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
BCE INC. COM NEW 05534B760 12,328 268,300 SH   DFND 01,02 268,300 0 0
BP PLC SPONSORED ADR 055622104 419 11,000 SH   DFND 01,02 11,000 0 0
BALDWIN & LYONS INC CL B CL B 057755209 24,984 969,875 SH   DFND 01,02 969,875 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 1,354 6 SH   DFND 01,02 6 0 0
BERKSHIRE HATHAWAY INC. CL B NEW 084670702 3,679 24,500 SH   DFND 01,02 24,500 0 0
BLACKBERRY LIMITED COM 09228F103 512,132 46,654,700 SH   DFND 01,02 46,654,700 0 0
CSX CORP COM 126408103 275 7,600 SH   DFND 01,02 7,600 0 0
CITIGROUP INC COM NEW 172967424 1,082 20,000 SH   DFND 01,02 20,000 0 0
COLFAX CORP COM 194014106 325 6,300 SH   DFND 01,02 6,300 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 7,266 723,012 SH   DFND 01,02 723,012 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 2,034 20,200 SH   DFND 01,02 20,200 0 0
DEX MEDIA INC NEW COM 25213A107 1,428 159,198 SH   DFND 01,02 159,198 0 0
EXCO RESOURCES INC COM 269279402 38,059 17,538,912 SH   DFND 01,02 17,538,912 0 0
GENERAL DYNAMICS CORP COM 369550108 206 1,500 SH   DFND 01,02 1,500 0 0
HOLOGIC INC COM 436440101 535 20,000 SH   DFND 01,02 20,000 0 0
INTL BUSINESS MACHS CORP COM 459200101 218,696 1,363,100 SH   DFND 01,02 1,363,100 0 0
JOHNSON & JOHNSON COM 478160104 8,664 82,850 SH   DFND 01,02 82,850 0 0
K12 INC COM 48273U102 393 33,133 SH   DFND 01,02 33,133 0 0
KENNEDY-WILSON COM 489398107 10,120 400,000 SH   DFND 01,02 400,000 0 0
MBIA INC COM 55262C100 286 30,000 SH   DFND 01,02 30,000 0 0
MERCK & CO. INC. COM 58933Y105 681 12,000 SH   DFND 01,02 12,000 0 0
NAVIENT CORPORATION COM 63938C108 324 15,000 SH   DFND 01,02 15,000 0 0
NEW ORIENTAL ED & TECH GRP INC SPON ADR 647581107 227 11,100 SH   DFND 01,02 11,100 0 0
NEW YORK COMMUNITY BANCORP INC COM 649445103 640 40,000 SH   DFND 01,02 40,000 0 0
NEW YORK TIMES CO CL A 650111107 925 70,000 SH   DFND 01,02 70,000 0 0
NEWMARKET CORP COM 651587107 303 750 SH   DFND 01,02 750 0 0
OLD REPUBLIC INTL CORPORATION COM 680223104 657 45,000 SH   DFND 01,02 45,000 0 0
OVERSTOCK.COM INC COM 690370101 77,197 3,184,677 SH   DFND 01,02 3,184,677 0 0
PATTERSON UTI ENERGY INC COM 703481101 199 12,000 SH   DFND 01,02 12,000 0 0
PENN WEST PETE LTD NEW COM 707887105 117 55,700 SH   DFND 01,02 55,700 0 0
PFIZER INC COM 717081103 7,320 235,000 SH   DFND 01,02 235,000 0 0
PRECISION CASTPARTS CORP COM 740189105 482 2,000 SH   DFND 01,02 2,000 0 0
RAYONIER ADVANCED MATERIALS COM 75508B104 892 40,000 SH   DFND 01,02 40,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117W109 510,884 29,044,012 SH   DFND 01,02 29,044,012 0 0
SLM CORP COM 78442P106 153 15,000 SH   DFND 01,02 15,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 92,104 50,886,188 SH   DFND 01,02 50,886,188 0 0
STERLING BANCORP/DE COM 85917A100 360 25,000 SH   DFND 01,02 25,000 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 1,043 23,200 SH   DFND 01,02 23,200 0 0
U S G CORP COM NEW 903293405 1,198 42,800 SH   DFND 01,02 42,800 0 0
ULTRA PETROLEUM CORP COM 903914109 428 32,500 SH   DFND 01,02 32,500 0 0
WELLS FARGO & CO. NEW COM 949746101 3,799 69,300 SH   DFND 01,02 69,300 0 0
NAM TAI PROPERTY INC SHS G63907102 166 35,000 SH   DFND 01,02 35,000 0 0