13F-HR 1 qp13f4q12.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, 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 February 06, 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: 69 ---- Form 13F Information Table Value Total: $454,278 --------- (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 EAGLE MINES LTD COM 008474108 ~~3632~~52 ~~70000~~1000 SH Direct 1, 2 ~~70000~~1000 ~~AGNICO~~AMERIANA ~~EAGLE~~BANCORP ~~MINES LTD~~ COM ~~008474108~~023613102 ~~2075~~125 ~~40000~~15167 SH ~~Call~~ Direct 1, 2 015167 ~~ALICO~~AMKOR TECHNOLOGY INC COM ~~016230104~~031652100 ~~509~~212 ~~16307~~50000 SH Direct 1, 2 ~~16307~~50000 ~~AMERIANA BANCORP COM 023613102 98 15167 SH Direct 1, 2 15167~~ ANADARKO PETE CORP COM 032511107 ~~17480~~18578 250000 SH Call Direct 1, 2 0 ~~APPLE~~ANNALY ~~INC~~CAP ~~COM~~MGMT ~~037833100 -20013 30000 SH Put Direct 1, 2 0 APPLIED MATLS~~ INC COM ~~038222105~~035710409 ~~1117~~1404 100000 SH ~~Call~~ Direct 1, 2 0100000 ASB BANCORP INC N C COM 00213T109 ~~494~~489 31900 SH Direct 1, 2 31900 ASSURED GUARANTY LTD COM G0585R106 ~~8715~~15594 ~~639869~~1095869 SH Direct 1, 2 ~~639869~~1095869 ASSURED GUARANTY LTD COM G0585R106 ~~2724~~2846 200000 SH Call Direct 1, 2 0 BARCLAYS BK PLC COM ~~06740C261~~06740C188 -~~3965~~17639 ~~440600~~554500 SH Put Direct 1, 2 0 BLACKSTONE GROUP L P COM 09253U108 ~~3570~~9354 ~~250000~~600000 SH Call Direct 1, 2 0 CAPITAL ONE FINL CORP WTS 14040H139 ~~2723~~4504 ~~47755~~77755 SH Direct 1, 2 ~~47755~~77755 CAPITAL ONE FINL CORP WTS 14040H139 ~~724~~110 ~~35200~~5200 SH Call Direct 1, 2 0 CAPITAL SR LIVING CORP COM 140475104 ~~20774~~27477 ~~1435637~~1470137 SH Direct 1, 2 ~~1435637~~1470137 ~~CIL~~CLEAR ~~.3333~~CHANNEL ~~FRAC~~OUTDOOR ~~WPX~~HLD ~~CMN SH~~ COM ~~9EQ2LV2L0~~18451C109 ~~1053~~3655 ~~26000~~520650 SH ~~Call~~ Direct 1, 2 0520650 ~~CLEAR~~CLIFFS ~~CHANNEL~~NATURAL ~~OUTDOOR~~RESOURCES ~~HLD~~ COM ~~18451C109~~18683K101 ~~3113~~-20442 ~~520650~~530000 SH Put Direct 1, 2 ~~520650~~0 ~~CLIFFS~~CORNING ~~NATURAL~~INC ~~RESOURCES~~ COM ~~18683K101~~219350105 ~~-17609~~1262 ~~450000~~100000 SH ~~Put~~Call Direct 1, 2 0 COWEN GROUP INC NEW COM 223622101 ~~4701~~4628 ~~1738034~~1888806 SH Direct 1, 2 ~~1738034~~1888806 CURRENCYSHARES AUSTRALIAN COM 23129U101 -~~16640~~16664 160000 SH Put Direct 1, 2 0 ~~DEVON~~DELL ~~ENERGY~~INC ~~CORP NEW~~ COM ~~25179M103~~24702R101 ~~3025~~11661 ~~50000~~1150000 SH Call Direct 1, 2 ~~50000~~0 DEVON ENERGY CORP NEW COM 25179M103 ~~36385~~36985 ~~601400~~710700 SH Call Direct 1, 2 0 EASTERN VA BANKSHARES INC COM 277196101 136 25200 SH Direct 1, 2 25200 FIRST M & F CORP COM 320744105 ~~195~~183 26215 SH Direct 1, 2 26215 GENERAL DYNAMICS CORP COM 369550108 ~~6612~~6927 100000 SH Call Direct 1, 2 0 GLOBALSTAR INC COM 378973408 ~~186~~123 403500 SH Direct 1, 2 403500 GOLDMAN SACHS GROUP INC COM 38141G104 ~~48405~~54315 425800 SH Call Direct 1, 2 0 GREIF INC COM 397624206 ~~30243~~29668 611845 SH Direct 1, 2 611845 HESS CORP COM 42809H107 ~~2686~~2648 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 ~~231~~265 30748 SH Direct 1, 2 30748 HYSTER YALE MATLS HANDLIN COM 449172105 2489 51000 SH Direct 1, 2 51000 INTERVEST BANCSHARES CORP COM 460927106 6567 17104 SH Direct 1, 2 17104 ISHARES SILVER TRUST COM 46428Q109 ~~6940~~6088 207300 SH Call Direct 1, 2 0 LAKE SHORE BANCORP INC COM 510700107 ~~1126~~1917 ~~108259~~186284 SH Direct 1, 2 ~~108259~~186284 LAPORTE BANCORP INC MD COM ~~516650108~~516651106 ~~123~~130 ~~11412~~15052 SH Direct 1, 2 ~~11412~~15052 LENNAR CORP COM 526057302 ~~1876~~2126 69620 SH Direct 1, 2 69620 LEVEL 3 COMMUNICATIONS IN COM 52729N308 ~~1149~~1156 50000 SH Direct 1, 2 50000 LIBERTY ~~INTERACTIVE~~MEDIA HLDG CORP C COM ~~53071M872~~53071M104 ~~27690~~7764 ~~810087~~394500 SH Direct 1, 2 ~~810087~~394500 ~~LOWES~~LIBERTY ~~COS~~VENTURES ~~INC~~CMN SERI COM ~~548661107~~53071M880 ~~10584~~28145 ~~350000~~415369 SH Direct 1, 2 415369 LIFE TECHNOLOGIES CORP COM 53217V109 9806 200000 SH Call Direct 1, 2 0 MARKET VECTORS ETF TR COM 57060U589 ~~5063~~4053 204800 SH Call Direct 1, 2 0 MICROSOFT CORP COM 594918104 ~~8553~~7676 287400 SH Direct 1, 2 287400 MICROSOFT CORP COM 594918104 ~~14934~~13403 501800 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 ~~6175~~7040 ~~1466822~~1688220 SH Direct 1, 2 ~~1466822~~1688220 NATIONAL WESTN LIFE INS C COM 638522102 ~~6621~~8259 ~~46222~~52361 SH Direct 1, 2 ~~46222~~52361 NEWMONT MINING CORP COM 651639106 ~~44812~~42214 ~~800000~~909000 SH Call Direct 1, 2 0 OCONEE FED FINL CORP COM 675607105 ~~318~~295 20277 SH Direct 1, 2 20277 PEOPLES BANCORP N C INC COM 710577107 ~~234~~213 23433 SH Direct 1, 2 23433 PFIZER INC COM 717081103 ~~2485~~2508 100000 SH Call Direct 1, 2 0 PREMIER FINL BANCORP INC COM 74050M105 ~~113~~133 12314 SH Direct 1, 2 12314 ~~PRESIDENTIAL LIFE CORP COM 740884101 27029 1940339 SH Direct 1, 2 1940339~~ PROSHARES TR II COM 74347W841 -~~3880~~2933 66500 SH Put Direct 1, 2 0 PSB HLDGS INC COM 69360W108 ~~172~~187 39032 SH Direct 1, 2 39032 ~~RAYTHEON CO COM 755111507 12690 222000 SH Call Direct 1, 2 0~~ SALESFORCE COM INC COM 79466L302 -~~9925~~10927 65000 SH Put Direct 1, 2 0 SEAGATE TECHNOLOGY PLC COM G7945M107 ~~3096~~3042 100000 SH Direct 1, 2 100000 SEAGATE TECHNOLOGY PLC COM G7945M107 ~~24768~~26161 ~~800000~~860000 SH Call Direct 1, 2 0 SEALED AIR CORP NEW COM 81211K100 ~~22552~~25542 1458703 SH Direct 1, 2 1458703 SYMETRA FINL CORP COM 87151Q106 ~~8122~~8571 660340 SH Direct 1, 2 660340 TRONOX LTD COM Q9235V101 ~~3029~~6090 ~~133720~~333720 SH Direct 1, 2 ~~133720~~333720 UNITED BANCSHARES INC OHI COM 909458101 ~~215~~231 23710 SH Direct 1, 2 23710 UNITED PARCEL SERVICE INC COM 911312106 ~~3579~~11060 ~~50000~~150000 SH Call Direct 1, 2 0 ~~VIRGIN~~UT/25 ~~MEDIA~~IPATH ~~INC~~S&P 500 VIX S COM ~~92769L101~~9EQ2YAE05 ~~294~~-2012 ~~10000~~63275 SH ~~Call~~Put Direct 1, 2 0 WARREN RES INC COM 93564A100 ~~6510~~6027 ~~2141310~~2144810 SH Direct 1, 2 ~~2141310~~2144810 WESTERN DIGITAL CORP COM 958102105 ~~6197~~12322 ~~160000~~290000 SH Call Direct 1, 2 ~~160000~~0 WESTERN ~~DIGITAL~~UN ~~CORP~~CO COM ~~958102105~~959802109 ~~3098~~6805 ~~80000~~500000 SH Call Direct 1, 2 0 WPX ENERGY INC COM 98212B103 ~~896~~804 54000 SH Direct 1, 2 54000 XEROX CORP COM 984121103 ~~5505~~2123 ~~750000~~311300 SH Direct 1, 2 311300 XEROX CORP COM 984121103 11876 1741300 SH Call Direct 1, 2 0 XL GROUP PLC COM G98290102 ~~2970~~3097 123600 SH Direct 1, 2 123600 XL GROUP PLC COM G98290102 ~~23088~~12756 ~~960800~~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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