GABRIEL CAPITAL CORP (Form Type: 13F-HR, Filing Date: 02/14/2006)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2005 Check here if Amendment [ ]; Amendment Number: The Amendment (check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment manager Filing this Report: Name: Gabriel Capital Corp. Address: 450 Park Avenue New York, NY 10022 13F File Number: 28-4341 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: J. Ezra Merkin Title: President Phone: 212-838-7200 Signature, place and date of signing: /s/ J. Ezra Merkin New York, New York February 14, 2006 Report Type (check only one): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT

FORM 13F SUMMARY PAGE Gabriel Capital Corp. 28-4341 Report Summary: Number of Other Included managers: 1 Form 13F Information Table Entry Total: 105 Form 13F Information Table Value Total: $ 125,734 (thousands) List of Other Included Managers: No. 13F File No. Name 01 28-6882 STEPHEN FEINBERG FORM 13F INFORMATION TABLE Gabriel Capital Corp. 28-4341

GABRIEL CAPITAL CORP. SEC FORM 13 - F 12/31/2005 <TABLE> <CAPTION> COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 SHS OR COLUMN 5 NAME OF ISSUER CLASS CUSIP MRKT VALUE PRN AMT SH/PRN PUT/CALL ------------------------------------------------------------------------------------------------------------------------- <S> <C> <C> <C> <C> <C> <C> ABBOTT LABORATORIES CS 002824100 $ 591,450 15,000 SH ACTION PRODUCTS INTL WTS-EXP 1/6/06 WTS 004920153 $ - 8,000 SH ADAPTEC INC CS 00651F108 $ 87,300 15,000 SH ALLEGHENY ENERGY INC CS 017361106 $ 791,250 25,000 SH AMERICAN EXPRESS CO CS 025816109 $ 4,116,800 80,000 SH AMERICAN EXPRESS CO CS 025816109 $ 17,408,918 338,300 SH AMERICAN EXPRESS JAN 06 $50 CALL CO 0258162AJ $ 960,000 100,000 SH CALL AMERICAN EXPRESS JAN 06 $50 CALL CO 0258162AJ $ 960,000 100,000 SH CALL AMERICAN EXPRESS JAN 07 $50 CALL CO 0258166AJ $ 3,231,015 229,150 SH CALL AMERICAN EXPRESS JAN 07 $50 CALL CO 0258166AJ $ 8,471,985 600,850 SH CALL AMERICAN EXPRESS JAN 07 $55 CALL CO 0258166AK $ 337,310 37,900 SH CALL AMERICAN EXPRESS JAN 07 $55 CALL CO 0258166AK $ 1,456,040 163,600 SH CALL AMERICAN EXPRESS JAN 08 $50 CALL CO 0258165AJ $ 1,900,580 116,600 SH CALL AMERICAN EXPRESS JAN 08 $50 CALL CO 0258165AJ $ 3,804,420 233,400 SH CALL AMERICAN EXPRESS JAN 08 $55 CALL CO 0258165AK $ 340,000 25,000 SH CALL AMERICAN EXPRS-AMERIPRISE FINANCIAL CS 03076C106 $ 2,158,199 52,639 SH AMERICAN MEDICAL ELECTRONICS INC CS 027425891 $ - 320,400 SH ARDEN REALTY CS 039793104 $ 1,120,750 25,000 SH AUTOLIV INC CS 052800109 $ 3,728,982 82,100 SH AVANT IMMUNOTHERAP WRTS EXP8/24/03 WTS 053491114 $ - 3,979 SH AVENTINE RENEWABLE ENERGY HLDGS CS 05356X205 $ 1,137,500 87,500 SH AXONYX INC WARRANTS 01/08/09 @$7.25 WTS 9H999W452 $ - 17,625 SH BEZEQ ISRAELI TELECOMMUNICATION CS M2012Q100 $ 35,058 25,000 SH BIOMIRA CS 09161R106 $ 21,000 15,000 SH BIOMIRA WRT 3YR@$3.45 WTS 9A999AF84 $ - 20,000 SH CARACO PHARMACEUTICAL LABS CS 14075T107 $ 1,640,673 182,703 SH CERTEGY INC CS 156880106 $ 202,800 5,000 SH CF INDS HOLDINGS CS 125269100 $ 2,592,500 170,000 SH CHEVRON CORP CS 166764100 $ 567,700 10,000 SH CLARENT CORP CS 180461105 $ 2,500 125,000 SH COCA-COLA CO CS 191216100 $ 1,394,726 34,600 SH COCA-COLA JAN 07 $40 CALL CO 1912162AH $ 128,000 40,000 SH CALL COCA-COLA JAN 07 $45 CALL CO 1912162AI $ 23,000 20,000 SH CALL COMPUTER HORIZONS CS 205908106 $ 43,500 10,000 SH CONCUR TECHNOLOGIES INC CS 206708109 $ 116,010 9,000 SH CONTINENTAL AIRLS JAN 06 $7.50 PUTS PO 2107950MU $ 550 11,000 SH PUT CORTEX PHARMA WRTS@$3.00-12/13/09 WTS 9A9991113 $ 5,192 37,500 SH CORTEX PHARMACEUTICALS CS 220524300 $ 171,000 75,000 SH CYTRX CORP CS 232828301 $ 206,000 200,000 SH CYTRX CORP WARRANT WTS 9A999AH38 $ 12,000 100,000 SH DENDRITE INTERNATIONAL CS 248239105 $ 989,247 68,650 SH DIGITAL RECORDERS INC $8.80 WARRANT WTS 9P999CM09 $ - 7,000 SH DIGITAL RECORDERS INC CS 253869101 $ 53,550 35,000 SH EMAGIN CORP WRT SER A 01/09/09@$.55 WTS 9F999T750 $ - 95,238 SH EMPIRE RESORTS INC CS 292052107 $ 595,700 80,500 SH EUROTECH LTD CS 298796103 $ 216 21,600 SH FOSTER WHEELER LTD [LONG] CS G36535139 $ 2,693,914 73,244 SH GANNETT CO CS 364730101 $ 4,179,330 69,000 SH GENIKI BANK CS 99002KM93 $ 354,594 30,000 SH GRIFFON CORP CS 398433102 $ 119,050 5,000 SH HAWAIIAN HOLDINGS INC CS 419879101 $ 79,800 20,000 SH HAWAIIAN HOLDINGS INC CS 419879101 $ 724,983 181,700 SH HCI DIRECT INC CS 40413E106 $ 1,500,000 125,000 SH HEALTHSOUTH CORP CS 421924101 $ 857,500 175,000 SH IDT CORP-CL B CS 448947309 $ 526,500 45,000 SH IMMUNE RESPONSE CORP 5YR WRTS@$3.32 WTS 9F999F057 $ - 30,941 SH IMPATH INC CS 45255G101 $ - 151,330 SH IMPERIAL CREDIT INDS WARRANTS@$3.00 WTS 452729114 $ - 294 SH INTEREP NATIONAL RADIO SALES CS 45866V109 $ 10,800 30,000 SH INTERNATIONAL ASSETS HOLDING CORP CS 459028106 $ 261,170 28,700 SH INTERSTATE BAKERIES CORP [LONG] CS 46072H108 $ 111,000 15,000 SH INTL METAL ENTERPRISES, INC CS 99ABK7RK7 $ 4,541,250 865,000 SH ISHARES MSCI JAPAN INDEX FUND CS 464286848 $ 1,014,000 75,000 SH JACKSON PRODUCTS INC COMMON CS 468694971 $ 250,000 356 SH JACKSON PRODUCTS INC PREFERRED CS 468694963 $ 36 178 SH JAMESWAY CORP CS 470737107 $ - 555,855 SH K&F INDS HOLDINGS INC CS 482241106 $ 434,463 118,191 SH LEUCADIA JAN 06$26.625PUT PO 5272881MV $ 12,000 15,000 SH PUT LEUCADIA NATIONAL CORP CS 527288104 $ 180,348 3,800 SH LEUCADIA NATL JAN 06 30PT PO 5272884MF $ 2,500 10,000 SH PUT LORAL SPACE & COMMUNICATIONS CS 543881106 $ 8,469,945 299,503 SH LSI LOGIC CORP CS 502161102 $ 240,000 30,000 SH MARCONI CORP PLC CS 987960TL5 $ 1,447,967 217,500 SH MBNA CORP CS 55262L100 $ 1,221,750 45,000 SH MCDONALDS CORP CS 580135101 $ 5,226,600 155,000 SH MCDONALDS CORP JAN 07 $45 CALL CO 5801352AI $ 13,500 15,000 SH CALL MERISTAR HOSPITALITY CORP CS 58984Y103 $ 301,740 32,100 SH METRO ONE TELECOMMUNICATIONS CS 59163F105 $ 36,000 100,000 SH MILLICOM INT'L CELLULAR SA SHS L6388F110 $ 20,523,770 764,671 SH MISSISSIPPI PHOSPHATE CORP [EQUITY] CS 55320P101 $ 875,000 25,000 SH NANOGEN INC WARRANTS 09/04 @$4.75 WTS 9Z999R115 $ - 87,500 SH NOVELIS INC CS 67000X106 $ 100,835 4,300 SH PFIZER INC CS 717081103 $ 583,000 25,000 SH PG&E LOAN WARRANTS EXP 9/02/06 $.01 WTS 9D999OTY9 $ 123,843 3,707 SH PHOENIX TECHNOLOGIES CS 719153108 $ 187,800 30,000 SH PHOTOELECTRON CORP CS 719320103 $ 50 499,850 SH PITNEY BOWES INC CS 724479100 $ 2,429,375 57,500 SH PITNEY BOWES JAN 06 $40 CALL CO 7244790AH $ 171,500 70,000 SH CALL PITNEY BOWES JAN 06 $40 PUT PO 7244790MH $ 10,000 100,000 SH PUT PRICELINE.COM INC CS 741503403 $ 696,384 31,200 SH PURCHASEPRO.COM, INC CS 746144302 $ 35 1,200 SH RADIOLOGIX INC CS 75040K109 $ 282,125 92,500 SH SIX FLAGS CS 83001P109 $ 120,469 15,625 SH SPEEDUS CORP CS 847723103 $ 278 236 SH SUPERGEN INC WARRANT 03/09@$10.00 WTS 9G999W595 $ - 11,250 SH SUPERSTOCK WARRANT 02/22/07@$.225 WTS 9A9992267 $ - 200,000 SH SUPERSTOCK WARRANT 02/22/07@$.45 WTS 9A9992268 $ - 225,000 SH SYMANTEC CORP CS 871503108 $ 700,000 40,000 SH TIME WARNER INC CS 887317105 $ 506,632 29,050 SH TRUMP ENTERTAINMENT RESORTS CS 89816T103 $ 503,250 25,000 SH UTSTARCOM INC CS 918076100 $ 161,200 20,000 SH UTSTARCOM JAN 06 $7.50 PUT PO 9180762MU $ 3,000 20,000 SH PUT VERTICALNET WARRANTS 07/26/09@$3.72 WTS 9T999R358 $ - 56,250 SH VION PHARMACEUT WRTS 02/11/09@$3.25 WTS 9J999F588 $ - 80,000 SH WINTHROP RLTY TRUST SH BEN INT 976391102 $ 1,434,206 252,501 SH XM SATELLITE RADIO WRT3/15/10@45.24 WTS 98375Y130 $ 108,000 2,400 SH ------------ $125,734,913 ============ </TABLE>

<TABLE> <CAPTION> COLUMN 6 COLUMN 7 COLUMN 8 COLUMN 1 INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER DISCRETION MANAGERS SOLE SHARED NONE ----------------------------------------------------------------------------------------------------------- <S> <C> <C> <C> <C> <C> ABBOTT LABORATORIES SOLE N/A 15,000 ACTION PRODUCTS INTL WTS-EXP 1/6/06 SOLE N/A 8,000 ADAPTEC INC SOLE N/A 15,000 ALLEGHENY ENERGY INC SOLE N/A 25,000 AMERICAN EXPRESS CO SOLE N/A 80,000 AMERICAN EXPRESS CO SOLE N/A 338,300 AMERICAN EXPRESS JAN 06 $50 CALL SOLE N/A 100,000 AMERICAN EXPRESS JAN 06 $50 CALL SOLE N/A 100,000 AMERICAN EXPRESS JAN 07 $50 CALL SOLE N/A 229,150 AMERICAN EXPRESS JAN 07 $50 CALL SOLE N/A 600,850 AMERICAN EXPRESS JAN 07 $55 CALL SOLE N/A 37,900 AMERICAN EXPRESS JAN 07 $55 CALL SOLE N/A 163,600 AMERICAN EXPRESS JAN 08 $50 CALL SOLE N/A 116,600 AMERICAN EXPRESS JAN 08 $50 CALL SOLE N/A 233,400 AMERICAN EXPRESS JAN 08 $55 CALL SOLE N/A 25,000 AMERICAN EXPRS-AMERIPRISE FINANCIAL SOLE N/A 52,639 AMERICAN MEDICAL ELECTRONICS INC SOLE N/A 320,400 ARDEN REALTY SOLE N/A 25,000 AUTOLIV INC SOLE N/A 82,100 AVANT IMMUNOTHERAP WRTS EXP8/24/03 SOLE N/A 3,979 AVENTINE RENEWABLE ENERGY HLDGS SOLE N/A 87,500 AXONYX INC WARRANTS 01/08/09 @$7.25 SOLE N/A 17,625 BEZEQ ISRAELI TELECOMMUNICATION SOLE N/A 25,000 BIOMIRA SOLE N/A 15,000 BIOMIRA WRT 3YR@$3.45 SOLE N/A 20,000 CARACO PHARMACEUTICAL LABS SOLE N/A 182,703 CERTEGY INC SOLE N/A 5,000 CF INDS HOLDINGS SOLE N/A 170,000 CHEVRON CORP SOLE N/A 10,000 CLARENT CORP SOLE N/A 125,000 COCA-COLA CO SOLE N/A 34,600 COCA-COLA JAN 07 $40 CALL SOLE N/A 40,000 COCA-COLA JAN 07 $45 CALL SOLE N/A 20,000 COMPUTER HORIZONS SOLE N/A 10,000 CONCUR TECHNOLOGIES INC SOLE N/A 9,000 CONTINENTAL AIRLS JAN 06 $7.50 PUTS SOLE N/A 11,000 CORTEX PHARMA WRTS@$3.00-12/13/09 SOLE N/A 37,500 CORTEX PHARMACEUTICALS SOLE N/A 75,000 CYTRX CORP SOLE N/A 200,000 CYTRX CORP WARRANT SOLE N/A 100,000 DENDRITE INTERNATIONAL SOLE N/A 68,650 DIGITAL RECORDERS INC $8.80 WARRANT SOLE N/A 7,000 DIGITAL RECORDERS INC SOLE N/A 35,000 EMAGIN CORP WRT SER A 01/09/09@$.55 SOLE N/A 95,238 EMPIRE RESORTS INC SOLE N/A 80,500 EUROTECH LTD SOLE N/A 21,600 FOSTER WHEELER LTD [LONG] SOLE N/A 73,244 GANNETT CO SOLE N/A 69,000 GENIKI BANK SOLE N/A 30,000 GRIFFON CORP SOLE N/A 5,000 HAWAIIAN HOLDINGS INC SOLE N/A 20,000 HAWAIIAN HOLDINGS INC SOLE N/A 181,700 HCI DIRECT INC SOLE N/A 125,000 HEALTHSOUTH CORP SOLE N/A 175,000 IDT CORP-CL B SOLE N/A 45,000 IMMUNE RESPONSE CORP 5YR WRTS@$3.32 SOLE N/A 30,941 IMPATH INC SOLE N/A 151,330 IMPERIAL CREDIT INDS WARRANTS@$3.00 SOLE N/A 294 INTEREP NATIONAL RADIO SALES SOLE N/A 30,000 INTERNATIONAL ASSETS HOLDING CORP SOLE N/A 28,700 INTERSTATE BAKERIES CORP [LONG] SOLE N/A 15,000 INTL METAL ENTERPRISES, INC SOLE N/A 865,000 ISHARES MSCI JAPAN INDEX FUND SOLE N/A 75,000 JACKSON PRODUCTS INC COMMON SOLE N/A 356 JACKSON PRODUCTS INC PREFERRED SOLE N/A 178 JAMESWAY CORP SOLE N/A 555,855 K&F INDS HOLDINGS INC DEFINED 01 118,191 LEUCADIA JAN 06$26.625PUT SOLE N/A 15,000 LEUCADIA NATIONAL CORP SOLE N/A 3,800 LEUCADIA NATL JAN 06 30PT SOLE N/A 10,000 LORAL SPACE & COMMUNICATIONS SOLE N/A 299,503 LSI LOGIC CORP SOLE N/A 30,000 MARCONI CORP PLC SOLE N/A 217,500 MBNA CORP SOLE N/A 45,000 MCDONALDS CORP SOLE N/A 155,000 MCDONALDS CORP JAN 07 $45 CALL SOLE N/A 15,000 MERISTAR HOSPITALITY CORP SOLE N/A 32,100 METRO ONE TELECOMMUNICATIONS SOLE N/A 100,000 MILLICOM INT'L CELLULAR SA DEFINED 01 764,671 MISSISSIPPI PHOSPHATE CORP [EQUITY] SOLE N/A 25,000 NANOGEN INC WARRANTS 09/04 @$4.75 SOLE N/A 87,500 NOVELIS INC SOLE N/A 4,300 PFIZER INC SOLE N/A 25,000 PG&E LOAN WARRANTS EXP 9/02/06 $.01 SOLE N/A 3,707 PHOENIX TECHNOLOGIES SOLE N/A 30,000 PHOTOELECTRON CORP SOLE N/A 499,850 PITNEY BOWES INC SOLE N/A 57,500 PITNEY BOWES JAN 06 $40 CALL SOLE N/A 70,000 PITNEY BOWES JAN 06 $40 PUT SOLE N/A 100,000 PRICELINE.COM INC SOLE N/A 31,200 PURCHASEPRO.COM, INC SOLE N/A 1,200 RADIOLOGIX INC SOLE N/A 92,500 SIX FLAGS SOLE N/A 15,625 SPEEDUS CORP DEFINED 01 236 SUPERGEN INC WARRANT 03/09@$10.00 SOLE N/A 11,250 SUPERSTOCK WARRANT 02/22/07@$.225 SOLE N/A 200,000 SUPERSTOCK WARRANT 02/22/07@$.45 SOLE N/A 225,000 SYMANTEC CORP SOLE N/A 40,000 TIME WARNER INC SOLE N/A 29,050 TRUMP ENTERTAINMENT RESORTS SOLE N/A 25,000 UTSTARCOM INC SOLE N/A 20,000 UTSTARCOM JAN 06 $7.50 PUT SOLE N/A 20,000 VERTICALNET WARRANTS 07/26/09@$3.72 SOLE N/A 56,250 VION PHARMACEUT WRTS 02/11/09@$3.25 SOLE N/A 80,000 WINTHROP RLTY TRUST DEFINED 01 252,501 XM SATELLITE RADIO WRT3/15/10@45.24 SOLE N/A 2,400 </TABLE>