Edgar Filing: EINHORN DAVID

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

EINHORN DAVID

2. Issuer Name and Ticker or Trading Symbol
BioFuel Energy Corp. [BIOF]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	__X__ 10% Owner
_____ Officer (give title below)	__X__ Other (specify below)
See Footnotes (1)-(10)

(Last)

(First)

(Middle)

140 EAST 45TH STREET, FLOOR 24

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2010

(Street)

NEW YORK, NY 10017

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001 per share	05/01/2010		J⁽¹⁰⁾		7,743	D	$ 2.62	102,410 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁴⁾
Common Stock, par value $0.001 per share	05/01/2010		J⁽¹⁰⁾		25,856	D	$ 2.62	499,667 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁵⁾
Common Stock, par value $0.001 per share	05/01/2010		J⁽¹⁰⁾		112,920	D	$ 2.62	5,346,065 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁶⁾
Common Stock, par value $0.001 per share								1,447,443 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁷⁾
Common Stock, par value $0.001 per share	05/01/2010		J⁽¹⁰⁾		33,599	A	$ 2.62	33,599 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁸⁾
Common Stock, par value $0.001 per share	05/01/2010		J⁽¹⁰⁾		112,920	A	$ 2.62	112,920 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁹⁾
Class B Common Stock	05/01/2010		J⁽¹⁰⁾		67,029	D	$ 2.62	886,539 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁴⁾
Class B Common Stock	05/01/2010		J⁽¹⁰⁾		165,209	D	$ 2.62	3,192,619 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁵⁾
Class B Common Stock	05/01/2010		J⁽¹⁰⁾		232,238	A	$ 2.62	232,238 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	See Footnote ⁽⁸⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

LLC Membership Units

$ 0 ⁽⁴⁾

05/01/2010

J⁽¹⁰⁾

67,029

06/13/2007

⁽⁴⁾

Common Stock, par value $0.01 per share

67,029

⁽⁴⁾

886,539 ⁽¹⁾ ⁽²⁾ ⁽³⁾

See Footnote ⁽⁴⁾

LLC Membership Units

$ 0 ⁽⁵⁾

05/01/2010

J⁽¹⁰⁾

165,209

06/13/2007

⁽⁵⁾

Common Stock, par value $0.01 per share

165,209

⁽⁵⁾

3,192,619 ⁽¹⁾ ⁽²⁾ ⁽³⁾

See Footnote ⁽⁵⁾

LLC Membership Units

$ 0 ⁽⁸⁾

05/01/2010

J⁽¹⁰⁾

232,238

06/13/2007

⁽⁸⁾

Common Stock, par value $0.01 per share

232,238

⁽⁸⁾

232,238 ⁽¹⁾ ⁽²⁾ ⁽³⁾

See Footnote ⁽⁸⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
EINHORN DAVID 140 EAST 45TH STREET FLOOR 24 NEW YORK, NY 10017	X	X		See Footnotes (1)-(10)
GREENLIGHT CAPITAL LLC 140 EAST 45TH STREET 24TH FLOOR NEW YORK, NY 10017		X
GREENLIGHT CAPITAL INC 140 EAST 45TH STREET 24TH FLOOR NEW YORK, NY 10017		X
GREENLIGHT CAPITAL L P 140 EAST 45TH STREET 24TH FLOOR NEW YORK, NY 10017				See Footnotes (1)-(10)
GREENLIGHT CAPITAL QUALIFIED, L.P. 140 EAST 45TH STREET 24TH FLOOR NEW YORK, NY 10017		X
Greenlight Capital Offshore, Ltd. 140 EAST 45TH STREET 24TH FLOOR NEW YORK, NY 10017		X
DME Advisors, LP 140 EAST 45TH STREET 24TH FLOOR NEW YORK, NY 10017				See Footnotes (1)-(10)
DME Advisors GP, L.L.C. 140 EAST 45TH STREET 24TH FLOOR NEW YORK, NY 10017				See Footnotes (1)-(10)

Signatures

/s/ David Einhorn		05/04/2010
^**Signature of Reporting Person		Date
/s/ David Einhorn, Senior Managing Member of Greenlight Capital, L.L.C.		05/04/2010
^**Signature of Reporting Person		Date
/s/ David Einhorn, President of Greenlight Capital, Inc.		05/04/2010
^**Signature of Reporting Person		Date
/s/ David Einhorn, Senior Managing Member of Greenlight Capital, L.L.C., General Partner of Greenlight Capital, L.P.		05/04/2010
^**Signature of Reporting Person		Date
/s/ David Einhorn, Senior Managing Member of Greenlight Capital, L.L.C., General Partner of Greenlight Capital Qualified, L.P.		05/04/2010
^**Signature of Reporting Person		Date
/s/ David Einhorn, President of Greenlight Capital, inc., Investment Manager of Greenlight Capital Offshore, Ltd.		05/04/2010
^**Signature of Reporting Person		Date
/s/ David Einhorn, Senior Managing Member of DME Advisors GP, L.L.C., General Partner of DME Advisors, L.P.		05/04/2010
^**Signature of Reporting Person		Date
/s/ David Einhorn, Senior Managing Member of DME Advisors GP, L.L.C.		05/04/2010
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	David Einhorn is a Director of BioFuel Energy Corp. (the "Issuer"). Mr. Einhorn is also the senior managing member of Greenlight Capital, L.L.C. ("Greenlight LLC"), DME Advisors GP, LLC ("DME GP") and DME Management GP, LLC ("DME Management GP"), and the president of Greenlight Capital, Inc. ("Greenlight Inc."). DME GP is the general partner of DME Advisors, LP ("DME") and DME Capital Management, LP ("DME CM").
(2)	One or more of the foregoing entities control the disposition and voting of shares of common stock, par value $0.01 per share (the "Common Stock"), of the Issuer, owned by one or more of the following entities: Greenlight Capital, L.P. ("Greenlight Fund"), Greenlight Capital Qualified, L.P. ("Greenlight Qualified"), Greenlight Capital Offshore, Ltd. ("Greenlight Offshore"), Greenlight Capital (Gold), LP ("Greenlight Gold"), Greenlight Capital Offshore Master (Gold), Ltd. ("Greenlight Gold Offshore") and an account managed by DME (the "Managed Account," and, together with Greenlight Fund, Greenlight Qualified, Greenlight Offshore, Greenlight Gold, Greenlight Gold Offshore, Greenlight LLC, Greenlight Inc., DME GP, DME, DME Management GP and DME CM, the "Greenlight Parties"), in the respective capacities and quantities further described in the footnotes below.
(3)	Pursuant to Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the "Act"), Mr. Einhorn and the Greenlight Parties disclaim beneficial ownership of the Common Stock except to the extent of their respective pecuniary interests therein. The filing of this Form 4 shall not be construed as an admission that David Einhorn or any of the Greenlight Parties is or was for the purposes of Section 16(a) of the Act, or otherwise, the beneficial owner of any of the shares of Common Stock owned by Greenlight Fund, Greenlight Qualified, Greenlight Offshore, Greenlight Gold, Greenlight Gold Offshore, or the Managed Account. None of Greenlight Fund, the Managed Account, DME GP, DME, DME CM, DME Management GP, Greenlight Gold or Greenlight Gold Offshore beneficially own 10% or more of the outstanding shares of Common Stock, and therefore are not required to make filings under Section 16 of the Act regarding their ownership thereof.
(4)	Greenlight LLC controls the voting and disposition of 102,410 shares of Common Stock through the account of Greenlight Fund, of which Greenlight LLC is the general partner. In addition, Greenlight Fund holds 886,539 shares of class B common stock, par value $0.01 per share ("Class B Stock") of the Issuer and 886,539 LLC membership units ("Units") of BioFuel Energy, LLC (the "LLC"), which Units may be exchanged at any time for shares of Common Stock on a one-for-one basis. If any Units are exchanged, the same number of shares of Class B Stock will be transferred to the LLC and retired. As the senior managing member of Greenlight LLC, Mr. Einhorn may be deemed to beneficially own the securities held by Greenlight Fund.
(5)	Greenlight LLC controls the voting and disposition of 499,667 shares of Common Stock through the account of Greenlight Qualified, of which Greenlight LLC is the general partner. In addition, Greenlight Qualified holds 3,192,619 shares of Class B Stock and 3,192,619 Units, which Units may be exchanged at any time for shares of Common Stock on a one-for-one basis. If any Units are exchanged, the same number of shares of Class B Stock will be transferred to the LLC and retired. As the senior managing member of Greenlight LLC, Mr. Einhorn may be deemed to beneficially own the securities held by Greenlight Qualified.
(6)	Greenlight Inc. controls the voting and disposition of 5,346,065 shares of Common Stock through the account of Greenlight Offshore in Greenlight Capital Offshore Partners. Greenlight Inc. is the investment manager of Greenlight Offshore and Greenlight Capital Offshore Partners. As the president and director of Greenlight Inc., Mr. Einhorn may be deemed to beneficially own the shares held by Greenlight Capital Offshore Partners. The shares of Common Stock held by Greenlight Capital Offshore Partners were previously held directly by Greenlight Offshore, which currently invests substantially all of its assets through its interest in Greenlight Capital Offshore Partners.
(7)	DME controls the voting and disposition of 1,447,443 shares of Common Stock through the Managed Account, for which DME serves as the investment manager. As the senior managing member of DME GP, which is the general partner of DME, Mr. Einhorn may be deemed to beneficially own the shares held by the Managed Account.
(8)	DME Management GP controls the voting and disposition of 33,599 shares of Common Stock through the account of Greenlight Gold, of which DME Management GP is the general partner. In addition, Greenlight Gold holds 232,238 shares of Class B Stock and 232,238 Units, which Units may be exchanged at any time for shares of Common Stock on a one-for-one basis. If any Units are exchanged, the same number of shares of Class B Stock will be transferred to the LLC and retired. As the senior managing member of DME Management GP, Mr. Einhorn may be deemed to beneficially own the securities held by Greenlight Gold.
(9)	DME CM controls the voting and disposition of 112,920 shares of Common Stock through the account of Greenlight Gold Offshore, of which DME CM is the investment manager. As the senior managing member of DME GP, which is the general partner of DME CM, Mr. Einhorn may be deemed to beneficially own the shares held by Greenlight Gold Offshore.
(10)	Each of the transactions reported herein represent a reallocation of shares of Common Stock made in connection with the establishment of Greenlight Gold and Greenlight Gold Offshore.

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