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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1373670	Biofuel Energy Corp.	BIOF	Industrial Organic Chemicals (2860)	205952523

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
935356	J Thomas Edelman	667 Madison Avenue, 4Th Floor New York NY 10065		No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2011-02-09	421,690	$1.14	50,000	No	4	S	Indirect	By Spouse and Family Trusts
Common Stock	Disposition	2011-02-09	410,000	$1.11	9,658,422	No	4	S	Direct
Common Stock	Disposition	2011-02-10	260,000	$1.17	9,398,422	No	4	S	Direct
Common Stock	Disposition	2011-02-11	1,200	$1.10	9,397,222	No	4	S	Direct
Common Stock	Disposition	2011-02-14	468,800	$1.02	8,928,422	No	4	S	Direct
Common Stock	Disposition	2011-02-15	5,346	$1.00	8,923,076	No	4	S	Direct
Common Stock	Acquisiton	2011-02-18	4,330,855	$0.00	13,253,931	No	4	C	Direct
Common Stock	Disposition	2011-03-02	81,354	$1.01	13,172,577	No	4	S	Direct
Common Stock	Disposition	2011-03-03	403,300	$1.01	12,769,277	No	4	S	Direct
Common Stock	Disposition	2011-03-04	86,830	$1.02	12,682,447	No	4	S	Direct
Common Stock	Disposition	2011-03-07	1,298,170	$1.01	11,384,277	No	4	S	Direct
Common Stock	Disposition	2011-03-08	51,200	$1.01	11,333,077	No	4	S	Direct
Class B Common Stock	Disposition	2011-02-18	4,330,855	$0.00	1,156,834	No	4	J	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By Spouse and Family Trusts
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	C	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	J	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Membership Units in BioFuel Energy, LLC	Disposition	2011-02-18	4,330,855	$0.00	4,330,855	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
1,156,834			No	4	C	Direct

Footnotes

These shares of Common Stock were sold by, and the remaining shares of Common Stock (if any) are owned by, Mr. Edelman's wife, Ingrid O. Edelman, and/or trusts for the benefit of Mr. Edelman's family members, of which he is trustee. Mr. Edelman disclaims any beneficial ownership of these shares, except to the extent of any pecuniary interest therein, and the filing of this report is not an admission that Mr. Edelman is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
Pursuant to the Third Amended and Restated LLC Agreement of BioFuel Energy, LLC (the "LLC"), Mr. Edelman elected to convert 4,330,855 LLC membership units into Common Stock of the issuer, on a one-for-one basis. Upon such conversion an equivalent number of shares of Class B Common Stock of the issuer attributable to such LLC units were retired without further action. (See note 3 below.)
Pursuant to the Third Amended and Restated LLC Agreement of the LLC, unit holders are entitled to convert their membership units into Common Stock of the issuer on a one-for-one basis. Upon such conversion, an equivalent number of shares of Class B Common Stock of the issuer attributable to such membership units become retired without further action. This conversion right continues for an indefinite period until termination and dissolution of the LLC in accordance with the LLC Agreement.