13F-HR 1 nyc3651.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, 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 5/12/06 ------------------------------ --------------- ------- [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: 69 -- Form 13F Information Table Value Total: $503,994 --------- (thousands) List of Other Included Managers NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- -------- VOTING TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- Abington Community Bancorp, Inc. COM 00350R106 354 26,000 SH SOLE 26,000 Alleghany Corp. DEL COM 017175100 2,774 9,580 SH SOLE 9,580 American Eagle Outfitters, Inc. COM 02553E106 7,316 245,000 SH SOLE 245,000 American Greetings Corp. CL A 026375105 16,215 750,000 SH SOLE 750,000 American International Group, Inc. COM 026874107 17,844 270,000 SH SOLE 270,000 American River Bankshares COM 029326105 581 20,800 SH SOLE 20,800 Andrew Corp. COM 034425108 6,017 490,000 SH SOLE 490,000 Astoria Financial Corp COM 046265104 5,573 180,000 SH SOLE 180,000 Autoliv Inc. COM 052800109 3,112 55,000 SH SOLE 55,000 Autozone Inc. COM 053332102 5,732 57,500 SH SOLE 57,500 BNCCORP Inc. COM 055936108 1,919 143,750 SH SOLE 143,750 The Buckle Inc. COM 118440106 373 9,100 SH SOLE 9,100 Centennial Bank Holdings Inc. COM 151345303 11,143 952,400 SH SOLE 952,400 City Investing Co. Liq Tr Unit Ben Int 177900107 40 362,600 SH SOLE 362,600 Comcast Corp. New CL A SPL 20030N200 5,746 220,000 SH SOLE 220,000 Conseco Inc. PFD B CV 5.50% 208464867 2,985 100,000 SH SOLE 100,000 Conseco Inc COM NEW 208464883 26,713 1,076,273 SH SOLE 1,076,273 Duckwall-Alco Stores, Inc. COM 264142100 3,906 160,656 SH SOLE 160,656 Engelhard Corp. COM 292845104 119 3,000 SH SOLE 3,000 Enstar Group Inc GA COM 29358R107 9,307 103,715 SH SOLE 103,715 Farmer Bros Co. COM 307675108 6,565 294,405 SH SOLE 294,405 Florida East Coast Industries Inc. COM 340632108 20,595 382,100 SH SOLE 382,100 Foot Locker Inc. COM 344849104 2,388 100,000 SH SOLE 100,000 Franklin Bank Corp. DEL COM 352451108 12,211 635,000 SH SOLE 635,000 GAMCO Investors Inc. COM 361438104 5,014 125,500 SH SOLE 125,500 Gateway Inc. COM 367626108 5,585 2,550,000 SH SOLE 2,550,000 Goodyear Tire & Rubber Co COM 382550101 14,770 1,020,000 SH SOLE 1,020,000 Healthsouth Corp. COM 421924101 1,272 255,000 SH SOLE 255,000 Hearst-Argyle Television, Inc. COM 422317107 8,176 350,000 SH SOLE 350,000 Herley Industries Inc DEL COM 427398102 699 33,500 SH SOLE 33,500 Hilfiger Tommy Corp. ORD G8915Z102 4,221 256,300 SH SOLE 256,300 Hollinger International Inc. CL A 435569108 12,408 1,480,700 SH SOLE 1,480,700 Hovnanian Enterprises Inc. CL A 442487203 2,987 68,000 SH SOLE 68,000 Hudson City Bancorp COM 443683107 21,264 1,600,000 SH SOLE 1,600,000 IKON Office Solutions, Inc. COM 451713101 7,675 538,600 SH SOLE 538,600 Johnson Outdoors Inc. CL A 479167108 6,124 324,100 SH SOLE 324,100 Keweenaw Land Association Ltd. COM 493026108 1,482 11,855 SH SOLE 11,855 Kindred Healthcare Inc. COM 494580103 75 3,000 SH SOLE 3,000 Knight Capital Group Inc. CL A 499005106 6,965 500,000 SH SOLE 500,000 Liberty Media Corp. New COM SER A 530718105 8,703 1,060,000 SH SOLE 1,060,000 Limited Brands, Inc. COM 532716107 7,338 300,000 SH SOLE 300,000 Lydall Inc Del COM 550819106 858 88,900 SH SOLE 88,900 MVC Capital Inc. COM 553829102 12,196 999,700 SH SOLE 999,700 MarkWest Hydrocarbon Inc. COM 570762104 9,160 400,000 SH SOLE 400,000 Medallion Financial Corp. COM 583928106 3,736 275,700 SH SOLE 275,700 Millicon Intl Cellular S.A. SHS NEW L6388F110 4,708 100,000 SH SOLE 100,000 Newkirk Realty Trust Inc. COM 651497109 1,539 85,100 SH SOLE 85,100 Northwest Bancorp Inc PA COM 667328108 2,476 100,000 SH SOLE 100,000 NorthWestern Corp. COM NEW 668074305 3,566 114,500 SH SOLE 114,500 Novoste Corp. COM NEW 67010C209 388 132,062 SH SOLE 132,062 Oglebay Norton Co. COM 677007205 2,072 155,213 SH SOLE 155,213 Oglebay Norton Co. PFD A CV 677007304 7,424 464,000 SH SOLE 464,000 PNC Financial Services Group Inc. COM 693475105 33,655 500,000 SH SOLE 500,000 Pfizer Inc. COM 717081103 8,348 335,000 SH SOLE 335,000 Prudential Bancorp Inc. PA COM 744319104 2,653 196,500 SH SOLE 196,500 Rome Bancorp Inc. New COM 77587P103 1,185 100,000 SH SOLE 100,000 Rotech Healthcare Inc. COM 778669101 4,916 338,800 SH SOLE 338,800 Saks Inc. COM 79377W108 5,346 277,000 SH SOLE 277,000 Sears Holdings Corp. COM 812350106 32,440 246,077 SH SOLE 246,077 Sharper Image Corp. COM 820013100 1,345 105,000 SH SOLE 105,000 SITEL Corp. COM 82980K107 144 34,200 SH SOLE 34,200 Sovereign Bancorp Inc. COM 845905108 3,944 180,000 SH SOLE 180,000 Tarragon Corp. COM 876287103 2,113 106,200 SH SOLE 106,200 Tribune Company New COM 896047107 10,451 381,000 SH SOLE 381,000 TYCO International Ltd. New COM 902124106 29,030 1,080,000 SH SOLE 1,080,000 USA Mobility Inc. COM 90341G103 9,938 348,954 SH SOLE 348,954 United Indl Corp. COM 910671106 10,248 168,200 SH SOLE 168,200 Walter Inds Inc. COM 93317Q105 13,431 201,600 SH SOLE 201,600 Warwick Valley Tel Co COM 936750108 2,398 111,002 SH SOLE 111,002