X0303 4 2010-07-01 0 0001373670 BioFuel Energy Corp. BIOF 0001240451 EINHORN DAVID 140 EAST 45TH STREET FLOOR 24 NEW YORK NY 10017 1 0 0 0 Common Stock, par value $0.01 per share 2010-07-01 4 J 0 6719 1.33 D 95691 I See Footnote Common Stock, par value $0.01 per share 2010-07-01 4 J 0 21132 1.33 D 478535 I See Footnote Common Stock, par value $0.01 per share 2010-07-01 4 J 0 124535 1.33 D 5221530 I See Footnote Common Stock, par value $0.01 per share 1447443 I See Footnote Common Stock, par value $0.01 per share 2010-07-01 4 J 0 27851 1.33 A 61450 I See Footnote Common Stock, par value $0.01 per share 2010-07-01 4 J 0 124535 1.33 A 237455 I See Footnote Common Stock, par value $0.01 per share 15000 D Class B Common Stock 2010-07-01 4 J 0 58168 1.33 D 828371 I See Footnote Class B Common Stock 2010-07-01 4 J 0 135332 1.33 D 3057599 I See Footnote Class B Common Stock 2010-07-01 4 J 0 193500 1.33 A 425426 I See Footnote LLC Membership Units 0.00 2010-07-01 4 J 0 58168 1.33 D 2007-06-13 Common Stock, par value $0.01 per share 58168 828371 I See Footnote LLC Membership Units 0.00 2010-07-01 4 J 0 135332 1.33 D 2007-06-13 Common Stock, par value $0.01 per share 135332 3057599 I See Footnote LLC Membership Units 0.00 2010-07-01 4 J 0 193500 1.33 A 2007-06-13 Common Stock, par value $0.01 per share 193500 425426 I See Footnote Stock Option (right to buy) 0.73 2010-05-21 2014-05-21 Common Stock, par value $0.01 per share 5000 5000 D Stock Option (right to buy) 1.72 2011-05-20 2015-05-20 Common Stock, par value $0.01 per share 5000 5000 D Stock Option (right to buy) 10.5 2008-06-19 2012-06-19 Common Stock, par value $0.01 per share 5000 5000 D Stock Option (right to buy) 3.55 2009-05-15 2013-05-15 Common Stock, par value $0.01 per share 5000 5000 D 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"). 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. Pursuant to Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the "Act"), Mr. Einhorn disclaims beneficial ownership of the Common Stock except to the extent of his 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. Greenlight LLC controls the voting and disposition of 95,691 shares of Common Stock through the account of Greenlight Fund, of which Greenlight LLC is the general partner. In addition, Greenlight Fund holds 828,371 shares of class B common stock, par value $0.01 per share ("Class B Stock") of the Issuer and 828,371 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. Greenlight LLC controls the voting and disposition of 478,535 shares of Common Stock through the account of Greenlight Qualified, of which Greenlight LLC is the general partner. In addition, Greenlight Qualified holds 3,057,599 shares of Class B Stock and 3,057,599 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. Greenlight Inc. controls the voting and disposition of 5,221,530 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 director of Greenlight Inc., Mr. Einhorn may be deemed to beneficially own the shares held by Greenlight Capital Offshore Partners. 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. DME Management GP controls the voting and disposition of 61,450 shares of Common Stock through the account of Greenlight Gold, of which DME Management GP is the general partner. In addition, Greenlight Gold holds 425,426 shares of Class B Stock and 425,426 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. DME CM controls the voting and disposition of 237,455 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. The transactions reported herein represent an internal reallocation of securities. 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 2010-09-24