Section 3(c)(14) of the Investment Company
Act.    
             (j)      |_|      Group, in accordance with Rule 13d-1(b)
   (l)(ii)(J).
           Not Applicable.  This Schedule 13G is filed pursuant to
    Rule 13d-1(c).

Item 4.           Ownership                                                     

(a)      Amount beneficially owned:         
            Epsilon Global Active Value Fund, LTD.
                               11,152,375 shares of Common Stock, no par value

        Epsilon Investment Management, LLC
                               12,375,000 shares of Common Stock, no par value

Steve Stevanovich         
                               12,500,000 shares of Common Stock, no par value

(b)      Percent of class:                  
            Epsilon Global Active Value Fund, LTD.
14.8%                     

        Epsilon Investment Management, LLC
16.5%                     

Steve Stevanovich         
16.7%                     

                                                                [Download Table]
                                                                                 
(c)  Number of shares as to which such person has:                               
     Epsilon Global Active Value Fund, LTD.                                      
     (i)      Sole power to vote or to direct the vote                 0         
     (ii)     Shared power to vote or direct the vote                  11,152,375

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     (iii)    Sole power to dispose or to direct the disposition of    0         
     (iv)     Shared power to dispose or to direct the disposition of  11,152,375

     Epsilon Investment Management, LLC                                          

     (i)      Sole power to vote or to direct the vote                 0         
     (ii)     Shared power to vote or direct the vote                  12,375,000
     (iii)    Sole power to dispose or to direct the disposition of    0         
     (iv)     Shared power to dispose or to direct the disposition of  12,375,000

     Steve Stevanovich                                                           

     (i)      Sole power to vote or to direct the vote                 0         
     (ii)     Shared power to vote or direct the vote                  12,500,000
     (iii)    Sole power to dispose or to direct the disposition of    0         
     (iv)     Shared power to dispose or to direct the disposition of  12,500,000

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.                                     
Not Applicable.                             

Item 7.           Identification and Classification of the Subsidiary Which     
                 Acquired the Security Being Reported on By the Parent Holding
Company or Control Person.                  
Not Applicable.                             

Item 8.           Identification and Classification of Members of the Group.    
Not Applicable.                             

Item 9.           Notice of Dissolution of the Group.                           
Not Applicable.                             

Item 10.          Certifications.                                               
                By signing below I certify that, to the best of my knowledge
                  and belief, the securities referred to above were not acquired
          and are not held for the purpose 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.                     

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 SIGNATURE

        After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and  
correct.                                                                        

Date: November 6, 2000    EPSILON GLOBAL ACTIVE VALUE FUND, LTD.                
           BY:  EPSILON INVESTMENT MANAGEMENT, LLC

By: /s/ Steve G. Stevanovich
     -------------------------
Name:   Steve G. Stevanovich
       -----------------------
Title:  President           
       -----------------------

      EPSILON INVESTMENT MANAGEMENT, LLC

By: /s/ Steve G. Stevanovich
     -------------------------
Name:   Steve G. Stevanovich
       -----------------------
Title:  President           
       -----------------------

/s/ Steve Stevanovich       
 -----------------------------
Steve Stevanovich   

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 Index to Exhibits

Exhibit No.      Exhibit                                                        
-----------      -------                                                        

99.1             Joint Filing Agreement, dated November 6, 2000 by and among    
            Epsilon Global Active Value Fund, LTD., Epsilon Investment
Management, LLC and Steve Stevanovich.        

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Exhibit 99.1

JOINT FILING AGREEMENT

      In accordance with Rule 13d-1(k)(1) promulgated under the Securities
Exchange Act of 1934, the undersigned agree to the joint filing of a Statement  
on Schedule 13G (including any and all amendments thereto) with respect to the  
Common Stock, no par value, of Groen Brothers Aviation, Inc., and further agree 
to the filing of this Agreement as an Exhibit thereto. In addition, each party  
to this Agreement expressly authorizes each other party to this Agreement to    
file any and all amendments to such Statement on Schedule 13G.                  

Date: November 6, 2000    EPSILON GLOBAL ACTIVE VALUE FUND, LTD.                
           BY:  EPSILON INVESTMENT MANAGEMENT, LLC

By: /s/ Steve G. Stevanovich
     -------------------------
Name:   Steve G. Stevanovich
       -----------------------
Title:  President           
       -----------------------

      EPSILON INVESTMENT MANAGEMENT, LLC

By: /s/ Steve G. Stevanovich
     -------------------------
Name:   Steve G. Stevanovich
       -----------------------
Title:  President           
       -----------------------

/s/ Steve Stevanovich       
 -----------------------------
Steve Stevanovich   

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Dates Referenced Herein

				Referenced-On Page
This ‘SC 13G’ Filing		Date		First		Last			Other Filings
Filed on:		11/6/00		8		10			None on these Dates
		10/26/00		1
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