13F-HR 1 qp13f2q12.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: June 30, 2012 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 August 08, 2012 ----------------------- ------------------ ----------------- [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: 67 ---- Form 13F Information Table Value Total: $285,880 --------- (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 -------------- ----- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- ASB BANCORP INC CMN COM 00213T109 ~~418~~455 31900 SH Direct 1, 2 31900 AGNICO EAGLE MINES LTD CM COM 008474108 ~~2337~~2832 70000 SH Direct 1, 2 70000 AGNICO EAGLE MINES LTD CM COM 008474108 ~~1335~~1618 40000 SH Call Direct 1, 2 0 ALICO INC CMN COM 016230104 ~~377~~498 16307 SH Direct 1, 2 16307 ~~ALLSTATE CORPORATION COMM 020002101 2555 77600 SH Call Direct 1, 2 0~~ AMERIANA BANCORP CMN COM 023613102 7285 15167 SH Direct 1, 2 15167 ANADARKO PETROLEUM CORP C 032511107 ~~19585~~16550 250000 SH Call Direct 1, 2 0 IPATH DOW JONES- UBS NATU 06739H644 -4739 12300 SH Put Direct 1, 2 0 IPATH S&P 500 VIX SHORT-T 06740C261 -~~7941~~7197 473200 SH Put Direct 1, 2 0 ~~CIFC~~BLACKSTONE ~~CORP~~GROUP ~~CMN~~L.P. ~~COM~~(TH ~~12547R105~~09253U108 ~~126~~1307 ~~20303~~100000 SH Call Direct 1, 2 ~~20303~~0 WTS/CAPITAL ONE FINANCIAL WTS 14040H139 ~~1893~~1775 82955 SH Call Direct 1, 2 0 CAPITAL SENIOR LIVING COR COM 140475104 ~~13081~~15218 ~~1415703~~1435637 SH Direct 1, 2 ~~1415703~~1435637 CISCO SYSTEMS, INC. CMN 17275R102 ~~5317~~2576 ~~251400~~150000 SH Call Direct 1, 2 0 ~~CORELOGIC INC CMN COM 21871D103 490 30000 SH Direct 1, 2 30000~~ COWEN GROUP, INC. CMN COM 223622101 ~~1040~~3763 ~~383901~~1414769 SH Direct 1, 2 ~~383901~~1414769 CURRENCYSHARES AUSTRALIAN 23129U101 -~~15581~~16408 ~~150000~~160000 SH Put Direct 1, 2 0 DEVON ENERGY CORPORATION COM 25179M103 ~~3556~~2900 50000 SH Direct 1, 2 50000 DEVON ENERGY CORPORATION COM 25179M103 ~~42772~~34875 601400 SH Call Direct 1, 2 0 ~~DIREXION ETF TRUST SMALL 25459W847 -9236 148000 SH Put Direct 1, 2 0~~ EQUINIX INC CMN 29444U502 ~~44086~~8783 ~~280000~~50000 SH Call Direct 1, 2 0 FIRST M & F CORP CMN COM 320744105 ~~126~~136 26215 SH Direct 1, 2 26215 GENERAL DYNAMICS CORP. CM 369550108 ~~7338~~6596 100000 SH Call Direct 1, 2 0 ~~GENWORTH FINANCIAL INC CM COM 37247D106 7483 899399 SH Direct 1, 2 899399~~ GLOBALSTAR, INC. CMN COM 378973408 ~~282~~129 403500 SH Direct 1, 2 403500 GOLDMAN SACHS GROUP, INC. 38141G104 ~~59175~~40817 ~~475800~~425800 SH Call Direct 1, 2 0 GREEN MNTN COFFEE ROASTER 393122106 -~~8225~~2736 ~~175600~~125600 SH Put Direct 1, 2 0 GREIF INC CMN CLASS B COM 397624206 ~~34734~~27515 611845 SH Direct 1, 2 611845 HOPFED BANCORP INC CMN COM 439734104 ~~143~~221 ~~17111~~30748 SH Direct 1, 2 ~~17111~~30748 INTERVEST BANCSHARES CORP COM 460927106 6566 17104 SH Direct 1, 2 17104 ISHARES ~~RUSSELL~~FTSE ~~2000~~CHINA ~~GROW~~25 ~~464287648~~IND 464287184 -~~70438~~1683 ~~738500~~50000 SH Put Direct 1, 2 0 ISHARES RUSSELL 2000 ~~INDE~~GROW ~~464287655~~464287648 -~~15361~~67551 ~~185500~~738500 SH Put Direct 1, 2 0 ISHARES SILVER TRUST ETF 46428Q109 ~~6505~~5525 207300 SH Call Direct 1, 2 0 ~~LENNAR~~LAKE ~~CORP~~SHORE ~~CMN~~BANCORP, ~~CLASS~~INC. B COM ~~526057302~~510700107 ~~1370~~572 ~~61300~~55734 SH Direct 1, 2 ~~61300~~55734 ~~LIBERTY~~LAPORTE ~~INTERACTIVE~~BANCORP, INC. CMN COM 516650108 107 11412 SH Direct 1, 2 11412 LENNAR CORP CMN CLASS B COM ~~53071M104~~526057302 ~~7504~~1473 ~~393101~~61300 SH Direct 1, 2 ~~393101~~61300 ~~LORAL~~LIBERTY ~~SPACE~~INTERACTIVE ~~&COMMUNICATIO~~CORP COM ~~543881106~~53071M104 ~~6420~~7012 ~~80649~~394500 SH Direct 1, 2 ~~80649~~394500 LOWES COMPANIES INC CMN 548661107 ~~11924~~10807 380000 SH Call Direct 1, 2 0 M T R GAMING GROUP INC CM COM 553769100 ~~10087~~6989 ~~2054286~~1471322 SH Direct 1, 2 ~~2054286~~1471322 ~~MICROSOFT~~MARKET ~~CORPORATION~~VECTORS ~~CMN~~ETF ~~COM~~TRUST ~~594918104~~57060U589 ~~9270~~703 ~~287400~~36600 SH Call Direct 1, 2 ~~287400~~0 MICROSOFT CORPORATION CMN COM 594918104 ~~29088~~8792 ~~901800~~287400 SH ~~Call~~ Direct 1, 2 0287400 ~~MOD~~MICROSOFT ~~PAC~~CORPORATION ~~CORP~~ CMN COM ~~607495108~~594918104 ~~122~~15350 ~~17366~~501800 SH Call Direct 1, 2 ~~17366~~0 NATL WESTN LIFE INS CO CL COM 638522102 ~~3431~~5765 ~~25066~~40623 SH Direct 1, 2 ~~25066~~40623 NEWMONT MINING CORPORATIO 651639106 ~~35889~~33957 700000 SH Call Direct 1, 2 0 OCONEE FED FINL CORP CMN COM 675607105 264 20277 SH Direct 1, 2 20277 PSB HLDGS INC CMN COM 69360W108 163 39032 SH Direct 1, 2 39032 PEOPLES BANCORP OF NORTH COM 710577107 ~~189~~186 23433 SH Direct 1, 2 23433 PFIZER INC. CMN 717081103 6900 300000 SH Call Direct 1, 2 0 PREMIER FINANCIAL BANCORP COM 74050M105 9591 12314 SH Direct 1, 2 12314 PRESIDENTIAL LIFE CORP CM COM 740884101 ~~22178~~19074 1940339 SH Direct 1, 2 1940339 PROSHARES TRUST II-ULTRA 74347W841 -~~3382~~2536 ~~62100~~66500 SH Put Direct 1, 2 0 RAYTHEON CO CMN 755111507 ~~11717~~12563 222000 SH Call Direct 1, 2 0 SALESFORCE.COM, INC CMN 79466L302 -~~10043~~8987 65000 SH Put Direct 1, 2 0 SEALED AIR CORPORATION CM COM 81211K100 ~~19385~~16886 ~~1003883~~1093683 SH Direct 1, 2 ~~1003883~~1093683 SYMETRA FINANCIAL CORPORA COM 87151Q106 ~~7614~~8333 660340 SH Direct 1, 2 660340 TESLA MOTORS, INC. CMN 88160R101 -~~1676~~1408 45000 SH Put Direct 1, 2 0 ~~TIME WARNER CABLE INC. CM 88732J207 2445 30000 SH Call Direct 1, 2 0~~ UNITED PARCEL SERVICE, IN 911312106 ~~4036~~3938 50000 SH Call Direct 1, 2 0 US NATURAL GAS FUND LP ET 912318201 -~~2351~~4585 ~~147700~~237700 SH Put Direct 1, 2 0 VIRGIN MEDIA INC CMN 92769L101 ~~250~~244 10000 SH Call Direct 1, 2 0 WARREN RESOURCES INC. CMN COM 93564A100 ~~5149~~5053 ~~1579535~~2114310 SH Direct 1, 2 ~~1579535~~2114310 WASTE MANAGEMENT INC CMN 94106L109 ~~3496~~3340 100000 SH Call Direct 1, 2 0 WESTERN DIGITAL ~~CORP~~CORPORATI ~~CMN~~ COM 958102105 ~~6622~~4877 160000 SH Direct 1, 2 160000 WESTERN DIGITAL ~~CORP~~CORPORATI ~~CMN~~ COM 958102105 ~~1242~~914 30000 SH Call Direct 1, 2 0 WPX ENERGY, INC. CMN COM 98212B103 ~~973~~874 54000 SH Direct 1, 2 54000 XEROX CORPORATION CMN 984121103 394 50000 SH Call Direct 1, 2 0 CIL .3333 FRAC WPX CMN SH 9EQ2LV2L0 ~~957~~889 26000 SH Call Direct 1, 2 0 ASSURED GUARANTY LTD. CMN COM G0585R106 ~~8753~~9022 ~~529869~~639869 SH Direct 1, 2 ~~529869~~639869 ASSURED GUARANTY LTD. CMN COM G0585R106 ~~3304~~2820 200000 SH Call Direct 1, 2 0 SEAGATE TECHNOLOGY PLC CM COM G7945M107 ~~5391~~2473 ~~200000~~100000 SH Direct 1, 2 100000 SEAGATE TECHNOLOGY PLC CM COM G7945M107 11129 450000 SH Call Direct 1, 2 0 XL GROUP PLC CMN COM G98290102 ~~2681~~2601 123600 SH Direct 1, 2 123600 XL GROUP PLC CMN COM G98290102 ~~20840~~20215 960800 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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