13F-HR 1 price.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: December 31, 2011 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: /s/ Michael F. Price New York, NY 2/10/12 -------------------- ------------- ------- [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: 103 --- Form 13F Information Table Value Total: $618,382 -------- (thousands) List of Other Included Managers: 1 MFP Investors LLC

INVEST- MENT OTHER VOTING AUTHORITY VALUE SHRS OR SH/ PUT/ DISCRE- MANA- --------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRNAMT PRN CALL TION GERS SOLE SHARED NONE --------------------------------- ----------------- ---------- -------- ---------- ----- ----- ------- ------ --------- ------ ---- Ingersoll-Rand PLC SHS G47791101 3,047 100,000 SH SOLE 1 100,000 TYCO International Ltd. SHS H89128104 1,460 31,250 SH SOLE 31,250 AbitibiBowater, Inc. COM NEW 003687209 3,128 215,000 SH SOLE 1 215,000 American River Bankshares COM 029326105 951 209,008 SH SOLE 1 209,008 BRT Realty Trust SH BEN INT NEW 055645303 1,067 168,369 SH SOLE 1 168,369 The Bancorp Bank COM 05969F104 1,561 215,900 SH SOLE 1 215,900 Bank of America Corporation COM 060505104 790 142,027 SH SOLE 1 142,027 Becton, Dickinson & Co. COM 075887109 18,120 242,500 SH SOLE 1 242,500 Big 5 Sporting Goods Corp. COM 08915P101 3,690 353,414 SH SOLE 1 353,414 Boeing Co. COM 097023105 1,467 20,000 SH SOLE 20,000 Bridgepoint Ed Inc. COM 10807M105 3,926 170,700 SH SOLE 1 170,700 CIT Group Inc. COM NEW 125581801 10,025 287,500 SH SOLE 1 287,500 CNO Financial Group Inc. COM 12621E103 6,433 1,019,555 SH SOLE 1 1,019,555 Cache, Inc. COM NEW 127150308 13,641 2,203,749 SH SOLE 1 2,203,749 Cape Bancorp Inc. COM 139209100 1,672 213,000 SH SOLE 1 213,000 CapitalSource Inc. COM 14055X102 5,791 864,304 SH SOLE 1 864,304 Capitol Federal Financial Inc. COM 14057J101 3,462 300,000 SH SOLE 1 300,000 Charming Shoppes, Inc. COM 161133103 6,546 1,335,841 SH SOLE 1 1,335,841 Citigroup Inc. COM 172967101 21,349 811,454 SH SOLE 1 811,454 ConocoPhillips COM 20825C104 25,249 346,500 SH SOLE 1 346,500 Cott Corp COM 22163N106 8,419 1,344,903 SH SOLE 1 1,344,903 Courier Corporation COM 222660102 411 35,000 SH SOLE 1 35,000 Cubist Pharmaceuticals Inc. COM 229678107 7,231 182,500 SH SOLE 1 182,500 Destination Maternity Corp. COM 25065D100 6,281 375,643 SH SOLE 1 375,643 Duckwall-Alco Stores, Inc. COM 264142100 2,207 264,919 SH SOLE 1 264,919 EXCO Resources Inc. COM 269279402 3,010 288,060 SH SOLE 1 288,060 Earthlink Inc. COM 270321102 99 15,359 SH SOLE 15,359 El Paso Corporation COM 28336L109 10,628 400,000 SH SOLE 1 400,000 Elan plc ADR 284131208 13,740 1,000,000 SH SOLE 1 1,000,000 Enzon Pharmaceuticals Inc. COM 293904108 5,059 755,000 SH SOLE 1 755,000 Exelis Inc COM 30162A108 6,588 728,000 SH SOLE 1 728,000 Exxon Mobil Corp. COM 30231G102 1,017 12,000 SH SOLE 12,000 Farmer Bros Co. COM 307675108 2,573 336,833 SH SOLE 1 336,833 First Conn Bancorp Inc. COM 319850103 2,603 200,060 SH SOLE 1 200,060 Forest City Enterprises Inc. CL A 345550107 11,820 1,000,000 SH SOLE 1 1,000,000 Fox Chase Bancorp Inc. COM 35137T108 212 16,800 SH SOLE 1 16,800 Franklin Financial Corp VA COM 35353C102 8,451 713,798 SH SOLE 1 713,798 GAMCO Investors Inc. COM 361438104 3,140 72,200 SH SOLE 1 72,200 Gencorp Inc. COM 368682100 4,063 763,794 SH SOLE 1 763,794 General Electric Co. COM 369604103 1,343 75,000 SH SOLE 75,000 Getty Realty Corp. COM 374297109 505 36,218 SH SOLE 36,218 Goldman Sachs Group Inc. COM 38141G104 3,617 40,000 SH SOLE 1 40,000 Goodrich Corp. COM 382388106 5,567 45,000 SH SOLE 1 45,000 Great Florida Bk Miami Lakes Fla CL A 390528107 4 28,469 SH SOLE 28,469 GulfMark Offshore, Inc. CL A NEW 402629208 25,410 604,851 SH SOLE 1 604,851 Gyrodyne Co. America Inc. COM 403820103 3,564 34,945 SH SOLE 1 34,945 Hardinge, Inc. COM 412324303 2,598 322,793 SH SOLE 1 322,793 Harris Corp Del COM 413875105 13,335 370,000 SH SOLE 1 370,000 Heritage Commerce Corp. COM 426927109 6,067 1,280,000 SH SOLE 1 1,280,000 Heritage Oaks Bancorp COM 42724R107 4,131 1,167,046 SH SOLE 1 1,167,046 Hilltop Holdings, Inc. COM 432748101 2,515 297,600 SH SOLE 1 297,600 Hospira Inc. COM 441060100 7,213 237,500 SH SOLE 1 237,500 Hudson City Bancorp COM 443683107 3,344 535,000 SH SOLE 1 535,000 Huntsman Corp. COM 447011107 3,800 380,000 SH SOLE 1 380,000 ITT Corp New COM NEW 450911201 7,878 407,550 SH SOLE 1 407,550 Intel Corp. COM 458140100 1,213 50,000 SH SOLE 50,000 Janus Capital Group Inc. COM 47102X105 9,119 1,445,100 SH SOLE 1 1,445,100 John Bean Technologies Corp. COM 477839104 4,018 261,431 SH SOLE 1 261,431 Johnson & Johnson COM 478160104 2,951 45,000 SH SOLE 45,000 Johnson Outdoors Inc. CL A 479167108 5,843 380,666 SH SOLE 1 380,666 Kaiser Aluminum Corp. COM PAR $0.01 483007704 13,948 304,002 SH SOLE 1 304,002 Kemper Corp. COM 488401100 4,235 145,000 SH SOLE 1 145,000 Lincare Holdings Inc. COM 532791100 5,656 220,000 SH SOLE 1 220,000 Lydall Inc. COM 550819106 108 11,400 SH SOLE 1 11,400 MVC Capital Inc. COM 553829102 1,929 166,400 SH SOLE 1 166,400 Malvern Federal Bancorp, Inc. COM 561410101 1,178 199,700 SH SOLE 1 199,700 Marlin Business Services Corp. COM 571157106 4,773 375,790 SH SOLE 1 375,790 McGraw Hill Companies Inc. COM 580645109 22,485 500,000 SH SOLE 1 500,000 Mercer International Inc. COM 588056101 198 32,500 SH SOLE 1 32,500 National Fuel Gas Co N J COM 636180101 5,486 98,700 SH SOLE 1 98,700 Newell Rubbermaid Inc. COM 651229106 3,876 240,000 SH SOLE 1 240,000 Novartis AG ADR Spon ADR 66987V109 8,288 144,969 SH SOLE 1 144,969 Old Republic Intl Corp. COM 680223104 196 21,093 SH SOLE 21,093 OmniAmerican Bancorp Inc COM 68216R107 4,710 300,000 SH SOLE 1 300,000 One Liberty Properties Inc COM 682406103 2,572 155,876 SH SOLE 1 155,876 Peapack-Gladstone Financial Corp. COM 704699107 57 5,329 SH SOLE 5,329 Penny JC Inc. COM 708160106 31,635 900,000 SH SOLE 1 900,000 Pfizer Inc. COM 717081103 15,193 702,100 SH SOLE 1 702,100 Presidential Life Corp. COM 740884101 1,605 160,700 SH SOLE 1 160,700 Prudential Bancorp Inc. PA COM 744319104 493 95,200 SH SOLE 1 95,200 Quanex Building Products COM 747619104 1,540 102,500 SOLE 1 102,500 Richardson Electronics Ltd. COM 763165107 1,024 83,346 SH SOLE 1 83,346 Rowan Companies, Inc. COM 779382100 9,277 305,860 SH SOLE 1 305,860 Royal Dutch Shell PLC Spon ADR A 780259206 1,082 14,800 SH SOLE 14,800 Ruths Hospitality Group Inc. COM 783332109 12,282 2,471,277 SH SOLE 1 2,471,277 Safeguard Scientifics, Inc. COM NEW 786449207 2,996 189,770 SH SOLE 1 189,770 Sanofi RIGHT 12/31/2020 80105N113 4,080 3,400,000 SH SOLE 1 3,400,000 SeaChange Intl Inc. 811699107 1,772 252,000 SH SOLE 1 252,000 Seacor Holdings Inc. COM 811904101 365 4,100 SH SOLE 1 4,100 Sears Holdings Corp. COM 812350106 1,448 45,549 SH SOLE 45,549 Smart Technologies Inc CL A SUB VTG 83172R108 426 115,500 SH SOLE 1 115,500 Sunoco Inc. COM 86764P109 4,922 120,000 SH SOLE 1 120,000 Symetra Financial Corp. COM 87151Q106 16,235 1,790,000 SH SOLE 1 1,790,000 Syms Corp. COM 871551107 3,069 278,994 SH SOLE 1 278,994 Tejon Ranch Co. COM 879080109 7,880 321,900 SH SOLE 1 321,900 Textron Inc. COM 883203101 462 25,000 SH SOLE 1 25,000 Transatlantic Hldgs Inc COM 893521104 9,962 182,024 SH SOLE 1 182,024 Verifone Systems Inc. COM 92342Y109 10,834 305,000 SH SOLE 1 305,000 Visteon Corporation COM NEW 92839U206 4,994 100,000 SH SOLE 1 100,000 West Coast Bancorp Ore. New COM 952145100 26,629 1,707,000 SH SOLE 1 1,707,000 Wilshire Bancorp COM 97186T108 2,904 800,000 SH SOLE 1 800,000 Wright Medical Group Inc. COM 98235T107 10,808 655,000 SH SOLE 1 655,000 Xylem Inc. COM 98419M100 9,808 381,767 SH SOLE 1 381,767