13F-HR 1 nyc361564.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: September 30, 2005 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 11/10/05 ------------------------------ --------------- -------- [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: 58 -- Form 13F Information Table Value Total: $ 421,497 ---------- (thousands) List of Other Included Managers NONE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- -------- TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- ------ ----- -------- ------- --- ---- ---------- -------- ---- ------ ----

Aspen Insurance Holdings Ltd. SHS G05384105 1,909 64,600 SH SOLE 64,600 Montpelier RE Holdings LTD SHS G62185106 13,668 550,000 SH SOLE 550,000 Alleghany Corp. DEL COM 017175100 2,874 9,393 SH SOLE 9,393 American International Group, Inc. COM 026874107 16,729 270,000 SH SOLE 270,000 Andrew Corp. COM 034425108 5,464 490,000 SH SOLE 490,000 Astoria Financial Corp COM 046265104 4,756 180,000 SH SOLE 180,000 BNCCORP, Inc. COM 055936108 1,653 143,750 SH SOLE 143,750 Belden CDT Inc. COM 077454106 8,744 450,000 SH SOLE 450,000 Centennial Bank COM 151345204 11,429 952,400 SH SOLE 952,400 Holdings, Inc. City Investing Co. Unit Liq Tr Ben Int 177900107 51 362,600 SH SOLE 362,600 Comcast Corp. New CL A SPL 20030N200 1,439 50,000 SH SOLE 50,000 Conseco Inc. PFD B CV 208464867 2,674 100,000 SH SOLE 100,000 5.50% Conseco Inc COM NEW 208464883 23,248 1,101,273 SH SOLE 1,101,273 DST Sys Inc. Del COM 233326107 20,835 380,000 SH SOLE 380,000 Duckwall-Alco Stores, COM 264142100 3,774 160,656 SH SOLE 160,656 Inc. Enstar Group Inc GA COM 29358R107 6,665 102,715 SH SOLE 102,715 Farmer Bros Co. COM 307675108 4,464 221,105 SH SOLE 221,105 Florida East Coast COM 340632108 17,305 382,100 SH SOLE 382,100 Industries Inc. Franklin Bank Corp. DEL COM 352451108 9,932 615,000 SH SOLE 615,000 Goodyear Tire & Rubber Co COM 382550101 8,341 535,000 SH SOLE 535,000 Healthsouth Corp. COM 421924101 1,056 255,000 SH SOLE 255,000 Hearst-Argyle Television, Inc. COM 422317107 6,423 250,000 SH SOLE 250,000 Honeywell International Inc. COM 438516106 5,625 150,000 SH SOLE 150,000 Hudson City Bancorp COM 443683107 19,040 1,600,000 SH SOLE 1,600,000 IKON Office Solutions, Inc. COM 451713101 16,018 1,605,000 SH SOLE 1,605,000 Johnson Outdoors Inc. CL A 479167108 4,170 250,300 SH SOLE 250,300 Keweenaw Land COM 493026108 1,115 7,100 SH SOLE 7,100 Association LTD. Knight Capital Group Inc. CL A 499005106 4,155 500,000 SH SOLE 500,000 Liberty Media Corp. New COM SER A 530718105 8,533 1,060,000 SH SOLE 1,060,000 Limited Brands, Inc. COM 532716107 4,086 200,000 SH SOLE 200,000 Lin TV Corp. CL A 532774106 419 30,000 SH SOLE 30,000 Lydall Inc Del COM 550819106 794 88,900 SH SOLE 88,900 MVC Capital Inc. COM 553829102 11,796 999,700 SH SOLE 999,700 Magellan Health Services, Inc. COM 559079207 1,055 30,000 SH SOLE 30,000 MarkWest Hydrocarbon Inc. COM 570762104 7,133 285,300 SH SOLE 285,300 Medallion Financial Corp. COM 583928106 4,267 430,600 SH SOLE 430,600 Neiman Marcus Group Inc CL A 640204202 9,995 100,000 SH SOLE 100,000 Northwest Bancorp Inc Pa COM 667328108 2,125 100,000 SH SOLE 100,000 Novoste Corp. COM 67010C100 437 704,151 SH SOLE 704,151 Oglebay Norton Co. COM 677007205 1,940 155,213 SH SOLE 155,213 Oglebay Norton Co. PFD A CV 677007304 6,360 424,000 SH SOLE 424,000 PNC Financial Services Group Inc. COM 693475105 29,010 500,000 SH SOLE 500,000 Pfizer Inc. COM 717081103 2,497 100,000 SH SOLE 100,000 Providian Financial Corp. NOTE 2/1 74406AAB8 4,871 9,000,000 PRN SOLE 9,000,000 Prudential Bancorp Inc. PA COM 744319104 2,348 196,500 SH SOLE 196,500 Retail Ventures, Inc. COM 76128Y102 1,180 107,500 SH SOLE 107,500 Rome Bancorp Inc. New COM 77587P103 1,049 100,000 SH SOLE 100,000 Rotech Healthcare Inc. COM 778669101 4,444 187,500 SH SOLE 187,500 Sears Holdings Corp. COM 812350106 30,619 246,077 SH SOLE 246,077 Sovereign Bancorp, Inc. COM 845905108 3,967 180,000 SH SOLE 180,000 Sprint Corp. COM FON 852061100 2,378 100,000 SH SOLE 100,000 TD Banknorth Inc. COM 87235A101 3,768 125,000 SH SOLE 125,000 Tarragon Corp. COM 876287103 1,518 81,800 SH SOLE 81,800 TYCO International Ltd. New COM 902124106 27,850 1,000,000 SH SOLE 1,000,000 USA Mobility, Inc. COM 90341G103 9,415 348,954 SH SOLE 348,954 United Indl Corp. COM 910671106 7,150 200,000 SH SOLE 200,000 Walter Inds Inc. COM 93317Q105 4,892 100,000 SH SOLE 100,000 Warwick Valley Tel Co COM 936750108 2,045 89,900 SH SOLE 89,900