13F-HR 1 qp13f1q13.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: March 31, 2013 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: Arbiter Partners QP, LP Address: 11 East 44th St. Ste. 700 New York, NY 10017 13F File Number: 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: Paul J. Isaac Title: Manager Phone: (212) 650-4670 Signature, Place, and Date of Signing: /s/ Paul J. Isaac New York, NY May 09, 2013 ----------------------- ------------------ ----------------- [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: 2 --- Form 13F Information Table Entry Total: 70 ---- Form 13F Information Table Value Total: $584,904 --------- (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all Institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ----------------------- -------- --------- -------- ------------------- ---------- -------- ------------------ Value Shares/ SH/ Put/ Investment Other Voting Authority Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Discretion Managers Sole Shared None -------------- ----- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- ~~AGNICO~~AIR ~~EAGLE~~PRODS ~~MINES~~& ~~LTD~~CHEMS INC COM ~~008474108~~009158106 528712 ~~1000~~100000 SH Call Direct 1, 2 ~~1000~~0 AMERIANA BANCORP COM 023613102 ~~125~~139 15167 SH Direct 1, 2 15167 AMKOR TECHNOLOGY INC COM 031652100 ~~212~~1280 ~~50000~~320000 SH Direct 1, 2 ~~50000~~320000 ANADARKO PETE CORP COM 032511107 ~~18578~~21863 250000 SH Call Direct 1, 2 0 ~~ANNALY CAP MGMT INC COM 035710409 1404 100000 SH Direct 1, 2 100000~~ ASB BANCORP INC N C COM 00213T109 ~~489~~542 31900 SH Direct 1, 2 31900 ASSURED GUARANTY LTD COM G0585R106 ~~15594~~22586 1095869 SH Direct 1, 2 1095869 ASSURED GUARANTY LTD COM G0585R106 ~~2846~~4122 200000 SH Call Direct 1, 2 0 BARCLAYS BK PLC COM 06740C188 -~~17639~~12992 ~~554500~~641600 SH Put Direct 1, 2 0 BLACKSTONE GROUP L P COM 09253U108 ~~9354~~11868 600000 SH Call Direct 1, 2 0 CAPITAL ONE FINL CORP ~~WTS~~COM ~~14040H139~~14040H105 ~~4504~~4520 ~~77755~~82255 SH Direct 1, 2 ~~77755~~82255 CAPITAL ONE FINL CORP ~~WTS~~COM ~~14040H139~~14040H105 ~~110~~5495 ~~5200~~100000 SH Call Direct 1, 2 0 CAPITAL SR LIVING CORP COM 140475104 ~~27477~~38856 1470137 SH Direct 1, 2 1470137 CHARTER FINL CORP WEST PT COM 16122M100 1920 150100 SH Direct 1, 2 150100 CLEAR CHANNEL OUTDOOR HLD COM 18451C109 ~~3655~~3900 520650 SH Direct 1, 2 520650 CLIFFS ~~NATURAL~~NAT ~~RESOURCES~~RES INC COM 18683K101 -~~20442~~8364 ~~530000~~440000 SH Put Direct 1, 2 0 CORNING INC COM 219350105 ~~1262~~1333 100000 SH Call Direct 1, 2 0 COWEN GROUP INC NEW COM 223622101 ~~4628~~6406 ~~1888806~~2271606 SH Direct 1, 2 ~~1888806~~2271606 CURRENCYSHARES AUSTRALIAN COM 23129U101 -~~16664~~16683 160000 SH Put Direct 1, 2 0 ~~DELL INC COM 24702R101 11661 1150000 SH Call Direct 1, 2 0~~ DEVON ENERGY CORP NEW COM 25179M103 ~~36985~~45317 ~~710700~~803200 SH Call Direct 1, 2 0 EASTERN VA BANKSHARES INC COM 277196101 ~~136~~143 25200 SH Direct 1, 2 25200 ~~FIRST~~EXPRESS MSCRIPTS &HLDG FCO ~~CORP~~ COM ~~320744105~~30219G108 ~~183~~5762 ~~26215 SH Direct 1, 2 26215 GENERAL DYNAMICS CORP COM 369550108 6927~~ 100000 SH Call Direct 1, 2 0 ~~GLOBALSTAR~~FOREST ~~INC~~CITY ENTERPRISES I COM ~~378973408~~345550107 ~~123~~8570 ~~403500~~482248 SH Direct 1, 2 ~~403500~~482248 GOLDMAN SACHS GROUP INC COM 38141G104 ~~54315~~51620 ~~425800~~350800 SH Call Direct 1, 2 0 GREIF INC COM 397624206 ~~29668~~34325 611845 SH Direct 1, 2 611845 HESS CORP COM 42809H107 ~~2648~~3581 50000 SH Call Direct 1, 2 0 ~~HEWLETT PACKARD CO COM 428236103 5700 400000 SH Call Direct 1, 2 0~~ HOPFED BANCORP INC COM 439734104 ~~265~~330 30748 SH Direct 1, 2 30748 ~~HYSTER YALE MATLS HANDLIN COM 449172105 2489 51000 SH Direct 1, 2 51000~~ INTERVEST BANCSHARES CORP COM 460927106 67254 ~~17104~~43204 SH Direct 1, 2 ~~17104~~43204 ~~ISHARES~~KENTUCKY ~~SILVER~~FIRST ~~TRUST~~FED BANCOR COM ~~46428Q109~~491292108 ~~6088~~150 ~~207300~~18738 SH ~~Call~~ Direct 1, 2 018738 LAKE SHORE BANCORP INC COM 510700107 ~~1917~~2126 ~~186284~~191692 SH Direct 1, 2 ~~186284~~191692 LAPORTE BANCORP INC MD COM 516651106 ~~130~~149 15052 SH Direct 1, 2 15052 LENNAR CORP COM 526057302 ~~2126~~2246 69620 SH Direct 1, 2 69620 LEVEL 3 COMMUNICATIONS IN COM 52729N308 ~~1156~~1015 50000 SH Direct 1, 2 50000 LIBERTY MEDIA ~~HLDG CORP C~~ COM 53071M104 ~~7764~~8430 394500 SH Direct 1, 2 394500 LIBERTY VENTURES ~~CMN SERI~~ COM 53071M880 ~~28145~~30753 ~~415369~~406894 SH Direct 1, 2 ~~415369~~406894 LIFE TECHNOLOGIES CORP COM 53217V109 ~~9806~~12926 200000 SH Call Direct 1, 2 0 MARKET VECTORS ETF TR COM 57060U589 ~~4053~~3428 204800 SH Call Direct 1, 2 0 MICROSOFT CORP COM 594918104 ~~7676~~8221 287400 SH Direct 1, 2 287400 MICROSOFT CORP COM 594918104 ~~13403~~27226 ~~501800~~951800 SH Call Direct 1, 2 0 ~~MONDELEZ INTL INC COM 609207105 3818 150000 SH Call Direct 1, 2 0~~ MTR GAMING GROUP INC COM 553769100 ~~7040~~5571 1688220 SH Direct 1, 2 1688220 NATIONAL WESTN LIFE INS C COM 638522102 ~~8259~~9535 ~~52361~~54174 SH Direct 1, 2 ~~52361~~54174 NEWMONT MINING CORP COM 651639106 ~~42214~~44466 ~~909000~~1061500 SH Call Direct 1, 2 0 NN INC COM 629337106 853 90216 SH Direct 1, 2 90216 NORTHFIELD BANCORP INC DE COM 66611T108 6818 600140 SH Direct 1, 2 600140 OCONEE FED FINL CORP COM 675607105 ~~295~~314 20277 SH Direct 1, 2 20277 OPPENHEIMER HLDGS INC COM 683797104 527 27081 SH Direct 1, 2 27081 PEOPLES BANCORP N C INC COM 710577107 ~~213~~288 ~~23433~~25794 SH Direct 1, 2 ~~23433~~25794 PFIZER INC COM 717081103 ~~2508~~2886 100000 SH Call Direct 1, 2 0 PHOENIX COS INC NEW COM 71902E604 6221 202176 SH Direct 1, 2 202176 PREMIER FINL BANCORP INC COM 74050M105 ~~133~~145 12314 SH Direct 1, 2 12314 PROSHARES TR II COM ~~74347W841~~74347W627 5410 59400 SH Call Direct 1, 2 0 PROSHARES TR II COM 74347W627 -~~2933~~2393 ~~66500~~63400 SH Put Direct 1, 2 0 PROTHENA CORP PLC COM G72800108 4850 724916 SH Direct 1, 2 724916 PSB HLDGS INC COM 69360W108 ~~187~~313 ~~39032~~52585 SH Direct 1, 2 ~~39032~~52585 RAYTHEON CO COM 755111507 5879 100000 SH Call Direct 1, 2 0 SALESFORCE COM INC COM 79466L302 -~~10927~~6259 ~~65000~~35000 SH Put Direct 1, 2 0 SEAGATE TECHNOLOGY PLC COM G7945M107 ~~3042~~3656 100000 SH Direct 1, 2 100000 SEAGATE TECHNOLOGY PLC COM G7945M107 ~~26161~~31437 860000 SH Call Direct 1, 2 0 SEALED AIR CORP NEW COM 81211K100 ~~25542~~33482 ~~1458703~~1388703 SH Direct 1, 2 ~~1458703~~1388703 SYMETRA FINL CORP COM 87151Q106 ~~8571~~8855 660340 SH Direct 1, 2 660340 TRONOX LTD COM Q9235V101 ~~6090~~6611 333720 SH Direct 1, 2 333720 UNITED BANCSHARES INC OHI COM 909458101 ~~231~~290 23710 SH Direct 1, 2 23710 UNITED PARCEL SERVICE INC COM 911312106 ~~11060~~12885 150000 SH Call Direct 1, 2 0 UT/25 IPATH S&P 500 VIX S COM 9EQ2YAE05 -~~2012~~567 ~~63275~~28000 SH Put Direct 1, 2 0 WARREN RES INC COM 93564A100 ~~6027~~6896 2144810 SH Direct 1, 2 2144810 WESTERN DIGITAL CORP COM 958102105 ~~12322~~14584 290000 SH Call Direct 1, 2 0 WESTERN UN CO COM 959802109 ~~6805~~7520 500000 SH Call Direct 1, 2 0 ~~WPX~~WOLVERINE ~~ENERGY~~BANCORP INC COM ~~98212B103~~977880103 ~~804~~201 ~~54000~~10695 SH Direct 1, 2 ~~54000~~10695 ~~XEROX~~WPX ~~CORP~~ENERGY INC COM ~~984121103~~98212B103 ~~2123~~3669 ~~311300~~229000 SH Direct 1, 2 ~~311300~~229000 XEROX CORP COM 984121103 ~~11876~~12911 ~~1741300~~1501300 SH ~~Call~~ Direct 1, 2 01501300 XLXEROX ~~GROUP~~CORP ~~PLC~~ COM ~~G98290102~~984121103 ~~3097~~14975 ~~123600~~1741300 SH ~~Direct 1, 2 123600 XL GROUP PLC COM G98290102 12756 509000 SH~~ Call Direct 1, 2 0 *Long puts reflect a negative notional value and have been subtracted from the total notional value.

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