13F-HR 1 mfp13f.txt 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, 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 5/14/04 ----------------------------- --------------- ------- [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: 61 Form 13F Information Table Value Total: $ 402,632 (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 MONE Aspen Insurance Holdings Ltd. COM G05384105 6,695 260,000 SH SOLE 260,000 Alexander's, Inc. COM 014752109 960 6,000 SH SOLE 6,000 Alleghany Corp. DEL COM 017175100 4,039 16,331 SH SOLE 16,331 American Financial Realty COM 02607P305 1,592 93,900 SH SOLE 93,900 Trust Andrew Corp. COM 034425108 10,500 600,000 SH SOLE 600,000 Arch Wireless Inc CL A 039392709 11,202 346,822 SH SOLE 346,822 BKF Capital Group, Inc. COM 05548G102 1,231 47,700 SH SOLE 47,700 Boise Cascade Corp. COM 097383103 10,395 300,000 SH SOLE 300,000 Brazil FD Inc. COM 105759104 4,161 175,800 SH SOLE 175,800 Bristol-Myers Squibb Co. COM 110122108 4,604 190,000 SH SOLE 190,000 CIT Group Inc. COM 125581108 12,317 323,700 SH SOLE 323,700 Cambrex Corp. COM 132011107 1,345 50,000 SH SOLE 50,000 Charming Shoppes Inc COM 161133103 2,298 295,000 SH SOLE 295,000 Citizens Communications Co. COM 17453B101 6,470 500,000 SH SOLE 500,000 City Investing Co. Liq Tr Unit Ben Int 177900107 707 362,600 SH SOLE 362,600 Comcast Corp New CL A SPL 20030N200 2,785 100,000 SH SOLE 100,000 Conseco Inc COM NEW 208464883 29,748 1,284,473 SH SOLE 1,284,473 Crown Holdings Inc COM 228368106 9,320 1,000,000 SH SOLE 1,000,000 DST Systems, Inc. COM 233326107 22,675 500,000 SH SOLE 500,000 Dillards Inc. CL A 254067101 4,790 250,000 SH SOLE 250,000 Disney Walt Co. COM 254687106 250 10,000 SH SOLE 10,000 Edison International COM 281020107 4,251 175,000 SH SOLE 175,000 Enstar Group Inc GA COM 29358R107 4,612 102,715 SH SOLE 102,715 Florida East Coast CL A 340632108 14,425 402,700 SH SOLE 402,700 Industries Inc. Foot Locker Inc COM 344849104 516 20,000 SH SOLE 20,000 Franklin Bank Corp. DEL COM 352451108 2,129 115,000 SH SOLE 115,000 Friedman's Inc. CL A 358438109 928 160,000 SH SOLE 160,000 Gencorp Inc. COM 368682100 10,843 1,001,200 SH SOLE 1,001,200 Handleman Company COM 410252100 850 35,500 SH SOLE 35,500 Hearst-Argyle Television, COM 422317107 6,723 25,000 SH SOLE 25,000 Inc. Helmerich & Payne Inc. COM 423452101 15,614 545,000 SH SOLE 545,000 Highland Hospitality Corp. COM 430141101 1,758 150,000 SH SOLE 150,000 Holly Corp. COM 435758305 3,556 111,600 SH SOLE 111,600 Hollywood Entertainment Corp. COM 436141105 5,763 425,000 SH SOLE 425,000 Honeywell International Inc. COM 438516106 9,173 271,000 SH SOLE 271,000 IKON Office Solutions, Inc. COM 451713101 13,440 1,050,000 SH SOLE 1,050,000 Johnson & Johnson COM 478160104 1,014 20,000 SH SOLE 20,000 Kmart Holding Corp. COM 498780105 4,737 114,191 SH SOLE 114,191 Knight Trading Group Inc. COM 499063105 6,320 500,000 SH SOLE 500,000 Liberty Media Corp. New COM SER A 530718105 11,607 1,060,000 SH SOLE 1,060,000 MI Devs Inc CL A SUB VTG 55304X104 4,200 150,000 SH SOLE 150,000 MRO Software, Inc. COM 55347W105 1,520 130,800 SH SOLE 130,800 Manitoba Telecom Services COM 563486109 7,440 200,000 SH SOLE 200,000 Inc. Medallion Financial Corp. COM 583928106 2,237 258,600 SH SOLE 258,600 Montpelier RE Holdings LTD SHS G62185106 23,673 635,700 SH SOLE 635,700 NUI Corp COM 629431107 10,981 694,400 SH SOLE 694,400 Nashua Corporation COM 631226107 1,383 161,200 SH SOLE 161,200 Natuzzi S P A ADR 63905A101 375 35,000 SH SOLE 35,000 Noranda, Inc. COM 655422103 12,628 700,000 SH SOLE 700,000 PG&E Corporation COM 69331C108 4,345 150,000 SH SOLE 150,000 PNC Financial Services Group COM 693475105 10,530 190,000 SH SOLE 190,000 Inc. Premcor Inc. COM 74045Q104 17,216 555,900 SH SOLE 555,900 Providian Financial Corp. NOTE 2/1 74406AAB8 4,466 9,500,000 PRN SOLE 9,500,000 Retail Ventures, Inc. COM 76128Y102 533 75,000 SH SOLE 75,000 Southern Union Co New COM 844030106 1,895 100,000 SH SOLE 100,000 Southwest Gas Corp. COM 844895102 2,134 91,200 SH SOLE 91,200 Sovereign Bancorp, Inc. COM 845905108 1,289 60,200 SH SOLE 60,200 Steinway Musical COM ORD 858495104 192 6,000 SH SOLE 6,000 Instruments, Inc. TYCO International Ltd. New COM 902124106 19,339 675,000 SH SOLE 675,000 United Industrial Corp. COM 910671106 2,368 125,000 SH SOLE 125,000 United States Steel Corp. COM 912909108 7,545 200,000 SH SOLE 200,000