13F-HR 1 mfp13fhr.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: December 31, 2003 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 2/13/04 -------------------------- --------------- ------- [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: 62 -- Form 13F Information Table Value Total: $ 375,473 ---------- (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 -------------- ------------ --------- -------- -------- --- ---- ---------- -------- ---- ------ ---- Aspen Insurance Holdings Ltd. COM 014752109 6,448 260,000 SH SOLE 260,000 Alexander's, Inc. COM 014752109 748 6,000 SH SOLE 6,000 Alleghany Corp. DEL COM 017175100 3,561 16,012 SH SOLE 16,012 American Financial Realty Trust COM 02607P305 2,453 143,900 SH SOLE 143,900 Andrew Corp. COM 034425108 6,954 600,000 SH SOLE 600,000 Arch Wireless Inc CL A 039392709 6,867 346,822 SH SOLE 346,822 Atwood Oceanics, Inc. COM 050095108 2,479 77,600 SH SOLE 77,600 BKF Capital Group, Inc. COM 05548G102 1,170 47,000 SH SOLE 47,000 Bristol-Myers Squibb Co. COM 110122108 8,580 300,000 SH SOLE 300,000 CIT Group Inc. COM 125581108 15,951 443,700 SH SOLE 443,700 CNAFinl Corp PUT 1261178MD 400 20,000 SH PUT SOLE 20,000 CNAFinl Corp PUT 1261178MW 175 10,000 SH PUT SOLE 10,000 Cambrex Corp. COM 132011107 1,263 50,000 SH SOLE 50,000 Charming Shoppes Inc COM 161133103 1,644 300,000 SH SOLE 300,000 Citizens Communications Co. COM 17453B101 1,553 125,000 SH SOLE 125,000 City Investing Co. Liq Tr Unit Ben Int 177900107 696 362,600 SH SOLE 362,600 Conseco Inc COM NEW 208464883 28,002 1,284,473 SH SOLE 1,284,473 Crown Holdings Inc COM 228368106 4,530 500,000 SH SOLE 500,000 DST Systems, Inc. COM 233326107 20,880 500,000 SH SOLE 500,000 Diamond Offshore Drilling, Inc. COM 25271C102 1,025 50,000 SH SOLE 50,000 Dillards Inc. CL A 254067101 4,115 250,000 SH SOLE 250,000 Edison International COM 281020107 3,838 175,000 SH SOLE 175,000 EnPro Industries, Inc. COM 29355X107 976 70,000 SH SOLE 70,000 Enstar Group Inc GA COM 29358R107 4,828 102,715 SH SOLE 102,715 Federated Department Stores, Inc. DEL COM 31410H101 2,357 50,000 SH SOLE 50,000 Florida East Coast Industries Inc. CL A 340632108 13,329 402,700 SH SOLE 402,700 Foot Locker Inc COM 344849104 2,345 100,000 SH SOLE 100,000 Franklin Bank Corp. TX COM 352451108 2,185 115,000 SH SOLE 115,000 Friedman's Inc. CL A 358438109 1,074 160,000 SH SOLE 160,000 Galyans Trading Inc COM 36458R101 331 27,500 SH SOLE 27,500 Gencorp Inc. COM 368682100 10,793 1,001,200 SH SOLE 1,001,200 Handleman Company COM 410252100 730 35,500 SH SOLE 35,500 Hearst-Argyle Television, Inc. COM 422317107 8,615 312,600 SH SOLE 312,600 Helmerich & Payne Inc. COM 423452101 16,060 575,000 SH SOLE 575,000 Highland Hospitality Corp. COM 430141101 1,635 150,000 SH SOLE 150,000 Hollywood Entertainment Corp. COM 436141105 2,406 175,000 SH SOLE 175,000 Honeywell International Inc. COM 438516106 11,266 337,000 SH SOLE 337,000 Huttig Building Products, Inc. COM 448451104 1,146 382,000 SH SOLE 382,000 IKON Office Solutions, Inc. COM 451713101 534 45,000 SH SOLE 45,000 Kmart Holding Corp. COM 498780105 2,735 114,191 SH SOLE 114,191 Knight Ridder Inc. COM 499040103 3,056 39,500 SH SOLE 39,500 Knight Trading Group Inc. COM 499063105 7,330 500,000 SH SOLE 500,000 Koger Equity Inc. COM 500228101 1,877 89,700 SH SOLE 89,700 Liberty Media Corp. New COM SER A 530718105 13,046 1,100,000 SH SOLE 1,100,000 MRO Software, Inc. COM 55347W105 1,764 130,800 SH SOLE 130,800 Medallion Financial Corp. COM 583928106 2,454 258,600 SH SOLE 258,600 Montpelier RE Holdings LTD SHS G62185106 35,744 975,000 SH SOLE 975,000 NUI Corp COM 629431107 8,060 500,000 SH SOLE 500,000 Nashua Corporation COM 631226107 1,370 161,200 SH SOLE 161,200 Natuzzi S P A ADR 63905A101 353 35,000 SH SOLE 35,000 Newhall Land & Farming Co. CAL DEPOSITORY REC 651426108 7,465 185,000 SH SOLE 185,000 Noranda, Inc. COM 655422103 9,509 600,000 SH SOLE 600,000 PG&E Corporation COM 69331C108 4,164 150,000 SH SOLE 150,000 PNC Financial Services Group Inc. COM 693475105 10,946 200,000 SH SOLE 200,000 Premcor Inc. COM 74045Q104 19,963 767,800 SH SOLE 767,800 Providian Financial Corp. NOTE 2/1 74406AAB8 4,512 9,500,000 PRN SOLE 9,500,000 Southern Union Co New COM 844030106 8,030 436,159 SH SOLE 436,159 Southwest Gas Corp. COM 844895102 2,047 91,200 SH SOLE 91,200 Steinway Musical Instruments, Inc. COM ORD 858495104 148 6,000 SH SOLE 6,000 TYCO International Ltd. New COM 902124106 21,200 800,000 SH SOLE 800,000 United Industrial Corp. COM 910671106 2,256 125,000 SH SOLE 125,000 United States Steel Corp. COM 912909108 3,502 100,000 SH SOLE 100,000