Green Brick Partners, Inc. — Director's Dealing 2012

Aug 29, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BioFuel Energy Corp. (BIOF)
CIK: 0001373670
Period of Report: 2012-08-27

Reporting Person: EINHORN DAVID (Director, 10% Owner, See Footnotes (1)-(10))
Reporting Person: Greenlight Capital Offshore Master (Gold), Ltd. (10% Owner)
Reporting Person: Greenlight Capital (Gold), LP (10% Owner)
Reporting Person: Greenlight Capital Offshore Partners (10% Owner)
Reporting Person: DME Advisors GP, L.L.C. (10% Owner)
Reporting Person: DME Advisors, LP (10% Owner)
Reporting Person: GREENLIGHT CAPITAL QUALIFIED, L.P. (10% Owner)
Reporting Person: GREENLIGHT CAPITAL L P (10% Owner)
Reporting Person: GREENLIGHT CAPITAL INC (10% Owner)
Reporting Person: GREENLIGHT CAPITAL LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-08-27	Common Stock, par value $0.01 per share	J	6144	—	Acquired	18266	Indirect
2012-08-27	Common Stock, par value $0.01 per share	J	22681	—	Acquired	95446	Indirect
2012-08-27	Common Stock, par value $0.01 per share	J	31467	—	Acquired	965923	Indirect
2012-08-27	Common Stock, par value $0.01 per share	J	4503	—	Acquired	265747	Indirect
2012-08-27	Common Stock, par value $0.01 per share	J	3156	—	Acquired	30190	Indirect
2012-08-27	Common Stock, par value $0.01 per share	J	1431	—	Acquired	52247	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01 per share	2750	Direct
Class B Common Stock	149932	Indirect
Class B Common Stock	553968	Indirect
Class B Common Stock	77055	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
LLC Membership Units	$0		Common Stock, par value $0.01 per share (149932)	149932	Indirect
LLC Membership Units	$0		Common Stock, par value $0.01 per share (553968)	553968	Indirect
LLC Membership Units	$0		Common Stock, par value $0.01 per share (77055)	77055	Indirect
Stock Option (right to buy)	$0.73	2014-05-21	Common Stock, par value $0.01 per share (250)	250	Direct
Stock Option (right to buy)	$1.72	2015-05-20	Common Stock, par value $0.01 per share (250)	250	Direct
Stock Option (right to buy)	$3.55	2013-05-15	Common Stock, par value $0.01 per share (250)	250	Direct

Footnotes

F1: 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").

F2: 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.

F3: 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.

F4: Greenlight LLC controls the voting and disposition of 18,266 shares of Common Stock through the account of Greenlight Fund, of which Greenlight LLC is the general partner. In addition, Greenlight Fund holds 149,932 shares of class B common stock, par value $0.01 per share ("Class B Stock") of the Issuer and 149,932 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.

F5: Greenlight LLC controls the voting and disposition of 95,446 shares of Common Stock through the account of Greenlight Qualified, of which Greenlight LLC is the general partner. In addition, Greenlight Qualified holds 553,968 shares of Class B Stock and 553,968 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.

F6: Greenlight Inc. controls the voting and disposition of 965,923 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.

F7: DME controls the voting and disposition of 265,747 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.

F8: DME Management GP and DME CM control the voting and disposition of 30,190 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 77,055 shares of Class B Stock and 77,055 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.

F9: DME CM controls the voting and disposition of 52,247 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.

F10: Represents shares of Common Stock acquired by the Reporting Persons on August 27, 2012 for no additional current consideration in accordance with the terms of an ownership "true-up" agreement entered into among certain principal stockholders of the Issuer, pursuant to which certain management members and affiliates of Greenlight Inc. and Third Point LLC agreed to exchange Units, shares of Common Stock or cash at a future date, depending on the Issuer's performance. This arrangement is more fully described in the Issuer's Registration Statement on Form S-1/A, filed with the Commission on April 23, 2007 and in subsequent periodic reports filed by the Issuer under the Securities Exchange Act of 1934, as amended.

F11: Represents shares of restricted stock granted to Mr. Einhorn pursuant to the Issuer's 2007 Equity Incentive Compensation Plan, including certain shares which only vest one year after date of grant.