13F-HR 1 form13f.txt FORM 13F-HR 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, 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-__________ 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 5/14/08 ------------- ------------ ------- [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)). 2 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 - Form 13F Information Table Entry Total: 105 --- Form 13F Information Table Value Total: $563,425 -------- (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 6,126 154,297 SH SOLE 1 Enstar Group Ltd. SHS G3075P101 7,533 67,700 SH SOLE 1 Ingersoll-Rand Company Ltd. CL A G4776G101 5,573 125,000 SH SOLE 1 Nabors Industries Ltd SHS G6359F103 1,722 51,000 SH SOLE OneBeacon Insurance Group Ltd. CL A G67742109 1,082 56,900 SH SOLE 1 TYCO International Ltd. Bermuda SHS G9143X208 19,492 442,500 SH SOLE 1 Tyco Electronics Ltd. COM NEW G9144P105 13,477 392,700 SH SOLE 1 Abington Community Bancorp Inc. COM 00350L109 4,677 453,200 SH SOLE 1 Adaptec Inc. COM 00651F108 2,433 827,700 SH SOLE 1 Alexander's, Inc. COM 014752109 638 1,801 SH SOLE 1 Altria Group Inc. COM 02209S103 3,552 160,000 SH SOLE 1 American Greetings Corp. CL A 026375105 17,437 940,000 SH SOLE 1 American Intl Group Inc COM 026874107 25,950 600,000 SH SOLE 1 Arkansas Best Corp. COM 040790107 18,632 584,800 SH SOLE 1 Armstrong World Inds Inc. COM 04247X102 12,463 349,500 SH SOLE 1 Astoria Financial Corp COM 046265104 856 31,500 SH SOLE 1 Autoliv Inc. COM 052800109 5,020 100,000 SH SOLE 1 BKF Cap Group Inc. COM 05548G102 723 376,700 SH SOLE 1 BNCCORP Inc. COM 055936108 1,838 147,050 SH SOLE 1 Bancorp Rhode Island, Inc. COM 059690107 3,620 100,000 SH SOLE 1 Beneficial Mutual Bancorp, Inc. COM 08173R104 1,014 102,500 SH SOLE 1 Benjamin Franklin Bancorp Inc. COM 082073107 1,408 102,000 SH SOLE 1 Berkshire Hathaway Inc CL A 084670108 1,334 10 SH SOLE Boyd Gaming Corp. COM 103304101 2,000 100,000 SH SOLE 1 CBS Corp New CL B 124857202 8,596 389,300 SH SOLE 1 Cabot Corp. COM 127055101 2,033 72,600 SH SOLE 1 Calpine Corp. COM NEW 131347304 6,409 347,956 SH SOLE 1 Cape Bancorp Inc. COM 139209100 536 55,000 SH SOLE 1 Charlotte Russe Hldg Inc COM 161048103 3,208 185,000 SH SOLE 1 Comcast Corp. New CL A SPL 20030N200 3,794 200,000 SH SOLE 1 ConocoPhillips COM 20825C104 26,064 342,000 SH SOLE 1 Conseco Inc COM NEW 208464883 21,671 2,124,626 SH SOLE 1 Dana Holding Corp. COM 235825205 1,066 106,590 SH SOLE 1 Danvers Bancorp, Inc. COM 236442109 352 35,000 SH SOLE 1 Dearborn Bancorp Inc. COM 24242R108 1,885 248,000 SH SOLE 1 Delta Air Lines Inc Del COM NEW 247361702 10,027 1,165,879 SH SOLE 1 The Dress Barn Inc COM 261570105 1,294 100,000 SH SOLE 1 Duckwall-Alco Stores, Inc. COM 264142100 2,060 180,700 SH SOLE 1 Emmis Communications Corp CL A 291525103 3,187 915,700 SH SOLE 1 Encore Cap Group Inc COM 292554102 4,708 692,300 SH SOLE 1 Exxon Mobil Corp. COM 30231G102 846 10,000 SH SOLE Farmer Bros Co. COM 307675108 6,878 297,225 SH SOLE 1 First Financial Northwest Inc. COM 32022K102 1,531 162,900 SH SOLE 1 Flushing Financial Corp. COM 343873105 1,508 85,800 SH SOLE 1 Forest City Enterprises Inc CL A 345550107 655 17,800 SH SOLE 1 Franklin Bank Corp. Del COM 352451108 1,854 611,900 SH SOLE 1 Franklin Resources Inc. COM 354613101 5,233 55,000 SH SOLE Fredericks Hollywood Group COM 35582T108 796 284,300 SH SOLE 1 GAMCO Investors Inc. COM 361438104 3,943 78,300 SH SOLE 1 Gencorp Inc. COM 368682100 4,838 470,200 SH SOLE 1 Getty Images Inc. COM 374276103 8,691 271,600 SH SOLE 1 Getty Realty Corp. COM 374297109 1,189 74,618 SH SOLE 1 GLG Partners Inc. COM 37929X107 2,849 240,000 SH SOLE 1 GLG Partners Inc. W EXP 12/28/11 37929X115 1,125 250,000 SH SOLE 1 Goodyear Tire & Rubber Co COM 382550101 17,056 661,100 SH SOLE 1 Great Florida Bk Miami Lakes Fla CL A 390528107 221 28,469 SH SOLE Gyrodyne Co. America Inc. COM 403820103 212 5,391 SH SOLE Harley-Davidson, Inc. COM 412822108 5,625 150,000 SH SOLE 1 Hearst-Argyle Television Inc. COM 422317107 6,269 303,900 SH SOLE 1 Hilltop Holdings, Inc. COM 432748101 4,072 391,500 SH SOLE 1 Hudson City Bancorp COM 443683107 3,536 200,000 SH SOLE 1 Johnson & Johnson COM 478160104 3,568 55,000 SH SOLE Johnson Outdoors Inc. CL A 479167108 6,024 352,500 SH SOLE 1 Kaiser Aluminum Corp. COM PAR $0.01 483007704 12,030 173,600 SH SOLE 1 Keweenaw Land Association Ltd. COM 493026108 2,904 11,855 SH SOLE 1 Leap Wireless Intl Inc COM NEW 521863308 4,660 100,000 SH SOLE 1 Lear Corp. COM 521865105 6,009 231,900 SH SOLE 1 Leggett & Platt Inc. COM 524660107 2,060 135,100 SH SOLE 1 Louisiana Bancorp Inc New COM 54619P104 6,516 567,100 SH SOLE 1 M & F Worldwide Corp. COM 552541104 1,870 50,000 SH SOLE 1 MVC Capital Inc. COM 553829102 15,496 1,016,800 SH SOLE 1 Marlin Business Services Corp. COM 571157106 3,296 436,600 SH SOLE 1 McClatchy Co CL A 579489105 5,580 521,475 SH SOLE 1 McGraw Hill Companies Inc. COM 580645109 15,704 425,000 SH SOLE 1 Miller Inds Inc Tenn COM NEW 600551204 2,699 280,300 SH SOLE 1 Mothers Wk Inc COM 619903107 4,869 290,000 SH SOLE 1 NorthWestern Corp. COM NEW 668074305 5,240 215,000 SH SOLE 1 Old Republic Intl Corp. COM 680223104 272 21,093 SH SOLE One Liberty Properties Inc COM 682406103 661 41,013 SH SOLE Peapack-Gladstone Financial Corp. COM 704699107 6,181 228,598 SH SOLE 1 Pfizer Inc. COM 717081103 2,660 127,100 SH SOLE Philip Morris International Inc. COM 718172109 8,093 160,000 SH SOLE 1 Presidential Life Corp. COM 740884101 1,099 63,000 SH SOLE 1 Prudential Bancorp Inc. PA COM 744319104 2,744 224,000 SH SOLE 1 Republic First Bancorp, Inc. COM 760416107 1,028 208,500 SH SOLE 1 Rome Bancorp Inc. New COM 77587P103 466 40,000 SH SOLE 1 Rowan Companies, Inc. COM 779382100 581 14,100 SH SOLE 1 Royal Dutch Shell PLC Spon ADR A 780259206 2,494 37,239 SH SOLE SL Green Realty Corp. COM 78440X101 407 5,000 SH SOLE 1 SLM Corp. COM 78442P106 6,332 412,500 SH SOLE 1 Safeguard Scientifics, Inc. COM 786449108 2,980 2,000,000 SH SOLE 1 Sears Holdings Corp. COM 812350106 37,040 362,816 SH SOLE 1 Smith & Wesson Holding Corp. COM 831756101 176 35,000 SH SOLE 1 Sony Corp ADR NEW 835699307 9,312 232,400 SH SOLE 1 State Bancorp Inc N.Y. COM 855716106 1,796 152,200 SH SOLE 1 Syms Corp. COM 871551107 2,428 200,000 SH SOLE 1 TFS Financial Corp. COM 87240R107 1,203 100,000 SH SOLE 1 Thomas Properties Group Inc. COM 884453101 1,317 150,000 SH SOLE 1 Trane Inc. COM 892893108 29,179 635,700 SH SOLE 1 Tuesday Morning Corp COM NEW 899035505 725 140,000 SH SOLE 1 Unitrin Inc. COM 913275103 2,863 81,000 SH SOLE 1 WABCO Holdings Inc. COM 92927K102 2,093 45,880 SH SOLE 1 Warwick Valley Tel Co COM 936750108 1,312 111,002 SH SOLE 1 Watson Pharmaceuticals Inc. COM 942683103 2,932 100,000 SH SOLE 1 Zep, Inc. COM 98944B108 2,109 130,000 SH SOLE 1 COLUMN 1 COLUMN 8 VOTING AUTHORITY NAME OF ISSUER SOLE SHARED NONE Allied World Assur Hldg Ltd. 154,297 Enstar Group Ltd. 67,700 Ingersoll-Rand Company Ltd. 125,000 Nabors Industries Ltd 51,000 OneBeacon Insurance Group Ltd. 56,900 TYCO International Ltd. Bermuda 442,500 Tyco Electronics Ltd. 392,700 Abington Community Bancorp Inc. 453,200 Adaptec Inc. 827,700 Alexander's, Inc. 1,801 Altria Group Inc. 160,000 American Greetings Corp. 940,000 American Intl Group Inc 600,000 Arkansas Best Corp. 584,800 Armstrong World Inds Inc. 349,500 Astoria Financial Corp 31,500 Autoliv Inc. 100,000 BKF Cap Group Inc. 376,700 BNCCORP Inc. 147,050 Bancorp Rhode Island, Inc. 100,000 Beneficial Mutual Bancorp, Inc. 102,500 Benjamin Franklin Bancorp Inc. 102,000 Berkshire Hathaway Inc 10 Boyd Gaming Corp. 100,000 CBS Corp New 389,300 Cabot Corp. 72,600 Calpine Corp. 347,956 Cape Bancorp Inc. 55,000 Charlotte Russe Hldg Inc 185,000 Comcast Corp. New 200,000 ConocoPhillips 342,000 Conseco Inc 2,124,626 Dana Holding Corp. 106,590 Danvers Bancorp, Inc. 35,000 Dearborn Bancorp Inc. 248,000 Delta Air Lines Inc Del 1,165,879 The Dress Barn Inc 100,000 Duckwall-Alco Stores, Inc. 180,700 Emmis Communications Corp 915,700 Encore Cap Group Inc 692,300 Exxon Mobil Corp. 10,000 Farmer Bros Co. 297,225 First Financial Northwest Inc. 162,900 Flushing Financial Corp. 85,800 Forest City Enterprises Inc 17,800 Franklin Bank Corp. Del 611,900 Franklin Resources Inc. 55,000 Fredericks Hollywood Group 284,300 GAMCO Investors Inc. 78,300 Gencorp Inc. 470,200 Getty Images Inc. 271,600 Getty Realty Corp. 74,618 GLG Partners Inc. 240,000 GLG Partners Inc. 250,000 Goodyear Tire & Rubber Co 661,100 Great Florida Bk Miami Lakes Fla 28,469 Gyrodyne Co. America Inc. 5,391 Harley-Davidson, Inc. 150,000 Hearst-Argyle Television Inc. 303,900 Hilltop Holdings, Inc. 391,500 Hudson City Bancorp 200,000 Johnson & Johnson 55,000 Johnson Outdoors Inc. 352,500 Kaiser Aluminum Corp. 173,600 Keweenaw Land Association Ltd. 11,855 Leap Wireless Intl Inc 100,000 Lear Corp. 231,900 Leggett & Platt Inc. 135,100 Louisiana Bancorp Inc New 567,100 M & F Worldwide Corp. 50,000 MVC Capital Inc. 1,016,800 Marlin Business Services Corp. 436,600 McClatchy Co 521,475 McGraw Hill Companies Inc. 425,000 Miller Inds Inc Tenn 280,300 Mothers Wk Inc 290,000 NorthWestern Corp. 215,000 Old Republic Intl Corp. 21,093 One Liberty Properties Inc 41,013 Peapack-Gladstone Financial Corp. 228,598 Pfizer Inc. 127,100 Philip Morris International Inc. 160,000 Presidential Life Corp. 63,000 Prudential Bancorp Inc. PA 224,000 Republic First Bancorp, Inc. 208,500 Rome Bancorp Inc. New 40,000 Rowan Companies, Inc. 14,100 Royal Dutch Shell PLC 37,239 SL Green Realty Corp. 5,000 SLM Corp. 412,500 Safeguard Scientifics, Inc. 2,000,000 Sears Holdings Corp. 362,816 Smith & Wesson Holding Corp. 35,000 Sony Corp 232,400 State Bancorp Inc N.Y. 152,200 Syms Corp. 200,000 TFS Financial Corp. 100,000 Thomas Properties Group Inc. 150,000 Trane Inc. 635,700 Tuesday Morning Corp 140,000 Unitrin Inc. 81,000 WABCO Holdings Inc. 45,880 Warwick Valley Tel Co 111,002 Watson Pharmaceuticals Inc. 100,000 Zep, Inc. 130,000