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
ATWOOD OCEANICS INC COM 050095108 225 8,000 SH   DFND 01,02 8,000 0 0
BCE INC. COM NEW 05534B760 11,359 268,300 SH   DFND 01,02 268,300 0 0
BP PLC SPONSORED ADR 055622104 548 14,000 SH   DFND 01,02 14,000 0 0
BALDWIN & LYONS INC CL B 057755209 22,617 969,875 SH   DFND 01,02 969,875 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 1,306 6 SH   DFND 01,02 6 0 0
BERKSHIRE HATHAWAY INC. CL B NEW 084670702 3,111 21,500 SH   DFND 01,02 21,500 0 0
BLACKBERRY LIMITED COM 09228F103 416,510 46,699,700 SH   DFND 01,02 46,699,700 0 0
CSX CORP COM 126408103 252 7,600 SH   DFND 01,02 7,600 0 0
CITIGROUP INC COM NEW 172967424 1,031 20,000 SH   DFND 01,02 20,000 0 0
COLFAX CORP COM 194014106 301 6,300 SH   DFND 01,02 6,300 0 0
DEX MEDIA INC NEW COM 25213A107 667 159,198 SH   DFND 01,02 159,198 0 0
DRESSER-RAND GROUP INC COM 261608103 1,302 16,200 SH   DFND 01,02 16,200 0 0
EXCO RESOURCES INC COM 269279402 32,096 17,538,912 SH   DFND 01,02 17,538,912 0 0
GENERAL DYNAMICS CORP COM 369550108 204 1,500 SH   DFND 01,02 1,500 0 0
HELMERICH & PAYNE INC COM 423452101 215 3,157 SH   DFND 01,02 3,157 0 0
HOLOGIC INC COM 436440101 660 20,000 SH   DFND 01,02 20,000 0 0
INTL BUSINESS MACHS CORP COM 459200101 218,778 1,363,100 SH   DFND 01,02 1,363,100 0 0
JOHNSON & JOHNSON COM 478160104 8,334 82,850 SH   DFND 01,02 82,850 0 0
K12 INC COM 48273U102 521 33,133 SH   DFND 01,02 33,133 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 10,448 400,000 SH   DFND 01,02 400,000 0 0
MBIA INC COM 55262C100 465 50,000 SH   DFND 01,02 50,000 0 0
MERCK & CO INC COM 58933Y105 690 12,000 SH   DFND 01,02 12,000 0 0
NEW ORIENTAL ED & TECH GRP INC SPON ADR 647581107 246 11,100 SH   DFND 01,02 11,100 0 0
NEW YORK COMMUNITY BANCORP INC COM 649445103 669 40,000 SH   DFND 01,02 40,000 0 0
NEW YORK TIMES CO CL A 650111107 963 70,000 SH   DFND 01,02 70,000 0 0
NEWMARKET CORP COM 651587107 357 750 SH   DFND 01,02 750 0 0
OLD REPUBLIC INTL CORP COM 680223104 672 45,000 SH   DFND 01,02 45,000 0 0
OVERSTOCK.COM INC COM 690370101 77,037 3,184,677 SH   DFND 01,02 3,184,677 0 0
PATTERSON UTI ENERGY INC COM 703481101 469 25,000 SH   DFND 01,02 25,000 0 0
PENN WEST PETE LTD NEW COM 707887105 91 55,700 SH   DFND 01,02 55,700 0 0
PFIZER INC COM 717081103 8,178 235,000 SH   DFND 01,02 235,000 0 0
PRECISION CASTPARTS CORP COM 740189105 420 2,000 SH   DFND 01,02 2,000 0 0
RAYONIER ADVANCED MATERIALS COM 75508B104 595 40,000 SH   DFND 01,02 40,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117W109 500,719 29,044,012 SH   DFND 01,02 29,044,012 0 0
SANDRIDGE ENERGY INC COM 80007P307 90,577 50,886,188 SH   DFND 01,02 50,886,188 0 0
STERLING BANCORP DEL COM 85917A100 335 25,000 SH   DFND 01,02 25,000 0 0
TALISMAN ENERGY INC COM 87425E103 449 58,500 SH   DFND 01,02 58,500 0 0
TURQUOISE HILL RESOURCES LTD COM 900435108 157 50,500 SH   DFND 01,02 50,500 0 0
US BANCORP DEL COM NEW 902973304 1,013 23,200 SH   DFND 01,02 23,200 0 0
U S G CORP COM NEW 903293405 875 32,800 SH   DFND 01,02 32,800 0 0
ULTRA PETROLEUM CORP COM 903914109 508 32,500 SH   DFND 01,02 32,500 0 0
WELLS FARGO & CO NEW COM 949746101 3,773 69,300 SH   DFND 01,02 69,300 0 0
NAM TAI PROPERTY INC SHS G63907102 139 35,000 SH   DFND 01,02 35,000 0 0