The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALTERA CORP COM 021441100 1,001 20,000 SH   DFND 01,02 20,000 0 0
BALDWIN & LYONS INC CL B 057755209 21,046 969,875 SH   DFND 01,02 969,875 0 0
BCE INC. COM NEW 05534B760 10,927 268,300 SH   DFND 01,02 268,300 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 1,170 6 SH   DFND 01,02 6 0 0
BERKSHIRE HATHAWAY INC. CL B NEW 084670702 2,791 21,500 SH   DFND 01,02 21,500 0 0
BLACKBERRY LIMITED COM 09228F103 286,164 46,724,700 SH   DFND 01,02 46,724,700 0 0
BP PLC SPONSORED ADR 055622104 642 21,000 SH   DFND 01,02 21,000 0 0
CITIGROUP INC COM NEW 172967424 992 20,000 SH   DFND 01,02 20,000 0 0
CSX CORP COM 126408103 204 7,600 SH   DFND 01,02 7,600 0 0
DEX MEDIA INC NEW COM 25213A107 22 159,198 SH   DFND 01,02 159,198 0 0
EXCO RESOURCES INC COM 269279402 13,154 17,538,912 SH   DFND 01,02 17,538,912 0 0
GENERAL DYNAMICS CORP COM 369550108 207 1,500 SH   DFND 01,02 1,500 0 0
HELMERICH & PAYNE INC COM 423452101 235 4,974 SH   DFND 01,02 4,974 0 0
HOLOGIC INC COM 436440101 783 20,000 SH   DFND 01,02 20,000 0 0
INTL BUSINESS MACHS CORP COM 459200101 197,609 1,363,100 SH   DFND 01,02 1,363,100 0 0
JOHNSON & JOHNSON COM 478160104 7,733 82,850 SH   DFND 01,02 82,850 0 0
K12 INC COM 48273U102 412 33,133 SH   DFND 01,02 33,133 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 198,621 8,954,941 SH   DFND 01,02 8,954,941 0 0
LUMENIS LTD SHS CL B M6778Q121 1,384 100,000 SH   DFND 01,02 100,000 0 0
MBIA INC COM 55262C100 638 105,000 SH   DFND 01,02 105,000 0 0
MERCK & CO. INC. COM 58933Y105 592 12,000 SH   DFND 01,02 12,000 0 0
NAM TAI PROPERTY INC SHS G63907102 214 35,000 SH   DFND 01,02 35,000 0 0
NEW ORIENTAL ED & TECH GRP INC SPON ADR 647581107 224 11,100 SH   DFND 01,02 11,100 0 0
NEW YORK COMMUNITY BANCORP INC COM 649445103 722 40,000 SH   DFND 01,02 40,000 0 0
NEW YORK TIMES CO CL A 650111107 827 70,000 SH   DFND 01,02 70,000 0 0
OMNIVISION TECHNOLOGIES INC COM 682128103 748 28,500 SH   DFND 01,02 28,500 0 0
OVERSTOCK.COM INC COM 690370101 54,649 3,184,677 SH   DFND 01,02 3,184,677 0 0
PATTERSON UTI ENERGY INC COM 703481101 329 25,000 SH   DFND 01,02 25,000 0 0
PENN WEST PETE LTD NEW COM 707887105 25 55,700 SH   DFND 01,02 55,700 0 0
PFIZER INC COM 717081103 7,379 235,000 SH   DFND 01,02 235,000 0 0
POSCO SPONSORED ADR 693483109 6,722 191,879 SH   DFND 01,02 191,879 0 0
RAYONIER ADVANCED MATERIALS COM 75508B104 428 70,000 SH   DFND 01,02 70,000 0 0
RESOLUTE FOREST PRODUCTS INC COM 76117W109 241,100 29,048,190 SH   DFND 01,02 29,048,190 0 0
SANDRIDGE ENERGY INC COM 80007P307 15,470 57,296,933 SH   DFND 01,02 57,296,933 0 0
STERLING BANCORP DEL COM 85917A100 372 25,000 SH   DFND 01,02 25,000 0 0
U S G CORP COM NEW 903293405 872 32,800 SH   DFND 01,02 32,800 0 0
ULTRA PETROLEUM CORP COM 903914109 372 58,200 SH   DFND 01,02 58,200 0 0
US BANCORP DEL COM NEW 902973304 951 23,200 SH   DFND 01,02 23,200 0 0
WELLS FARGO & CO. NEW COM 949746101 3,555 69,300 SH   DFND 01,02 69,300 0 0
YODLEE INC COM 98600P201 484 30,000 SH   DFND 01,02 30,000 0 0