13F-HR 1 mfp_13fhr-1q05.txt 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2005 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: MFP Investors LLC Address: 51 JFK Parkway 2nd Floor Short Hills, NJ 07078 13F File Number: 28-05359 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: Stuart Pistol Title: Chief Financial Officer Phone: (973) 921-2210 Signature, Place, and Date of Signing: /s/ Stuart Pistol Short Hills, NJ 5/13/05 -------------------------------------------- --------------- ------- [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: 0 --- Form 13F Information Table Entry Total: 65 -- Form 13F Information Table Value Total: $ 440,103 ---------- (thousands) List of Other Included Managers NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- --------- VOTING VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- ----- ------- ------- --- ---- ---------- -------- ---- ------ ---- Aspen Insurance Holdings Ltd. SHS G05384105 6,688 265,300 SH SOLE 265,300 Montpelier RE Holdings LTD SHS G62185106 7,733 220,000 SH SOLE 220,000 Aether Systems Inc. COM 00808V105 2,497 747,500 SH SOLE 747,500 Alleghany Corp. DEL COM 017175100 3,599 12,993 SH SOLE 12,993 Andrew Corp. COM 034425108 5,738 490,000 SH SOLE 490,000 Astoria Financial Corp COM 046265104 4,554 180,000 SH SOLE 180,000 Atari, Inc. COM 04651M105 316 100,000 SH SOLE 100,000 Belden CDT Inc. COM 077454106 8,884 400,000 SH SOLE 400,000 Bowne & Co., Inc. COM 103043105 4,631 307,900 SH SOLE 307,900 City Investing Co. Liq Tr Unit Ben Int 177900107 689 362,600 SH SOLE 362,600 Conseco Inc. PFD B CV 5.50% 208464867 2,650 100,000 SH SOLE 100,000 Conseco Inc COM NEW 208464883 22,488 1,101,273 SH SOLE 1,101,273 DST Sys Inc. Del COM 233326107 22,166 480,000 SH SOLE 480,000 Domtar Inc. COM 257561100 2,551 300,000 SH SOLE 300,000 DoubleClick Inc. COM 258609304 385 50,000 SH SOLE 50,000 Duckwall-Alco Stores, Inc. COM 264142100 2,973 160,456 SH SOLE 160,456 Enstar Group Inc GA COM 29358R107 6,163 102,715 SH SOLE 102,715 Farmer Bros Co. COM 307675108 3,923 163,800 SH SOLE 163,800 Florida East Coast Industries Inc. COM 340632108 16,232 382,100 SH SOLE 382,100 Franklin Bank Corp. DEL COM 352451108 10,609 615,000 SH SOLE 615,000 Goodyear Tire & Rubber Co COM 382550101 6,675 500,000 SH SOLE 500,000 Hawaiian Holdings, Inc. COM 419879101 6,545 1,000,800 SH SOLE 1,000,800 Healthsouth Corp. COM 421924101 1,070 200,000 SH SOLE 200,000 Hearst-Argyle Television, Inc. COM 422317107 6,375 250,000 SH SOLE 250,000 Helmerich & Payne Inc. COM 423452101 10,812 272,400 SH SOLE 272,400 Honeywell International Inc. COM 438516106 9,303 250,000 SH SOLE 250,000 Hudson City Bancorp COM 443683107 4,752 130,000 SH SOLE 130,000 IKON Office Solutions, Inc. COM 451713101 15,873 1,605,000 SH SOLE 1,605,000 Imagistics International Inc. COM 45247T104 5,240 150,000 SH SOLE 150,000 Keweenaw Land Association LTD. COM 493026108 1,143 7,100 SH SOLE 7,100 Knight Trading Group Inc. COM 499063105 4,820 500,000 SH SOLE 500,000 Liberty Corp. S C COM 530370105 2,234 55,100 SH SOLE 55,100 Liberty Media Corp. New COM SER A 530718105 10,992 1,060,000 SH SOLE 1,060,000 Lin TV Corp. CL A 532774106 5,079 300,000 SH SOLE 300,000 Linens N Things Inc. COM 535679104 1,242 50,000 SH SOLE 50,000 Lydall Inc Del COM 550819106 987 88,900 SH SOLE 88,900 MVC Capital Inc. COM 553829102 9,277 999,700 SH SOLE 999,700 MarkWest Hydrocarbon Inc. COM 570762104 5,735 261,400 SH SOLE 261,400 Medallion Financial Corp. COM 583928106 3,931 430,600 SH SOLE 430,600 Morgan Stanley COM NEW 617446448 11,450 200,000 SH SOLE 200,000 Neiman Marcus Group Inc CL A 640204202 9,151 100,000 SH SOLE 100,000 Noland Company COM 655286102 1,785 37,664 SH SOLE 37,664 Northwest Bancorp Inc Pa COM 667328108 856 40,000 SH SOLE 40,000 Novoste Corp. COM 67010C100 244 287,451 SH SOLE 287,451 OfficeMax Inc. DEL COM 67622P101 17,728 529,200 SH SOLE 529,200 Oglebay Norton Co. COM 677007205 2,460 155,213 SH SOLE 155,213 Oglebay Norton Co. PFD A CV 677007304 7,611 424,000 SH SOLE 424,000 PNC Financial Services Group Inc. COM 693475105 25,740 500,000 SH SOLE 500,000 Partners Trust Financial Group, Inc. COM 70213F102 2,637 248,754 SH SOLE 248,754 Pfizer Inc. COM 717081103 2,627 100,000 SH SOLE 100,000 Providian Financial Corp. NOTE 2/1 74406AAB8 4,725 9,000,000 RN SOLE 9,000,000 Retail Ventures, Inc. COM 76128Y102 2,885 316,700 SH SOLE 316,700 Rome Bancorp, Inc. COM 775877103 804 80,000 SH SOLE 80,000 Rotech Healthcare Inc. COM 778669101 5,158 187,500 SH SOLE 187,500 Sears Holdings Corp. COM 812350106 32,770 246,077 SH SOLE 246,077 Sovereign Bancorp, Inc. COM 845905108 3,989 180,000 SH SOLE 180,000 Sprint Corp. COM FON 852061100 2,275 100,000 SH SOLE 100,000 TD Banknorth Inc. COM 87235A101 3,905 125,000 SH SOLE 125,000 Tarragon Corp. COM 876287103 2,019 100,000 SH SOLE 100,000 Toys R Us Inc COM 892335100 8,964 348,000 SH SOLE 348,000 TYCO International Ltd. New COM 902124106 22,815 675,000 SH SOLE 675,000 USA Mobility, Inc. COM 90341G103 11,306 348,954 SH SOLE 348,954 United Indl Corp. COM 910671106 942 31,800 SH SOLE 31,800 Unocal Corp. COM 915289102 6,169 100,000 SH SOLE 100,000 Warwick Valley Tel Co COM 936750108 1,534 71,100 SH SOLE 71,100