UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                  SCHEDULE 13G
                                 (RULE 13d-102)


           INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
            RULES 13d-1(b) (c), AND (d) AND AMENDMENTS THERETO FILED
                            PURSUANT TO RULE 13d-2(B)
                               (AMENDMENT NO.)(1)


                           Vonage Holdings Corporation
--------------------------------------------------------------------------------
                                (Name of issuer)

                          Common stock, par value $.001
--------------------------------------------------------------------------------
                         (Title of class of securities)

                                    92886T201
--------------------------------------------------------------------------------
                                 (CUSIP number)

                                 August 31, 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)


                       (Continued on the following pages)

                               (Page 1 of 8 Pages)


--------------------------------
         (1) 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 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 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).






                                     SCHEDULE 13G
---------------------------                          ---------------------------
CUSIP NO.  92886T201                                 PAGE 2 OF 8 PAGES
---------------------------                          ---------------------------
--------------------------------------------------------------------------------

  1       NAME OF REPORTING PERSONS
          S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

          PAR INVESTMENT PARTNERS, L.P.

--------------------------------------------------------------------------------

  2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*            (a) |_|
                                                                       (b) |X|

--------------------------------------------------------------------------------

  3       SEC USE ONLY

--------------------------------------------------------------------------------

  4       CITIZENSHIP OR PLACE OF ORGANIZATION

          STATE OF DELAWARE

--------------------------------------------------------------------------------

     NUMBER OF          5    SOLE VOTING POWER

      SHARES                7,750,000 COMMON STOCK, PAR VALUE $.001

    BENEFICIALLY       ---------------------------------------------------------

   OWNED BY EACH        6    SHARED VOTING POWER

     REPORTING                NONE

       PERSON          ---------------------------------------------------------

        WITH            7    SOLE DISPOSITIVE POWER

                             7,750,000 COMMON STOCK, PAR VALUE $.001

                       ---------------------------------------------------------

                        8    SHARED DISPOSITIVE POWER

                              NONE

--------------------------------------------------------------------------------

  9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          7,750,000 COMMON STOCK, PAR VALUE $.001

--------------------------------------------------------------------------------

 10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
          CERTAIN SHARES*                                                  |_|


--------------------------------------------------------------------------------

 11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

          5.01% COMMON STOCK, PAR VALUE $.001


--------------------------------------------------------------------------------

 12       TYPE OF REPORTING PERSON *

          PN

================================================================================

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!






                                     SCHEDULE 13G
---------------------------                          ---------------------------
CUSIP NO.  92886T201                                 PAGE 3 OF 8 PAGES
---------------------------                          ---------------------------
--------------------------------------------------------------------------------

  1       NAME OF REPORTING PERSONS
          S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

          PAR GROUP, L.P.

--------------------------------------------------------------------------------

  2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*            (a) |_|
                                                                       (b) |X|

--------------------------------------------------------------------------------

  3       SEC USE ONLY

--------------------------------------------------------------------------------

  4       CITIZENSHIP OR PLACE OF ORGANIZATION

          STATE OF DELAWARE

--------------------------------------------------------------------------------

     NUMBER OF          5    SOLE VOTING POWER

      SHARES                7,750,000 COMMON STOCK, PAR VALUE $.001

    BENEFICIALLY       ---------------------------------------------------------

   OWNED BY EACH        6    SHARED VOTING POWER

     REPORTING                NONE

       PERSON          ---------------------------------------------------------

        WITH            7    SOLE DISPOSITIVE POWER

                             7,750,000 COMMON STOCK, PAR VALUE $.001

                       ---------------------------------------------------------

                        8    SHARED DISPOSITIVE POWER

                              NONE

--------------------------------------------------------------------------------

  9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          7,750,000 COMMON STOCK, PAR VALUE $.001

--------------------------------------------------------------------------------

 10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
          CERTAIN SHARES*                                                  |_|

--------------------------------------------------------------------------------

 11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

          5.01% COMMON STOCK, PAR VALUE $.001

--------------------------------------------------------------------------------

 12       TYPE OF REPORTING PERSON *

          PN

================================================================================

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!






                                     SCHEDULE 13G
---------------------------                          ---------------------------
CUSIP NO.  92886T201                                 PAGE 4 OF 8 PAGES
---------------------------                          ---------------------------
--------------------------------------------------------------------------------

  1       NAME OF REPORTING PERSONS
          S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

          PAR CAPITAL MANAGEMENT, INC.

--------------------------------------------------------------------------------

  2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*            (a) |_|
                                                                       (b) |X|

--------------------------------------------------------------------------------

  3       SEC USE ONLY

--------------------------------------------------------------------------------

  4       CITIZENSHIP OR PLACE OF ORGANIZATION

          STATE OF DELAWARE

--------------------------------------------------------------------------------

     NUMBER OF          5    SOLE VOTING POWER

      SHARES                7,750,000 COMMON STOCK, PAR VALUE $.001

    BENEFICIALLY       ---------------------------------------------------------

   OWNED BY EACH        6    SHARED VOTING POWER

     REPORTING                NONE

       PERSON          ---------------------------------------------------------

        WITH            7    SOLE DISPOSITIVE POWER

                             7,750,000 COMMON STOCK, PAR VALUE $.001

                       ---------------------------------------------------------

                        8    SHARED DISPOSITIVE POWER

                              NONE

--------------------------------------------------------------------------------

  9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          7,750,000 COMMON STOCK, PAR VALUE $.001

--------------------------------------------------------------------------------

 10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
          CERTAIN SHARES*                                                  |_|

--------------------------------------------------------------------------------

 11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

          5.01% COMMON STOCK, PAR VALUE $.001

--------------------------------------------------------------------------------

 12       TYPE OF REPORTING PERSON *

          CO

================================================================================

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!




                            STATEMENT ON SCHEDULE 13G

Item 1(a).    Name of Issuer:

              Vonage Holdings Corporation

Item 1(b).    Address of Issuer's Principal Executive Offices:

              23 Main Street
              Holmdel, NJ  07733

Item 2(a).    Names of Person Filing:

              PAR Investment Partners, L.P.
              PAR Group, L.P.
              PAR Capital Management, Inc.

Item 2(b).    Business Mailing Address for the Person Filing:

              PAR Capital Management, Inc.
              One International Place, Suite 2401
              Boston, MA 02110

Item 2(c).    Citizenship:

              State of Delaware

Item 2(d).    Title of Class of Securities:

              Common stock, par value $.001

Item 2(e).    CUSIP Number:

              92886T201

Item 3.       If this statement is filed pursuant to Rules 13d-1(b), or
              13d-2(b), check whether the person filing is a:

              Not Applicable

Item 4.       Ownership:

              (a)  Amount Beneficially Owned:
                       7,750,000 common stock, par value $.001

              (b) Percent of Class:
                       5.01% common stock, par value $.001

              (c) Number of shares as to which such person has:

                       (i)   sole power to vote or to direct the vote:
                             7,750,000 common stock, par value $.001

                                  Page 5 of 8



                       (ii)  shared power to vote or to direct the vote:
                       (iii) sole power to dispose or to direct the
                             disposition of:
                             7,750,000 common stock, par value $.001
                       (iv)  shared power to dispose or to direct the
                             disposition of:

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

Item 10. Certification:

               By signing below I certify that, to the best of my 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 6 of 8






                                    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: September 11, 2006
                                       PAR INVESTMENT PARTNERS, L.P.
                                       By:  PAR GROUP, L.P.
                                            its general partner

                                       By:  PAR CAPITAL MANAGEMENT, INC.
                                            its general partner

                                       By:  /s/ Gina DiMento
                                            --------------------------------
                                            Gina DiMento, Vice President


                                       PAR GROUP, L.P.
                                       By:  PAR CAPITAL MANAGEMENT, INC.,
                                            its general partner

                                       By:  /s/ Gina DiMento
                                            --------------------------------
                                            Gina DiMento, Vice President


                                       PAR CAPITAL MANAGEMENT, INC.

                                       By:  /s/ Gina DiMento
                                            --------------------------------
                                            Gina DiMento, Vice President









                                  Page 7 of 8




                             JOINT FILING AGREEMENT


         In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned agree to the joint filing on behalf of each of
them of a statement on Schedule 13G (including amendments thereto) with respect
to the COMMON STOCK, PAR VALUE $.001 of Vonage Holdings Corporation and further
agree that this agreement be included as an exhibit to such filing. Each party
to the agreement expressly authorizes each other party to file on its behalf any
and all amendments to such statement. Each party to this agreement agrees that
this joint filing agreement may be signed in counterparts.

         In evidence whereof, the undersigned have caused this Agreement to be
executed on their behalf this 11th day of September, 2006.

                                       PAR INVESTMENT PARTNERS, L.P.
                                       By:  PAR GROUP, L.P.
                                            its general partner

                                       By:  PAR CAPITAL MANAGEMENT, INC.
                                            its general partner

                                       By:  /s/ Gina DiMento
                                            ------------------------------------
                                            Gina DiMento, Vice President


                                       PAR GROUP, L.P.
                                       By:  PAR CAPITAL MANAGEMENT, INC.,
                                            its general partner

                                       By:  /s/ Gina DiMento
                                            ------------------------------------
                                            Gina DiMento, Vice President


                                       PAR CAPITAL MANAGEMENT, INC.

                                       By:  /s/ Gina DiMento
                                            ------------------------------------
                                            Gina DiMento, Vice President







                                  Page 8 of 8