13F-HR 1 form.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: June 30, 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: 28-13081 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 8/14/08 --------------------------- ------------- ------- [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)). 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: $520,565 ----------- (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 6,113 154,297 SH SOLE 1 Aspen Insurance Holdings Ltd. SHS G05384105 473 20,000 SH SOLE 1 Enstar Group Ltd. SHS G3075P101 8,199 93,700 SH SOLE 1 Flagstone Reinsurance Holdings Ltd. SHS G3529T105 396 33,600 SH SOLE 1 Ingersoll-Rand Company Ltd. CL A G4776G101 10,151 271,211 SH SOLE 1 Maiden Holdings Ltd. SHS G5753U112 2,164 338,100 SH SOLE 1 TYCO International Ltd. Bermuda SHS G9143X208 17,117 427,500 SH SOLE 1 Tyco Electronics Ltd. COM NEW G9144P105 13,529 377,700 SH SOLE 1 Abington Community Bancorp Inc. COM 00350L109 4,133 453,200 SH SOLE 1 Adaptec Inc. COM 00651F108 2,593 810,400 SH SOLE 1 Altria Group Inc. COM 02209S103 3,290 160,000 SH SOLE 1 American Greetings Corp. CL A 026375105 12,463 1,010,000 SH SOLE 1 American Intl Group Inc COM 026874107 15,346 580,000 SH SOLE 1 Arkansas Best Corp. COM 040790107 21,427 584,800 SH SOLE 1 Armstrong World Inds Inc. COM 04247X102 9,444 323,200 SH SOLE 1 Autoliv Inc. COM 052800109 4,662 100,000 SH SOLE 1 BCSB Bankcorp, Inc. COM 055367106 478 44,700 SH SOLE 1 BKF Cap Group Inc. COM 05548G102 848 376,700 SH SOLE 1 BNCCORP Inc. COM 055936108 1,351 149,250 SH SOLE 1 Bancorp Rhode Island, Inc. COM 059690107 3,443 120,500 SH SOLE 1 Beneficial Mutual Bancorp, Inc. COM 08173R104 1,411 127,500 SH SOLE 1 Benjamin Franklin Bancorp Inc. COM 082073107 1,317 102,000 SH SOLE 1 Berkshire Hathaway Inc CL A 084670108 1,207 10 SH SOLE Boyd Gaming Corp. COM 103304101 1,884 150,000 SH SOLE 1 CBS Corp New CL B 124857202 7,685 394,300 SH SOLE 1 Cabot Corp. COM 127055101 2,190 90,100 SH SOLE 1 Calpine Corp. COM NEW 131347304 6,722 297,956 SH SOLE 1 Cape Bancorp Inc. COM 139209100 1,463 150,000 SH SOLE 1 Charlotte Russe Hldg Inc COM 161048103 1,840 103,615 SH SOLE 1 Chicos Fas Inc. COM 168615102 537 100,000 SH SOLE 1 ConocoPhillips COM 20825C104 26,064 292,000 SH SOLE 1 Conseco Inc COM NEW 208464883 21,076 2,124,626 SH SOLE 1 Dana Holding Corp. COM 235825205 584 109,220 SH SOLE 1 Danvers Bancorp, Inc. COM 236442109 385 35,000 SH SOLE 1 Dearborn Bancorp Inc. COM 24242R108 1,205 248,000 SH SOLE 1 Digimarc Corp. COM 253807101 1,133 80,000 SH SOLE 1 Duckwall-Alco Stores, Inc. COM 264142100 1,704 185,200 SH SOLE 1 Emmis Communications Corp CL A 291525103 2,183 866,200 SH SOLE 1 Encore Cap Group Inc COM 292554102 6,974 789,799 SH SOLE 1 Exxon Mobil Corp. COM 30231G102 881 10,000 SH SOLE Farmer Bros Co. COM 307675108 6,280 296,925 SH SOLE 1 First Financial Northwest Inc. COM 32022K102 1,618 162,900 SH SOLE 1 Forest City Enterprises Inc CL A 345550107 574 17,800 SH SOLE 1 Franklin Bank Corp. Del COM 352451108 373 611,900 SH SOLE 1 Franklin Resources Inc. COM 354613101 5,041 55,000 SH SOLE Fredericks Hollywood Group COM 35582T108 426 284,300 SH SOLE 1 GAMCO Investors Inc. COM 361438104 3,885 78,300 SH SOLE 1 Gencorp Inc. COM 368682100 5,034 703,100 SH SOLE 1 Getty Images Inc. COM 374276103 8,584 253,000 SH SOLE 1 Getty Realty Corp. COM 374297109 522 36,218 SH SOLE GLG Partners Inc. COM 37929X107 1,872 240,000 SH SOLE 1 GLG Partners Inc. W EXP 12/28/11 37929X115 398 200,000 SH SOLE 1 Goodyear Tire & Rubber Co COM 382550101 11,787 661,100 SH SOLE 1 Great Florida Bk Miami Lakes Fla CL A 390528107 135 28,469 SH SOLE Gyrodyne Co. America Inc. COM 403820103 187 5,391 SH SOLE Group 1 Automotive, Inc. COM 398905109 1,987 100,000 SH SOLE 1 Harley-Davidson, Inc. COM 412822108 5,439 150,000 SH SOLE 1 Hearst-Argyle Television Inc. COM 422317107 7,680 400,000 SH SOLE 1 Hilltop Holdings, Inc. COM 432748101 4,036 391,500 SH SOLE 1 ICO Inc. New COM 449293109 1,348 224,000 SH SOLE 1 Johnson & Johnson COM 478160104 3,539 55,000 SH SOLE Johnson Outdoors Inc. CL A 479167108 5,570 357,034 SH SOLE 1 Kaiser Aluminum Corp. COM PAR $0.01 483007704 13,500 252,200 SH SOLE 1 Keweenaw Land Association Ltd. COM 493026108 2,739 11,855 SH SOLE 1 Lear Corp. COM 521865105 3,970 280,000 SH SOLE 1 Leggett & Platt Inc. COM 524660107 2,266 135,100 SH SOLE 1 Louisiana Bancorp Inc New COM 54619P104 7,316 567,100 SH SOLE 1 M & F Worldwide Corp. COM 552541104 4,595 116,900 SH SOLE 1 MVC Capital Inc. COM 553829102 13,919 1,016,800 SH SOLE 1 Malvern Federal Bancorp, Inc. COM 561410101 2,196 200,000 SH SOLE 1 Marlin Business Services Corp. COM 571157106 3,319 479,000 SH SOLE 1 McClatchy Co CL A 579489105 2,985 440,175 SH SOLE 1 McGraw Hill Companies Inc. COM 580645109 17,051 425,000 SH SOLE 1 Miller Inds Inc Tenn COM NEW 600551204 3,005 301,700 SH SOLE 1 Mothers Wk Inc COM 619903107 4,229 420,000 SH SOLE 1 Nationwide Financial Services Inc CL A 638612101 139 2,900 SH SOLE 1 Northwest Airlines Corp. COM 667280408 6,267 941,105 SH SOLE 1 NorthWestern Corp. COM NEW 668074305 5,465 215,000 SH SOLE 1 Old Republic Intl Corp. COM 680223104 250 21,093 SH SOLE One Liberty Properties Inc COM 682406103 992 60,813 SH SOLE 1 Pantry Inc. COM 698657103 1,173 110,000 SH SOLE 1 Peapack-Gladstone Financial Corp. COM 704699107 5,264 239,598 SH SOLE 1 Pfizer Inc. COM 717081103 2,220 127,100 SH SOLE Philip Morris International Inc. COM 718172109 7,902 160,000 SH SOLE 1 Presidential Life Corp. COM 740884101 1,881 122,000 SH SOLE 1 Prudential Bancorp Inc. PA COM 744319104 2,596 225,900 SH SOLE 1 Republic First Bancorp, Inc. COM 760416107 1,514 208,500 SH SOLE 1 Rome Bancorp Inc. New COM 77587P103 446 40,000 SH SOLE 1 Rowan Companies, Inc. COM 779382100 19,635 420,000 SH SOLE 1 Royal Dutch Shell PLC Spon ADR A 780259206 3,043 37,239 SH SOLE SLM Corp. COM 78442P106 10,062 520,000 SH SOLE 1 Safeguard Scientifics, Inc. COM 786449108 2,893 2,333,058 SH SOLE 1 Sears Holdings Corp. COM 812350106 26,725 362,816 SH SOLE 1 Sony Corp ADR NEW 835699307 10,165 232,400 SH SOLE 1 Sovereign Bancorp, Inc. COM 845905108 4,563 620,000 SH SOLE 1 State Bancorp Inc N.Y. COM 855716106 2,090 167,200 SH SOLE 1 Syms Corp. COM 871551107 2,686 197,500 SH SOLE 1 TFS Financial Corp. COM 87240R107 5,795 500,000 SH SOLE 1 Thomas Properties Group Inc. COM 884453101 1,476 150,000 SH SOLE 1 Tuesday Morning Corp COM NEW 899035505 575 140,000 SH SOLE 1 USG Corp. COM NEW 903293405 2,845 96,200 SH SOLE 1 Unitrin Inc. COM 913275103 2,840 103,000 SH SOLE 1 Warwick Valley Tel Co COM 936750108 1,172 111,002 SH SOLE 1 Watson Pharmaceuticals Inc. COM 942683103 2,717 100,000 SH SOLE 1 Zep, Inc. COM 98944B108 1,704 114,500 SH SOLE 1 [TABLE CONTINUED] COLUMN 1 COLUMN 8 ----------------------------------- ----------------------- VOTING AUTHORITY NAME OF ISSUER SOLE SHARED NONE ----------------------------------- --------- ------ ---- Allied World Assur Hldg Ltd. 154,297 Aspen Insurance Holdings Ltd. 20,000 Enstar Group Ltd. 93,700 Flagstone Reinsurance Holdings Ltd. 33,600 Ingersoll-Rand Company Ltd. 271,211 Maiden Holdings Ltd. 338,100 TYCO International Ltd. Bermuda 427,500 Tyco Electronics Ltd. 377,700 Abington Community Bancorp Inc. 453,200 Adaptec Inc. 810,400 Altria Group Inc. 160,000 American Greetings Corp. 1,010,000 American Intl Group Inc 580,000 Arkansas Best Corp. 584,800 Armstrong World Inds Inc. 323,200 Autoliv Inc. 100,000 BCSB Bankcorp, Inc. 44,700 BKF Cap Group Inc. 376,700 BNCCORP Inc. 149,250 Bancorp Rhode Island, Inc. 120,500 Beneficial Mutual Bancorp, Inc. 127,500 Benjamin Franklin Bancorp Inc. 102,000 Berkshire Hathaway Inc 10 Boyd Gaming Corp. 150,000 CBS Corp New 394,300 Cabot Corp. 90,100 Calpine Corp. 297,956 Cape Bancorp Inc. 150,000 Charlotte Russe Hldg Inc 103,615 Chicos Fas Inc. 100,000 ConocoPhillips 292,000 Conseco Inc 2,124,626 Dana Holding Corp. 109,220 Danvers Bancorp, Inc. 35,000 Dearborn Bancorp Inc. 248,000 Digimarc Corp. 80,000 Duckwall-Alco Stores, Inc. 185,200 Emmis Communications Corp 866,200 Encore Cap Group Inc 789,799 Exxon Mobil Corp. 10,000 Farmer Bros Co. 296,925 First Financial Northwest Inc. 162,900 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. 703,100 Getty Images Inc. 253,000 Getty Realty Corp. 36,218 GLG Partners Inc. 240,000 GLG Partners Inc. 200,000 Goodyear Tire & Rubber Co 661,100 Great Florida Bk Miami Lakes Fla 28,469 Gyrodyne Co. America Inc. 5,391 Group 1 Automotive, Inc. 100,000 Harley-Davidson, Inc. 150,000 Hearst-Argyle Television Inc. 400,000 Hilltop Holdings, Inc. 391,500 ICO Inc. New 224,000 Johnson & Johnson 55,000 Johnson Outdoors Inc. 357,034 Kaiser Aluminum Corp. 252,200 Keweenaw Land Association Ltd. 11,855 Lear Corp. 280,000 Leggett & Platt Inc. 135,100 Louisiana Bancorp Inc New 567,100 M & F Worldwide Corp. 116,900 MVC Capital Inc. 1,016,800 Malvern Federal Bancorp, Inc. 200,000 Marlin Business Services Corp. 479,000 McClatchy Co 440,175 McGraw Hill Companies Inc. 425,000 Miller Inds Inc Tenn 301,700 Mothers Wk Inc 420,000 Nationwide Financial Services Inc 2,900 Northwest Airlines Corp. 941,105 NorthWestern Corp. 215,000 Old Republic Intl Corp. 21,093 One Liberty Properties Inc 60,813 Pantry Inc. 110,000 Peapack-Gladstone Financial Corp. 239,598 Pfizer Inc. 127,100 Philip Morris International Inc. 160,000 Presidential Life Corp. 122,000 Prudential Bancorp Inc. PA 225,900 Republic First Bancorp, Inc. 208,500 Rome Bancorp Inc. New 40,000 Rowan Companies, Inc. 420,000 Royal Dutch Shell PLC 37,239 SLM Corp. 520,000 Safeguard Scientifics, Inc. 2,333,058 Sears Holdings Corp. 362,816 Sony Corp 232,400 Sovereign Bancorp, Inc. 620,000 State Bancorp Inc N.Y. 167,200 Syms Corp. 197,500 TFS Financial Corp. 500,000 Thomas Properties Group Inc. 150,000 Tuesday Morning Corp 140,000 USG Corp. 96,200 Unitrin Inc. 103,000 Warwick Valley Tel Co 111,002 Watson Pharmaceuticals Inc. 100,000 Zep, Inc. 114,500