13F-HR 1 qp13f4q11.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: December 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 QP, 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 February 13, 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: 60 ---- Form 13F Information Table Value Total: $346,445 --------- (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 -------------- ----- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- ~~AEROPOSTALE,~~AGNICO ~~INC.~~EAGLE ~~CMN~~MINES LTD CM COM ~~007865108~~008474108 ~~1297~~2542 ~~120000~~70000 SH Direct 1, 2 ~~120000~~70000 ~~ALLSTATE~~AGNICO ~~CORPORATION~~EAGLE ~~COMM~~MINES ~~020002101~~LTD ~~12203~~CM ~~515100~~COM 008474108 1453 40000 SH Call Direct 1, 2 0 ~~AMKOR~~ALICO ~~TECHNOLOGIES~~ INC CMCMN COM ~~031652100~~016230104 ~~1482~~316 ~~340000~~16307 SH Direct 1, 2 ~~340000~~16307 ALLSTATE CORPORATION COMM 020002101 2127 77600 SH Call Direct 1, 2 0 ANADARKO PETROLEUM CORP C 032511107 ~~15763~~19083 250000 SH Call Direct 1, 2 0 ARCHER DANIELS MIDLAND CO 039483102 ~~17367~~12870 ~~700000~~450000 SH Call Direct 1, 2 0 IPATH S&P 500 VIX SHORT-T 06740C261 -~~42632~~15520 ~~798800~~436800 SH Put Direct 1, 2 0 BJS RESTAURANTS INC CMN 09180C106 -~~4984~~5103 ~~113000~~112600 SH Put Direct 1, 2 0 CIFC CORP CMN COM 12547R105 82111 ~~18978~~20603 SH Direct 1, 2 ~~18978~~20603 WTS/CAPITAL ONE FINANCIAL WTS 14040H139 ~~1075~~1146 77755 SH Call Direct 1, 2 0 CAPITAL SENIOR LIVING COR COM 140475104 ~~8717~~11241 ~~1412803~~1415703 SH Direct 1, 2 ~~1412803~~1415703 CISCO SYSTEMS, INC. CMN 17275R102 ~~12422~~14489 801400 SH Call Direct 1, 2 0 ~~COMCAST~~COWEN ~~CORPORATION~~GROUP, INC. CMN C COM ~~20030N200~~223622101 ~~4264~~621 ~~205800~~239900 SH Direct 1, 2 ~~205800~~239900 ~~CONSOLIDATED-TOMOKA~~CURRENCYSHARES ~~LAND~~AUSTRALIAN ~~COM~~23129U101 ~~210226106~~-10262 ~~337~~100000 ~~12833~~ SH Put Direct 1, 2 ~~12833~~0 DEVON ENERGY CORPORATION COM 25179M103 ~~17741~~3100 ~~320000~~50000 SH ~~Call~~ Direct 1, 2 050000 ~~DEX~~DEVON ~~ONE~~ENERGY ~~CORP~~CORPORATION ~~CMN~~ COM ~~25212W100~~25179M103 ~~564~~39147 ~~1007688~~631400 SH Call Direct 1, 2 ~~1007688~~0 EQUINIX INC CMN 29444U502 ~~40515~~44799 ~~456100~~441800 SH Call Direct 1, 2 0 ~~EXXON MOBIL CORPORATION C 30231G102 22624 311500 SH Call Direct 1, 2 0~~ GENERAL DYNAMICS CORP. CM 369550108 ~~5689~~6641 100000 SH Call Direct 1, 2 0 GENWORTH FINANCIAL INC CM COM 37247D106 ~~2403~~3111 ~~418706~~474999 SH Direct 1, 2 ~~418706~~474999 GENWORTH FINANCIAL INC CM COM 37247D106 ~~6253~~7687 ~~1089300~~1173600 SH Call Direct 1, 2 0 ~~GILEAD SCIENCES CMN 375558103 702 18100 SH Call Direct 1, 2 0~~ GLOBALSTAR, INC. CMN COM 378973408 ~~165~~218 403500 SH Direct 1, 2 403500 GOLDMAN SACHS GROUP, INC. 38141G104 ~~57127~~43027 ~~604200~~475800 SH Call Direct 1, 2 0 GREEN MNTN COFFEE ROASTER 393122106 -~~16320~~7876 175600 SH Put Direct 1, 2 0 GREIF INC CMN CLASS B COM 397624206 ~~26219~~27625 ~~609745~~611845 SH Direct 1, 2 ~~609745~~611845 INTERVEST BANCSHARES CORP COM 460927106 3141 ~~11684~~15605 SH Direct 1, 2 ~~11684~~15605 ISHARES RUSSELL 2000 GROW 464287648 -~~54258~~62204 738500 SH Put Direct 1, 2 0 ISHARES RUSSELL 2000 INDE 464287655 -~~32189~~36919 500600 SH Put Direct 1, 2 0 ISHARES SILVER TRUST ETF 46428Q109 ~~5993~~5585 207300 SH Call Direct 1, 2 0 J2 GLOBAL ~~COMMUNICATIONS~~INC. ~~46626E205~~CMN 48123V102 -~~226~~236 8400 SH Put Direct 1, 2 0 LENNAR CORP CMN CLASS B COM 526057302 ~~333~~955 ~~32600~~61300 SH Direct 1, 2 ~~32600~~61300 LIBERTY MEDIA CORPORATION COM 530322106 781 10000 SH Direct 1, 2 10000 LIBERTY GLOBAL INC CMN CL COM 530555101 ~~385~~437 10647 SH Direct 1, 2 10647 LIBERTY GLOBAL, INC. CMN COM 530555309 ~~368~~421 10647 SH Direct 1, 2 10647 LIBERTY INTERACTIVE CORP COM 53071M104 ~~3153~~4023 ~~213601~~248101 SH Direct 1, 2 ~~213601~~248101 LORAL SPACE &COMMUNICATIO COM 543881106 ~~7820~~10126 156080 SH Direct 1, 2 156080 LOWES COMPANIES INC CMN 548661107 ~~25047~~14596 ~~1295100~~575100 SH Call Direct 1, 2 0 ~~LULULEMON ATHLETICA INC. 550021109 -1831 37600 SH Put Direct 1, 2 0~~ M T R GAMING GROUP INC CM COM 553769100 ~~3903~~3842 2054286 SH Direct 1, 2 2054286 MICROSOFT CORPORATION CMN 594918104 ~~50820~~57159 ~~2041800~~2201800 SH Call Direct 1, 2 0 MOD PAC CORP CMN COM 607495108 ~~556~~595 ~~98046~~89279 SH Direct 1, 2 ~~98046~~89279 NATL WESTN LIFE INS CO CL COM 638522102 ~~1380~~2131 ~~10187~~15652 SH Direct 1, 2 ~~10187~~15652 NEWMONT MINING CORPORATIO 651639106 ~~37770~~36006 600000 SH Call Direct 1, 2 0 ~~NORTHROP~~ORACLE ~~GRUMMAN~~CORPORATION ~~CORP~~ CMN ~~666807102~~68389X105 ~~2609~~5130 ~~50000~~200000 SH Call Direct 1, 2 0 PRESIDENTIAL LIFE CORP CM COM 740884101 ~~15950~~19384 1940339 SH Direct 1, 2 1940339 RAYTHEON CO CMN 755111507 ~~20312~~19207 ~~497000~~397000 SH Call Direct 1, 2 0 REDDY ICE HOLDINGS, INC. CM COM 75734R105 ~~127~~24 101835 SH Direct 1, 2 101835 ~~REGIS CORP. CMN COM 758932107 6440 457045 SH Direct 1, 2 457045 RIVERBED TECHNOLOGY, INC. 768573107 -2004 100400 SH Put Direct 1, 2 0~~ SALESFORCE.COM, INC CMN 79466L302 -~~9142~~11668 ~~80000~~115000 SH Put Direct 1, 2 0 ~~SEABRIGHT~~SEALED ~~HLDG~~AIR ~~INC~~CORPORATION ~~CMN~~CM COM ~~811656107~~81211K100 7315487 ~~10176~~899883 SH Direct 1, 2 ~~10176~~899883 ~~SEALED~~SYMETRA ~~AIR~~FINANCIAL ~~CORPORATION~~CORPORA CM COM ~~81211K100~~87151Q106 ~~7389~~5607 ~~442454~~618140 SH Direct 1, 2 ~~442454~~618140 ~~SHUTTERFLY~~TESLA MOTORS, INC. CMN ~~82568P304~~88160R101 -~~762~~1285 ~~18500~~45000 SH Put Direct 1, 2 0 ~~TELEPHONE~~TIME ~~AND~~WARNER ~~DATA~~CABLE ~~SYS,~~INC. ICM ~~COM~~88732J207 ~~879433860~~1907 ~~605~~30000 ~~30599~~ SH Call Direct 1, 2 ~~30599~~0 ~~TOTAL~~UNITED SAPARCEL ~~SPONSORED~~SERVICE, ~~ADR~~IN CM911312106 ~~89151E109~~3660 ~~877~~50000 ~~20000~~ SH Call Direct 1, 2 0 VIRGIN MEDIA INC CMN 92769L101 ~~244~~214 10000 SH Call Direct 1, 2 0 ~~WAL~~WARREN ~~MART~~RESOURCES ~~STORES~~ INC. CMN ~~931142103~~COM ~~10380~~93564A100 ~~200000~~6289 1929214 SH ~~Call~~ Direct 1, 2 01929214 ~~WARREN~~WESTERN ~~RESOURCES~~DIGITAL ~~INC.~~CORP CMN COM ~~93564A100~~958102105 ~~4592~~4952 ~~1929214~~160000 SH Direct 1, 2 ~~1929214~~160000 WESTERN DIGITAL CORP CMN COM 958102105 ~~772~~929 30000 SH Call Direct 1, 2 0 WILLIAMS COMPANIES INC. ~~COM~~ 969457100 ~~2483~~4161 ~~102000~~126000 SH Call Direct 1, 2 ~~102000~~0 ~~WILLIAMS~~ASSURED ~~COMPANIES~~GUARANTY ~~INC~~LTD. CMN COM ~~969457100~~G0585R106 ~~4284~~6962 ~~176000~~529869 SH ~~Call~~ Direct 1, 2 0529869 ASSURED GUARANTY LTD. CMN COM G0585R106 ~~1579~~2628 ~~143691~~200000 SH Call Direct 1, 2 ~~143691~~0 SEAGATE TECHNOLOGY PLC CM G7945M107 ~~1028~~3280 ~~100000~~200000 SH Call Direct 1, 2 0 XL GROUP PLC CMN G98290102 ~~21823~~19645 ~~1160800~~993700 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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