13F-HR 1 d13fhr.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: June 30, 2007 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: Flagg Street Capital LLC Address: 44 Brattle Street Cambridge, MA 02138 Form 13F File Number: 28-12276 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: Jonathan Starr Title: Founding Member Phone: 617-876-6080 Signature, Place, and Date of Signing: /S/ Jonathan Starr Cambridge, MA 08/13/2007 ------------------ ----------------------------- ---------- [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).) List of Other Managers Reporting for this Manager: None Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 12 Form 13F Information Table Value Total: $ 82,100 ----------- (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 FORM 13F INFORMATION TABLE

VOTING AUTHORITY VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER --------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x $1000) PRN AMT ~~SH/~~PRN ~~PUT/~~CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- ----------- --------- --------- ---~~---~~ ----~~----~~ ---------- -------- --------- ------ ---- ACCREDITED HOME LENDRS HLDG COM 00437P 10 7 12,~~391~~050 150,000 SH CALL SOLE 0 150,000 BRISTOW GROUP INC COM 110394 10 3 43,~~844~~776 ~~132~~76,~~900~~200 SH SOLE 0 ~~132~~76,~~900~~200 BROOKLYN FEDERAL BANCORP INC COM 114039 10 0 14,~~123~~189 80272,000 SH SOLE 0 80272,000 CHC HELICOPTER CORP CL A SUB VTG 12541C 20 3 12,~~593~~434 7894,~~400~~300 SH SOLE 0 7894,~~400~~300 DELTA FINANCIAL CORP COM 247918 10 5 1015,~~891~~895 1,~~316~~295,~~903~~446 SH SOLE 0 1,~~316~~295,~~903~~446 ~~IMPAC~~GREENLIGHT ~~MTG~~CAPITAL ~~HLDGS~~RE ~~INC~~LTD ~~COM~~CLASS ~~45254P~~A G4095J 10 29 21,~~750~~690 ~~550~~75,000 SH SOLE 0 ~~550~~75,000 POMEROY IT SOLUTIONS INC COM 731822 10 2 1112,~~269~~218 1,249,325 SH SOLE 0 1,249,325 PXRE GROUP LTD COM G73018 10 6 114,~~522~~518 2973,~~400,342~~642 SH SOLE 0 2973,~~400,342~~642 QUANTA CAPITAL HLDGS LTD SHS G7313F 10 6 34,~~777~~754 1,~~806~~980,~~945~~995 SH SOLE 0 1,~~806~~980,~~945~~995 RAIT FINANCIAL TRUST COM 749227 10 4 23,~~579~~912 92150,~~290~~337 SH SOLE 0 92150,~~290~~337 ~~SCOTTISH RE GROUP LIMITED SHS G73537 41 0 1,959 487,426 SH SOLE 0 487,426~~ TARRAGON CORP COM 876287 10 3 8,~~335~~360 ~~803~~988,~~795~~206 SH SOLE 0 ~~803~~988,~~795~~206 UNITED WESTN BANCORP INC COM 913201 10 9 1718,~~311~~304 724,922 SH SOLE 0 724,922 ~~WAL MART STORES INC COM 931142 10 3 2,254 48,000 SH SOLE 0 48,000~~

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