X0303 4 2011-03-15 0 0001373670 BioFuel Energy Corp. BIOF 0001240451 EINHORN DAVID 140 EAST 45TH STREET FLOOR 24 NEW YORK NY 10017 1 0 1 1 See Footnotes (1)-(10) 0001040272 GREENLIGHT CAPITAL LLC 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 1 See Footnotes (1)-(10) 0001079114 GREENLIGHT CAPITAL INC 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 1 See Footnotes (1)-(10) 0001015370 GREENLIGHT CAPITAL L P 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 1 See Footnotes (1)-(10) 0001052968 GREENLIGHT CAPITAL QUALIFIED, L.P. 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 1 See Footnotes (1)-(10) 0001300763 DME Advisors, LP 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 1 See Footnotes (1)-(10) 0001358081 DME Advisors GP, L.L.C. 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 1 See Footnotes (1)-(10) 0001491193 Greenlight Capital Offshore Partners 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 1 See Footnotes (1)-(10) 0001489111 Greenlight Capital (Gold), LP 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 0 0001489108 Greenlight Capital Offshore Master (Gold), Ltd. 140 EAST 45TH STREET 24TH FLOOR NEW YORK NY 10017 0 0 1 0 Common Stock, par value $0.01 per share 336970 I See Footnote Common Stock, par value $0.01 per share 1685134 I See Footnote Common Stock, par value $0.01 per share 18848346 I See Footnote Common Stock, par value $0.01 per share 5224887 I See Footnote Common Stock, par value $0.01 per share 216393 I See Footnote Common Stock, par value $0.01 per share 857149 I See Footnote Common Stock, par value $0.01 per share 2011-03-15 4 A 0 25000 0 A 40000 D Class B Common Stock 2998649 I See Footnote Class B Common Stock 11079375 I See Footnote Class B Common Stock 1541101 I See Footnote LLC Membership Units 0 2011-02-04 Common Stock, par value $0.01 per share 2170278 2998649 I See Footnote LLC Membership Units 0 2011-02-04 Common Stock, par value $0.01 per share 8021776 11079375 I See Footnote LLC Membership Units 0 2011-02-04 Common Stock, par value $0.01 per share 1115675 1541101 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) 10.50 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"), 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. Greenlight LLC controls the voting and disposition of 336,970 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. Greenlight LLC controls the voting and disposition of 1,685,134 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. Greenlight Inc. controls the voting and disposition of 18,848,346 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. 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. DME Management GP and DME CM control the voting and disposition of 216,393 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. DME CM controls the voting and disposition of 857,149 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. Grant of shares of restricted stock pursuant to the Issuer's 2007 Equity Incentive Compensation Plan. Shares vest one year after date of grant. 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 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital, L.L.C. 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital, Inc. 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital, L.L.C., the General Partner of Greenlight Capital, L.P. 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital, L.L.C., the General Partner of Greenlight Capital Qualified, L.P. 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of Greenlight Capital , Inc., Investment Manager of Greenlight Capital Offshore Partners 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of DME Advisors GP, L.L.C. 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of DME Advisors GP, L.L.C., General Partner of DME Advisors, L.P. 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of DME Management GP, LLC, General Partner of Greenlight Capital (Gold), L.P. 2011-03-17 /s/ Daniel Roitman, Chief Operating Officer of DME Capital Management, LP, Investment Manager of Greenlight Capital Offshore Master (Gold), Ltd. 2011-03-17