SC 13D/A 1 y21314a2sc13dza.txt AMENDMENT #2 TO SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 2) KAISER GROUP HOLDINGS, INC. (Name of Issuer) COMMON STOCK, $0.01 PAR VALUE PER SHARE (Title of Class of Securities) 483059101 (CUSIP Number) JAMES D. BENNETT C/O BENNETT MANAGEMENT CORPORATION 2 STAMFORD PLAZA SUITE 1501 281 TRESSER BOULEVARD STAMFORD, CONNECTICUT 06901 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) N/A (Date of event which requires filing of this statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ] (Continued on following pages) ================================================================================ CUSIP No. 483059101 ================================================================================ 1. NAME OF REPORTING PERSONS JAMES D. BENNETT I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY) -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC, AF -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- 7. SOLE VOTING POWER NUMBER OF 0 SHARES ----------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 200,000 EACH ----------------------------------------------------- REPORTING 9. SOLE DISPOSITIVE POWER PERSON WITH: 0 ----------------------------------------------------- 10. SHARED DISPOSITIVE POWER 200,000 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000 -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.2% -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN, HC ================================================================================ 2 ================================================================================ CUSIP No. 483059101 ================================================================================ 1. NAME OF REPORTING PERSONS BENNETT RESTRUCTURING FUND, L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY) 13-3526877 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC, AF -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE, USA -------------------------------------------------------------------------------- 7. SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 132,493 EACH ------------------------------------------------------- REPORTING 9. SOLE DISPOSITIVE POWER PERSON WITH: 0 ------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 132,493 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 132,493 -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.4% -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN ================================================================================ 3 ================================================================================ CUSIP No. 483059101 ================================================================================ 1. NAME OF REPORTING PERSONS BENNETT OFFSHORE RESTRUCTURING FUND, INC. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY) -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS WC, AF -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS -------------------------------------------------------------------------------- 7. SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER OWNED BY 67,507 EACH ------------------------------------------------------- REPORTING 9. SOLE DISPOSITIVE POWER PERSON WITH: 0 ------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 67,507 -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 67,507 -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.8% -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON CO ================================================================================ 4 ITEM 1. SECURITIES AND THE ISSUER. The name of the issuer is Kaiser Group Holdings, Inc. (the "Issuer"). The address of the Issuer's offices is 9300 Lee Highway, Fairfax, Virginia 22031-1207. This Amendment No. 2 to the Statement on Schedule 13D (the "Schedule 13D") relating to the Issuer's Common Stock, $0.01 par value per share, is being filed jointly by James D. Bennett, a United States citizen, Bennett Restructuring Fund, L.P., a Delaware limited partnership and Bennett Offshore Restructuring Fund, Inc., a Cayman Islands exempted company (the "Reporting Persons"), and supplements and amends the Statement on Schedule 13D originally filed with the Commission on May 10, 2001, as amended, by Amendment No. 1 filed with the Commission on September 6, 2005. ITEM 4. PURPOSE OF TRANSACTION. On April 25, 2006, the Issuer filed a Form 8-K disclosing that on April 21, 2006, its board of directors had directed its management to proactively explore "potential acquisition opportunities." The Reporting Persons have carefully considered the implications of this disclosure and have determined that they strongly object to the approach being considered. Accordingly, the Reporting Persons have decided to seek to persuade the Issuer's board of directors to refrain from the change in direction contemplated by the Form 8-K and instead to complete the process of winding up the Issuer's affairs with a view to implementing an orderly liquidation that would involve a substantial cash distribution to the Issuer's shareholders. Bennett Management Corporation has sent a letter to the Issuer's board of directors, a copy of which is attached as Exhibit 2 of this Schedule 13D. The board of directors has not responded to the letter, and accordingly the Reporting Persons are considering various possible courses of action that may be available to them. Those include, among others, continued communication with the Issuer's board; communication with other shareholders; acquiring additional shares of the Issuer; and selling some or all of the Issuer's shares owed by the Reporting Persons (in open market or negotiated transactions). ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Item 7 is hereby supplemented by adding the following exhibits: Exhibit No. Description ----------- ----------- 1 Joint Filing Agreement. 2 Letter, dated April 28, 2006, addressed to the Board of Directors of Kaiser Group Holdings, Inc., from Bennett Management Corporation.
5 SIGNATURES After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated May 12, 2006 JAMES D. BENNETT* By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett BENNETT RESTRUCTURING FUND, L.P.* By: Restructuring Capital Associates, L.P. General Partner By: Bennett Capital Corporation General Partner By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett Title: President BENNETT OFFSHORE RESTRUCTURING FUND, INC.* By: /s/ James D. Bennett -------------------------------------- Name: James D. Bennett Title: Director ---------------------------- * The Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interest therein. 6 INDEX TO EXHIBITS Exhibit No. Description ----------- ----------- 1 Joint Filing Agreement. 2 Letter, dated April 28, 2006, addressed to the Board of Directors of Kaiser Group Holdings, Inc., from Bennett Management Corporation.
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