SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* MARK S TENNENBAUM INVESTMENT TRUST (Last) (First) (Middle) 445 24TH STREET (Street) SANTA MONICA CA 90402 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/30/2005	3. Issuer Name and Ticker or Trading Symbol KAISER GROUP HOLDINGS INC [ KGHI ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.01 per share	200,000	D(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares are owned directly by the Mark S. Tennenbaum Investment Trust and indirectly by Stephen P. Rader and John Mass, as co-trustees of the Trust. Messrs. Rader and Mass disclaim beneficial ownership of these shares except to the extent of their pecuniary interest therein.

Remarks:

Exhibit List Exhibit 24 - Powers of Attorney

	/s/ David A. Hollander, by power of attorney Stephen P. Rader, individually and as trustee of the Mark S. Tennenbaum Investment Trust and John Mass, individually and as trustee of the Mark S. Tennenbaum Investment Trust	01/03/2006
	** 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 5 (b)(v).
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