SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Johnson Eugene B

(Last)

(First)

(Middle)

C/O FAIRPOINT COMMUNICATIONS, INC.

521 E. MOREHEAD STREET, SUITE 250

(Street)

CHARLOTTE

28202

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/03/2005

3. Issuer Name and Ticker or Trading Symbol
FAIRPOINT COMMUNICATIONS INC [ FRP ]

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

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman of the Board and CEO

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

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $.01 per share	80,945	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Options (1995 Stock Option Plan)	05/06/1994	⁽¹⁾	Common Stock, par value $.01 per share	8,080	$1.32	D
Stock Options (1995 Stock Option Plan)	05/06/1995	⁽¹⁾	Common Stock, par value $.01 per share	8,080	$1.32	D
Stock Options (1995 Stock Option Plan)	05/06/1996	⁽¹⁾	Common Stock, par value $.01 per share	8,079	$1.32	D
Stock Options (1995 Stock Option Plan)	05/06/1997	⁽¹⁾	Common Stock, par value $.01 per share	8,080	$1.32	D
Stock Options (1995 Stock Option Plan)	05/06/1998	⁽¹⁾	Common Stock, par value $.01 per share	8,080	$1.32	D
Stock Options (1998 Stock Incentive Plan)	⁽²⁾	⁽²⁾	Common Stock, par value $.01 per share	226,439	$9.02	D
Stock Options (1998 Stock Incentive Plan)	⁽²⁾	⁽²⁾	Common Stock, par value $.01 per share	47,373	$36.94	D
Stock Options (2000 Employee Stock Incentive Plan)	03/12/2002	03/12/2012	Common Stock, par value $.01 per share	2,049	$36.94	D
Stock Options (2000 Employee Stock Incentive Plan)	04/01/2002	03/12/2012	Common Stock, par value $.01 per share	3,074	$36.94	D
Stock Options (2000 Employee Stock Incentive Plan)	04/01/2003	03/12/2012	Common Stock, par value $.01 per share	5,122	$36.94	D
Stock Options (2000 Employee Stock Incentive Plan)	04/01/2004	03/12/2012	Common Stock, par value $.01 per share	5,123	$36.94	D
Stock Options (2000 Employee Stock Incentive Plan)	04/01/2005	12/12/2013	Common Stock, par value $.01 per share	5,122	$36.94	D

Explanation of Responses:

1. The expiration date of these options is the earlier of the sale of FairPoint Communications, Inc. or 5/21/08.

2. While all of these options are fully vested, they only become exercisable (i) upon the occurrence of an exit event (as defined in the 1998 Stock Incentive Plan) and (ii) if certain specified thresholds are met. If an exit event occurs but the specified threshold is not met, the options are cancelled.

Remarks:

All share information gives effect to the reclassification of the Issuer's class A common stock, par value $.01 per share, as common stock, par value $.01 per share (the "Common Stock"), which reclassification will take place simultaneously with the consummation of the initial public offering of the Common Stock (the "IPO").

	/s/ Eugene B. Johnson	02/03/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.