UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)*
National Holdings Corporation
-----------------------------
(Name of Issuer)
Common Stock, $0.02 Par Value
-----------------------------
(Title of Class of Securities)
636375107
---------
(CUSIP Number)
March 16, 2006
--------------
(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
----------------------------- ------------------
CUSIP No. 636375107 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
---------- ---------------------------------------------------------------------
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 273,090 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
273,090 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
273,090 (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)
5.39% (see Item 4)
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12 TYPE OF REPORTING PERSON*
PN
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Page 2 of 8 Pages
----------------------------- ------------------
CUSIP No. 636375107 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 308,090 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
308,090 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
308,090 (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)
6.08% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
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Page 3 of 8 Pages
----------------------------- ------------------
CUSIP No. 636375107 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 308,090 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
308,090 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
308,090 (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)
6.08% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 8 Pages
Item 1(a) Name of Issuer:
--------------
National Holdings Corporation ("the Company")
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
875 North Michigan Avenue, Suite 1560
Chicago, Illinois 60611
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 other private investment funds; 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, $0.02 par value ("Common Stock")
Item 2(e) CUSIP Number:
------------
636375107
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon
5,064,878 shares of Common Stock issued and outstanding
as of February 6, 2006, as disclosed by the Company in
its quarterly report filed on Form 10-Q for the period
ending December 31, 2005.
As of the close of business on March 23, 2006:
1. Bedford Oak Partners, L.P.
(a) Amount beneficially owned: -273,090-
(b) Percent of class: 5.39%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -273,090-
(iii) Sole power to dispose or direct the disposition:
-0-
(iv) Shared power to dispose or direct the disposition:
-273,090-
Page 5 of 8 Pages
2. Bedford Oak Advisors, LLC
(a) Amount beneficially owned: -308,090-
(b) Percent of class: 6.08%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -308,090-
(iii) Sole power to dispose or direct the disposition:
-0-
(iv) Shared power to dispose or direct the disposition:
-308,090-
3. Harvey P. Eisen
(a) Amount beneficially owned: -308,090-
(b) Percent of class: 6.08%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -308,090-
(iii) Sole power to dispose or direct the disposition:
-0-
(iv) Shared power to dispose or direct the disposition:
-308,090-
The Investment Manager controls 308,090 shares of Common
Stock in its capacity as the investment manager of
certain private investment funds including BOP, which
itself directly owns 273,090 shares of Common Stock.
Harvey P. Eisen controls 308,090 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: March 23, 2006
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