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
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CUSIP No. 36227K106 13G Page 2 of 8 Pages
------------------- -----------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bedford Oak Partners, L.P. 06-1504646
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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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)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.22% (see Item 4)
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12 TYPE OF REPORTING PERSON*
PN
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Page 2 of 8 Pages
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CUSIP No. 36227K106 13G Page 3 of 8 Pages
------------------- -----------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bedford Oak Advisors, LLC 13-4007124
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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
--------------------- ----- ----------------------------------------------------
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
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Page 3 of 8 Pages
------------------- -----------------
CUSIP No. 36227K106 13G Page 4 of 8 Pages
------------------- -----------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harvey P. Eisen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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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