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
BALDWIN & LYONS INC CL B CL B 057755209 24,974 969,875 SH   DFND 01,02 969,875 0 0
BCE INC. COM NEW 05534B760 12,189 268,300 SH   DFND 01,02 268,300 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 1,139 6 SH   DFND 01,02 6 0 0
BERKSHIRE HATHAWAY INC. CL B NEW 084670702 3,100 24,500 SH   DFND 01,02 24,500 0 0
BLACKBERRY LIMITED COM 09228F103 477,765 46,654,700 SH   DFND 01,02 46,654,700 0 0
BP PLC SPONSORED ADR 055622104 580 11,000 SH   DFND 01,02 11,000 0 0
CITIGROUP INC COM NEW 172967424 942 20,000 SH   DFND 01,02 20,000 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 9,414 723,012 SH   DFND 01,02 723,012 0 0
CSX CORP COM 126408103 234 7,600 SH   DFND 01,02 7,600 0 0
DEX MEDIA INC NEW COM 25213A107 1,770 159,198 SH   DFND 01,02 159,198 0 0
EXCO RESOURCES INC COM 269279402 103,237 17,538,912 SH   DFND 01,02 17,538,912 0 0
GENERAL DYNAMICS CORP COM 369550108 256 2,200 SH   DFND 01,02 2,200 0 0
HOLOGIC INC COM 436440101 507 20,000 SH   DFND 01,02 20,000 0 0
IDENIX PHARMACEUTICALS INC COM 45166R204 1,214 50,400 SH   DFND 01,02 50,400 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 14,296 11,500,000 PRN   DFND 01,02 11,500,000 0 0
INTL BUSINESS MACHS CORP COM 459200101 217 1,200 SH   DFND 01,02 1,200 0 0
JOHNSON & JOHNSON COM 478160104 8,858 84,700 SH   DFND 01,02 84,700 0 0
K12 INC COM 48273U102 797 33,133 SH   DFND 01,02 33,133 0 0
KENNEDY-WILSON COM 489398107 10,724 400,000 SH   DFND 01,02 400,000 0 0
MBIA INC COM 55262C100 331 30,000 SH   DFND 01,02 30,000 0 0
MERCK & CO. INC. COM 58933Y105 694 12,000 SH   DFND 01,02 12,000 0 0
NAM TAI PROPERTY INC SHS G63907102 264 35,000 SH   DFND 01,02 35,000 0 0
NAVIENT CORPORATION COM 63938C108 266 15,000 SH   DFND 01,02 15,000 0 0
NEW ORIENTAL ED & TECH GRP INC SPON ADR 647581107 295 11,100 SH   DFND 01,02 11,100 0 0
NEW YORK COMMUNITY BANCORP INC COM 649445103 639 40,000 SH   DFND 01,02 40,000 0 0
NEW YORK TIMES CO CL A 650111107 1,064 70,000 SH   DFND 01,02 70,000 0 0
NEWMARKET CORP COM 651587107 294 750 SH   DFND 01,02 750 0 0
OLD REPUBLIC INTL CORPORATION COM 680223104 744 45,000 SH   DFND 01,02 45,000 0 0
OVERSTOCK.COM INC COM 690370101 50,127 3,184,677 SH   DFND 01,02 3,184,677 0 0
PATTERSON UTI ENERGY INC COM 703481101 419 12,000 SH   DFND 01,02 12,000 0 0
PENN WEST PETE LTD NEW COM 707887105 155 15,900 SH   DFND 01,02 15,900 0 0
PFIZER INC COM 717081103 6,972 235,000 SH   DFND 01,02 235,000 0 0
QUESTCOR PHARMACEUTICALS COM 74835Y101 600 6,500 SH   DFND 01,02 6,500 0 0
RESOLUTE FOREST PRODUCTS COM 76117W109 487,068 29,044,012 SH   DFND 01,02 29,044,012 0 0
SANDRIDGE ENERGY INC COM 80007P307 232,112 32,463,200 SH   DFND 01,02 32,463,200 0 0
SLM CORP COM 78442P106 125 15,000 SH   DFND 01,02 15,000 0 0
STERLING BANCORP/DE COM 85917A100 300 25,000 SH   DFND 01,02 25,000 0 0
SUSSER HLDGS CORP COM 869233106 517 6,400 SH   DFND 01,02 6,400 0 0
ULTRA PETROLEUM CORP COM 903914109 964 32,500 SH   DFND 01,02 32,500 0 0
US BANCORP DEL COM NEW 902973304 1,299 30,000 SH   DFND 01,02 30,000 0 0
USG Corp COM NEW 903293405 1,290 42,800 SH   DFND 01,02 42,800 0 0
WELLS FARGO & CO. NEW COM 949746101 3,641 69,300 SH   DFND 01,02 69,300 0 0