13F-HR 1 ny36156.txt FORM 13F 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, 2004 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: Short Hills, NJ 2/11/05 ------------------------ --------------- ------- [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: 57 Form 13F Information Table Value Total: $ 391,480 ---------- (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 6,505 265,300 SH SOLE 265,300 Montpelier RE Holdings LTD SHS G62185106 24,443 635,700 SH SOLE 635,700 Aether Systems Inc. COM 00808V105 2,497 747,500 SH SOLE 747,500 Alleghany Corp. DEL COM 017175100 3,746 13,131 SH SOLE 13,131 Andrew Corp. COM 034425108 6,679 490,000 SH SOLE 490,000 Astoria Financial Corp COM 046265104 4,796 120,000 SH SOLE 120,000 Atari, Inc. COM 04651M105 293 100,000 SH SOLE 100,000 BKF Capital Group, Inc. COM 05548G102 5,598 147,700 SH SOLE 147,700 Bimini Mtg Mngt Inc. CL A 09031E400 2,008 125,000 SH SOLE 125,000 Bowne & Co., Inc. COM 103043105 5,006 307,900 SH SOLE 307,900 City Investing Co. Liq Tr Unit Ben Int 177900107 700 362,600 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 21,970 1,101,273 SH SOLE 1,101,273 Crown Holdings Inc COM 228368106 1,099 80,000 SH SOLE 80,000 DST Systems, Inc. COM 233326107 26,060 500,000 SH SOLE 500,000 Dillards Inc. CL A 254067101 1,075 40,000 SH SOLE 40,000 Duckwall-Alco Stores, Inc. COM 264142100 2,131 117,456 SH SOLE 117,456 Edison International COM 281020107 3,203 100,000 SH SOLE 100,000 Enstar Group Inc GA COM 29358R107 6,420 102,715 SH SOLE 102,715 Florida East Coast Industries Inc. COM 340632108 18,135 402,100 SH SOLE 402,100 Franklin Bank Corp. DEL COM 352451108 11,224 615,000 SH SOLE 615,000 Gencorp Inc. COM 368682100 10,700 576,200 SH SOLE 576,200 Goodyear Tire & Rubber Co COM 382550101 7,330 500,000 SH SOLE 500,000 Handleman Company COM 410252100 2,170 101,000 SH SOLE 101,000 Hawaiian Holdings, Inc. COM 419879101 4,040 591,500 SH SOLE 591,500 Hearst-Argyle Television, Inc. COM 422317107 6,595 250,000 SH SOLE 250,000 Helmerich & Payne Inc. COM 423452101 16,850 495,000 SH SOLE 495,000 Highland Hospitality Corp. COM 430141101 1,686 150,000 SH SOLE 150,000 Hollinger International Inc. CL A 435569108 1,960 125,000 SH SOLE 125,000 Honeywell International Inc. COM 438516106 8,853 250,000 SH SOLE 250,000 Hudson City Bancorp COM 443683107 2,025 55,000 SH SOLE 55,000 IKON Office Solutions, Inc. COM 451713101 17,109 1,480,000 SH SOLE 1,480,000 Kmart Holding Corp. COM 498780105 9,400 95,000 SH SOLE 95,000 Knight Trading Group Inc. COM 499063105 5,475 500,000 SH SOLE 500,000 Liberty Corp. S C COM 530370105 2,422 55,100 SH SOLE 55,100 Liberty Media Corp. New COM SER A 530718105 11,639 1,060,000 SH SOLE 1,060,000 Lin TV Corp. CL A 532774106 4,775 250,000 SH SOLE 250,000 Lydall, Inc. COM 550819106 1,065 89,800 SH SOLE 89,800 MVC Capital Inc. COM 553829102 2,739 301,700 SH SOLE 301,700 MarkWest Hydrocarbon Inc. COM 570762104 863 50,000 SH SOLE 50,000 Medallion Financial Corp. COM 583928106 4,177 430,600 SH SOLE 430,600 Noland Company COM 655286102 1,733 37,664 SH SOLE 37,664 NorthWestern Corp. COM 668074305 840 30,000 SH SOLE 30,000 Novoste Corp. COM 67010C100 301 175,900 SH SOLE 175,900 OfficeMax Inc. DEL COM 67622P101 17,259 550,000 SH SOLE 550,000 PNC Financial Services Group Inc. COM 693475105 20,104 350,000 SH SOLE 350,000 Partners Trust Financial Group, Inc. COM 70213F102 2,898 248,754 SH SOLE 248,754 Premcor Inc. COM 74045Q104 2,720 64,500 SH SOLE 64,500 Providian Financial Corp. NOTE 2/1 74406AAB8 4,680 9,000,000 PRN SOLE 9,000,000 Retail Ventures, Inc. COM 76128Y102 2,249 316,700 SH SOLE 316,700 Sears Roebuck & Co. COM 812387108 12,758 250,000 SH SOLE 250,000 Sovereign Bancorp, Inc. COM 845905108 4,059 180,000 SH SOLE 180,000 Sprint Corp. COM FON 852061100 2,485 100,000 SH SOLE 100,000 Toys R Us Inc COM 892335100 4,667 228,000 SH SOLE 228,000 TYCO International Ltd. New COM 902124106 24,125 675,000 SH SOLE 675,000 USA Mobility, Inc. COM 90341G103 12,322 348,954 SH SOLE 348,954 Warwick Valley Tel Co COM 936750108 169 7,500 SH SOLE 7,500