13F-HR 1 s13f2q04.txt 2ND QUARTER OF 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 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 8/13/04 -------------------------------------------- --------------- ------- [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: 71 -- Form 13F Information Table Value Total: $ 409,118 ---------- (thousands) List of Other Included Managers NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 VALUE SHRS OR SH/ PUT/ INVESTMENT NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION Aspen Insurance Holdings Ltd. COM G05384105 6,040 260,000 SH SOLE Alexander's, Inc. COM 014752109 721 4,300 SH SOLE Alleghany Corp. DEL COM 017175100 4,687 16,331 SH SOLE American Financial Realty COM 02607P305 1,342 93,900 SH SOLE Trust Andrew Corp. COM 034425108 7,174 358,500 SH SOLE Arch Wireless Inc CL A 039392709 9,942 348,954 SH SOLE BKF Capital Group, Inc. COM 05548G102 4,291 147,700 SH SOLE Blockbuster Inc. CL A 093679108 2,277 150,000 SH SOLE Boise Cascade Corp. COM 097383103 11,292 300,000 SH SOLE Brazil FD Inc. COM 105759104 3,781 175,800 SH SOLE Bristol-Myers Squibb Co. COM 110122108 3,430 140,000 SH SOLE CIT Group Inc. COM 125581108 10,840 283,100 SH SOLE Cambrex Corp. COM 132011107 1,262 50,000 SH SOLE Charming Shoppes Inc COM 161133103 714 80,000 SH SOLE Citizens Communications Co. COM 17453B101 7,260 600,000 SH SOLE City Investing Co. Liq Tr Unit Ben Int 177900107 714 362,600 SH SOLE Comcast Corp New CL A SPL 20030N200 3,865 140,000 SH SOLE Conseco Inc COM NEW 208464883 21,915 1,101,273 SH SOLE Crown Holdings Inc COM 228368106 9,970 1,000,000 SH SOLE DST Systems, Inc. COM 233326107 24,045 500,000 SH SOLE Del Monte Foods Company COM 24522P103 1,016 100,000 SH SOLE Dillards Inc. CL A 254067101 5,352 240,000 SH SOLE Disney Walt Co. COM 254687106 1,912 75,000 SH SOLE Duckwall-Alco Stores, Inc. COM 264142100 92 5,500 SH SOLE Edison International COM 281020107 4,475 175,000 SH SOLE Enstar Group Inc GA COM 29358R107 5,344 102,715 SH SOLE Florida East Coast COM 340632108 15,541 402,100 SH SOLE Industries Inc. Foot Locker Inc COM 344849104 487 20,000 SH SOLE Franklin Bank Corp. DEL COM 352451108 1,819 115,000 SH SOLE Friedman's Inc. CL A 358438109 619 160,000 SH SOLE Gencorp Inc. COM 368682100 13,406 1,001,200 SH SOLE Handleman Company COM 410252100 2,339 101,000 SH SOLE Hawaiian Holdings, Inc. COM 419879101 3,359 469,800 SH SOLE Hearst-Argyle Television, COM 422317107 6,445 250,000 SH SOLE Inc. Helmerich & Payne Inc. COM 423452101 14,252 545,000 SH SOLE Highland Hospitality Corp. COM 430141101 1,508 150,000 SH SOLE Holly Corp. COM 435758305 4,174 111,600 SH SOLE Hollywood Entertainment Corp. COM 436141105 11,623 870,000 SH SOLE Honeywell International Inc. COM 438516106 9,158 250,000 SH SOLE IKON Office Solutions, Inc. COM 451713101 13,133 1,145,000 SH SOLE Johnson & Johnson COM 478160104 1,114 20,000 SH SOLE Kmart Holding Corp. COM 498780105 7,180 100,000 SH SOLE Knight Trading Group Inc. COM 499063105 5,010 500,000 SH SOLE Liberty Media Corp. New COM SER A 530718105 9,529 1,060,000 SH SOLE Lin TV Corp., Cl. A CL A 532774106 2,120 100,000 SH SOLE Lydall, Inc. COM 550819106 899 92,000 SH SOLE MI Devs Inc CL A SUB VTG 55304X104 6,075 225,000 SH SOLE MVC Capital Inc. COM 553829102 2,436 258,000 SH SOLE Manitoba Telecom Services COM 563486109 3,402 100,000 SH SOLE Inc. Medallion Financial Corp. COM 583928106 2,056 258,600 SH SOLE Montpelier RE Holdings LTD SHS G62185106 22,218 635,700 SH SOLE Metrocall Holdings Inc. COM 59164X105 670 10,000 SH SOLE NUI Corp COM 629431107 11,461 785,000 SH SOLE Nashua Corporation COM 631226107 1,516 156,500 SH SOLE Natuzzi S P A ADR 63905A101 376 35,000 SH SOLE Noland Company COM 655286102 1,601 37,664 SH SOLE Noranda, Inc. COM 655422103 9,895 575,000 SH SOLE Novoste Corp. COM 67010C100 593 216,600 SH SOLE PG&E Corporation COM 69331C108 4,191 150,000 SH SOLE PNC Financial Services Group COM 693475105 10,085 190,000 SH SOLE Inc. Partners Trust Financial COM 70213A103 278 14,200 SH SOLE Group, Inc. Premcor Inc. COM 74045Q104 9,375 250,000 SH SOLE Providian Financial Corp. NOTE 2/1 74406AAB8 4,523 9,000,000 PRN SOLE Retail Ventures, Inc. COM 76128Y102 581 75,000 SH SOLE Southern Union Co New COM 844030106 1,686 80,000 SH SOLE Southwest Gas Corp. COM 844895102 2,201 91,200 SH SOLE Sovereign Bancorp, Inc. COM 845905108 3,978 180,000 SH SOLE Steinway Musical COM ORD 858495104 140 4,000 SH SOLE Instruments, Inc. TYCO International Ltd. New COM 902124106 22,370 675,000 SH SOLE United Industrial Corp. COM 910671106 2,919 125,000 SH SOLE United States Steel Corp. COM 912909108 7,024 200,000 SH SOLE [TABLE CONTINUED BELOW] COLUMN 1 COLUMN 7 COLUMN 8 OTHER VOTING AUTHORITY NAME OF ISSUER MANAGERS SOLE SHARED NONE Aspen Insurance Holdings Ltd. 260,000 Alexander's, Inc. 4,300 Alleghany Corp. DEL 16,331 American Financial Realty 93,900 Trust Andrew Corp. 358,500 Arch Wireless Inc 348,954 BKF Capital Group, Inc. 147,700 Blockbuster Inc. 150,000 Boise Cascade Corp. 300,000 Brazil FD Inc. 175,800 Bristol-Myers Squibb Co. 140,000 CIT Group Inc. 283,100 Cambrex Corp. 50,000 Charming Shoppes Inc 80,000 Citizens Communications Co. 600,000 City Investing Co. Liq Tr 362,600 Comcast Corp New 140,000 Conseco Inc 1,101,273 Crown Holdings Inc 1,000,000 DST Systems, Inc. 500,000 Del Monte Foods Company 100,000 Dillards Inc. 240,000 Disney Walt Co. 75,000 Duckwall-Alco Stores, Inc. 5,500 Edison International 175,000 Enstar Group Inc GA 102,715 Florida East Coast 402,100 Industries Inc. Foot Locker Inc 20,000 Franklin Bank Corp. DEL 115,000 Friedman's Inc. 160,000 Gencorp Inc. 1,001,200 Handleman Company 101,000 Hawaiian Holdings, Inc. 469,800 Hearst-Argyle Television, 250,000 Inc. Helmerich & Payne Inc. 545,000 Highland Hospitality Corp. 150,000 Holly Corp. 111,600 Hollywood Entertainment Corp. 870,000 Honeywell International Inc. 250,000 IKON Office Solutions, Inc. 1,145,000 Johnson & Johnson 20,000 Kmart Holding Corp. 100,000 Knight Trading Group Inc. 500,000 Liberty Media Corp. New 1,060,000 Lin TV Corp., Cl. A 100,000 Lydall, Inc. 92,000 MI Devs Inc 225,000 MVC Capital Inc. 258,000 Manitoba Telecom Services 100,000 Inc. Medallion Financial Corp. 258,600 Montpelier RE Holdings LTD 635,700 Metrocall Holdings Inc. 10,000 NUI Corp 785,000 Nashua Corporation 156,500 Natuzzi S P A 35,000 Noland Company 37,664 Noranda, Inc. 575,000 Novoste Corp. 216,600 PG&E Corporation 150,000 PNC Financial Services Group 190,000 Inc. Partners Trust Financial 14,200 Group, Inc. Premcor Inc. 250,000 Providian Financial Corp. 9,000,000 Retail Ventures, Inc. 75,000 Southern Union Co New 80,000 Southwest Gas Corp. 91,200 Sovereign Bancorp, Inc. 180,000 Steinway Musical 4,000 Instruments, Inc. TYCO International Ltd. New 675,000 United Industrial Corp. 125,000 United States Steel Corp. 200,000