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  <TITLE> Xybernaut Corporation (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	May 12, 2006
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  	Xybernaut Corporation
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	0-21013
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  	54-1799851
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	5175 Parkstone Drive, Suite 130, Chantilly, Virginia
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  	20151
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  _________________________________<BR>
  	(Address of principal executive offices)
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	703-480-0480
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 8.01 Other Events.
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  As previously disclosed in Item 8.01 of Form 8-K filed on May 8, 2006, the United States Bankruptcy Court for the Eastern District of Virginia (the "Bankruptcy Court") entered an order establishing bidding procedures for the sale of specified wireless intellectual property assets (the "Intellectual Property") of Xybernaut Corporation (the "Company") and Xybernaut Solutions, Inc. (together with the Company, the "Debtors") on April 27, 2006.<br><br>The deadline to receive bids for the Intellectual Property was 4:00 p.m. EDT on May 12, 2006.  As of May 12, 2006, no bids had been received.  Pursuant to the bidding procedures, the Debtors extended the deadline to receive bids to May 19, 2006 at 8:00 p.m. and received Bankruptcy Court approval to reschedule the hearing on the sale of these assets from May 18, 2006 to May 23, 2006.  As of May 19, 2006, a bid was received, but it did not meet the minimum requirements for a qualifying bid.  On May 23, 2006, the Debtors withdrew their motion to approve the sale of assets.  <br><br>Management of the Company is in discussions with East River Capital LLC ("ERC"), the debtor-in-possession lender, about the options available to the Company.  There is no assurance that these discussions will lead to agreement with ERC.   <br><br>The Company continues to face a severe liquidity crisis as well as possible insolvency and liquidation.  There can be no assurance that the Company will sell its assets, continue to operate its business, emerge from bankruptcy or reorganize.<br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Xybernaut Corporation
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  <I>
  	May 24, 2006
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  	By:
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  <I>
  	/s/ John F. Moynahan
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  	Name: John F. Moynahan
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  	Title: Executive Vice President and Chief Financial Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_12729.htm", "description": "LIVE FILING", "secsgml_size_bytes": 9749}]
metadata_filer: {"company-data": {"conformed-name": "XYBERNAUT CORP", "cik": "0001013148", "assigned-sic": "3576", "irs-number": "541799851", "state-of-incorporation": "DE", "fiscal-year-end": "0131"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-21013", "film-number": "06863220"}, "business-address": {"street1": "12701 FAIR LAKES CIRCLE", "street2": "STE 550", "city": "FAIRFAX", "state": "VA", "zip": "22033", "phone": "7036316925"}, "mail-address": {"street1": "12701 FAIR LAKES CIRCLE", "city": "FAIRFAX", "state": "VA", "zip": "22033"}}
text: Xybernaut Corporation (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  May 12, 2006
  Xybernaut Corporation
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  0-21013
  54-1799851
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  5175 Parkstone Drive, Suite 130, Chantilly, Virginia
  20151
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  703-480-0480
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 8.01 Other Events.
  As previously disclosed in Item 8.01 of Form 8-K filed on May 8, 2006, the United States Bankruptcy Court for the Eastern District of Virginia (the "Bankruptcy Court") entered an order establishing bidding procedures for the sale of specified wireless intellectual property assets (the "Intellectual Property") of Xybernaut Corporation (the "Company") and Xybernaut Solutions, Inc. (together with the Company, the "Debtors") on April 27, 2006.
  The deadline to receive bids for the Intellectual Property was 4:00 p.m. EDT on May 12, 2006.  As of May 12, 2006, no bids had been received.  Pursuant to the bidding procedures, the Debtors extended the deadline to receive bids to May 19, 2006 at 8:00 p.m. and received Bankruptcy Court approval to reschedule the hearing on the sale of these assets from May 18, 2006 to May 23, 2006.  As of May 19, 2006, a bid was received, but it did not meet the minimum requirements for a qualifying bid.  On May 23, 2006, the Debtors withdrew their motion to approve the sale of assets.
  Management of the Company is in discussions with East River Capital LLC ("ERC"), the debtor-in-possession lender, about the options available to the Company.  There is no assurance that these discussions will lead to agreement with ERC.
  The Company continues to face a severe liquidity crisis as well as possible insolvency and liquidation.  There can be no assurance that the Company will sell its assets, continue to operate its business, emerge from bankruptcy or reorganize.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Xybernaut Corporation
  May 24, 2006
  By:
  /s/ John F. Moynahan
  Name: John F. Moynahan
  Title: Executive Vice President and Chief Financial Officer