13F-HR 1 form13f.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, 2009 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 5/14/09 ----------------------------------- ------------ ------- [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: $179,412 -------- (thousands) List of Other Included Managers: 1 MFP Investors LLC

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- -------- VOTING TITLE VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- ----- -------- -------- --- ----- ---------- -------- ---- ------ ---- Allied World Assur Hldg Ltd. SHS G0219G203 4,312 113,394 SH SOLE 1 113,394 Enstar Group Ltd. SHS G3075P101 3,523 62,550 SH SOLE 1 62,550 Ingersoll-Rand Company Ltd. CL A G4776G101 5,465 396,034 SH SOLE 1 396,034 TYCO International Ltd. Bermuda SHS G9143X208 4,469 228,475 SH SOLE 1 228,475 Tyco Electronics Ltd. COM NEW G9144P105 359 32,500 SH SOLE 32,500 Abington Community Bancorp Inc. COM 00350L109 3,155 381,000 SH SOLE 1 381,000 American Greetings Corp. CL A 026375105 2,541 502,253 SH SOLE 1 502,253 Arkansas Best Corp. COM 040790107 5,434 285,700 SH SOLE 1 285,700 Armstrong World Inds Inc. COM 04247X102 220 20,000 SH SOLE 20,000 BCSB Bankcorp, Inc. COM 055367106 380 43,400 SH SOLE 1 43,400 BKF Cap Group Inc. COM 05548G102 282 293,800 SH SOLE 1 293,800 BRT Realty Trust SH BEN INT NEW 055645303 237 66,750 SH SOLE 1 66,750 BNCCORP Inc. COM 055936108 1,250 147,069 SH SOLE 1 147,069 Belo Corporation - A COM SER A 080555105 96 157,900 SH SOLE 1 157,900 Boeing Co. COM 097023105 712 20,000 SH SOLE 20,000 Buckeye GP Holdings LP COM UNITS LP 118167105 1,724 107,200 SH SOLE 1 107,200 CF Industries Hldgs Inc COM 125269100 7,113 100,000 SH SOLE 1 100,000 Cache, Inc. COM NEW 127150308 492 170,900 SH SOLE 1 170,900 Cape Bancorp Inc. COM 139209100 1,120 159,300 SH SOLE 1 159,300 CapitalSource Inc. COM 14055X102 1,007 825,000 SH SOLE 1 825,000 Charlotte Russe Hldg Inc COM 161048103 2,708 332,300 SH SOLE 1 332,300 Charming Shoppes, Inc. COM 161133103 459 327,900 SH SOLE 1 327,900 ConocoPhillips COM 20825C104 13,569 346,500 SH SOLE 1 346,500 Conseco Inc COM NEW 208464883 2,024 2,200,564 SH SOLE 1 2,200,564 Dearborn Bancorp Inc. COM 24242R108 392 215,571 SH SOLE 1 215,571 Delta Airlines COM NEW 247361702 97 17,180 SH SOLE 17,180 Destination Maternity Corp. COM 25065D100 2,065 327,300 SH SOLE 1 327,300 Duckwall-Alco Stores, Inc. COM 264142100 3,036 315,591 SH SOLE 1 315,591 Ebay Inc. COM 278642103 1,256 100,000 SH SOLE 1 100,000 Encore Cap Group Inc COM 292554102 2,935 647,800 SH SOLE 1 647,800 Exxon Mobil Corp. COM 30231G102 817 12,000 SH SOLE 12,000 Farmer Bros Co. COM 307675108 4,124 231,669 SH SOLE 1 231,669 GAMCO Investors Inc. COM 361438104 2,896 88,700 SH SOLE 1 88,700 Gencorp Inc. COM 368682100 1,567 739,000 SH SOLE 1 739,000 Getty Realty Corp. COM 374297109 665 36,218 SH SOLE 36,218 Gevity HR Inc. COM 374393106 188 47,700 SH SOLE 1 47,700 Goodrich Corp. COM 382388106 1,553 41,000 SH SOLE 1 41,000 Goodyear Tire & Rubber Co COM 382550101 781 124,700 SH SOLE 1 124,700 Great Florida Bk Miami Lakes Fla CL A 390528107 51 28,469 SH SOLE 28,469 Gyrodyne Co. America Inc. COM 403820103 125 5,391 SH SOLE 5,391 GulfMark Offshore, Inc. COM 402629109 4,082 171,100 SH SOLE 1 171,100 Harris Corp Del COM 413875105 1,881 65,000 SH SOLE 1 65,000 Hearst-Argyle Television Inc. COM 422317107 1,908 458,600 SH SOLE 1 458,600 Herley Inds Inc. COM 427398102 1,340 112,000 SH SOLE 1 112,000 HI/FN INC. COM 428358105 182 45,885 SH SOLE 1 45,885 Hilltop Holdings, Inc. COM 432748101 3,393 297,600 SH SOLE 1 297,600 Home Bancorp Inc COM 43689E107 1,381 140,200 SH SOLE 1 140,200 ICO Inc. New COM 449293109 1,561 757,800 SH SOLE 1 757,800 Johnson & Johnson COM 478160104 2,367 45,000 SH SOLE 45,000 Johnson Outdoors Inc. CL A 479167108 1,803 357,034 SH SOLE 1 357,034 Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,011 260,000 SH SOLE 1 260,000 Louisiana Bancorp Inc New COM 54619P104 5,979 467,100 SH SOLE 1 467,100 M & F Worldwide Corp. COM 552541104 1,815 155,000 SH SOLE 1 155,000 MVC Capital Inc. COM 553829102 2,467 293,300 SH SOLE 1 293,300 Malvern Federal Bancorp, Inc. COM 561410101 1,982 221,500 SH SOLE 1 221,500 Marlin Business Services Corp. COM 571157106 1,492 377,620 SH SOLE 1 377,620 McGraw Hill Companies Inc. COM 580645109 4,995 218,400 SH SOLE 1 218,400 Miller Inds Inc Tenn COM NEW 600551204 1,853 289,518 SH SOLE 1 289,518 National Fuel Gas Co N J COM 636180101 4,867 158,700 SH SOLE 1 158,700 Newell Rubbermaid Inc. COM 651229106 415 65,000 SH SOLE 1 65,000 Northeast Cmnty Bancorp Inc. COM 664112109 374 50,246 SH SOLE 1 50,246 NorthWestern Corp. COM NEW 668074305 3,690 171,800 SH SOLE 1 171,800 Nova Chemical Corp. COM 66977W109 576 100,000 SH SOLE 1 100,000 Old Republic Intl Corp. COM 680223104 228 21,093 SH SOLE 21,093 One Liberty Properties Inc COM 682406103 277 78,813 SH SOLE 1 78,813 Peapack-Gladstone Financial Corp. COM 704699107 990 54,888 SH SOLE 1 54,888 Pfizer Inc. COM 717081103 1,731 127,100 SH SOLE 127,100 Presidential Life Corp. COM 740884101 1,060 136,100 SH SOLE 1 136,100 Primoris Services Corp. COM 74164F103 930 239,000 SH SOLE 1 239,000 Primoris Services Corp. W EXP 10/02/2010 74164F111 116 180,500 SH SOLE 1 180,500 Prudential Bancorp Inc. PA COM 744319104 2,645 224,700 SH SOLE 1 224,700 Revlon Inc CL A NEW 761525609 269 108,610 SH SOLE 1 108,610 Rome Bancorp Inc. New COM 77587P103 235 29,100 SH SOLE 1 29,100 Rowan Companies, Inc. COM 779382100 4,405 368,000 SH SOLE 1 368,000 Royal Dutch Shell PLC Spon ADR A 780259206 713 16,100 SH SOLE 16,100 SLM Corp. COM 78442P106 2,574 520,100 SH SOLE 1 520,100 Safeguard Scientifics, Inc. COM 786449108 1,041 1,893,158 SH SOLE 1 1,893,158 Sears Holdings Corp. COM 812350106 4,257 93,138 SH SOLE 93,138 Starwood Hotels & Resorts COM 85590A401 127 10,000 SH SOLE 10,000 State Bancorp Inc N.Y. COM 855716106 926 120,200 SH SOLE 1 120,200 Syms Corp. COM 871551107 848 138,569 SH SOLE 1 138,569 TFS Financial Corp. COM 87240R107 2,790 230,000 SH SOLE 1 230,000 Telephone & Data Systems Inc. COM 879433100 3,711 140,000 SH SOLE 1 140,000 Terra Industries Inc. COM 880915103 3,770 134,200 SH SOLE 1 134,200 Thomas Properties Group Inc. COM 884453101 383 324,585 SH SOLE 1 324,585 Unitrin Inc. COM 913275103 1,152 82,400 SH SOLE 1 82,400 Vornado Rlty L P DBCV 3.625% 11/15/26 929043AE7 790 1,000,000 PRN SOLE 1 1,000,000 Warwick Valley Tel Co COM 936750108 254 23,100 SH SOLE 1 23,100 Washington Post Co CL B 939640108 71 200 SH SOLE 1 200 Wyeth COM 983024100 1,506 35,000 SH SOLE 1 35,000