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Spectrum Galaxy Fund Ltd., et al. · 4 · Gse Systems Inc · For 8/10/06

Filed On 8/14/06, 5:58pm ET   ·   Accession Number 1209191-6-45831   ·   SEC File 1-14785

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  As Of                Filer                Filing    For/On/As Docs:Size              Issuer               Agent

 8/14/06  Spectrum Galaxy Fund Ltd.         4          10% Owner   1:12K  Gse Systems Inc                   RR Donnelley File16/FA
          Berry David W
          Kaizen Capital, L.L.C.
          Kaizen Management, L.P.
          Select Contrarian Value Partners LP

Statement of Change in Beneficial Ownership of Securities   —   Form 4
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Change in Beneficial Ownership of      HTML     11K 
                          Securities -- bod38886_bod1gse.xml/2.2                 


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FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
  
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
SELECT CONTRARIAN VALUE PARTNERS L P

(Last) (First) (Middle)
4200 MONTROSE BLVD.
SUITE 510

(Street)
HOUSTON TX 77006

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
GSE SYSTEMS INC [ GVP ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
 Director X 10% Owner
 Officer (give title below)  Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
8/10/06
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
 Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 8/10/06  P  15,400 (1) A $3.8987 45,400 I See Footnote 2. (2)
Common Stock 8/11/06  P  7,600 (1) A $3.9184 53,000 I See Footnote 2. (2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
SELECT CONTRARIAN VALUE PARTNERS L P

(Last) (First) (Middle)
4200 MONTROSE BLVD.
SUITE 510

(Street)
HOUSTON TX 77006

(City) (State) (Zip)
1. Name and Address of Reporting Person*
KAIZEN MANAGEMENT, L.P.

(Last) (First) (Middle)
4200 MONTROSE BLVD.
SUITE 510

(Street)
HOUSTON TX 77006

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Kaizen Capital, L.L.C.

(Last) (First) (Middle)
4200 MONTROSE BLVD.
SUITE 510

(Street)
HOUSTON TX 77006

(City) (State) (Zip)
1. Name and Address of Reporting Person*
BERRY DAVID W

(Last) (First) (Middle)
4200 MONTROSE BLVD.
SUITE 510

(Street)
HOUSTON TX 77006

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Spectrum Galaxy Fund Ltd.

(Last) (First) (Middle)
4200 MONTROSE BLVD.
SUITE 510

(Street)
HOUSTON TX 77006

(City) (State) (Zip)
Explanation of Responses:
(1)  This Form 4 is being filed by Select Contrarian Value Partners, L.P. ("Select"), Kaizen Management, L.P., as general partner of Select ("Management"), Kaizen Capital, L.L.C., as general partner of Management ("Capital"), David W. Berry, as the manager and member of Capital ("Berry"), and Spectrum Galaxy Fund Ltd. ("Spectrum").
(2)  The transactions reported in this Form 4 were effected solely by Spectrum. By contract, Management serves as the sole investment manager to Kaizen Fundamental Value Fund, a separate class of shares of Spectrum, which is a company incorporated under the laws of the British Virgin Islands. In accordance with Instruction 4(b)(iv) of Form 4, all shares of common stock of GSE Systems, Inc. ("GSE") acquired by Spectrum are reported herein. Select, Management, Capital and Berry hereby disclaim, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, beneficial ownership of such shares, except to the extent of their respective pecuniary interest therein, if any. This report on Form 4 shall not be deemed to be an admission that any of Select, Management, Capital or Berry is the beneficial owner of such shares for purposes of Section 16 or for any other purpose. Spectrum hereby disclaims beneficial ownership of all securities of GSE held by Select.
 Select Contrarian Value Partners, L.P., by Kaizen Management, L.P., its General Partner, by Kaizen Capital, L.L.C., its General Partner, by /s/ David W. Berry, Manager 8/14/06
 Kaizen Management, L.P., by Kaizen Capital, L.L.C., its General Partner, by /s/ David W. Berry, Manager 8/14/06
 Kaizen Capital, L.L.C., by /s/ David W. Berry, Manager 8/14/06
 /s/ David W. Berry 8/14/06
 Spectrum Galaxy Fund Ltd., by /s/ Dion R. Friedland 8/14/06
 ** Signature of Reporting Person Date
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 4 (b)(v).
** 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 is insufficient, see Instruction 6 for procedure.
________
Transaction Code:
    P:    Open market or private purchase of non-derivative or derivative security.
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