13F-HR 1 form13f-hr.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, 2010 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 2/11/11 -------------------- ------------- ------- [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: 110 --- Form 13F Information Table Value Total: $592,710 ---------- (thousands) List of Other Included Managers: 1 MFP Investors LLC

INVEST- MENT OTHER TITLE OF VALUE SHRS OR SH/ PUT/ DISCRE- MANA- VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL TION GERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- --------- --- ---- ------- ----- --------- ------ ---- Enstar Group Ltd. SHS G3075P101 4,161 49,200 SH SOLE 1 49,200 Ingersoll-Rand PLC SHS G47791101 12,714 270,000 SH SOLE 1 270,000 Alcon Inc. COM SHS H01301102 14,412 88,200 SH SOLE 1 88,200 TYCO International Ltd. SHS H89128104 1,295 31,250 SH SOLE 31,250 A.C. Moore Arts & Crafts Inc. COM 00086T103 348 138,700 SH SOLE 1 138,700 Abington Community Bancorp Inc. COM 00350L109 2,386 200,000 SH SOLE 1 200,000 AbitibiBowater Inc. COM NEW 003687209 5,877 248,306 SH SOLE 1 248,306 Airgas Inc. COM 009363102 7,495 120,000 SH SOLE 1 120,000 Alberto Culver Co. COM 013078100 2,234 60,300 SH SOLE 1 60,300 American River Bankshares COM 029326105 829 138,218 SH SOLE 1 138,218 Arkansas Best Corp. COM 040790107 7,478 272,720 SH SOLE 1 272,720 BRT Realty Trust SH BEN INT NEW 055645303 1,104 154,129 SH SOLE 1 154,129 Baldor Electric Company COM 057741100 1,885 29,897 SH SOLE 1 29,897 Bank of America Corporation COM 060505104 9,605 720,000 SH SOLE 1 720,000 Becton, Dickinson & Co. COM 075887109 13,946 165,000 SH SOLE 1 165,000 Berkshire Hathaway Inc. CL A 084670108 3,011 25 SH SOLE 1 25 Boeing Co. COM 097023105 1,305 20,000 SH SOLE 20,000 Bucyrus International Inc. COM 118759109 2,235 25,000 SH SOLE 1 25,000 Builders FirstSource Inc. COM 12008R107 325 165,222 SH SOLE 1 165,222 CNO Financial Group Inc. COM 12621E103 14,393 2,122,814 SH SOLE 1 2,122,814 Cache, Inc. COM NEW 127150308 8,703 1,960,102 SH SOLE 1 1,960,102 Cape Bancorp Inc. COM 139209100 1,811 213,000 SH SOLE 1 213,000 CapitalSource Inc. DBCV 3.50% 7/1 14055XAD4 2,994 3,000,000 PRN SOLE 1 3,000,000 CapitalSource Inc. DBCV 4.00% 7/2 14055XAE2 4,991 5,000,000 PRN SOLE 1 5,000,000 CapitalSource Inc. DBCV 7.25% 7/3 14055XAG7 8,050 7,873,000 PRN SOLE 1 7,873,000 CapitalSource Inc. COM 14055X102 5,529 778,800 SH SOLE 1 778,800 Capitol Federal Financial Inc. COM 14057J101 3,573 300,000 SH SOLE 1 300,000 Charming Shoppes, Inc. COM 161133103 6,127 1,725,900 SH SOLE 1 1,725,900 Chubb Corp. COM 171232101 4,175 70,000 SH SOLE 1 70,000 Citigroup Inc. COM 172967101 21,285 4,500,000 SH SOLE 1 4,500,000 Coca-Cola Enterprises Inc. New COM 19122T109 8,698 347,500 SH SOLE 1 347,500 ConocoPhillips COM 20825C104 23,597 346,500 SH SOLE 1 346,500 Cowen Group Inc NEW CL A 223622101 696 148,372 SH SOLE 1 148,372 Del Monte Foods Co COM 24522P103 3,760 200,000 SH SOLE 1 200,000 Delta Air Lines, Inc. COM NEW 247361702 325 25,833 SH SOLE 1 25,833 Destination Maternity Corp. COM 25065D100 11,379 300,000 SH SOLE 1 300,000 Duckwall-Alco Stores, Inc. COM 264142100 3,364 264,919 SH SOLE 1 264,919 EXCO Resources Inc. COM 269279402 5,728 294,966 SH SOLE 1 294,966 Earthlink Inc. COM 270321102 175 20,359 SH SOLE 20,359 Ebay Inc. COM 278642103 4,055 145,700 SH SOLE 1 145,700 Elan plc ADR 284131208 4,985 870,000 SH SOLE 1 870,000 Encore Cap Group Inc COM 292554102 4,966 211,754 SH SOLE 1 211,754 Enzon Pharmaceuticals Inc. COM 293904108 7,297 600,100 SH SOLE 1 600,100 Exxon Mobil Corp. COM 30231G102 877 12,000 SH SOLE 12,000 Farmer Bros Co. COM 307675108 4,129 231,949 SH SOLE 1 231,949 Forest City Enterprises Inc. CL A 345550107 16,236 972,800 SH SOLE 1 972,800 Fox Chase Bancorp Inc. COM 35137T108 1,898 160,200 SH SOLE 1 160,200 GAMCO Investors Inc. COM 361438104 3,754 78,200 SH SOLE 1 78,200 Gencorp Inc. COM 368682100 3,949 763,794 SH SOLE 1 763,794 Genzyme Corporation COM 372917104 12,958 182,000 SH SOLE 1 182,000 Getty Realty Corp. COM 374297109 1,133 36,218 SH SOLE 36,218 Goldman Sachs and Company COM 38141G104 6,726 40,000 SH SOLE 1 40,000 Granite Construction Inc COM 387328107 4,776 174,113 SH SOLE 1 174,113 Great Florida Bk Miami Lakes Fla CL A 390528107 10 28,469 SH SOLE 28,469 GulfMark Offshore, Inc. CL A NEW 402629208 16,784 552,100 SH SOLE 1 552,100 Gyrodyne Co. America Inc. COM 403820103 1,274 15,858 SH SOLE 1 15,858 Harris Corp Del COM 413875105 6,116 135,000 SH SOLE 1 135,000 Heckmann Corp. COM 422680108 3,033 603,070 SH SOLE 1 603,070 Heritage Commerce Corp. COM 426927109 5,760 1,280,000 SH SOLE 1 1,280,000 Heritage Oaks Bancorp COM 42724R107 3,840 1,167,046 SH SOLE 1 1,167,046 Herley Inds Inc. COM 427398102 3,988 230,227 SH SOLE 1 230,227 Hilltop Holdings, Inc. COM 432748101 2,952 297,600 SH SOLE 1 297,600 Huntsman Corp. COM 447011107 6,244 400,000 SH SOLE 1 400,000 John Bean Technologies Corp. COM 477839104 5,180 257,331 SH SOLE 1 257,331 Johnson & Johnson COM 478160104 2,783 45,000 SH SOLE 45,000 Johnson Outdoors Inc. CL A 479167108 4,766 380,666 SH SOLE 1 380,666 Kaiser Aluminum Corp. COM PAR $0.01 483007704 15,167 302,800 SH SOLE 1 302,800 M & F Worldwide Corp. COM 552541104 2,206 95,500 SH SOLE 1 95,500 MVC Capital Inc. COM 553829102 2,429 166,400 SH SOLE 1 166,400 Malvern Federal Bancorp, Inc. COM 561410101 1,498 199,700 SH SOLE 1 199,700 Marlin Business Services Corp. COM 571157106 6,735 532,449 SH SOLE 1 532,449 McAfee Inc. COM 579064106 5,789 125,000 SH SOLE 1 125,000 McGraw Hill Companies Inc. COM 580645109 16,202 445,000 SH SOLE 1 445,000 Miller Inds Inc Tenn COM NEW 600551204 3,802 267,186 SH SOLE 1 267,186 National Fuel Gas Co N J COM 636180101 6,477 98,700 SH SOLE 1 98,700 Newell Rubbermaid Inc. COM 651229106 4,363 240,000 SH SOLE 1 240,000 Old Republic Intl Corp. COM 680223104 287 21,093 SH SOLE 21,093 OmniAmerican Bancorp Inc COM 68216R107 4,065 300,000 SH SOLE 1 300,000 One Liberty Properties Inc COM 682406103 2,026 121,312 SH SOLE 1 121,312 Oritani Financial Corp. COM 68633D103 1,224 100,000 SH SOLE 1 100,000 Palomar Medical Technologies, Inc. COM NEW 697529303 2,176 153,106 SH SOLE 1 153,106 Peapack-Gladstone Financial Corp. COM 704699107 70 5,329 SH SOLE 5,329 Penny JC Inc. COM 708160106 969 30,000 SH SOLE 1 30,000 Pfizer Inc. COM 717081103 3,977 227,100 SH SOLE 1 227,100 Presidential Life Corp. COM 740884101 1,596 160,700 SH SOLE 1 160,700 Primoris Services Corp. COM 74164F103 1,813 190,000 SH SOLE 1 190,000 Prudential Bancorp Inc. PA COM 744319104 576 95,200 SH SOLE 1 95,200 QLT Inc. COM 746927102 981 133,893 SH SOLE 1 133,893 RBC Bearings Inc COM 75524B104 2,403 61,499 SH SOLE 1 61,499 Rowan Companies, Inc. COM 779382100 11,118 318,485 SH SOLE 1 318,485 Royal Dutch Shell PLC Spon ADR A 780259206 988 14,800 SH SOLE 14,800 Ruths Hospitality Group Inc. COM 783332109 11,825 2,553,977 SH SOLE 1 2,553,977 S L Industries Inc. COM 784413106 87 4,964 SH SOLE 4,964 SLM Corp. COM 78442P106 2,069 164,300 SH SOLE 1 164,300 Safeguard Scientifics, Inc. COM NEW 786449207 5,346 313,025 SH SOLE 1 313,025 SeaChange Intl Inc. COM 811699107 2,155 252,000 SH SOLE 1 252,000 Sealed Air Corp. COM 81211K100 5,854 230,000 SH SOLE 1 230,000 Sears Holdings Corp. COM 812350106 6,869 93,138 SH SOLE 93,138 Symetra Financial Corp. COM 87151Q106 24,523 1,790,000 SH SOLE 1 1,790,000 Syms Corp. COM 871551107 2,288 316,494 SH SOLE 1 316,494 Synta Pharmaceuticals Corp. COM 87162T206 753 123,058 SH SOLE 1 123,058 Tejon Ranch Co. COM 879080109 11,137 404,243 SH SOLE 1 404,243 Transatlantic Hldgs Inc COM 893521104 4,228 81,900 SH SOLE 1 81,900 United Therapeutics Corp COM 91307C102 6,050 95,700 SH SOLE 1 95,700 Unitrin Inc. COM 913275103 3,558 145,000 SH SOLE 1 145,000 Verifone Systems Inc. COM 92342Y109 9,640 250,000 SH SOLE 1 250,000 Verisk Analytics Inc. CL A 92345Y106 341 10,000 SH SOLE 10,000 WHX Corp. COM PAR $.01 NEW 929248607 367 28,188 SH SOLE 28,188 Warwick Valley Tel Co COM 936750108 147 10,568 SH SOLE 10,568 West Coast Bancorp Ore. New COM 952145100 24,069 8,535,000 SH SOLE 1 8,535,000