13F-HR 1 qp13f3q12.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: September 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 November 07, 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: $422,109 --------- (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 455 31900 SH Direct 1, 2 31900~~ AGNICO EAGLE MINES LTD CM COM 008474108 ~~2832~~3632 70000 SH Direct 1, 2 70000 AGNICO EAGLE MINES LTD CM COM 008474108 ~~1618~~2075 40000 SH Call Direct 1, 2 0 ALICO INC ~~CMN~~ COM 016230104 ~~498~~509 16307 SH Direct 1, 2 16307 AMERIANA BANCORP ~~CMN~~ COM 023613102 8598 15167 SH Direct 1, 2 15167 ANADARKO ~~PETROLEUM~~PETE CORP CCOM 032511107 ~~16550~~17480 250000 SH Call Direct 1, 2 0 ~~IPATH~~APPLE ~~DOW~~INC ~~JONES~~COM 037833100 -20013 ~~UBS~~30000 ~~NATU~~SH ~~06739H644~~Put ~~-39~~Direct ~~12300~~1, 2 0 APPLIED MATLS INC COM 038222105 1117 100000 SH ~~Put~~Call Direct 1, 2 0 ~~IPATH~~ASB ~~S&P~~BANCORP ~~500~~INC ~~VIX~~N ~~SHORT-T~~C COM 00213T109 494 31900 SH Direct 1, 2 31900 ASSURED GUARANTY LTD COM G0585R106 8715 639869 SH Direct 1, 2 639869 ASSURED GUARANTY LTD COM G0585R106 2724 200000 SH Call Direct 1, 2 0 BARCLAYS BK PLC COM 06740C261 -~~7197~~3965 ~~473200~~440600 SH Put Direct 1, 2 0 BLACKSTONE GROUP L. P. ~~(TH~~COM 09253U108 ~~1307~~3570 ~~100000~~250000 SH Call Direct 1, 2 0 CAPITAL ONE FINL CORP WTS/ 14040H139 2723 47755 SH Direct 1, 2 47755 CAPITAL ONE ~~FINANCIAL~~FINL CORP WTS 14040H139 ~~1775~~724 ~~82955~~35200 SH Call Direct 1, 2 0 CAPITAL ~~SENIOR~~SR LIVING ~~COR~~CORP COM 140475104 ~~15218~~20774 1435637 SH Direct 1, 2 1435637 ~~CISCO~~CIL ~~SYSTEMS, INC~~.3333 FRAC WPX CMN ~~17275R102~~SH ~~2576~~COM ~~150000~~9EQ2LV2L0 1053 26000 SH Call Direct 1, 2 0 ~~COWEN~~CLEAR ~~GROUP,~~CHANNEL ~~INC.~~OUTDOOR ~~CMN~~HLD COM ~~223622101~~18451C109 ~~3763~~3113 ~~1414769~~520650 SH Direct 1, 2 ~~1414769~~520650 ~~CURRENCYSHARES~~CLIFFS ~~AUSTRALIAN~~NATURAL ~~23129U101~~RESOURCES COM 18683K101 -~~16408~~17609 ~~160000~~450000 SH Put Direct 1, 2 0 ~~DEVON~~COWEN ~~ENERGY~~GROUP ~~CORPORATION~~INC NEW COM ~~25179M103~~223622101 ~~2900~~4701 ~~50000~~1738034 SH Direct 1, 2 ~~50000~~1738034 CURRENCYSHARES AUSTRALIAN COM 23129U101 -16640 160000 SH Put Direct 1, 2 0 DEVON ENERGY ~~CORPORATION~~CORP NEW COM 25179M103 ~~34875~~3025 ~~601400~~50000 SH ~~Call~~ Direct 1, 2 050000 ~~EQUINIX~~DEVON ~~INC~~ENERGY ~~CMN~~CORP ~~29444U502~~NEW ~~8783~~COM ~~50000~~25179M103 36385 601400 SH Call Direct 1, 2 0 FIRST M & F CORP ~~CMN~~ COM 320744105 ~~136~~195 26215 SH Direct 1, 2 26215 GENERAL DYNAMICS CORP. CMCOM 369550108 ~~6596~~6612 100000 SH Call Direct 1, 2 0 GLOBALSTAR, INC. ~~CMN~~ COM 378973408 ~~129~~186 403500 SH Direct 1, 2 403500 GOLDMAN SACHS GROUP, INC. COM 38141G104 ~~40817~~48405 425800 SH Call Direct 1, 2 0 ~~GREEN~~GREIF ~~MNTN~~INC ~~COFFEE~~COM ~~ROASTER~~397624206 ~~393122106~~30243 ~~-2736~~611845 ~~125600~~ SH ~~Put~~ Direct 1, 2 0611845 ~~GREIF~~HESS ~~INC~~CORP ~~CMN CLASS B~~ COM ~~397624206~~42809H107 ~~27515~~2686 ~~611845~~50000 SH Call Direct 1, 2 ~~611845~~0 HOPFED BANCORP INC ~~CMN~~ COM 439734104 ~~221~~231 30748 SH Direct 1, 2 30748 INTERVEST BANCSHARES CORP COM 460927106 6665 17104 SH Direct 1, 2 17104 ISHARES ~~FTSE CHINA 25 IND 464287184 -1683 50000 SH Put Direct 1, 2 0 ISHARES RUSSELL 2000 GROW 464287648 -67551 738500 SH Put Direct 1, 2 0 ISHARES~~ SILVER TRUST ~~ETF~~COM 46428Q109 ~~5525~~6940 207300 SH Call Direct 1, 2 0 LAKE SHORE BANCORP, INC. COM 510700107 ~~572~~1126 ~~55734~~108259 SH Direct 1, 2 ~~55734~~108259 LAPORTE BANCORP, INC. ~~CMN~~ COM 516650108 ~~107~~123 11412 SH Direct 1, 2 11412 LENNAR CORP ~~CMN CLASS B~~ COM 526057302 ~~1473~~1876 ~~61300~~69620 SH Direct 1, 2 ~~61300~~69620 ~~LIBERTY~~LEVEL ~~INTERACTIVE~~3 ~~CORP~~COMMUNICATIONS IN COM ~~53071M104~~52729N308 ~~7012~~1149 ~~394500~~50000 SH Direct 1, 2 ~~394500~~50000 ~~LOWES~~LIBERTY ~~COMPANIES~~INTERACTIVE ~~INC~~CORP ~~CMN~~COM ~~548661107~~53071M872 ~~10807~~27690 ~~380000~~810087 SH ~~Call~~ Direct 1, 2 0810087 MLOWES TCOS ~~R GAMING GROUP~~ INC CM COM ~~553769100~~548661107 ~~6989~~10584 ~~1471322~~350000 SH Call Direct 1, 2 ~~1471322~~0 MARKET VECTORS ETF ~~TRUST~~TR COM 57060U589 ~~703~~5063 ~~36600~~204800 SH Call Direct 1, 2 0 MICROSOFT ~~CORPORATION~~CORP ~~CMN~~ COM 594918104 ~~8792~~8553 287400 SH Direct 1, 2 287400 MICROSOFT ~~CORPORATION~~CORP ~~CMN~~ COM 594918104 ~~15350~~14934 501800 SH Call Direct 1, 2 0 ~~NATL~~MTR ~~WESTN~~GAMING ~~LIFE~~GROUP ~~INS~~INC ~~CO CL~~ COM ~~638522102~~553769100 ~~5765~~6175 ~~40623~~1466822 SH Direct 1, 2 ~~40623~~1466822 ~~NEWMONT~~NATIONAL ~~MINING~~WESTN ~~CORPORATIO~~LIFE ~~651639106~~INS ~~33957~~C ~~700000~~COM SH638522102 ~~Call~~6621 46222 SH Direct 1, 2 046222 ~~OCONEE~~NEWMONT ~~FED~~MINING ~~FINL~~ CORP ~~CMN~~ COM ~~675607105~~651639106 ~~264~~44812 ~~20277~~800000 SH Call Direct 1, 2 ~~20277~~0 ~~PSB~~OCONEE ~~HLDGS~~FED ~~INC~~FINL ~~CMN~~CORP COM ~~69360W108~~675607105 ~~163~~318 ~~39032~~20277 SH Direct 1, 2 ~~39032~~20277 PEOPLES BANCORP OFN ~~NORTH~~C INC COM 710577107 ~~186~~234 23433 SH Direct 1, 2 23433 PFIZER INC. ~~CMN~~COM 717081103 ~~6900~~2485 ~~300000~~100000 SH Call Direct 1, 2 0 PREMIER ~~FINANCIAL~~FINL BANCORP INC COM 74050M105 91113 12314 SH Direct 1, 2 12314 PRESIDENTIAL LIFE CORP CM COM 740884101 ~~19074~~27029 1940339 SH Direct 1, 2 1940339 PROSHARES ~~TRUST~~TR II~~-ULTRA~~ COM 74347W841 -~~2536~~3880 66500 SH Put Direct 1, 2 0 ~~RAYTHEON~~PSB COHLDGS ~~CMN~~INC ~~755111507 12563 222000 SH Call Direct 1, 2 0 SALESFORCE.~~COM, ~~INC~~69360W108 ~~CMN~~172 ~~79466L302~~39032 ~~-8987 65000~~ SH ~~Put~~ Direct 1, 2 039032 ~~SEALED~~RAYTHEON ~~AIR~~CO ~~CORPORATION CM~~ COM ~~81211K100~~755111507 ~~16886~~12690 ~~1093683~~222000 SH Call Direct 1, 2 ~~1093683~~0 ~~SYMETRA~~SALESFORCE ~~FINANCIAL CORPORA~~ COM ~~87151Q106 8333 660340 SH Direct 1, 2 660340 TESLA MOTORS,~~ INC. ~~CMN~~COM ~~88160R101~~79466L302 -~~1408~~9925 ~~45000~~65000 SH Put Direct 1, 2 0 ~~UNITED~~SEAGATE ~~PARCEL~~TECHNOLOGY ~~SERVICE,~~PLC INCOM ~~911312106~~G7945M107 ~~3938~~3096 ~~50000~~100000 SH ~~Call~~ Direct 1, 2 0100000 USSEAGATE ~~NATURAL~~TECHNOLOGY ~~GAS~~PLC ~~FUND~~COM LPG7945M107 ET24768 ~~912318201~~800000 ~~-4585 237700~~ SH ~~Put~~Call Direct 1, 2 0 ~~VIRGIN~~SEALED ~~MEDIA~~AIR ~~INC~~CORP ~~CMN~~NEW ~~92769L101~~COM ~~244~~81211K100 ~~10000~~22552 1458703 SH ~~Call~~ Direct 1, 2 01458703 ~~WARREN~~SYMETRA ~~RESOURCES~~FINL ~~INC.~~CORP ~~CMN~~ COM ~~93564A100~~87151Q106 ~~5053~~8122 ~~2114310~~660340 SH Direct 1, 2 ~~2114310~~660340 ~~WASTE~~TRONOX ~~MANAGEMENT~~LTD ~~INC~~COM ~~CMN~~Q9235V101 ~~94106L109~~3029 ~~3340~~133720 ~~100000~~ SH ~~Call~~ Direct 1, 2 0133720 ~~WESTERN~~UNITED ~~DIGITAL~~BANCSHARES ~~CORPORATI~~INC OHI COM ~~958102105~~909458101 ~~4877~~215 ~~160000~~23710 SH Direct 1, 2 ~~160000~~23710 ~~WESTERN~~UNITED ~~DIGITAL~~PARCEL ~~CORPORATI~~SERVICE INC COM ~~958102105~~911312106 ~~914~~3579 ~~30000~~50000 SH Call Direct 1, 2 0 ~~WPX~~VIRGIN ~~ENERGY,~~MEDIA INC. ~~CMN~~ COM ~~98212B103~~92769L101 ~~874~~294 ~~54000~~10000 SH ~~Direct 1, 2 54000 XEROX CORPORATION CMN 984121103 394 50000 SH~~ Call Direct 1, 2 0 ~~CIL~~WARREN ~~.3333~~RES ~~FRAC~~INC ~~WPX~~COM ~~CMN~~93564A100 SH6510 ~~9EQ2LV2L0~~2141310 ~~889 26000~~ SH ~~Call~~ Direct 1, 2 02141310 ~~ASSURED~~WESTERN ~~GUARANTY~~DIGITAL ~~LTD.~~CORP ~~CMN~~ COM ~~G0585R106~~958102105 ~~9022~~6197 ~~639869~~160000 SH Direct 1, 2 ~~639869~~160000 ~~ASSURED~~WESTERN ~~GUARANTY~~DIGITAL ~~LTD.~~CORP ~~CMN~~ COM ~~G0585R106~~958102105 ~~2820~~3098 ~~200000~~80000 SH Call Direct 1, 2 0 ~~SEAGATE~~WPX ~~TECHNOLOGY~~ENERGY ~~PLC~~INC CM COM ~~G7945M107~~98212B103 ~~2473~~896 ~~100000~~54000 SH Direct 1, 2 ~~100000~~54000 ~~SEAGATE~~XEROX ~~TECHNOLOGY~~CORP ~~PLC CM~~ COM ~~G7945M107~~984121103 ~~11129~~5505 ~~450000~~750000 SH Call Direct 1, 2 0 XL GROUP PLC ~~CMN~~ COM G98290102 ~~2601~~2970 123600 SH Direct 1, 2 123600 XL GROUP PLC ~~CMN~~ COM G98290102 ~~20215~~23088 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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