13F-HR 1 mfp136-30.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, 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: /s/ Stuart Pistol Short Hills, NJ 8/14/06 -------------------------- -------------------- -------------- [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: 71 -- Form 13F Information Table Value Total: $530,379 -------- (thousands) List of Other Included Managers NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- -------- TITLE VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- A D C Telecommunications COM NEW 000886309 1,040 61,700 SH SOLE 61,700 Abington Community Bancorp, Inc. COM 00350R106 1,873 125,000 SH SOLE 125,000 Alleghany Corp. DEL COM 017175100 2,648 9,580 SH SOLE 9,580 American Eagle Outfitters, Inc. COM 02553E106 5,787 170,000 SH SOLE 170,000 American Greetings Corp. CL A 026375105 16,073 765,000 SH SOLE 765,000 American International Group, Inc. COM 026874107 25,982 440,000 SH SOLE 440,000 American River Bankshares COM 029326105 308 11,400 SH SOLE 11,400 Astoria Financial Corp COM 046265104 5,481 180,000 SH SOLE 180,000 Autoliv Inc. COM 052800109 3,111 55,000 SH SOLE 55,000 Autozone Inc. COM 053332102 5,072 57,500 SH SOLE 57,500 BNCCORP Inc. COM 055936108 1,833 143,750 SH SOLE 143,750 Benjamin Franklin Bancorp Inc. COM 082073107 951 69,100 SH SOLE 69,100 Centennial Bank Holdings Inc. COM 151345303 9,848 952,400 SH SOLE 952,400 Comcast Corp. New CL A SPL 20030N200 7,212 220,000 SH SOLE 220,000 ConocoPhillips COM 20825C104 6,553 100,000 SH SOLE 100,000 Conseco Inc. PFD B CV 5.50% 208464867 2,780 100,000 SH SOLE 100,000 Conseco Inc COM NEW 208464883 22,460 972,273 SH SOLE 972,273 Dearborn Bancorp Inc. COM 24242R108 1,052 47,400 SH SOLE 47,400 Dow Jones & Co Inc. COM 260561105 4,936 141,000 SH SOLE 141,000 Duckwall-Alco Stores, Inc. COM 264142100 4,821 160,656 SH SOLE 160,656 Enstar Group Inc GA COM 29358R107 9,561 103,715 SH SOLE 103,715 Farmer Bros Co. COM 307675108 6,383 294,405 SH SOLE 294,405 Finish Line Inc CL A 317923100 1,183 100,000 SH SOLE 100,000 Florida East Coast Industries Inc. COM 340632108 19,995 382,100 SH SOLE 382,100 Flushing Financial Corp. COM 343873105 1,886 105,000 SH SOLE 105,000 Foot Locker Inc. COM 344849104 2,449 100,000 SH SOLE 100,000 Franklin Bank Corp. DEL COM 352451108 12,821 635,000 SH SOLE 635,000 GAMCO Investors Inc. COM 361438104 6,753 183,700 SH SOLE 183,700 Gateway Inc. COM 367626108 4,988 2,625,000 SH SOLE 2,625,000 Goodyear Tire & Rubber Co COM 382550101 11,322 1,020,000 SH SOLE 1,020,000 Healthsouth Corp. COM 421924101 982 255,000 SH SOLE 255,000 Hearst-Argyle Television, Inc. COM 422317107 7,721 350,000 SH SOLE 350,000 Hollinger International Inc. CL A 435569108 13,050 1,625,100 SH SOLE 1,625,100 Hudson City Bancorp COM 443683107 21,328 1,600,000 SH SOLE 1,600,000 IKON Office Solutions, Inc. COM 451713101 6,786 538,600 SH SOLE 538,600 Johnson Outdoors Inc. CL A 479167108 5,918 324,100 SH SOLE 324,100 Keweenaw Land Association Ltd. COM 493026108 1,956 11,855 SH SOLE 11,855 Knight Capital Group Inc. CL A 499005106 6,092 400,000 SH SOLE 400,000 Liberty Media Holding Corp INT COM SER A 53071M104 4,574 265,000 SH SOLE 265,000 Liberty Media Holding Corp CAP COM SER B 53071M302 4,440 53,000 SH SOLE 53,000 Limited Brands, Inc. COM 532716107 7,677 300,000 SH SOLE 300,000 Lydall Inc Del COM 550819106 820 88,900 SH SOLE 88,900 Lynch Interactive Corp. COM 551146202 613 275 SH SOLE 275 MVC Capital Inc. COM 553829102 13,436 999,700 SH SOLE 999,700 MarkWest Hydrocarbon Inc. COM 570762104 10,890 440,000 SH SOLE 440,000 McClatchy Co CL A 579489105 16,645 414,874 SH SOLE 414,874 Medallion Financial Corp. COM 583928106 2,278 175,800 SH SOLE 175,800 Media General Inc CL A 584404107 4,189 100,000 SH SOLE 100,000 Millicon Intl Cellular S.A. SHS NEW L6388F110 13,629 300,000 SH SOLE 300,000 Newkirk Realty Trust Inc. COM 651497109 1,477 85,100 SH SOLE 85,100 Northwest Bancorp Inc PA COM 667328108 2,650 100,000 SH SOLE 100,000 NorthWestern Corp. COM NEW 668074305 6,527 190,000 SH SOLE 190,000 Novoste Corp. COM NEW 67010C209 350 132,062 SH SOLE 132,062 Oglebay Norton Co. COM 677007205 2,931 144,399 SH SOLE 144,399 Oglebay Norton Co. PFD A CV 677007304 10,803 432,120 SH SOLE 432,120 PNC Financial Services Group Inc. COM 693475105 20,700 295,000 SH SOLE 295,000 Pfizer Inc. COM 717081103 7,862 335,000 SH SOLE 335,000 Prudential Bancorp Inc.PA COM 744319104 2,574 196,500 SH SOLE 196,500 Rome Bancorp Inc. New COM 77587P103 516 40,000 SH SOLE 40,000 Rotech Healthcare Inc. COM 778669101 1,888 502,000 SH SOLE 502,000 Saks Inc. COM 79377W108 2,911 180,000 SH SOLE 180,000 Sears Holdings Corp. COM 812350106 38,216 246,077 SH SOLE 246,077 Sovereign Bancorp Inc. COM 845905108 3,839 189,000 SH SOLE 189,000 TIMCO Aviation Services, Inc. COM 887151207 753 228,100 SH SOLE 228,100 Time Warner Inc. COM 887317105 11,072 640,000 SH SOLE 640,000 Tribune Company New COM 896047107 9,945 306,000 SH SOLE 306,000 TYCO International Ltd. New COM 902124106 29,700 1,080,000 SH SOLE 1,080,000 USA Mobility Inc. COM 90341G103 5,793 348,954 SH SOLE 348,954 United Indl Corp. COM 910671106 226 5,000 SH SOLE 5,000 Walter Inds Inc. COM 93317Q105 17,295 300,000 SH SOLE 300,000 Warwick Valley Tel Co COM 936750108 2,165 111,002 SH SOLE 111,002