13F-HR 1 form13f_hr.txt FORM 13F-HR COVER UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, StateD.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2008 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: Michael F. Price Address: c/o MFP Investors LLC 667 Madison Ave. 25th Floor New York, New York 10065 13F File Number: 28-13081 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: Michael F. Price Title: Investment Manager Phone: (212) 752-7280 Signature, Place, and Date of Signing: New York, NY 2/13/09 ---------- ------------- ------- [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: 1 -- Form 13F Information Table Entry Total: 90 -- Form 13F Information Table Value Total: $206,722 --------- (thousands) List of Other Included Managers: 1 MFP Investors LLC

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 --------------------------------- ---------------- --------- --------- ------------------- ---------- -------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS --------------------------------- ---------------- --------- --------- --------- --- ---- ---------- -------- Allied World Assur Hldg Ltd. SHS G0219G203 4,604 113,394 SH SOLE 1 Enstar Group Ltd. SHS G3075P101 3,699 62,550 SH SOLE 1 Ingersoll-Rand Company Ltd. CL A G4776G101 6,871 396,034 SH SOLE 1 Maiden Holdings Ltd. SHS G5753U112 1,221 390,100 SH SOLE 1 MF Global Ltd. SHS G60642108 575 282,000 SH SOLE 1 TYCO International Ltd. Bermuda SHS G9143X208 5,583 258,475 SH SOLE 1 Tyco Electronics Ltd. COM NEW G9144P105 527 32,500 SH SOLE Abington Community Bancorp Inc. COM 00350L109 3,252 351,600 SH SOLE 1 American Greetings Corp. CL A 026375105 3,802 502,253 SH SOLE 1 Arkansas Best Corp. COM 040790107 6,681 221,900 SH SOLE 1 Armstrong World Inds Inc. COM 04247X102 432 20,000 SH SOLE BCSB Bankcorp, Inc. COM 055367106 378 43,400 SH SOLE 1 BKF Cap Group Inc. COM 05548G102 301 376,700 SH SOLE 1 BRT Realty Trust SH BEN INT NEW 055645303 227 61,450 SH SOLE 1 BNCCORP Inc. COM 055936108 1,103 147,069 SH SOLE 1 Bancorp Rhode Island, Inc. COM 059690107 1,467 69,209 SH SOLE 1 Belo Corporation - A COM SER A 080555105 246 157,900 SH SOLE 1 Boeing Co. COM 097023105 1,147 20,000 SH SOLE Buckeye GP Holdings LP COM UNITS LP 118167105 1,372 107,200 SH SOLE 1 CC Media Holdings Inc-A CL A 12502P102 97 42,800 SH SOLE 1 Cache, Inc. COM NEW 127150308 345 170,900 SH SOLE 1 Cape Bancorp Inc. COM 139209100 1,474 159,300 SH SOLE 1 CapitalSource Inc. COM 14055X102 1,865 403,800 SH SOLE 1 Charlotte Russe Hldg Inc COM 161048103 2,030 312,800 SH SOLE 1 Charming Shoppes, Inc. COM 161133103 800 327,900 SH SOLE 1 Chemtura Corp. COM 163893100 722 515,900 SH SOLE 1 ConocoPhillips COM 20825C104 12,769 246,500 SH SOLE 1 Conseco Inc COM NEW 208464883 11,399 2,200,564 SH SOLE 1 Dearborn Bancorp Inc. COM 24242R108 401 241,707 SH SOLE 1 Destination Maternity Corp. COM 25065D100 2,951 375,982 SH SOLE 1 Duckwall-Alco Stores, Inc. COM 264142100 3,247 324,664 SH SOLE 1 Encore Cap Group Inc COM 292554102 3,619 502,599 SH SOLE 1 Exxon Mobil Corp. COM 30231G102 958 12,000 SH SOLE Farmer Bros Co. COM 307675108 5,588 224,069 SH SOLE 1 Forest City Enterprises Inc. CL A 345550107 385 57,500 SH SOLE 1 GAMCO Investors Inc. COM 361438104 2,423 88,700 SH SOLE 1 Gencorp Inc. COM 368682100 2,720 739,000 SH SOLE 1 Getty Realty Corp. COM 374297109 763 36,218 SH SOLE Goodrich Corp. COM 382388106 1,518 41,000 SH SOLE 1 Goodyear Tire & Rubber Co COM 382550101 2,994 501,500 SH SOLE 1 Great Florida Bk Miami Lakes Fla CL A 390528107 87 28,469 SH SOLE Gyrodyne Co. America Inc. COM 403820103 135 5,391 SH SOLE GulfMark Offshore, Inc. COM 402629109 2,003 84,200 SH SOLE 1 Harley-Davidson, Inc. COM 412822108 170 10,000 SH SOLE Harris Corp StateplaceDel COM 413875105 468 12,300 SH SOLE 1 Hearst-Argyle Television Inc. COM 422317107 1,710 282,100 SH SOLE 1 Herley Inds Inc. COM 427398102 583 47,500 SH SOLE 1 HI/FN INC. COM 428358105 99 42,085 SH SOLE 1 Hilltop Holdings, Inc. COM 432748101 2,899 297,600 SH SOLE 1 Home Bancorp Inc COM 43689E107 1,340 137,400 SH SOLE 1 ICO Inc. New COM 449293109 2,159 683,300 SH SOLE 1 Johnson & Johnson COM 478160104 2,692 45,000 SH SOLE Johnson Outdoors Inc. CL A 479167108 1,989 357,034 SH SOLE 1 Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,445 286,200 SH SOLE 1 Louisiana Bancorp Inc New COM 54619P104 7,259 567,100 SH SOLE 1 M & F Worldwide Corp. COM 552541104 1,174 76,000 SH SOLE 1 MVC Capital Inc. COM 553829102 5,242 477,800 SH SOLE 1 Malvern Federal Bancorp, Inc. COM 561410101 1,876 203,900 SH SOLE 1 Marlin Business Services Corp. COM 571157106 1,226 469,720 SH SOLE 1 McGraw Hill Companies Inc. COM 580645109 5,065 218,400 SH SOLE 1 Miller Inds Inc Tenn COM NEW 600551204 1,391 264,400 SH SOLE 1 National Fuel Gas Co N J COM 636180101 4,972 158,700 SH SOLE 1 Nationwide Finl Svcs, Inc. CL A 638612101 1,305 25,000 SH SOLE 1 Northeast Cmnty Bancorp Inc. COM 664112109 209 30,046 SH SOLE 1 NorthWestern Corp. COM NEW 668074305 4,024 171,800 SH SOLE 1 Old Republic Intl Corp. COM 680223104 251 21,093 SH SOLE One Liberty Properties Inc COM 682406103 612 69,513 SH SOLE 1 Peapack-Gladstone Financial Corp. COM 704699107 2,873 107,838 SH SOLE 1 Pfizer Inc. COM 717081103 2,251 127,100 SH SOLE Presidential Life Corp. COM 740884101 1,198 121,100 SH SOLE 1 Primoris Services Corp. COM 74164F103 1,236 239,000 SH SOLE 1 Primoris Services Corp. W EXP 10/02/2010 74164F111 220 180,500 SH SOLE 1 Prudential Bancorp Inc. PA COM 744319104 2,440 237,800 SH SOLE 1 Revlon Inc CL A 761525609 718 107,610 SH SOLE 1 Rome Bancorp Inc. New COM 77587P103 253 29,100 SH SOLE 1 Rowan Companies, Inc. COM 779382100 8,236 518,000 SH SOLE 1 Royal Dutch Shell PLC Spon ADR A 780259206 852 16,100 SH SOLE SLM Corp. COM 78442P106 5,074 570,100 SH SOLE 1 Safeguard Scientifics, Inc. COM 786449108 1,306 1,893,158 SH SOLE 1 Sears Holdings Corp. COM 812350106 3,663 94,239 SH SOLE Smithfield Foods COM 832248108 281 20,000 SH SOLE Sony Corp ADR NEW 835699307 7,051 322,400 SH SOLE 1 Starwood Hotels & Resorts COM 85590A401 179 10,000 SH SOLE State Bancorp Inc N.Y. COM 855716106 1,500 154,004 SH SOLE 1 Syms Corp. COM 871551107 979 110,258 SH SOLE 1 TFS Financial Corp. COM 87240R107 4,029 312,300 SH SOLE 1 Thomas Properties Group Inc. COM 884453101 885 341,545 SH SOLE 1 Unitrin Inc. COM 913275103 1,313 82,400 SH SOLE 1 ValueVision Media, Inc. CL A 92047K107 26 78,600 SH SOLE 1 Warwick Valley Tel Co COM 936750108 218 23,863 SH SOLE 1 COLUMN 1 COLUMN 8 --------------------------------- ------------------------------ VOTING AUTHORITY NAME OF ISSUER SOLE SHARED NONE --------------------------------- ---------------- ------ ---- Allied World Assur Hldg Ltd. 113,394 Enstar Group Ltd. 62,550 Ingersoll-Rand Company Ltd. 396,034 Maiden Holdings Ltd. 390,100 MF Global Ltd. 282,000 TYCO International Ltd. Bermuda 258,475 Tyco Electronics Ltd. 32,500 Abington Community Bancorp Inc. 351,600 American Greetings Corp. 502,253 Arkansas Best Corp. 221,900 Armstrong World Inds Inc. 20,000 BCSB Bankcorp, Inc. 43,400 BKF Cap Group Inc. 376,700 BRT Realty Trust 61,450 BNCCORP Inc. 147,069 Bancorp Rhode Island, Inc. 69,209 Belo Corporation - A 157,900 Boeing Co. 20,000 Buckeye GP Holdings LP 107,200 CC Media Holdings Inc-A 42,800 Cache, Inc. 170,900 Cape Bancorp Inc. 159,300 CapitalSource Inc. 403,800 Charlotte Russe Hldg Inc 312,800 Charming Shoppes, Inc. 327,900 Chemtura Corp. 515,900 ConocoPhillips 246,500 Conseco Inc 2,200,564 Dearborn Bancorp Inc. 241,707 Destination Maternity Corp. 375,982 Duckwall-Alco Stores, Inc. 324,664 Encore Cap Group Inc 502,599 Exxon Mobil Corp. 12,000 Farmer Bros Co. 224,069 Forest City Enterprises Inc. 57,500 GAMCO Investors Inc. 88,700 Gencorp Inc. 739,000 Getty Realty Corp. 36,218 Goodrich Corp. 41,000 Goodyear Tire & Rubber Co 501,500 Great Florida Bk Miami Lakes Fla 28,469 Gyrodyne Co. America Inc. 5,391 GulfMark Offshore, Inc. 84,200 Harley-Davidson, Inc. 10,000 Harris Corp StateplaceDel 12,300 Hearst-Argyle Television Inc. 282,100 Herley Inds Inc. 47,500 HI/FN INC. 42,085 Hilltop Holdings, Inc. 297,600 Home Bancorp Inc 137,400 ICO Inc. New 683,300 Johnson & Johnson 45,000 Johnson Outdoors Inc. 357,034 Kaiser Aluminum Corp. 286,200 Louisiana Bancorp Inc New 567,100 M & F Worldwide Corp. 76,000 MVC Capital Inc. 477,800 Malvern Federal Bancorp, Inc. 203,900 Marlin Business Services Corp. 469,720 McGraw Hill Companies Inc. 218,400 Miller Inds Inc Tenn 264,400 National Fuel Gas Co N J 158,700 Nationwide Finl Svcs, Inc. 25,000 Northeast Cmnty Bancorp Inc. 30,046 NorthWestern Corp. 171,800 Old Republic Intl Corp. 21,093 One Liberty Properties Inc 69,513 Peapack-Gladstone Financial Corp. 107,838 Pfizer Inc. 127,100 Presidential Life Corp. 121,100 Primoris Services Corp. 239,000 Primoris Services Corp. 180,500 Prudential Bancorp Inc. PA 237,800 Revlon Inc 107,610 Rome Bancorp Inc. New 29,100 Rowan Companies, Inc. 518,000 Royal Dutch Shell PLC 16,100 SLM Corp. 570,100 Safeguard Scientifics, Inc. 1,893,158 Sears Holdings Corp. 94,239 Smithfield Foods 20,000 Sony Corp 322,400 Starwood Hotels & Resorts 10,000 State Bancorp Inc N.Y. 154,004 Syms Corp. 110,258 TFS Financial Corp. 312,300 Thomas Properties Group Inc. 341,545 Unitrin Inc. 82,400 ValueVision Media, Inc. 78,600 Warwick Valley Tel Co 23,863