13F-HR 1 form13f-hr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2008 Check here if Amendment [ ]; Amendment Number: ____ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Michael F. Price Address: c/o MFP Investors LLC 667 Madison Ave. 25th Floor New York, New York 10065 13F File Number: 28-13081 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Michael F. Price Title: Investment Manager Phone: (212) 752-7280 Signature, Place, and Date of Signing: New York, NY 11/14/08 ------------------------ --------------- ---------- [Signature] [City, State] Date Report Type (Check only one.): [ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s)). [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s)). 2 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 -- Form 13F Information Table Entry Total: 102 --- Form 13F Information Table Value Total: $443,813 ----------- (thousands) List of Other Included Managers: 1 MFP Investors LLC

COLUMN COLUMN COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 6 7 COLUMN 8 -------- -------- -------- -------- -------- ------ ------ -------- INVEST- MENT OTHER VALUE SHRS OR SH/ PUT/ DISCRE- MAN- VOTING AUTHORITY NAME OF ISSUER TITLE CUSIP (x$1000) PRN AMT PRN CALL TION AGERS SOLE SHARED NONE --------------------------------- ---------------- --------- -------- -------- --- ---- ------ ----- --------- ------ ---- Allied World Assur Hldg Ltd. SHS G0219G203 5,594 157,497 SH SOLE 1 157,497 Enstar Group Ltd. SHS G3075P101 7,633 78,400 SH SOLE 1 78,400 Ingersoll-Rand Company Ltd. CL A G4776G101 8,454 271,211 SH SOLE 1 271,211 Maiden Holdings Ltd. SHS G5753U112 2,175 500,000 SH SOLE 1 500,000 MF Global Ltd. SHS G60642108 1,432 330,000 SH SOLE 1 330,000 Orient Express Hotels Ltd CL A G67743107 2,413 100,000 SH SOLE 1 100,000 TYCO International Ltd. Bermuda SHS G9143X208 9,623 300,000 SH SOLE 1 300,000 Tyco Electronics Ltd. COM NEW G9144P105 10,708 355,200 SH SOLE 1 355,200 Abington Community Bancorp Inc. COM 00350L109 4,561 450,700 SH SOLE 1 450,700 Altria Group Inc. COM 02209S103 1,984 100,000 SH SOLE 1 100,000 American Greetings Corp. CL A 026375105 15,749 1,030,000 SH SOLE 1 1,030,000 Anheuser-Busch Cos Inc. COM 035229103 9,083 140,000 SH SOLE 1 140,000 Arkansas Best Corp. COM 040790107 13,749 408,100 SH SOLE 1 408,100 Armstrong World Inds Inc. COM 04247X102 5,636 195,000 SH SOLE 1 195,000 Autoliv Inc. COM 052800109 6,750 200,000 SH SOLE 1 200,000 BCSB Bankcorp, Inc. COM 055367106 583 55,700 SH SOLE 1 55,700 BKF Cap Group Inc. COM 05548G102 414 376,700 SH SOLE 1 376,700 BRT Realty Trust SH BEN INT NEW 055645303 271 31,600 SH SOLE 1 31,600 BNCCORP Inc. COM 055936108 1,418 149,250 SH SOLE 1 149,250 Bancorp Rhode Island, Inc. COM 059690107 3,464 120,500 SH SOLE 1 120,500 Beneficial Mutual Bancorp, Inc. COM 08173R104 1,381 109,200 SH SOLE 1 109,200 Benjamin Franklin Bancorp Inc. COM 082073107 1,189 102,000 SH SOLE 1 102,000 Berkley W R Corp. COM 084423102 1,215 51,600 SH SOLE 1 51,600 Berkshire Hathaway Inc CL A 084670108 1,306 10 SH SOLE 10 Boeing Co. COM 97023105 1,147 20,000 SH SOLE 20,000 Calpine Corp. COM NEW 131347304 5,868 451,400 SH SOLE 1 451,400 Cape Bancorp Inc. COM 139209100 1,373 150,000 SH SOLE 1 150,000 CapitalSource Inc. COM 14055X102 3,444 280,000 SH SOLE 1 280,000 Charlotte Russe Hldg Inc COM 161048103 2,358 230,000 SH SOLE 1 230,000 ConocoPhillips COM 20825C104 17,361 237,000 SH SOLE 1 237,000 Conseco Inc COM NEW 208464883 8,766 2,490,364 SH SOLE 1 2,490,364 DRS Technologies Inc. COM 23330X100 1,765 23,000 SH SOLE 1 23,000 Dana Holding Corp. COM 235825205 2,016 416,596 SH SOLE 1 416,596 Dearborn Bancorp Inc. COM 24242R108 1,237 248,000 SH SOLE 1 248,000 Duckwall-Alco Stores, Inc. COM 264142100 5,016 340,100 SH SOLE 1 340,100 Emmis Communications Corp CL A 291525103 840 866,200 SH SOLE 1 866,200 Encore Cap Group Inc COM 292554102 8,897 649,399 SH SOLE 1 649,399 Exxon Mobil Corp. COM 30231G102 777 10,000 SH SOLE 10,000 Farmer Bros Co. COM 307675108 7,320 294,319 SH SOLE 1 294,319 Footstar Inc. 344912209 213 58,500 SH SOLE 1 58,500 Franklin Bank Corp. Del COM 352451108 296 604,900 SH SOLE 1 604,900 Franklin Resources Inc. COM 354613101 4,847 55,000 SH SOLE 55,000 Fredericks Hollywood Group COM 35582T108 154 284,300 SH SOLE 1 284,300 GAMCO Investors Inc. COM 361438104 2,372 40,000 SH SOLE 1 40,000 Gencorp Inc. COM 368682100 4,800 712,100 SH SOLE 1 712,100 Getty Realty Corp. COM 374297109 803 36,218 SH SOLE 36,218 GLG Partners Inc. W EXP 12/28/11 37929X115 113 156,700 SH SOLE 1 156,700 Goodyear Tire & Rubber Co COM 382550101 11,460 748,500 SH SOLE 1 748,500 Great Florida Bk Miami Lakes Fla CL A 390528107 117 28,469 SH SOLE 28,469 Gyrodyne Co. America Inc. COM 403820103 205 5,391 SH SOLE 5,391 GulfMark Offshore, Inc. COM 402629109 803 17,900 SH SOLE 1 17,900 Harley-Davidson, Inc. COM 412822108 5,595 150,000 SH SOLE 1 150,000 Hearst-Argyle Television Inc. COM 422317107 5,437 243,500 SH SOLE 1 243,500 Herley Inds Inc. COM 427398102 559 32,700 SH SOLE 1 32,700 Hilltop Holdings, Inc. COM 432748101 3,937 381,500 SH SOLE 1 381,500 IAC InteractiveCorp COM PAR $.001 44919P508 519 30,000 SH SOLE 1 30,000 ICO Inc. New COM 449293109 3,647 650,100 SH SOLE 1 650,100 John Bean Technologies Corp. COM 477839104 2,852 225,300 SH SOLE 1 225,300 Johnson & Johnson COM 478160104 3,118 45,000 SH SOLE 45,000 Johnson Outdoors Inc. CL A 479167108 4,499 357,034 SH SOLE 1 357,034 Kaiser Aluminum Corp. COM PAR $0.01 483007704 12,885 300,000 SH SOLE 1 300,000 Keweenaw Land Association Ltd. COM 493026108 2,430 11,855 SH SOLE 1 11,855 Lear Corp. COM 521865105 4,200 400,000 SH SOLE 1 400,000 Louisiana Bancorp Inc New COM 54619P104 7,060 567,100 SH SOLE 1 567,100 MVC Capital Inc. COM 553829102 15,506 1,016,800 SH SOLE 1 1,016,800 Malvern Federal Bancorp, Inc. COM 561410101 2,006 200,000 SH SOLE 1 200,000 Marathon Oil Corp. COM 565849106 1,994 50,000 SH SOLE 1 50,000 Marlin Business Services Corp. COM 571157106 4,103 483,820 SH SOLE 1 483,820 McGraw Hill Companies Inc. COM 580645109 8,851 280,000 SH SOLE 1 280,000 Miller Inds Inc Tenn COM NEW 600551204 2,499 337,300 SH SOLE 1 337,300 Morgans Hotel Group Co. COM 61748W108 546 50,000 SH SOLE 1 50,000 Mothers Wk Inc COM 619903107 5,830 420,000 SH SOLE 1 420,000 National Fuel Gas Co N J COM 636180101 8,436 200,000 SH SOLE 1 200,000 Northwest Airlines Corp. COM 667280408 8,363 926,105 SH SOLE 1 926,105 NorthWestern Corp. COM NEW 668074305 5,403 215,000 SH SOLE 1 215,000 Old Republic Intl Corp. COM 680223104 269 21,093 SH SOLE 21,093 One Liberty Properties Inc COM 682406103 987 55,813 SH SOLE 1 55,813 Peapack-Gladstone Financial Corp. COM 704699107 6,961 207,798 SH SOLE 1 207,798 Pfizer Inc. COM 717081103 2,344 127,100 SH SOLE 127,100 Presidential Life Corp. COM 740884101 2,040 129,200 SH SOLE 1 129,200 Primoris Services Corp. COM 74164F103 1,840 239,000 SH SOLE 1 239,000 Primoris Services Corp. W EXP 10/02/2010 74164F111 532 180,500 SH SOLE 1 180,500 Prudential Bancorp Inc. PA COM 744319104 2,307 229,600 SH SOLE 1 229,600 Republic First Bancorp, Inc. COM 760416107 623 72,400 SH SOLE 1 72,400 Revlon Inc CL A 761525500 1,322 89,000 SH SOLE 1 89,000 Rome Bancorp Inc. New COM 77587P103 420 40,000 SH SOLE 1 40,000 Rowan Companies, Inc. COM 779382100 15,275 500,000 SH SOLE 1 500,000 Royal Dutch Shell PLC Spon ADR A 780259206 950 16,100 SH SOLE 16,100 SLM Corp. COM 78442P106 7,651 620,000 SH SOLE 1 620,000 Safeguard Scientifics, Inc. COM 786449108 2,916 2,333,058 SH SOLE 1 2,333,058 Sears Holdings Corp. COM 812350106 23,687 253,339 SH SOLE 1 253,339 Sony Corp ADR NEW 835699307 9,354 303,000 SH SOLE 1 303,000 Sovereign Bancorp, Inc. COM 845905108 1,848 467,800 SH SOLE 1 467,800 State Bancorp Inc N.Y. COM 855716106 2,491 167,200 SH SOLE 1 167,200 Syms Corp. COM 871551107 1,911 141,458 SH SOLE 1 141,458 TFS Financial Corp. COM 87240R107 6,788 542,200 SH SOLE 1 542,200 Thomas Properties Group Inc. COM 884453101 3,537 350,200 SH SOLE 1 350,200 USG Corp. COM NEW 903293405 4,022 157,100 SH SOLE 1 157,100 Unitrin Inc. COM 913275103 2,568 103,000 SH SOLE 1 103,000 ValueVision Media, Inc. CL A 92047K107 161 86,900 SH SOLE 1 86,900 Warwick Valley Tel Co COM 936750108 1,244 111,002 SH SOLE 1 111,002 Wrigley Wm Jr Co. COM 982526105 8,337 105,000 SH SOLE 1 105,000