13F-HR 1 d13fhr.txt FORM 13F-HR 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, 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: Flagg Street Capital LLC Address: 65 Spring Street Lexington, MA 02421 Form 13F File Number: 28-12276 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: Jonathan Starr Title: Founding Member Phone: Signature, Place, and Date of Signing: /s/ Jonathan Starr Lexington, MA 4/30/2008 [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).) List of Other Managers Reporting for this Manager: None Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 4 Form 13F Information Table Value Total: $ 22,387 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 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 FORM 13F INFORMATION TABLE

~~VOTING~~TITLE ~~AUTHORITY~~OF VALUE SHRS OR ~~SH/ PUT/~~ INVESTMENT OTHER ~~---------------------~~ NAME OF ISSUER ~~TITLE OF~~ CLASS CUSIP (x $1000) PRN AMT SH/PRN PUT/CALL DISCRETION MANAGERS ~~SOLE~~VOTING ~~SHARED~~AUTHORITY ~~NONE~~ -------------- -------- ------ ----- ------ --- ------ --- ------ --- ----- ---------- -------- --------- ------ ------ ~~ACCREDITED HOME LENDRS HLDG COM 00437P 10 7 2,050 150,000 SH CALL~~ SOLE 0SHARED ~~150,000~~NONE ~~BRISTOW~~--------- ~~GROUP~~------ ~~INC~~---- COM 110394 10 3 3,776 76,200 SH SOLE 0 76,200 BROOKLYN FEDERAL BANCORP INC COM 114039 10 0 4,189 272,000 SH SOLE 0 272,000 CHC HELICOPTER CORP CL A SUB VTG 12541C 20 3 2,434 94,300 SH SOLE 0 94,300 DELTA FINANCIAL CORP COM 247918 10 5 15,895 1,295,446 SH SOLE 0 1,295,446 GREENLIGHT CAPITAL RE LTD CLASS A G4095J 10 9 1,690 75,000 SH SOLE 0 75,000 POMEROY IT SOLUTIONS INC........ COM 731822 10 2 126,~~218~~909 1,249,325 SH SOLE 0 1,249,325 ~~PXRE GROUP LTD COM G73018 10 6 4,518 973,642 SH SOLE 0 973,642~~ QUANTA ~~CAPITAL~~CAP HLDGS LTD........ SHS G7313F 10 6 ~~4,754~~230 1133,~~980,995~~200 SH SOLE 0 1133,~~980,995~~200 ~~RAIT~~THERMADYNE ~~FINANCIAL~~HLDGS ~~TRUST~~CORP NEW........ COM ~~749227~~883435 1030 47 3,~~912~~106 ~~150~~301,~~337~~572 SH SOLE 0 ~~150~~301,~~337~~572 ~~TARRAGON CORP COM 876287 10 3 8,360 988,206 SH SOLE 0 988,206~~ UNITED WESTN BANCORP INC........ COM 913201 10 9 1812,~~304~~142 ~~724~~678,~~922~~322 SH SOLE 0 ~~724~~678,~~922~~322

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