-----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, L7NUFTKchMyP6b3bKCBpTmbEuG5F5GUtyjHG3FPRRjMKtQDbQNsdaG5+0xnHYiC5 YlnQo4Wi5Hswsa4lxc/syg== 0000899140-05-000929.txt : 20051018 0000899140-05-000929.hdr.sgml : 20051018 20051017183143 ACCESSION NUMBER: 0000899140-05-000929 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20051018 DATE AS OF CHANGE: 20051017 GROUP MEMBERS: BEDFORD OAK ADVISORS, LLC GROUP MEMBERS: HARVEY P. EISEN FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BEDFORD OAK PARTNERS LP CENTRAL INDEX KEY: 0001066753 IRS NUMBER: 061504646 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 100 SOUTH BEDFORD ROAD CITY: MT KISCO STATE: NY ZIP: 10549 BUSINESS PHONE: 9142425725 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GSE SYSTEMS INC CENTRAL INDEX KEY: 0000944480 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 521868008 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45371 FILM NUMBER: 051141733 BUSINESS ADDRESS: STREET 1: 9189 RED BRANCH ROAD CITY: COLUMBIA STATE: MD ZIP: 21045 BUSINESS PHONE: 4107723500 MAIL ADDRESS: STREET 1: 9189 RED BRANCH ROAD STREET 2: 9189 RED BRANCH ROAD CITY: COLUMBIA STATE: MD ZIP: 21045 SC 13G/A 1 g3021191.txt AMENDMENT NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* GSE Systems, Inc. ----------------- (Name of Issuer) Common Stock, No Par Value -------------------------- (Title of Class of Securities) 36227K106 --------- (CUSIP Number) October 12, 2005 ---------------- (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 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 the 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 ("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 8 - ------------------- ----------------- CUSIP No. 36227K106 13G Page 2 of 8 Pages - ------------------- ----------------- - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Bedford Oak Partners, L.P. 06-1504646 - ---------- --------------------------------------------------------------------- 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 - --------------------- ----- ---------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ----- ---------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED 199,999 (see Item 4) BY ----- ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----- ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 199,999 (see Item 4) - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 199,999 (see Item 4) - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.22% (see Item 4) - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - ---------- --------------------------------------------------------------------- Page 2 of 8 Pages - ------------------- ----------------- CUSIP No. 36227K106 13G Page 3 of 8 Pages - ------------------- ----------------- - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Bedford Oak Advisors, LLC 13-4007124 - ---------- --------------------------------------------------------------------- 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 - --------------------- ----- ---------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ----- ---------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED 199,999 (see Item 4) BY ----- ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----- ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 199,999 (see Item 4) - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 199,999 (see Item 4) - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.22% (see Item 4) - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* OO - ---------- --------------------------------------------------------------------- Page 3 of 8 Pages - ------------------- ----------------- CUSIP No. 36227K106 13G Page 4 of 8 Pages - ------------------- ----------------- - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Harvey P. Eisen - ---------- --------------------------------------------------------------------- 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 - --------------------- ----- ---------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ----- ---------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED 199,999 (see Item 4) BY ----- ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----- ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 199,999 (see Item 4) - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 199,999 (see Item 4) - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.22% (see Item 4) - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - ---------- --------------------------------------------------------------------- Page 4 of 8 Pages Item 1(a) Name of Issuer: -------------- GSE Systems, Inc. ("the Company") Item 1(b) Address of Issuer's Principal Executive Offices: ----------------------------------------------- 9189 Red Branch Road Columbia, Maryland 21045 Items 2(a) and 2(b) Name of Person Filing and Business Office: ----------------------------------------- This statement is filed by: (i) Bedford Oak Partners, L.P.("BOP"); (ii) Bedford Oak Advisors, LLC ("Investment Manager") in its capacity as the investment manager of BOP; and (iii) Harvey P. Eisen, in his capacity as managing member of the Investment Manager. The principal business address of each reporting person is 100 South Bedford Road, Mt. Kisco, New York 10549. Item 2(c) Citizenship: ----------- BOP is a Delaware limited partnership. The Investment Manager is a Delaware limited liability company. Mr. Eisen is a United States citizen. Item 2(d) Title of Class of Securities: ---------------------------- Common Stock, no par value ("Common Stock") Item 2(e) CUSIP Number: ------------ 36227K106 Item 3 Not Applicable Item 4 Ownership: --------- The percentages used herein are calculated based upon 8,999,706 shares of Common Stock issued and outstanding as of May 2, 2005, as disclosed by the Company in its quarterly report filed on Form 10-Q for the period ending March 31, 2005. As of the close of business on October 12, 2005: 1. Bedford Oak Partners, L.P. (a) Amount beneficially owned: -199,999- (b) Percent of class: 2.22% (c)(i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: -199,999- (iii) Sole power to dispose or direct the disposition: -0- Page 5 of 8 Pages (iv) Shared power to dispose or direct the disposition: -199,999- 2. Bedford Oak Advisors, LLC (a) Amount beneficially owned: -199,999- (b) Percent of class: 2.22% (c)(i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: -199,999- (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: -199,999- 3. Harvey P. Eisen (a) Amount beneficially owned: -199,999- (b) Percent of class: 2.22% (c)(i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: -199,999- (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: -199,999- The Investment Manager controls 199,999 shares of Common Stock in its capacity as the investment manager of Bedford Oak Partners, L.P., which owns 199,999 shares of Common Stock. Harvey P. Eisen controls 199,999 shares of Common Stock in his capacity as the managing member of the Investment Manager. Item 5 Ownership of Five Percent or Less of a Class: -------------------------------------------- If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. [X] 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: ------- Not Applicable. Item 8 Identification and Classification of Members of the Group: --------------------------------------------------------- Not Applicable. Item 9 Notice of Dissolution of Group: ------------------------------ Not Applicable. Page 6 of 8 Pages Item 10 Certification: ------------- By signing below the signatory certifies that, to the best of his knowledge and belief, the securities referred to above 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. Page 7 of 8 Pages 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. Dated: October 17, 2005 BEDFORD OAK PARTNERS, L.P. By: Bedford Oak Management, LLC, its General Partner By: /s/ Harvey P. Eisen ------------------------------------- Name: Harvey P. Eisen Title: Chairman and Managing Member BEDFORD OAK ADVISORS, LLC By: /s/ Harvey P. Eisen ------------------------------------- Name: Harvey P. Eisen Title: Chairman and Managing Member HARVEY P. EISEN /s/ Harvey P. Eisen - ---------------------------------------- Page 8 of 8 Pages -----END PRIVACY-ENHANCED MESSAGE-----