A process for preparing an improved positive-working electrostatic liquid developer comprising(A) dispersing at an elevated temperature in a vessel a thermoplastic resin and a nonpolar liquid having a Kauri-butanol value of less than 30, while maintaining the temperature in the vessel at a temperature sufficient to plasticize and liquify the resin and below that at which the nonpolar liquid degrades and the resin decomposes,(B) cooling the dispersion, either(1) without stirring to form a gel or solid mass, followed by shredding the gel or solid mass and grinding by means of particulate media;(2) with stirring to form a viscous mixture and grinding by means of particulate media; or(3) while grinding by means of particulate media to prevent the formation of a gel or solid mass;(C) separating the dispersion of toner particles having an average particle size of less than 30 .mu.m from the particulate media, and(D) adding to the dispersion subsequent to Step (A) a nonpolar liquid soluble ionic or zwitterionic charge director compound mixed with an acid having a pKa of