OK... I just answered my own question.
With about 30 seconds experimentation, I discovered that my Holga, (120N) sends two signals to the flash shoe in Normal shutter mode... but only one in Bulb mode. I think it has something to do with the mechanism cycling the shutter past the aperture in Normal mode, and holding it in place in Bulb. That is too bad, but I don't think there is not a whole lot that can be done about it. There are workarounds, like hand-triggering the flash, but it might be more hassle than it's worth. I'll think about this for a few days and see what I can come up with.
Cheers,