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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2009

Check here if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    Southpaw Asset Management LP
Address: Four Greenwich Office Park

         Greenwich, Connecticut  06831

13F File Number:  28-12926

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:      Kevin Wyman
Title:     Managing Member of the GP, Southpaw Holdings LLC
Phone:     203.862.6200

Signature, Place, and Date of Signing:

     Kevin Wyman     Greenwich, Connecticut     November 16, 2009


Report Type (Check only one.):

[ X]         13F HOLDINGS REPORT.

[  ]         13F NOTICE.

[  ]         13F COMBINATION REPORT.







                              FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:         0

Form13F Information Table Entry Total:     11

Form13F Information Table Value Total:     $38,785 (thousands)


List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.

NONE






             
                                                     FORM 13F INFORMATION TABLE
                                                             VALUE  SHARES/ SH/ PUT/ INVSTMT  OTHER            VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP     (x$1000)  PRN AMT PRN CALL DSCRETN MANAGERS         SOLE   SHARED     NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AVIGEN INC                     COM              053690103     3998  2683421 SH       SOLE                  2683421
D R HORTON INC                 NOTE 2.000% 5/1  23331ABB4    11379 10000000 PRN      SOLE                 10000000
HORNBECK OFFSHORE SVCS INC N   FRNT 1.625%11/1  440543AE6     4400  5000000 PRN      SOLE                  5000000
HUNTSMAN CORP                  COM              447011107     3632   398630 SH       SOLE                   398630
LEADIS TECHNOLOGY INC          COM              52171N103      881   864052 SH       SOLE                   864052
MCMORAN EXPLORATION CO         NOTE 5.250%10/0  582411AE4     2910  3000000 PRN      SOLE                  3000000
MENTOR GRAPHICS CORP           SDCV 6.250% 3/0  587200AF3     1940  2000000 PRN      SOLE                  2000000
PALM INC NEW                   COM              696643105     1668    95700 SH  PUT  SOLE                    95700
PROSHARES TR                   PSHS ULTRA FINL  74347R743     1182   200000 SH       SOLE                   200000
SYMANTEC CORP                  NOTE 0.750% 6/1  871503AD0     5206  5000000 PRN      SOLE                  5000000
UNITED RENTALS NORTH AMER IN   NOTE 1.875%10/1  911365AH7     1589  1655000 PRN      SOLE                  1655000