SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* EINHORN DAVID (Last) (First) (Middle) 140 EAST 45TH STREET FLOOR 24 (Street) NEW YORK NY 10017 (City) (State) (Zip)	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)-(11)
	3. Date of Earliest Transaction (Month/Day/Year) 11/01/2011
	4. If Amendment, Date of 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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	11/01/2011		J(10)		94,500	D	$0.5	242,470(1)(2)(3)	I	See Footnote(4)
Common Stock, par value $0.01 per share	11/01/2011		J(10)		229,800	D	$0.5	1,455,334(1)(2)(3)	I	See Footnote(5)
Common Stock, par value $0.01 per share	11/01/2011		J(10)		159,200	D	$0.5	18,689,146(1)(2)(3)	I	See Footnote(6)
Common Stock, par value $0.01 per share								5,224,887(1)(2)(3)	I	See Footnote(7)
Common Stock, par value $0.01 per share	11/01/2011		J(10)		324,300	A	$0.5	540,693(1)(2)(3)	I	See Footnote(8)
Common Stock, par value $0.01 per share	11/01/2011		J(10)		159,200	A	$0.5	1,016,349(1)(2)(3)	I	See Footnote(9)
Common Stock, par value $0.01 per share								40,000(11)	D
Class B Common Stock								2,998,649(1)(2)(3)	I	See Footnote(4)
Class B Common Stock								11,079,375(1)(2)(3)	I	See Footnote(5)
Class B Common Stock								1,541,101(1)(2)(3)	I	See Footnote(8)

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LLC Membership Units	$0(4)							02/04/2011	(4)	Common Stock, par value $0.01 per share	2,170,278		2,998,649	I	See Footnote(4)
LLC Membership Units	$0(5)							02/04/2011	(5)	Common Stock, par value $0.01 per share	8,021,776		11,079,375	I	See Footnote(5)
LLC Membership Units	$0(8)							02/04/2011	(8)	Common Stock, par value $0.01 per share	1,115,675		1,541,101	I	See Footnote(8)
Stock Option (right to buy)	$0.73							05/21/2010	05/21/2014	Common Stock, par value $0.01 per share	5,000		5,000	D
Stock Option (right to buy)	$1.72							05/20/2011	05/20/2015	Common Stock, par value $0.01 per share	5,000		5,000	D
Stock Option (right to buy)	$10.5							06/19/2008	06/19/2012	Common Stock, par value $0.01 per share	5,000		5,000	D
Stock Option (right to buy)	$3.55							05/15/2009	05/15/2013	Common Stock, par value $0.01 per share	5,000		5,000	D

1. Name and Address of Reporting Person* EINHORN DAVID (Last) (First) (Middle) 140 EAST 45TH STREET FLOOR 24 (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) X Other (specify below) See Footnotes (1)-(11)

1. Name and Address of Reporting Person* GREENLIGHT CAPITAL LLC (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Footnotes (1)-(10)

1. Name and Address of Reporting Person* GREENLIGHT CAPITAL INC (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Footnotes (1)-(10)

1. Name and Address of Reporting Person* GREENLIGHT CAPITAL L P (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Footnotes (1)-(10)

1. Name and Address of Reporting Person* GREENLIGHT CAPITAL QUALIFIED, L.P. (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Footnotes (1)-(10)

1. Name and Address of Reporting Person* DME Advisors, LP (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Footnotes (1)-(10)

1. Name and Address of Reporting Person* DME Advisors GP, L.L.C. (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Footnotes (1)-(10)

1. Name and Address of Reporting Person* Greenlight Capital Offshore Partners (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Footnotes (1)-(10)

1. Name and Address of Reporting Person* Greenlight Capital (Gold), LP (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Greenlight Capital Offshore Master (Gold), Ltd. (Last) (First) (Middle) 140 EAST 45TH STREET 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

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 Partners ("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"), each of Mr. Einhorn and the Greenlight Parties disclaims beneficial ownership of the Common Stock except to the extent of their 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.

4. Greenlight LLC controls the voting and disposition of 242,470 shares of Common Stock through the account of Greenlight Fund, of which Greenlight LLC is the general partner. In addition, Greenlight Fund holds 2,998,649 shares of class B common stock, par value $0.01 per share ("Class B Stock") of the Issuer and 2,998,649 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 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 1,455,334 shares of Common Stock through the account of Greenlight Qualified, of which Greenlight LLC is the general partner. In addition, Greenlight Qualified holds 11,079,375 shares of Class B Stock and 11,079,375 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 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 18,689,146 shares of Common Stock held by Greenlight Capital Offshore Partners. Greenlight Inc. is the investment manager of Greenlight Capital Offshore Partners. As the president and a director of Greenlight Inc., Mr. Einhorn may be deemed to beneficially own the shares held by Greenlight Capital Offshore Partners.

7. DME controls the voting and disposition of 5,224,887 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 and DME CM control the voting and disposition of 540,693 shares of Common Stock through the account of Greenlight Gold, of which DME Management GP is the general partner and DME CM is the investment manager. In addition, Greenlight Gold holds 1,541,101 shares of Class B Stock and 1,541,101 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 retired. As the senior managing member of DME Management GP and the senior managing member of DME GP, which is the general partner of DME CM, Mr. Einhorn may be deemed to beneficially own the securities held by Greenlight Gold.

9. DME CM controls the voting and disposition of 1,016,349 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. The transactions reported herein represent an internal rellocation of shares of Common Stock.

11. These shares were granted to Mr. Einhorn as restricted stock awards pursuant to the Issuer's 2007 Equity Incentive Compensation Plan.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney executed by David Einhorn, authorizing Harry Brandler and Daniel Roitman to sign and file this report, which was filed as Exhibit 99.2 to the Schedule 13G relating to NCR Corporation filed with the Securities and Exchange Commission on May 24, 2010, is incorporated herein by reference.

	/s/ Daniel Roitman, attorney-in-fact for David Einhorn	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital, L.L.C.	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital, Inc.	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital, L.L.C., the General Partner of Greenlight Capital, L.P.	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital, L.L.C., the General Partner of Greenlight Capital Qualified, L.P.	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital , Inc., Investment Manager of Greenlight Capital Offshore Partners	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of DME Advisors GP, L.L.C.	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of DME Advisors GP, L.L.C., General Partner of DME Advisors, L.P.	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of DME Management GP, LLC, General Partner of Greenlight Capital (Gold), L.P.	01/17/2012
	/s/ Daniel Roitman, Chief Operating Officer of DME Capital Management, LP, Investment Manager of Greenlight Capital Offshore Master (Gold), Ltd.	01/17/2012
	** Signature of Reporting Person	Date
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