<DOCUMENT>
<TYPE>13F-NT
<SEQUENCE>1
<FILENAME>lp13f1q11.txt
<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:  March 31, 2011


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:


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	        May 17, 2011
-----------------------	------------------	-----------------
	[Signature]	[City, State]		[Date]


Report Type (Check only one.):

[]	13F HOLDINGS REPORT.  (Check here if all holdings of this reporting
manager are reported in this report.)

[ x ]	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:		1
						---

Form 13F Information Table Entry Total:		93
						----

Form 13F Information Table Value Total:		$753,179
						---------
						(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.

1 - 13F file number 028-14377 Arbiter Partners QP, LP

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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>
Abbott Laboratories      COM            002824100       9,810    200,000  SH    CALL    defined     1        200,000
Allstate Corp            COM            020002101      10,662    335,500  SH            defined     1        335,500
Allstate Corp            COM            020002101      29,667    933,500  SH    CALL    defined     1        933,500
American Intl Group      WTS            026874156       5,009    450,000  SH            defined     1        450,000
Anadarko Petroleum Corp  COM            032511107      16,384    200,000  SH    CALL    defined     1        200,000
Archer Daniels Midland   COM            039483102      15,081    418,800  SH    CALL    defined     1        418,800
Ascent Media Corp        COM ser A      043632108      14,491    296,639  SH            defined     1        296,639
Baldwin & Lyons Inc      CL A           057755100          60      2,738  SH            defined     1          2,738
Baldwin & Lyons Inc      CL B           057755209       1,090     46,543  SH            defined     1         46,543
Campbell Soup Co         COM            134429109       1,656     50,000  SH    CALL    defined     1         50,000
Capital ONe Financial    WTS            14040H139         276     12,755  SH            defined     1         12,755
Capital Senior Living    COM            140475104      14,414  1,357,221  SH            defined     1      1,357,221
Capitol Federal Financal COM            14057J101       2,832    251,291  SH            defined     1        251,291
Capitol Federal Financal COM            9EQ2F0SY9       1,209     45,000  SH            defined     1         45,000
Chubb Corp               COM            171232101         613     10,000  SH            defined     1         10,000
Chubb Corp               COM            171232101      26,026    424,500  SH    CALL    defined     1        424,500
Cisco Systems, Inc       COM            17275R102       8,575    500,000  SH    CALL    defined     1        500,000
Coca-Cola Enterprises    COM            9EQ2EMX26       3,730    100,000  SH    CALL    defined     1        100,000
Colgate-Palmolive        COM            194162103       8,076    100,000  SH    CALL    defined     1        100,000
Comcast Corp             CL A voting    20030N101       9,455    382,500  SH            defined     1        382,500
Comcast Corp             CL A voting    20030N101       4,944    200,000  SH    CALL    defined     1        200,000
Comcast Corp             CL A Non vot.  20030N200       7,101    305,800  SH            defined     1        305,800
Comcast Corp             CL A Non vot.  20030N200       3,372    145,200  SH    CALL    defined     1        145,200
Consolidated-Tomoka Land COM            210226106       1,111     34,276  SH            defined     1         34,276
Corelogic Inc            COM            21871D103       1,203     65,000  SH            defined     1         65,000
CSG Systems Intl Inc     COM            126349109       1,353     67,874  SH            defined     1         67,874
Devon Energy Corporation COM            25179M103      11,930    130,000  SH    CALL    defined     1        130,000
Dex One Corp             COM            25212W100       4,950  1,022,790  SH            defined     1      1,022,790
EBAY INC.                COM            278642103         621     20,000  SH            defined     1         20,000
El Paso Corp             COM            28336L109       1,800    100,000  SH            defined     1        100,000
EMC Corporation          COM            268648102       6,640    250,000  SH    CALL    defined     1        250,000
Equinix Inc              COM            29444U502      74,201    814,500  SH    CALL    defined     1        814,500
ETF Physical Platinum    ETF            26922V101       9,667     55,000  SH            defined     1         55,000
Exxon Mobil Corp         COM            30231G102      38,826    461,500  SH    CALL    defined     1        461,500
General Dynamics Corp.   COM            369550108       7,656    100,000  SH    CALL    defined     1        100,000
General Electric Co      COM            369550108       3,114    155,300  SH    CALL    defined     1        155,300
Genworth Financial inc   CL A           37247D106       5,052    375,311  SH            defined     1        375,311
Genworth Financial inc   CL A           37247D106      10,810    803,100  SH    CALL    defined     1        803,100
Gilead Sciences          COM            375558103       5,309    125,000  SH    CALL    defined     1        125,000
Globalstar Inc           COM            378973408         512    403,500  SH            defined     1        403,500
Goldman Sachs Group Inc  COM            38141G104      77,460    488,400  SH    CALL    defined     1        488,400
Greif Inc                CL B           397624206      31,533    511,903  SH            defined     1        511,903
Hess Corporation         COM            42809H107       4,261     50,000  SH    CALL    defined     1         50,000
Hewlett-Packard Co.      COM 	 	428236103       2,049     50,000  SH    CALL    defined     1         50,000
Intel Corp.              COM            458140100      11,099    550,000  SH    CALL    defined     1        550,000
IPASS Inc                COM            46261V108       1,780  1,141,100  SH            defined     1      1,141,100
IPATH S&P 500 VIX        ETN            06740C261     -16,115    548,700  SH    PUT     defined     1        548,700
Iron Mountain INc        COM            462846106 	2,074 	  66,400  SH            defined     1         66,400
Ishares Silver Trust     ETF            46428Q109       3,677    100,000  SH    CALL    defined     1        100,000
Johnson & Johnson        COM            478160104      11,850    200,000  SH    CALL    defined     1        200,000
Kraft Foods Inc          CL A           50075N104       6,272    200,000  SH    CALL    defined     1        200,000
Kroger Company           COM            501044101       3,977    165,900  SH    CALL    defined     1        165,900
Liberty Global Inc       COM Ser A      530555101         441     10,647  SH            defined     1         10,647
Liberty Global Inc       COM Ser C      530555309         426     10,647  SH            defined     1         10,647
Liberty Media Hldg Corp  COM Ser A      53071M104      10,981    684,601  SH            defined     1        684,601
Liberty Media Hldg Corp  Cap Com Ser A  53071M302      28,521    387,140  SH            defined     1        387,140
Loral Space & Comm       COM            543881106      13,702    176,686  SH            defined     1        176,686
Lowes Companies Inc      COM            548661107      15,728    595,100  SH    CALL    defined     1        595,100
M & F Worldwide Corp     COM            552541104         992     39,490  SH            defined     1         39,490
MTR Gaming Group Inc     COM            553769100       5,383  2,054,686  SH            defined     1      2,054,686
Microsoft Corporation    COM            594918104      43,163  1,700,000  SH    CALL    defined     1      1,700,000
Mod Pac Corp             COM            607495108         898    145,862  SH            defined     1        145,862
Netflix Com INc          COM            64110L106      -4,756     20,000  SH    PUT     defined     1         20,000
Newmont Mining Corp      COM            651639106      38,206    700,000  SH    CALL    defined     1        700,000
Old Republic Intl corp   COM            680223104 	1,156 	  91,098  SH            defined     1         91,098
Oracle Corporation       COM            68389X105       3,343    100,000  SH    CALL    defined     1        100,000
Presidential Life Corp   COM            740884101      18,491  1,940,339  SH            defined     1      1,940,339
Raytheon Co.             COM            755111507      22,230    437,000  SH    CALL    defined     1        437,000
Reddy Ice Holdings Inc   COM            75734R105         306    101,835  SH            defined     1        101,835
Regis Corp               COM            758932107      11,561    651,688  SH            defined     1        651,688
Riverbed Technology INc  COM            768573107      -7,575    201,200  SH    PUT     defined     1        201,200
Salesforce.com Inc       COM            79466L302      -6,679     50,000  SH    PUT     defined     1         50,000
Seabright Hldg Inc       COM            811656107         104     10,176  SH            defined     1         10,176
Sealed Air Corporation   COM            81211K100       7,758    291,000  SH            defined     1        291,000
SPDR Gold Trust          ETF            78463V107       6,993     50,000  SH    CALL    defined     1         50,000
SPDR Gold Trust          ETF            78463V107      -5,594     40,000  SH    PUT     defined     1         40,000
SPDR S&P 500 ETF Trust   ETF            78462F103     -83,267    628,000  SH    PUT     defined     1        628,000
State Auto Financial     COM            855707105         198     10,877  SH            defined     1         10,877
Telephone and Data Sys.  COM Special    879433860       1,110     37,600  SH            defined     1         37,600
The Home Depot, INc      COM            437076102       7,412    200,000  SH    CALL    defined     1        200,000
Toreador Res Corp        COM            891050106       1,879    174,335  SH            defined     1        174,335
United Technologies Corp COM            913017109      12,698    150,000  SH    CALL    defined     1        150,000
Verizon Comm.            COM            92343V104      -7,708    200,000  SH    PUT     defined     1        200,000
Virgin Media Inc         COM            92769L101       2,779    100,000  SH            defined     1        100,000
Virgin Media Inc         COM            92769L101         278     10,000  SH    Call    defined     1         10,000
Wal Mart Stores Inc      COM            931142103      10,410    200,000  SH    CALL    defined     1        200,000
Walgreen Co.             COM            931422109       4,142    103,200  SH    CALL    defined     1        103,200
Warren Resources Inc.    COM            93564A100       4,184    818,732  SH            defined     1        818,732
Waste Management Inc     COM            94106L109      25,205    675,000  SH    CALL    defined     1        675,000
Williams Companies Inc   COM            969457100       7,234    232,000  SH            defined     1        232,000
Williams Companies Inc   COM            969457100      15,278    490,000  SH    CALL    defined     1        490,000
XL Capital LTD           CL A           G98255105       1,525     62,000  SH            defined     1         62,000
XL Capital LTD           CL A           G98255105      24,841  1,009,800  SH    CALL    defined     1      1,009,800


*Long puts reflect a negative notional value and have been subtracted from the total notional value.
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