-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Tl2ByWPNMJ4fScuBABpofZhclpaHEOs7bUWjOCTE9pEarJnGA1w/GE3zKl5RJWle K/7YbQDb4TkaFkuExLEhCA== <SEC-DOCUMENT>0001156950-09-000002.txt : 20090212 <SEC-HEADER>0001156950-09-000002.hdr.sgml : 20090212 <ACCEPTANCE-DATETIME>20090212120243 ACCESSION NUMBER: 0001156950-09-000002 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20081231 FILED AS OF DATE: 20090212 DATE AS OF CHANGE: 20090212 EFFECTIVENESS DATE: 20090212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARBITER PARTNERS LP CENTRAL INDEX KEY: 0001156950 IRS NUMBER: 134168699 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-12808 FILM NUMBER: 09592975 BUSINESS ADDRESS: STREET 1: 149 FIFTH AVENUE, FIFTEENTH FLOOR CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-585-1600 MAIL ADDRESS: STREET 1: 149 FIFTH AVENUE, FIFTEENTH FLOOR CITY: NEW YORK STATE: NY ZIP: 10010 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR <SEQUENCE>1 <FILENAME>arb13f4q08.txt <DESCRIPTION>ARBITER PARTNERS, LP 13F-HR <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: December 31, 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: Arbiter Partners, LP Address: 149 Fifth Avenue, Fifteenth Floor New York, NY 10010 13F File Number: 28-12808 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 12, 2009 - ----------------------- ------------------ ----------------- [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: 45 ---- Form 13F Information Table Value Total: $133,133 --------- (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 <PAGE> <TABLE> <CAPTION> 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 - -------------- ----- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- <s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> Affirmative Ins Hldgs COM 008272106 79 54,394 SH SOLE 54,394 American Comnty Ppty Tr COM 02520N106 857 198,833 SH SOLE 198,833 Amkor Technologies Inc COM 031652100 46 21,200 SH SOLE 21,200 Ascent Media Corp COM ser A 043632108 11,363 520,279 SH SOLE 520,279 Avery Dennison Corp COM 053611109 14,434 441,000 SH CALL SOLE 441,000 Baldwin & Lyons Inc CL A 057755100 44 2,738 SH SOLE 2,738 Baldwin & Lyons Inc CL B 057755209 847 46,543 SH SOLE 46,543 Bankunited Finl Corp CL A 06652B103 48 302,200 SH PUT SOLE 302,200 Cablevision Sytms Corp COM 12686C109 6,736 400,000 SH CALL SOLE 400,000 Capital One Finl. Corp COM 14040H105 6,378 200,000 SH CALL SOLE 200,000 Chubb Corp COM 171232101 11,796 231,300 SH CALL SOLE 231,300 Cincinnati Bell Inc COM 171871106 44 22,900 SH SOLE 22,900 Clear Channel Hlds CL A 18451C109 2,200 357,800 SH SOLE 357,800 E.I Du Pont and Comp. COM 263534109 572 22,600 SH CALL SOLE 22,600 El Paso Corp COM 28336L109 1,566 200,000 SH CALL SOLE 200,000 Greif Inc CL B 397624206 10,710 315,000 SH SOLE 315,000 IPASS Inc COM 46261V108 1,659 1,359,702 SH SOLE 1,359,702 Level 3 Communications COM 52729N100 579 827,000 SH CALL SOLE 827,000 Liberty Global Inc COM Ser A 530555101 170 10,647 SH SOLE 10,647 Liberty Global Inc COM Ser C 530555309 162 10,647 SH SOLE 10,647 Liberty Media Hldg Corp Cap Com Ser A 53071M302 555 117,840 SH SOLE 117,840 Loral Space & Comm COM 543881106 2,919 200,929 SH SOLE 200,929 MTR Gaming Group Inc COM 553769100 2,895 1,723,226 SH SOLE 1,723,226 Maxxam Inc COM 577913106 1,368 101,358 SH SOLE 101,358 Mod Pac Corp COM 607495108 349 147,462 SH SOLE 147,462 Presidential Life Corp COM 740884101 8,914 901,296 SH SOLE 901,296 Pulte Homes, Inc COM 745867101 3,213 294,000 SH PUT SOLE 294,000 R.H. Donnelley Corp. COM 74955W307 250 676,918 SH SOLE 676,918 Reddy Ice Holdings Inc COM 75734R105 1,125 781,100 SH SOLE 781,100 Redwood Trust Inc COM 758075402 322 21,600 SH Put SOLE 21,600 Rosetta Resources Inc COM 777779307 602 85,000 SH SOLE 85,000 Rowan Companies Inc COM 779382100 1,590 100,000 SH CALL SOLE 100,000 Sanfilippo John & Son COM 800422107 481 89,222 SH SOLE 89,222 The E.W. Scripps Company COM CL A 811054402 3,022 1,367,230 SH SOLE 1,367,230 Swiss Helvetia Fund Inc COM 870875101 311 25,000 SH SOLE 25,000 3M Company COM 88579Y101 8,631 150,000 SH CALL SOLE 150,000 Valassis Communications COM 918866104 99 75,000 SH PUT SOLE 75,000 Verizon Communications COM 92343V104 6,682 200,000 SH CALL SOLE 200,000 FairPont Communications COM 305560104 7 2,000 SH CALL SOLE 2,000 Waste Management Inc COM 94106L109 944 28,500 SH SOLE 28,500 Waste Management Inc COM 94106L109 8,285 250,000 SH CALL SOLE 250,000 Williams Companies Inc COM 969457100 1,448 100,000 SH CALL SOLE 100,000 Seagate Technology COM G7945J104 1,675 378,000 SH SOLE 378,000 Seagate Technology COM G7945J104 758 171,000 SH CALL SOLE 171,000 UBS AG COM H89231338 6,435 450,000 SH PUT SOLE 450,000 </TABLE> </TEXT> </DOCUMENT> </SEC-DOCUMENT> -----END PRIVACY-ENHANCED MESSAGE-----