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<SEC-DOCUMENT>0001013594-08-000766.txt : 20081114
<SEC-HEADER>0001013594-08-000766.hdr.sgml : 20081114
<ACCEPTANCE-DATETIME>20081114115550
ACCESSION NUMBER:		0001013594-08-000766
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20081114
DATE AS OF CHANGE:		20081114
EFFECTIVENESS DATE:		20081114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORSAIR CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001276470
		IRS NUMBER:				043683843
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-10823
		FILM NUMBER:		081188386

	BUSINESS ADDRESS:	
		STREET 1:		350 MADISON AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2123898240

	MAIL ADDRESS:	
		STREET 1:		350 MADISON AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>corsair13fhr-111408.txt
<DESCRIPTION>NOVEMBER 14, 2008
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2008

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:             Corsair Capital Management, L.L.C.
Address:          350 Madison Avenue, 9th Floor
                  New York, New York 10017


Form 13F File Number: 028-10823

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:             Jay Petschek
Title:            Managing Member
Phone:            (212) 389-8240

Signature, Place, and Date of Signing:

     /s/ Jay Petschek         New York, New York          November 14, 2008
     --------------------     -----------------------     ---------------
        [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).)


<PAGE>



                              FORM 13F SUMMARY PAGE


Report Summary:


Number of Other Included Managers:          0

Form 13F Information Table Entry Total:     51

Form 13F Information Table Value Total:     $107,251 (thousands)


List of Other Included Managers:

   None.

<PAGE>
<TABLE>

                                                            13F Report

                                      Name of Reporting Manager: Corsair Capital Management, L.L.C.
                                                       As of September 30, 2008
<CAPTION>

    NAME OF ISSUER                      TITLE OF             CUSIP      VALUE     SHARES/  PUT/  INVESTMENT     VOTING AUTHORITY
                                        CLASS                           (X$1000)  PRN AMT  CALL   DSCRETN    SOLE    SHARED  NONE
<S>                                     <C>                  <C>        <C>       <C>       <C>    <C>       <C>        <C>   <C>
2020 CHINACAP ACQUIRCO INC              UNIT 99/99/9999      90212G208     725      100,000        SOLE        100,000  -     -
ACCELRYS INC                            COM                  00430U103      76       13,854        SOLE         13,854  -     -
AIR TRANSPORT SERVICES GROUP  INC       COM                  00922R105     318      430,000        SOLE        430,000  -     -
AMERICAN EXPRESS COMPANY                COM                  025816109   1,031       29,093        SOLE         29,093  -     -
AMICAS INC                              COM                  001712108   2,875    1,197,777        SOLE      1,197,777  -     -
ARCELORMITTAL SA LUXEMBOURG             NY REGISTRY SHARES   03938L104     390        7,900        SOLE          7,900  -     -
AUTOLIV INC                             COM                  052800109     743       22,000        SOLE         22,000  -     -
BARRICK GOLD CORP                       COM                  067901108     959       26,096        SOLE         26,096  -     -
CAPITAL SENIOR LIVING CORP              COM                  140475104   1,414      186,100        SOLE        186,100  -     -
CASTLEPOINT HOLDINGS LTD                COM                  G19522112     334       30,000        SOLE         30,000
CHESAPEAKE ENERGY CORP                  COM                  165167107     548       15,271        SOLE         15,271  -     -
COTT CORP                               COM                  22163N106      61       56,600        SOLE         56,600  -     -
DATA I/O CORP                           COM                  237690102     354       84,562        SOLE         84,562  -     -
EATON VANCE CORP                        COM NON VTG          278265103   3,741      106,200        SOLE        106,200  -     -
FOREST CITY ENTERPRISES INC             CL B CONV            345550305     274        8,900        SOLE          8,900  -     -
GOLDEN POND HEALTHCARE INC              UNIT 99/99/9999      38116J208     568       74,800        SOLE         74,800  -     -
HARTFORD FINANCIAL SERVICES  GROUP INC  COM                  416515104     287        7,000        SOLE          7,000  -     -
HOLLYWOOD MEDIA CORP                    COM                  436233100     170       75,449        SOLE         75,449  -     -
IMPAC MORTGAGE HOLDINGS INC             COM                  45254P102     235      938,727        SOLE        938,727  -     -
INFORMATION SERVICES GROUP I            W EXP 01/31/201      45675Y112      36       91,000        SOLE         91,000  -     -
INNOPHOS HOLDINGS INC                   COM                  45774N108  23,223      952,523        SOLE        952,523  -     -
KAPSTONE PAPER & PACKAGING CORPORATION  W EXP 08/15/200      48562P111     157      116,112        SOLE        116,112  -     -
LSB INDUSTRIES INC                      COM                  502160104     672       48,549        SOLE         48,549  -     -
MAIDEN HOLDINGS LTD                     COM                  G5753U112   8,525    1,959,756        SOLE      1,959,756  -     -
MIRANT CORP  NEW                        COM                  60467R100     549       30,000        SOLE         30,000  -     -
PFSWEB INC  NEW                         COM                  717098206      74       30,779        SOLE         30,779  -     -
PHOTOMEDEX INC                          COM                  719358103     601    1,397,934        SOLE      1,397,934  -     -
PROVIDENCE & WORCESTER  RAILROAD CO     COM                  743737108     695       40,880        SOLE         40,880  -     -
PRUDENTIAL FINANCIAL INC                COM                  744320102     360        5,000        SOLE          5,000  -     -
QLT INC                                 COM                  746927102     130       40,000        SOLE         40,000  -     -
RAM ENERGY RESOURCES INC                COM                  75130P109     892      308,601        SOLE        308,601  -     -
REIS INC                                COM                  75936P105     119       19,800        SOLE         19,800  -     -
RENAISSANCE ACQUISITION CORP            UNIT 01/28/2011      75966C206     709      125,000        SOLE        125,000  -     -
SOUTHERN UNION CO NEW                   COM                  844030106   1,657       80,220        SOLE         80,220  -     -
SPDR GOLD TRUST                         GOLD SHS             78463V107   4,772       56,100        SOLE         56,100  -     -
SPDR TR                                 UNIT SER 1           78462F103   1,791       15,443        SOLE         15,443  -     -
SPECIALTY UNDERWRITERS  ALLIANCE INC    COM                  84751T309   1,317      267,169        SOLE        267,169  -     -
SUN AMERICAN BANCORP  NEW               COM                  86664A202     303      119,390        SOLE        119,390  -     -
TECO ENERGY INC                         COM                  872375100  23,856    1,516,621        SOLE      1,516,621  -     -
TFS FINANCIAL CORP                      COM                  87240R107     179       14,300        SOLE         14,300  -     -
THERMADYNE HOLDINGS  CORPORATION NEW    COM                  883435307   1,945      116,703        SOLE        116,703  -     -
TRANS INDIA ACQUISITION  CORPORATION    UNIT 02/08/2012      893237206     310       40,000        SOLE         40,000  -     -
TRANSFORMA ACQUISITION GROUP            UNIT 12/19/2010      89366E209     519       64,900        SOLE         64,900  -     -
TRICO MARINE SERVICES INC  NEW          COM                  896106200     427       25,000        SOLE         25,000  -     -
UNITED CAPITAL CORP                     COM                  909912107     296       11,190        SOLE         11,190  -     -
UNITED STATES STL CORP NEW              COM                  912909108     776       10,000        SOLE         10,000  -     -
WALTER INDUSTRIES INC NEW               COM                  93317Q105  12,679      267,200        SOLE        267,200  -     -
WESCO INTERNTIONAL INC                  COM                  95082P105     644       20,000        SOLE         20,000  -     -
WESTMORELAND COAL CO                    COM                  960878106   1,122       71,008        SOLE         71,008  -     -
WILLIAMS CONTROLS INC  NEW              COM                  969465608     279       21,665        SOLE         21,665  -     -
WYNDHAM WORLDWIDE CORPORATION           COM                  98310W108   2,533      161,210        SOLE        161,210  -     -

</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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