UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)*
GSE Systems, Inc.
-----------------
(Name of Issuer)
Common Stock, No Par Value
--------------------------
(Title of Class of Securities)
36227K106
---------
(CUSIP Number)
October 3, 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 Pages
------------------------------------- --------------------------------
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
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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 BY 632,796 (see Item 4)
EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
632,796 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
632,796 (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)
7.03% (see Item 4)
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12 TYPE OF REPORTING PERSON*
PN
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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 BY 632,796 (see Item 4)
EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
632,796 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
632,796 (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)
7.03% (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
------------------------------------- --------------------------------
---------- ---------------------------------------------------------------------
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 BY 632,796 (see Item 4)
EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
632,796 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
632,796 (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)
7.03% (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 9, 2005:
1. Bedford Oak Partners, L.P.
(a)Amount beneficially owned: -632,796-
(b)Percent of class: 7.03%
(c)(i)Sole power to vote or direct the vote: -0-
(ii)Shared power to vote or direct the vote: -632,796-
(iii)Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-632,796-
Page 5 of 8 Pages
2. Bedford Oak Advisors, LLC
(a)Amount beneficially owned: -632,796-
(b)Percent of class: 7.03%
(c)(i)Sole power to vote or direct the vote: -0-
(ii)Shared power to vote or direct the vote: -632,796-
(iii)Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-632,796-
3. Harvey P. Eisen
(a)Amount beneficially owned: -632,796-
(b)Percent of class: 7.03%
(c)(i)Sole power to vote or direct the vote: -0-
(ii)Shared power to vote or direct the vote: -632,796-
(iii)Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-632,796-
The Investment Manager controls 632,796 shares of Common
Stock in its capacity as the investment manager of Bedford
Oak Partners, L.P., which owns 632,796 shares of Common
Stock. Harvey P. Eisen controls 632,796 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:
-------------------------------------------
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:
------------------------------------------
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 12, 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