13F-HR 1 greenlight13f_022009.txt 13F REPORT FOR PERIOD ENDING 12/31/2008 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 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: Greenlight Capital, Inc. Address: 140 East 45th Street 24th Floor New York, NY 10017 Form 13F File Number: 028-7484 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: Daniel Roitman Title: Chief Operating Officer Phone: (212) 973-1900 Signature, Place, and Date of Signing: /s/ Daniel Roitman New York, NY February 13, 2009 [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).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 No.: Form 13F File Number: Name: 1 028-13228 DME Advisors, L.P. 2 028-13259 Greenlight Masters, LLC Form 13F Information Table Entry Total: 135 Form 13F Information Table Value Total: 2,011,500 (x$1000) FORM 13F INFORMATION TABLE NAME OF REPORTING MANAGER: GREENLIGHT CAPITAL, INC. As of 12/31/08

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Name of Title of Value TOTAL SH/ PUT/ Investment Other Voting Issuer Class CUSIP (X$1000) SHARES PRN CALL Discretion Managers Authority Sole Shared None AERCAP HOLDINGS NV SHS N00985106 2,638 876,256 SH SOLE 876,256 AERCAP HOLDINGS NV SHS N00985106 372 123,744 SH SOLE 1 123,744 AIRCASTLE LTD COM G0129K104 1,600 334,718 SH SOLE 334,718 AIRCASTLE LTD COM G0129K104 226 47,223 SH SOLE 1 47,223 ALLEGHENY ENERGY INC COM 017361106 132,728 3,919,900 SH SOLE 3,919,900 ALLEGHENY ENERGY INC COM 017361106 18,716 552,754 SH SOLE 1 552,754 AMKOR TECHNOLOGY INC COM 031652100 1,921 881,231 SH SOLE 881,231 AMKOR TECHNOLOGY INC COM 031652100 271 124,400 SH SOLE 1 124,400 ANIXTER INTL INC COM 035290105 1,244 41,300 SH SOLE 41,300 ANIXTER INTL INC COM 035290105 334 11,087 SH SOLE 1 11,087 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 19,490 803,699 SH SOLE 803,699 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 2,750 113,420 SH SOLE 1 113,420 BEAZER HOMES USA INC NOTE 4.625% 6/107556QAL9 1,995 4,534,400 PRN SOLE 4,534,400 BEAZER HOMES USA INC NOTE 4.625% 6/107556QAL9 277 630,600 PRN SOLE 1 630,600 BELDEN INC COM 077454106 1,524 73,000 SH SOLE 73,000 BELDEN INC COM 077454106 409 19,600 SH SOLE 1 19,600 BIOFUEL ENERGY CORP COM 09064Y109 2,133 6,094,661 SH SOLE 6,094,661 BIOFUEL ENERGY CORP COM 09064Y109 507 1,447,443 SH SOLE 1 1,447,443 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 1,684 218,448 SH SOLE 218,448 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 453 58,700 SH SOLE 1 58,700 CADENCE DESIGN SYSTEM INC COM 127387108 8,254 2,255,249 SH SOLE 2,255,249 CADENCE DESIGN SYSTEM INC COM 127387108 1,165 318,286 SH SOLE 1 318,286 CADENCE DESIGN SYSTEM INC NOTE 1.375% 12/127387AD0 6,520 10,957,700 PRN SOLE 10,957,700 CADENCE DESIGN SYSTEM INC NOTE 1.375% 12/127387AD0 918 1,542,300 PRN SOLE 1 1,542,300 CARPENTER TECHNOLOGY CORP COM 144285103 7,585 369,296 SH SOLE 369,296 CARPENTER TECHNOLOGY CORP COM 144285103 1,289 62,748 SH SOLE 1 62,748 CF INDS HLDGS INC COM 125269100 76,485 1,555,838 SH SOLE 1,555,838 CF INDS HLDGS INC COM 125269100 12,639 257,100 SH SOLE 1 257,100 COLONIAL PPTYS TR COM 195872106 3,150 378,200 SH SOLE 378,200 COLONIAL PPTYS TR COM 195872106 445 53,373 SH SOLE 1 53,373 COMMSCOPE INC COM 203372107 95,360 6,136,430 SH SOLE 6,136,430 COMMSCOPE INC COM 203372107 13,420 863,570 SH SOLE 1 863,570 CORNING INC COM 219350105 2,281 239,315 SH SOLE 239,315 CORNING INC COM 219350105 543 57,026 SH SOLE 1 57,026 CROSSTEX ENERGY INC COM 22765Y104 1,580 405,040 SH SOLE 405,040 CROSSTEX ENERGY INC COM 22765Y104 223 57,127 SH SOLE 1 57,127 DANA HOLDING CORP COM 235825205 629 850,495 SH SOLE 850,495 DANA HOLDING CORP COM 235825205 100 135,666 SH SOLE 1 135,666 DANAOS CORPORATION SHS Y1968P105 1,153 170,605 SH SOLE 170,605 DANAOS CORPORATION SHS Y1968P105 163 24,100 SH SOLE 1 24,100 DOW CHEM CO COM 260543103 40,993 2,716,600 SH SOLE 2,716,600 DOW CHEM CO COM 260543103 5,786 383,400 SH SOLE 1 383,400 DR PEPPER SNAPPLE GROUP INC COM 26138E109 12,241 753,293 SH SOLE 753,293 DR PEPPER SNAPPLE GROUP INC COM 26138E109 1,728 106,321 SH SOLE 1 106,321 DUKE REALTY CORP COM NEW 264411505 2,180 198,879 SH SOLE 198,879 DUKE REALTY CORP COM NEW 264411505 523 47,700 SH SOLE 1 47,700 E M C CORP MASS COM 268648102 91,122 8,703,175 SH SOLE 8,703,175 E M C CORP MASS COM 268648102 12,860 1,228,300 SH SOLE 1 1,228,300 ECHOSTAR CORP CL A 278768106 40,033 2,692,181 SH SOLE 2,692,181 ECHOSTAR CORP CL A 278768106 6,616 444,949 SH SOLE 1 444,949 EINSTEIN NOAH REST GROUP INC COM 28257U104 57,405 9,983,469 SH SOLE 9,983,469 EINSTEIN NOAH REST GROUP INC COM 28257U104 4,313 750,000 SH SOLE 1 750,000 EMPLOYERS HOLDINGS INC COM 292218104 36,138 2,190,200 SH SOLE 2,190,200 EMPLOYERS HOLDINGS INC COM 292218104 2,224 134,800 SH SOLE 1 134,800 ENERGY PARTNERS LTD COM 29270U105 817 605,264 SH SOLE 605,264 ENERGY PARTNERS LTD COM 29270U105 115 85,169 SH SOLE 1 85,169 ENSCO INTL INC COM 26874Q100 3,444 121,312 SH SOLE 121,312 ENSCO INTL INC COM 26874Q100 485 17,100 SH SOLE 1 17,100 FIFTH STREET FINANCE CORP COM 31678A103 12,675 1,678,857 SH SOLE 1,678,857 FIFTH STREET FINANCE CORP COM 31678A103 4,384 580,635 SH SOLE 1 580,635 FOCUS MEDIA HLDG LTD SPONSORED ADR 34415V109 8,498 934,867 SH SOLE 934,867 FOCUS MEDIA HLDG LTD SPONSORED ADR 34415V109 1,405 154,540 SH SOLE 1 154,540 FOSTER WHEELER LTD SHS NEW G36535139 7,528 321,984 SH SOLE 321,984 FOSTER WHEELER LTD SHS NEW G36535139 1,258 53,791 SH SOLE 1 53,791 GENERAL CABLE CORP DEL NEW COM 369300108 1,738 98,243 SH SOLE 98,243 GENERAL CABLE CORP DEL NEW COM 369300108 451 25,500 SH SOLE 1 25,500 GUARANTY FINL GROUP INC COM 40108N106 18,473 7,077,682 SH SOLE 7,077,682 GUARANTY FINL GROUP INC COM 40108N106 3,235 1,239,560 SH SOLE 1 1,239,560 HEALTH MGMT ASSOC INC NEW CL A 421933102 19,657 10,981,524 SH SOLE 10,981,524 HEALTH MGMT ASSOC INC NEW CL A 421933102 6,130 3,424,661 SH SOLE 1 3,424,661 HEALTH NET INC COM 42222G108 7,520 690,564 SH SOLE 690,564 HEALTH NET INC COM 42222G108 1,268 116,483 SH SOLE 1 116,483 HELIX ENERGY SOLUTIONS GRP I COM 42330P107 34,518 4,767,662 SH SOLE 4,767,662 HELIX ENERGY SOLUTIONS GRP I COM 42330P107 6,988 965,156 SH SOLE 1 965,156 HUNTSMAN CORP COM 447011107 2,909 845,600 SH SOLE 845,600 HUNTSMAN CORP COM 447011107 411 119,400 SH SOLE 1 119,400 JA SOLAR HOLDINGS CO LTD NOTE 4.500% 5/1466090AA5 3,701 9,739,400 PRN SOLE 9,739,400 JA SOLAR HOLDINGS CO LTD NOTE 4.500% 5/1466090AA5 522 1,374,600 PRN SOLE 1 1,374,600 JA SOLAR HOLDINGS CO LTD SPON ADR 466090107 9,397 2,150,425 SH SOLE 2,150,425 JA SOLAR HOLDINGS CO LTD SPON ADR 466090107 1,593 364,643 SH SOLE 1 364,643 LAWSON SOFTWARE INC NEW NOTE 2.500% 4/152078PAA0 7,090 9,268,200 PRN SOLE 9,268,200 LAWSON SOFTWARE INC NEW NOTE 2.500% 4/152078PAA0 1,172 1,531,800 PRN SOLE 1 1,531,800 LIBERTY MEDIA CORP NEW INT COM SER A 53071M104 1,351 433,100 SH SOLE 433,100 LIBERTY MEDIA CORP NEW INT COM SER A 53071M104 363 116,429 SH SOLE 1 116,429 M D C HLDGS INC COM 552676108 1,836 60,584 SH SOLE 60,584 M D C HLDGS INC COM 552676108 295 9,740 SH SOLE 1 9,740 MARKET VECTOR ETF TR GOLD MINER ETF 57060U100 95,040 2,805,200 SH SOLE 2,805,200 MARKET VECTOR ETF TR GOLD MINER ETF 57060U100 13,376 394,800 SH SOLE 1 394,800 MCDERMOTT INTL INC COM 580037109 7,330 741,921 SH SOLE 741,921 MCDERMOTT INTL INC COM 580037109 1,249 126,438 SH SOLE 1 126,438 MDC PARTNERS INC CL A SUB VTG 552697104 664 218,512 SH SOLE 218,512 MDC PARTNERS INC CL A SUB VTG 552697104 94 30,844 SH SOLE 1 30,844 MEMC ELECTR MATLS INC COM 552715104 91,197 6,386,315 SH SOLE 6,386,315 MEMC ELECTR MATLS INC COM 552715104 12,872 901,383 SH SOLE 1 901,383 MERCER INTL INC NOTE 8.500%10/1588056AG6 9,585 13,500,000 PRN SOLE 13,500,000 MI DEVS INC CL A SUB VTG 55304X104 35,421 4,748,100 SH SOLE 4,748,100 MI DEVS INC CL A SUB VTG 55304X104 4,546 609,435 SH SOLE 1 609,435 MI DEVS INC CL A SUB VTG 55304X104 224 30,000 SH SOLE 2 30,000 OSHKOSH CORP COM 688239201 1,516 170,500 SH SOLE 170,500 OSHKOSH CORP COM 688239201 407 45,800 SH SOLE 1 45,800 PATRIOT COAL CORP COM 70336T104 7,236 1,157,680 SH SOLE 1,157,680 PATRIOT COAL CORP COM 70336T104 1,021 163,409 SH SOLE 1 163,409 PATTERSON UTI ENERGY INC COM 703481101 7,780 675,953 SH SOLE 675,953 PATTERSON UTI ENERGY INC COM 703481101 1,326 115,200 SH SOLE 1 115,200 PROSHARES TR PSHSULTSH 20YRS74347R297 14,205 376,500 SH SOLE 376,500 PROSHARES TR PSHSULTSH 20YRS74347R297 2,003 53,100 SH SOLE 1 53,100 REPUBLIC AWYS HLDGS INC COM 760276105 16,063 1,505,473 SH SOLE 1,505,473 REPUBLIC AWYS HLDGS INC COM 760276105 2,518 236,027 SH SOLE 1 236,027 SEARS HLDGS CORP COM 812350106 1,506 38,753 SH SOLE 38,753 SINCLAIR BROADCAST GROUP INC CL A 829226109 608 196,099 SH SOLE 196,099 SINCLAIR BROADCAST GROUP INC CL A 829226109 86 27,692 SH SOLE 1 27,692 SMITHFIELD FOODS INC COM 832248108 2,720 193,292 SH SOLE 193,292 SMITHFIELD FOODS INC COM 832248108 647 45,971 SH SOLE 1 45,971 SPDR GOLD TRUST GOLD SHS 78463V107 274,450 3,171,000 SH SOLE 3,171,000 SPDR GOLD TRUST GOLD SHS 78463V107 45,360 524,090 SH SOLE 1 524,090 SUNSTONE HOTEL INVS INC NEW COM 867892101 1,315 212,400 SH SOLE 212,400 SUNSTONE HOTEL INVS INC NEW COM 867892101 353 57,100 SH SOLE 1 57,100 SUPERVALU INC COM 868536103 1,475 101,000 SH SOLE 101,000 SUPERVALU INC COM 868536103 397 27,201 SH SOLE 1 27,201 TARGET CORP COM 87612E106 105,162 3,045,538 SH SOLE 3,045,538 TARGET CORP COM 87612E106 14,845 429,906 SH SOLE 1 429,906 TEEKAY CORPORATION COM Y8564W103 1,305 66,400 SH SOLE 66,400 TEEKAY CORPORATION COM Y8564W103 353 17,965 SH SOLE 1 17,965 TERADATA CORP DEL COM 88076W103 82,947 5,593,209 SH SOLE 5,593,209 TERADATA CORP DEL COM 88076W103 13,710 924,508 SH SOLE 1 924,508 TICKETMASTER ENTMT INC COM 88633P302 14,266 2,222,079 SH SOLE 2,222,079 TICKETMASTER ENTMT INC COM 88633P302 2,088 325,267 SH SOLE 1 325,267 TRIPLE-S MGMT CORP CL B 896749108 5,837 507,588 SH SOLE 507,588 TRIPLE-S MGMT CORP CL B 896749108 920 80,000 SH SOLE 1 80,000 URS CORP NEW COM 903236107 163,010 3,998,274 SH SOLE 3,998,274 URS CORP NEW COM 903236107 26,686 654,559 SH SOLE 1 654,559 WESTERN DIGITAL CORP COM 958102105 6,714 586,410 SH SOLE 586,410 WESTERN DIGITAL CORP COM 958102105 1,146 100,048 SH SOLE 1 100,048 WILLIAMS SONOMA INC COM 969904101 6,266 797,184 SH SOLE 797,184 WILLIAMS SONOMA INC COM 969904101 1,088 138,429 SH SOLE 1 138,429