13F-HR 1 nyc361564.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: September 30, 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 11/12/04 ----------------------- --------------- -------- [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: $366,930 -------- (thousands) List of Other Included Managers NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 --------- -------- -------- -------- -------- -------- -------- -------- VOTING TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- ----- -------- ------- ---- ---- ---------- -------- ---- ------ ---- Aspen Insurance Holdings Ltd. COM G05384105 5,983 260,000 SH SOLE 260,000 Aether Systems Inc. COM 00808V105 2,482 747,500 SH SOLE 747,500 Alleghany Corp. DEL COM 017175100 4,457 16,331 SH SOLE 16,331 Andrew Corp. COM 034425108 5,998 490,000 SH SOLE 490,000 Arch Wireless Inc CL A 039392709 10,025 348,954 SH SOLE 348,954 Astoria Financial Corp COM 046265104 4,259 120,000 SH SOLE 120,000 BKF Capital Group, Inc. COM 05548G102 4,328 147,700 SH SOLE 147,700 Boise Cascade Corp. COM 097383103 14,976 450,000 SH SOLE 450,000 Brazil FD Inc. COM 105759104 4,652 175,800 SH SOLE 175,800 Bristol-Myers Squibb Co. COM 110122108 3,314 140,000 SH SOLE 140,000 CIT Group Inc. COM 125581108 5,609 150,000 SH SOLE 150,000 Charming Shoppes Inc COM 161133103 570 80,000 SH SOLE 80,000 City Investing Co. Liq Tr Unit Ben Int 177900107 711 362,600 SH SOLE 362,600 Conseco Inc. PFD B CV 5.50% 208464867 2,462 100,000 SH SOLE 100,000 Conseco Inc COM NEW 208464883 19,448 1,101,273 SH SOLE 1,101,273 Crown Holdings Inc COM 228368106 10,310 1,000,000 SH SOLE 1,000,000 DPL Inc. COM 233293109 1,029 50,000 SH SOLE 50,000 DST Systems, Inc. COM 233326107 22,235 500,000 SH SOLE 500,000 Del Monte Foods Company COM 24522P103 1,049 100,000 SH SOLE 100,000 Dillards Inc. CL A 254067101 2,369 120,000 SH SOLE 120,000 Duckwall-Alco Stores, Inc. COM 264142100 1,850 117,456 SH SOLE 117,456 Edison International COM 281020107 4,639 175,000 SH SOLE 175,000 Enstar Group Inc GA COM 29358R107 5,091 102,715 SH SOLE 102,715 Florida East Coast COM 340632108 15,099 402,100 SH SOLE 402,100 Industries Inc. Franklin Bank Corp. DEL COM 352451108 1,961 115,000 SH SOLE 115,000 Friedman's Inc. CL A 358438109 410 160,000 SH SOLE 160,000 Gencorp Inc. COM 368682100 9,501 701,200 SH SOLE 701,200 General Growth Pptys Inc. COM 370021107 620 20,000 SH SOLE 20,000 Government Pptys Trust Inc. COM 38374W107 1,425 150,000 SH SOLE 150,000 Handleman Company COM 410252100 2,066 101,000 SH SOLE 101,000 Hawaiian Holdings, Inc. COM 419879101 3,644 591,500 SH SOLE 591,500 Hearst-Argyle Television, Inc. COM 422317107 6,113 250,000 SH SOLE 250,000 Helmerich & Payne Inc. COM 423452101 15,636 545,000 SH SOLE 545,000 Highland Hospitality Corp. COM 430141101 1,710 150,000 SH SOLE 150,000 Hollywood Entertainment Corp. COM 436141105 987 100,000 SH SOLE 100,000 Honeywell International Inc. COM 438516106 8,965 250,000 SH SOLE 250,000 IKON Office Solutions, Inc. COM 451713101 13,763 1,145,000 SH SOLE 1,145,000 Johnson & Johnson COM 478160104 1,127 20,000 SH SOLE 20,000 Kmart Holding Corp. COM 498780105 8,747 100,000 SH SOLE 100,000 Knight Trading Group Inc. COM 499063105 4,615 500,000 SH SOLE 500,000 Liberty Corp. COM 530370105 2,190 55,100 SH SOLE 55,100 Liberty Media Corp. New COM SER A 530718105 9,243 1,060,000 SH SOLE 1,060,000 Lin TV Corp., Cl. A CL A 532774106 3,906 200,500 SH SOLE 200,500 Lydall, Inc. COM 550819106 856 92,000 SH SOLE 92,000 MI Devs Inc CL A SUB VTG 55304X104 3,223 127,400 SH SOLE 127,400 MVC Capital Inc. COM 553829102 2,606 278,100 SH SOLE 278,100 Medallion Financial Corp. COM 583928106 3,806 420,600 SH SOLE 420,600 Montpelier RE Holdings LTD SHS G62185106 23,317 635,700 SH SOLE 635,700 NUI Corp COM 629431107 1,294 97,000 SH SOLE 97,000 Noland Company COM 655286102 1,618 37,664 SH SOLE 37,664 Noranda, Inc. COM 655422103 6,976 400,000 SH SOLE 400,000 Novoste Corp. COM 67010C100 363 221,600 SH SOLE 221,600 PNC Financial Services Group Inc. COM 693475105 18,935 350,000 SH SOLE 350,000 Partners Trust Financial Group, Inc. COM 70213A103 2,577 248,754 SH SOLE 248,754 Premcor Inc. COM 74045Q104 6,353 165,000 SH SOLE 165,000 Providian Financial Corp. NOTE 2/1 74406AAB8 4,590 9,000,000 PRN SOLE 9,000,000 Quanta Capital Holdings Ltd. COM G7313F106 3,051 374,400 SH SOLE 374,400 Retail Ventures, Inc. COM 76128Y102 1,640 217,500 SH SOLE 217,500 Rotech Healthcare Inc. COM 778669101 3,250 162,500 SH SOLE 162,500 Sears Roebuck & Co. COM 812387108 1,594 40,000 SH SOLE 40,000 Southwest Gas Corp. COM 844895102 2,184 91,200 SH SOLE 91,200 Sovereign Bancorp, Inc. COM 845905108 3,928 180,000 SH SOLE 180,000 Toys R Us Inc COM 892335100 887 50,000 SH SOLE 50,000 TYCO International Ltd. New COM 902124106 20,696 675,000 SH SOLE 675,000 United States Steel Corp. COM 912909108 3,612 96,000 SH SOLE 96,000