13F-HR 1 mfpmarch31.txt FORM 13F 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, 2007 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: MFP Investors LLC Address: 51 JFK Parkway 2nd Floor Short Hills, NJ 07078 13F File Number: 28-05359 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: Stuart Pistol Title: Chief Financial Officer Phone (973) 921-2210 Signature, Place, and Date of Signing: /s/ Stuart Pistol Short Hills, NJ 5/11/07 ---------------------------------- --------------- ------- [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 0 -- Form 13F Information Table Entry Total: 77 -- Form 13F Information Table Value Total: $639,068 -------- (thousands) List of Other Included Managers NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- -------- INVEST- VOTING TITLE OF VALUE SHRS OR SH/ PUT/ MENT DIS- OTHER AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL CRETION MANAGERS SOLE SHARED NONE -------------- -------- ----- -------- ------- --- ---- -------- -------- ---- ------ ---- Abington Community Bancorp Inc. COM 00350R106 2,483 125,000 SH SOLE 125,000 Allied World Assur Hldg Ltd. SHS G0219G203 9,375 219,297 SH SOLE 219,297 Altria Group Inc. COM 02209S103 6,589 100,000 SH SOLE 100,000 American Greetings Corp. CL A 026375105 21,585 930,000 SH SOLE 930,000 American International Group, Inc. COM 026874107 29,577 440,000 SH SOLE 440,000 American Standard Companies Inc. COM 029712106 26,510 500,000 SH SOLE 500,000 Arkansas Best Corp. COM 040790107 8,639 243,000 SH SOLE 243,000 Armstrong World Inds Inc. COM 04247X102 5,878 115,600 SH SOLE 115,600 Astoria Financial Corp COM 046265104 5,318 200,000 SH SOLE 200,000 Autoliv Inc. COM 052800109 3,141 55,000 SH SOLE 55,000 Bancorp Rhode Island, Inc. COM 059690107 2,150 50,000 SH SOLE 50,000 BKF Cap Group Inc. COM 05548G102 1,224 376,700 SH SOLE 376,700 BNCCORP Inc. COM 055936108 2,424 147,050 SH SOLE 147,050 Benjamin Franklin Bancorp Inc. COM 082073107 1,382 94,600 SH SOLE 94,600 Bristol Myers Squibb Co. COM 110122108 6,246 225,000 SH SOLE 225,000 Comcast Corp. New CL A SPL 20030N200 3,821 150,000 SH SOLE 150,000 ConocoPhillips COM 20825C104 14,012 205,000 SH SOLE 205,000 Conseco Inc. PFD B CV 5.50% 208464867 2,366 100,000 SH SOLE 100,000 Conseco Inc COM NEW 208464883 18,118 1,042,273 SH SOLE 1,042,273 Dearborn Bancorp Inc. COM 24242R108 3,645 208,400 SH SOLE 208,400 Diamond Offshore Drilling, Inc. COM 25271C102 9,714 120,000 SH SOLE 120,000 Dow Jones & Co Inc. COM 260561105 12,099 351,000 SH SOLE 351,000 Duckwall-Alco Stores, Inc. COM 264142100 7,207 175,556 SH SOLE 175,556 Emmis Communications Corp CL A 291525103 3,888 460,700 SH SOLE 460,700 Enstar Group Ltd. SHS G3075P101 10,230 103,715 SH SOLE 103,715 Farmer Bros Co. COM 307675108 6,683 294,405 SH SOLE 294,405 Finish Line Inc CL A 317923100 1,634 129,700 SH SOLE 129,700 Florida East Coast Industries Inc. COM 340632108 23,954 382,100 SH SOLE 382,100 Flushing Financial Corp. COM 343873105 3,246 200,000 SH SOLE 200,000 Foot Locker Inc. COM 344849104 2,473 105,000 SH SOLE 105,000 Franklin Bank Corp. DEL COM 352451108 6,140 343,600 SH SOLE 343,600 GAMCO Investors Inc. COM 361438104 9,212 212,600 SH SOLE 212,600 Gateway Inc. COM 367626108 3,533 1,613,400 SH SOLE 1,613,400 Gencorp Inc. COM 368682100 3,940 284,700 SH SOLE 284,700 Goodrich Corp. COM 382388106 5,148 100,000 SH SOLE 100,000 Goodyear Tire & Rubber Co COM 382550101 18,714 600,000 SH SOLE 600,000 Great Atlantic & Pac Tea Inc. COM 390064103 5,641 170,000 SH SOLE 170,000 Harrington West Finl Group Inc COM 41383L104 1,020 60,000 SH SOLE 60,000 Hearst-Argyle Television, Inc. COM 422317107 916 33,700 SH SOLE 33,700 Hudson City Bancorp COM 443683107 21,888 1,600,000 SH SOLE 1,600,000 Johnson Outdoors Inc. CL A 479167108 6,523 351,100 SH SOLE 351,100 Kaiser Aluminum Corp. COM PAR $0.01 483007704 8,198 105,100 SH SOLE 105,100 Keweenaw Land Association Ltd. COM 493026108 2,134 11,855 SH SOLE 11,855 KeySpan Corp. COM 49337W100 206 5,000 SH SOLE 5,000 Lamson & Sessions Co. COM 513696104 6,117 220,100 SH SOLE 220,100 Liberty Media Holding Corp CAP COM SER A 53071M302 5,861 53,000 SH SOLE 53,000 Limited Brands, Inc. COM 532716107 13,030 50,000 SH SOLE 50,000 MVC Capital Inc. COM 553829102 15,645 999,700 SH SOLE 999,700 McClatchy Co CL A 579489105 14,793 467,974 SH SOLE 467,974 Medallion Financial Corp. COM 583928106 1,511 132,100 SH SOLE 132,100 Motorola, Inc. COM 620076109 17,670 1,000,000 SH SOLE 1,000,000 Mueller Water Products Inc. COM SER B 624758207 3,629 271,043 SH SOLE 271,043 Northeast Cmnty Bancorp Inc. COM 664112109 1,806 150,000 SH SOLE 150,000 Northwest Bancorp Inc PA COM 667328108 3,373 124,500 SH SOLE 124,500 NorthWestern Corp. COM NEW 668074305 6,732 190,000 SH SOLE 190,000 Oglebay Norton Co. COM 677007205 10,846 492,995 SH SOLE 492,995 OneBeacon Insurance Group Ltd. CL A G67742109 5,625 225,000 SH SOLE 225,000 PNC Financial Services Group Inc. COM 693475105 12,955 180,000 SH SOLE 180,000 Peapack-Gladstone Financial Corp. COM 704699107 5,686 186,600 SH SOLE 186,600 Pfizer Inc. COM 717081103 8,462 335,000 SH SOLE 335,000 Prudential Bancorp Inc. PA COM 744319104 2,688 196,500 SH SOLE 196,500 Republic First Bancorp, Inc. COM 760416107 953 73,800 SH SOLE 73,800 Rome Bancorp Inc. New COM 77587P103 490 40,000 SH SOLE 40,000 Sears Holdings Corp. COM 812350106 44,333 246,077 SH SOLE 246,077 Sony Corp ADR NEW 835699307 5,049 100,000 SH SOLE 100,000 State Bancorp Inc N.Y. COM 855716106 1,340 80,000 SH SOLE 80,000 TD Banknorth, Inc. COM 87235A101 8,683 270,000 SH SOLE 270,000 Time Warner Inc. COM 887317105 12,621 640,000 SH SOLE 640,000 Time Warner Cable Inc. CL A 88732J108 1,437 38,340 SH SOLE 38,340 Tribune Company New COM 896047107 16,106 501,600 SH SOLE 501,600 TYCO International Ltd. New COM 902124106 34,074 1,080,000 SH SOLE 1,080,000 USA Mobility Inc. COM 90341G103 5,120 256,900 SH SOLE 256,900 UnionBanCal Corp. COM 908906100 5,492 86,600 SH SOLE 86,600 Unitrin Inc. COM 913275103 1,930 41,000 SH SOLE 41,000 Walter Inds Inc. COM 93317Q105 8,044 325,000 SH SOLE 325,000 Warwick Valley Tel Co COM 936750108 1,798 111,002 SH SOLE 111,002 White Mtns Ins Group Ltd. COM G9618E107 6,345 11,200 SH SOLE 11,200