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 11,477 268,300 SH   DFND 01,02 268,300 0 0
BP PLC SPONSORED ADR 055622104 210 5,000 SH   DFND 01,02 5,000 0 0
BALDWIN & LYONS INC CL B 057755209 23,490 969,875 SH   DFND 01,02 969,875 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 1,021 6 SH   DFND 01,02 6 0 0
BERKSHIRE HATHAWAY INC. CL B NEW 084670702 2,394 21,100 SH   DFND 01,02 21,100 0 0
BLACKBERRY LIMITED COM 09228F103 411,070 51,854,700 SH   DFND 01,02 51,854,700 0 0
CITIGROUP INC COM NEW 172967424 970 20,000 SH   DFND 01,02 20,000 0 0
CNINSURE INC SPONSORED ADR 18976M103 231 45,000 SH   DFND 01,02 45,000 0 0
COOPER TIRE & RUBBER CO. COM 216831107 2,141 69,500 SH   DFND 01,02 69,500 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 6,305 723,012 SH   DFND 01,02 723,012 0 0
DELL INC COM 24702R101 7,160 520,000 SH   DFND 01,02 520,000 0 0
DEX MEDIA INC NEW COM 25213A107 1,291 159,198 SH   DFND 01,02 159,198 0 0
EXCO RESOURCES INC COM 269279402 72,874 10,812,200 SH   DFND 01,02 10,812,200 0 0
HOLOGIC INC COM 436440101 413 20,000 SH   DFND 01,02 20,000 0 0
INTEL CORP SDCV 458140AD2 12,449 11,500,000 PRN   DFND 01,02 11,500,000 0 0
INTL BUSINESS MACHS CORP COM 459200101 222 1,200 SH   DFND 01,02 1,200 0 0
JOHNSON & JOHNSON COM 478160104 255,020 2,941,741 SH   DFND 01,02 2,941,741 0 0
K12 INC COM 48273U102 1,023 33,133 SH   DFND 01,02 33,133 0 0
KENNEDY-WILSON COM 489398107 7,420 400,000 SH   DFND 01,02 400,000 0 0
LEVEL 3 COMMUNICATIONS INC NOTE 52729NBP4 91,031 75,000,000 PRN   DFND 01,02 75,000,000 0 0
MBIA INC COM 55262C100 307 30,000 SH   DFND 01,02 30,000 0 0
MERCK & CO. INC. COM 58933Y105 571 12,000 SH   DFND 01,02 12,000 0 0
NAM TAI ELECTRS INC COM PAR $0.02 629865205 272 35,000 SH   DFND 01,02 35,000 0 0
NEW ORIENTAL ED & TECH GRP INC SPON ADR 647581107 276 11,100 SH   DFND 01,02 11,100 0 0
NEW YORK COMMUNITY BANCORP INC COM 649445103 605 40,000 SH   DFND 01,02 40,000 0 0
NEW YORK TIMES CO CL A 650111107 880 70,000 SH   DFND 01,02 70,000 0 0
NEWMARKET CORP COM 651587107 216 750 SH   DFND 01,02 750 0 0
OLD REPUBLIC INTL CORPORATION COM 680223104 693 45,000 SH   DFND 01,02 45,000 0 0
ONYX PHARMACEUTICALS INC COM 683399109 561 4,500 SH   DFND 01,02 4,500 0 0
OVERSTOCK.COM INC COM 690370101 94,489 3,184,677 SH   DFND 01,02 3,184,677 0 0
PATTERSON UTI ENERGY INC COM 703481101 406 19,000 SH   DFND 01,02 19,000 0 0
PFIZER INC COM 717081103 6,747 235,000 SH   DFND 01,02 235,000 0 0
PROVIDENT NEW YORK BANCORP COM 744028101 272 25,000 SH   DFND 01,02 25,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117W109 383,962 29,044,012 SH   DFND 01,02 29,044,012 0 0
RUE21 INC COM 781295100 847 21,000 SH   DFND 01,02 21,000 0 0
SLM CORP COM 78442P106 374 15,000 SH   DFND 01,02 15,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 190,234 32,463,200 SH   DFND 01,02 32,463,200 0 0
SPREADTRUM COMMUNICATIONS INC ADR 849415203 502 16,500 SH   DFND 01,02 16,500 0 0
US BANCORP DEL COM NEW 902973304 1,097 30,000 SH   DFND 01,02 30,000 0 0
USG CORP COM NEW 903293405 1,223 42,800 SH   DFND 01,02 42,800 0 0
ULTRA PETROLEUM CORP COM 903914109 276 13,400 SH   DFND 01,02 13,400 0 0
WELLS FARGO & CO. NEW COM 949746101 2,863 69,300 SH   DFND 01,02 69,300 0 0