13F-HR 1 mfp13f906.txt HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2006 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: Short Hills, NJ 11/14/06 --------------------------------------- --------------- -------- [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: 74 -- Form 13F Information Table Value Total: $568,272 -------- (thousands) List of Other Included Managers NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE CLASS Abington Community Bancorp, Inc. COM 00350R106 1,878 125,000 SH SOLE 125,000 Alleghany Corp. DEL COM 017175100 2,769 9,580 SH SOLE 9,580 Allied World Assur Hldg Ltd. SHS G0219G203 8,860 219,297 SH SOLE 219,297 American Greetings Corp. CL A 026375105 21,502 930,000 SH SOLE 930,000 American International Group, Inc. COM 026874107 29,154 440,000 SH SOLE 440,000 Astoria Financial Corp COM 046265104 5,548 180,000 SH SOLE 180,000 Autoliv Inc. COM 052800109 3,031 55,000 SH SOLE 55,000 Autozone Inc. COM 053332102 5,940 57,500 SH SOLE 57,500 BKF Cap Group Inc. COM 05548G102 886 227,100 SH SOLE 227,100 BNCCORP Inc. COM 055936108 1,789 147,250 SH SOLE 147,250 Benjamin Franklin Bancorp Inc. COM 082073107 1,319 94,600 SH SOLE 94,600 Centennial Bank Holdings Inc. COM 151345303 9,219 952,400 SH SOLE 952,400 Comcast Corp. New CL A SPL 20030N200 8,098 220,000 SH SOLE 220,000 ConocoPhillips COM 20825C104 8,334 140,000 SH SOLE 140,000 Conseco Inc. PFD B CV 208464867 2,570 100,000 SH SOLE 100,000 5.50% Conseco Inc COM NEW 208464883 20,408 972,273 SH SOLE 972,273 Dearborn Bancorp Inc. COM 24242R108 654 27,500 SH SOLE 27,500 Dow Jones & Co Inc. COM 260561105 6,708 200,000 SH SOLE 200,000 Duckwall-Alco Stores, Inc. COM 264142100 5,980 160,656 SH SOLE 160,656 Emmis Communications Corp CL A 291525103 1,510 123,200 SH SOLE 123,200 Enstar Group Inc GA COM 29358R107 9,909 103,715 SH SOLE 103,715 Farmer Bros Co. COM 307675108 6,047 294,405 SH SOLE 294,405 Finish Line Inc CL A 317923100 1,893 150,000 SH SOLE 150,000 Florida East Coast Industries Inc. COM 340632108 21,810 382,100 SH SOLE 382,100 Flushing Financial Corp. COM 343873105 2,625 150,000 SH SOLE 150,000 Foot Locker Inc. COM 344849104 2,651 105,000 SH SOLE 105,000 Franklin Bank Corp. DEL COM 352451108 12,624 635,000 SH SOLE 635,000 GAMCO Investors Inc. COM 361438104 6,992 183,700 SH SOLE 183,700 Gateway Inc. COM 367626108 4,961 2,625,000 SH SOLE 2,625,000 Gencorp Inc. COM 368682100 963 75,000 SH SOLE 75,000 Goodyear Tire & Rubber Co COM 382550101 14,790 1,020,000 SH SOLE 1,020,000 Great Atlantic & Pac Tea COM 390064103 3,371 140,000 SH SOLE 140,000 Inc. Harrington West Finl Group Inc COM 41383L104 981 60,000 SH SOLE 60,000 Healthsouth Corp. COM 421924101 1,265 255,000 SH SOLE 255,000 Hearst-Argyle Television, Inc. COM 422317107 8,804 383,600 SH SOLE 383,600 Hudson City Bancorp COM 443683107 21,200 1,600,000 SH SOLE 1,600,000 IKON Office Solutions, Inc. COM 451713101 4,006 298,100 SH SOLE 298,100 Johnson Outdoors Inc. CL A 479167108 5,915 342,100 SH SOLE 342,100 Keweenaw Land Association COM 493026108 2,003 11,855 SH SOLE 11,855 Ltd. Knight Capital Group Inc. CL A 499005106 4,947 271,800 SH SOLE 271,800 Liberty Media Holding Corp INT COM SER 53071M104 5,401 265,000 SH SOLE 265,000 A Liberty Media Holding Corp CAP COM SER 53071M302 4,429 53,000 SH SOLE 53,000 B Limited Brands, Inc. COM 532716107 7,947 300,000 SH SOLE 300,000 Lydall Inc Del COM 550819106 791 88,900 SH SOLE 88,900 Lynch Interactive Corp. COM 551146202 756 275 SH SOLE 275 MVC Capital Inc. COM 553829102 12,956 999,700 SH SOLE 999,700 MarkWest Hydrocarbon Inc. COM 570762104 12,320 440,000 SH SOLE 440,000 McClatchy Co CL A 579489105 19,318 457,874 SH SOLE 457,874 Medallion Financial Corp. COM 583928106 1,864 169,000 SH SOLE 169,000 Media General Inc CL A 584404107 4,308 114,200 SH SOLE 114,200 Millicon Intl Cellular S.A. SHS NEW L6388F110 13,078 319,600 SH SOLE 319,600 Northeast Cmnty Bancorp Inc. COM 664112109 1,703 150,000 SH SOLE 150,000 Northwest Bancorp Inc PA COM 667328108 2,550 100,000 SH SOLE 100,000 NorthWestern Corp. COM NEW 668074305 6,646 190,000 SH SOLE 190,000 Novoste Corp. COM NEW 67010C209 304 132,062 SH SOLE 132,062 Oglebay Norton Co. COM 677007205 13,628 681,405 SH SOLE 681,405 Oglebay Norton Co. PFD A CV 677007304 113 3,601 SH SOLE 3,601 PNC Financial Services COM 693475105 16,661 230,000 SH SOLE 230,000 Group Inc. Pfizer Inc. COM 717081103 9,501 335,000 SH SOLE 335,000 Prudential Bancorp Inc. PA COM 744319104 2,588 196,500 SH SOLE 196,500 Rome Bancorp Inc. New COM 77587P103 514 40,000 SH SOLE 40,000 Saks Inc. COM 79377W108 6,480 375,000 SH SOLE 375,000 Sears Holdings Corp. COM 812350106 38,902 246,077 SH SOLE 246,077 Sovereign Bancorp Inc. COM 845905108 4,065 189,000 SH SOLE 189,000 Sun-Times Media Group Inc. COM 86688Q100 10,905 1,657,300 SH SOLE 1,657,300 TIMCO Aviation Services, Inc. COM 887151207 885 228,100 SH SOLE 228,100 Time Warner Inc. COM 887317105 11,667 640,000 SH SOLE 640,000 Tribune Company New COM 896047107 16,412 501,600 SH SOLE 501,600 TYCO International Ltd. New COM 902124106 30,229 1,080,000 SH SOLE 1,080,000 USA Mobility Inc. COM 90341G103 7,468 326,954 SH SOLE 326,954 Walter Inds Inc. COM 93317Q105 13,871 325,000 SH SOLE 325,000 Warwick Valley Tel Co COM 936750108 2,231 111,002 SH SOLE 111,002 White Mtns Ins Group Ltd. COM G9618E107 2,684 5,400 SH SOLE 5,400 Yankee Candle Inc. COM 984757104 1,183 40,400 SH SOLE 40,400