Summary of BIOFUEL ENERGY CORP.

Change in Directors or Principal Officers, Amendments to Articles of Inc. or

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 18, 2009, BioFuel Energy Corp. received notice from Thomas J. Edelman that he was resigning as the Company's Chairman and Chairman of the Board of Directors effective March 20, 2009. Mr. Edelman had served as the Company's Chairman and Chairman of the Board since its formation and informed the Board that he was stepping down to meet the growing requirements of another business commitment. Mr. Edelman has agreed to continue to assist the Company's Board and management on an unpaid basis for the foreseeable future. Simultaneously, the Company received notice on March 19, 2009 that Todd Q. Swanson, a Director who had served as Third Point LLC's representative on the Board since March 2008, had resigned effective March 20, 2009. Mr. Swanson recently left Third Point to join Barclays Capital. He informed the Board that he was stepping down at the request of his new firm. As of the date of the resignations, the number of Directors constituting the Board was reduced to seven.

On March 20, 2009, the Company announced that Mark W. Wong, a Director of the Company since January 2008, had been appointed Chairman of the Board to replace Mr. Edelman.

A copy of the Company's press release announcing the resignations of Mr. Edelman and Mr. Swanson and the appointment of Mr. Wong is attached hereto as Exhibit 99.1.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On March 20, 2009, the Board of Directors of the Company approved an amendment and restatement of the Amended and Restated By-laws of BioFuel Energy Corp. (the "Amendment"), which Amendment became effective immediately. The Amendment provides that the Chairman of the Board of Directors may be, but is not required to be, an officer of the Company.

The description of the changes effected by the Amendment are qualified in their entirety by reference to the copy of the Amended and Restated By-laws filed as Exhibit 3.2 to this Current Report on Form 8-K, which is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.                      Description
3.2           Amended and Restated By-laws of the Company
99.1          Press Release of the Company dated March 20, 2009