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: March 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 5/13/11 -------------------- ------------- ------- [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: 106 --- Form 13F Information Table Value Total: $678,312 ----------- (thousands) List of Other Included Managers: 1 MFP Investors LLC 3

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 3,296 32,996 SH SOLE 1 32,996 Alcon Inc. COM SHS H01301102 14,598 88,200 SH SOLE 1 88,200 TYCO International Ltd. SHS H89128104 1,399 31,250 SH SOLE 31,250 A.C. Moore Arts & Crafts Inc. COM 00086T103 380 138,700 SH SOLE 1 138,700 Alberto Culver Co. COM 013078100 2,247 60,300 SH SOLE 1 60,300 American River Bankshares COM 029326105 912 138,218 SH SOLE 1 138,218 Arkansas Best Corp. COM 040790107 7,069 272,720 SH SOLE 1 272,720 BRT Realty Trust SH BEN INT NEW 055645303 997 154,129 SH SOLE 1 154,129 Bank of America Corporation COM 060505104 9,891 742,027 SH SOLE 1 742,027 Becton, Dickinson & Co. COM 075887109 19,109 240,000 SH SOLE 1 240,000 Boeing Co. COM 097023105 1,479 20,000 SH SOLE 20,000 Brocade Communications Sys Inc. COM NEW 111621306 3,075 500,000 SH SOLE 1 500,000 Bucyrus International Inc. COM 118759109 2,286 25,000 SH SOLE 1 25,000 Build-a-Bear Workshop, Inc. COM 120076104 210 34,697 SH SOLE 34,697 Builders FirstSource Inc. COM 12008R107 469 165,222 SH SOLE 1 165,222 CIT Group Inc. COM NEW 125581801 1,447 34,000 SH SOLE 1 34,000 CNO Financial Group Inc. COM 12621E103 15,942 2,122,814 SH SOLE 1 2,122,814 Cache, Inc. COM NEW 127150308 9,479 2,065,203 SH SOLE 1 2,065,203 Cape Bancorp Inc. COM 139209100 2,098 213,000 SH SOLE 1 213,000 CapitalSource Inc. COM 14055X102 6,085 864,304 SH SOLE 1 864,304 Capitol Federal Financial Inc. COM 14057J101 3,381 300,000 SH SOLE 1 300,000 Charming Shoppes, Inc. COM 161133103 7,957 1,867,900 SH SOLE 1 1,867,900 Chubb Corp. COM 171232101 4,292 70,000 SH SOLE 1 70,000 Citigroup Inc. COM 172967101 32,551 7,364,541 SH SOLE 1 7,364,541 Coca-Cola Enterprises Inc. New COM 19122T109 9,350 342,500 SH SOLE 1 342,500 ConocoPhillips COM 20825C104 27,671 346,500 SH SOLE 1 346,500 Cott Corp COM 22163N106 1,920 228,545 SH SOLE 228,545 Courier Corporation COM 222660102 110 7,844 SH SOLE 1 7,844 Destination Maternity Corp. COM 25065D100 12,893 558,880 SH SOLE 1 558,880 Duckwall-Alco Stores, Inc. COM 264142100 3,359 264,919 SH SOLE 1 264,919 EXCO Resources Inc. COM 269279402 8,575 415,060 SH SOLE 1 415,060 Earthlink Inc. COM 270321102 159 20,359 SH SOLE 20,359 Ebay Inc. COM 278642103 2,195 70,700 SH SOLE 1 70,700 Elan plc ADR 284131208 6,880 1,000,000 SH SOLE 1 1,000,000 Enzon Pharmaceuticals Inc. COM 293904108 7,630 700,000 SH SOLE 1 700,000 Exxon Mobil Corp. COM 30231G102 1,010 12,000 SH SOLE 12,000 Farmer Bros Co. COM 307675108 3,142 259,209 SH SOLE 1 259,209 Forest City Enterprises Inc. CL A 345550107 18,318 972,800 SH SOLE 1 972,800 Fox Chase Bancorp Inc. COM 35137T108 2,230 160,200 SH SOLE 1 160,200 GAMCO Investors Inc. COM 361438104 3,625 78,200 SH SOLE 1 78,200 Gencorp Inc. COM 368682100 4,567 763,794 SH SOLE 1 763,794 Genzyme Corporation COM 372917104 26,654 350,000 SH SOLE 1 350,000 Getty Realty Corp. COM 374297109 829 36,218 SH SOLE 36,218 Goldman Sachs and Company COM 38141G104 6,344 40,000 SH SOLE 1 40,000 Granite Construction Inc COM 387328107 4,893 174,113 SH SOLE 1 174,113 Great Florida Bk Miami Lakes Fla CL A 390528107 6 28,469 SH SOLE 28,469 GulfMark Offshore, Inc. CL A NEW 402629208 24,574 552,100 SH SOLE 1 552,100 Gyrodyne Co. America Inc. COM 403820103 2,335 31,131 SH SOLE 1 31,131 Handy & Harman Ltd. COM 410315105 339 28,188 SH SOLE 28,188 Hardinge, Inc. COM 412324303 685 50,000 SH SOLE 1 50,000 Harris Corp Del COM 413875105 8,487 171,100 SH SOLE 1 171,100 Heritage Commerce Corp. COM 426927109 5,952 1,280,000 SH SOLE 1 1,280,000 Heritage Oaks Bancorp COM 42724R107 4,073 1,167,046 SH SOLE 1 1,167,046 Hilltop Holdings, Inc. COM 432748101 2,988 297,600 SH SOLE 1 297,600 Huntsman Corp. COM 447011107 6,952 400,000 SH SOLE 1 400,000 ITT Corporation New COM 450911102 37,099 617,800 SH SOLE 1 617,800 John Bean Technologies Corp. COM 477839104 4,948 257,331 SH SOLE 1 257,331 Johnson & Johnson COM 478160104 2,666 45,000 SH SOLE 45,000 Johnson Outdoors Inc. CL A 479167108 5,782 380,666 SH SOLE 1 380,666 Kaiser Aluminum Corp. COM PAR $0.01 483007704 14,913 302,800 SH SOLE 1 302,800 KeyCorp New COM 493267108 1,332 150,000 SH SOLE 1 150,000 Lubrizol Corp COM 549271104 3,054 22,800 SH SOLE 1 22,800 M & F Worldwide Corp. COM 552541104 2,399 95,500 SH SOLE 1 95,500 MVC Capital Inc. COM 553829102 2,283 166,400 SH SOLE 1 166,400 Malvern Federal Bancorp, Inc. COM 561410101 1,741 199,700 SH SOLE 1 199,700 Marlin Business Services Corp. COM 571157106 6,570 532,449 SH SOLE 1 532,449 McGraw Hill Companies Inc. COM 580645109 17,533 445,000 SH SOLE 1 445,000 Miller Inds Inc Tenn COM NEW 600551204 3,965 244,164 SH SOLE 1 244,164 National Fuel Gas Co N J COM 636180101 7,304 98,700 SH SOLE 1 98,700 Newell Rubbermaid Inc. COM 651229106 4,591 240,000 SH SOLE 1 240,000 Old Republic Intl Corp. COM 680223104 268 21,093 SH SOLE 21,093 OmniAmerican Bancorp Inc COM 68216R107 4,752 300,000 SH SOLE 1 300,000 One Liberty Properties Inc COM 682406103 2,238 148,376 SH SOLE 1 148,376 Oritani Financial Corp. COM 68633D103 1,268 100,000 SH SOLE 1 100,000 Palomar Medical Technologies, Inc. COM NEW 697529303 2,274 153,106 SH SOLE 1 153,106 Peapack-Gladstone Financial Corp. COM 704699107 71 5,329 SH SOLE 5,329 Penny JC Inc. COM 708160106 23,221 646,650 SH SOLE 1 646,650 Pfizer Inc. COM 717081103 7,862 387,100 SH SOLE 1 387,100 Presidential Life Corp. COM 740884101 1,531 160,700 SH SOLE 1 160,700 Prudential Bancorp Inc. PA COM 744319104 665 95,200 SH SOLE 1 95,200 QLT Inc. COM 746927102 931 133,893 SH SOLE 1 133,893 RBC Bearings Inc COM 75524B104 2,351 61,499 SH SOLE 1 61,499 Richardson Electronics Ltd. COM 763165107 758 57,516 SH SOLE 1 57,516 Rowan Companies, Inc. COM 779382100 13,955 315,860 SH SOLE 1 315,860 Royal Dutch Shell PLC Spon ADR A 780259206 1,078 14,800 SH SOLE 14,800 Rural/Metro Corp COM 781748108 1,348 79,100 SH SOLE 1 79,100 Ruths Hospitality Group Inc. COM 783332109 13,179 2,553,977 SH SOLE 1 2,553,977 SI Financial Group Inc. MD COM 78425V104 503 50,900 SH SOLE 1 50,900 S L Industries Inc. COM 784413106 91 4,964 SH SOLE 4,964 SLM Corp. COM 78442P106 306 20,000 SH SOLE 20,000 Safeguard Scientifics, Inc. COM NEW 786449207 6,370 313,025 SH SOLE 1 313,025 SeaChange Intl Inc. COM 811699107 2,394 252,000 SH SOLE 1 252,000 Sealed Air Corp. COM 81211K100 6,132 230,000 SH SOLE 1 230,000 Sears Holdings Corp. COM 812350106 7,698 93,138 SH SOLE 93,138 Smurfit-Stone Container Corp. COM 83272A104 1,160 30,000 SH SOLE 1 30,000 Symetra Financial Corp. COM 87151Q106 24,344 1,790,000 SH SOLE 1 1,790,000 Syms Corp. COM 871551107 2,111 316,494 SH SOLE 1 316,494 Synta Pharmaceuticals Corp. COM 87162T206 647 123,058 SH SOLE 1 123,058 Tejon Ranch Co. COM 879080109 11,812 321,500 SH SOLE 1 321,500 Transatlantic Hldgs Inc COM 893521104 3,986 81,900 SH SOLE 1 81,900 United Therapeutics Corp COM 91307C102 4,812 71,800 SH SOLE 1 71,800 Unitrin Inc. COM 913275103 4,478 145,000 SH SOLE 1 145,000 Verifone Systems Inc. COM 92342Y109 13,738 250,000 SH SOLE 1 250,000 Verisk Analytics Inc. CL A 92345Y106 328 10,000 SH SOLE 10,000 West Coast Bancorp Ore. New COM 952145100 29,616 8,535,000 SH SOLE 1 8,535,000 Williams Companies Inc Del COM 969457100 4,462 143,100 SH SOLE 1 143,100