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 10,966 268,300 SH   DFND 01,02 268,300 0 0
BALDWIN & LYONS INC CL B 057755209 23,461 969,875 SH   DFND 01,02 969,875 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 1,008 6 SH   DFND 01,02 6 0 0
BERKSHIRE HATHAWAY INC. CL B NEW 084670702 2,360 21,100 SH   DFND 01,02 21,100 0 0
CFS BANCORP INC. COM 12525D102 107 10,000 SH   DFND 01,02 10,000 0 0
CITIGROUP INC COM NEW 172967424 959 20,000 SH   DFND 01,02 20,000 0 0
CNINSURE INC SPONSORED ADR 18976M103 270 45,000 SH   DFND 01,02 45,000 0 0
COOPER TIRE & RUBBER CO. COM 216831107 232 7,000 SH   DFND 01,02 7,000 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 5,365 723,012 SH   DFND 01,02 723,012 0 0
DELL INC COM 24702R101 119,568 8,976,589 SH   DFND 01,02 8,976,589 0 0
DEX MEDIA INC NEW COM 25213A107 2,810 159,198 SH   DFND 01,02 159,198 0 0
EXCO RESOURCES INC COM 269279402 82,605 10,812,200 SH   DFND 01,02 10,812,200 0 0
HEWLETT-PACK CO COM 428236103 233 9,400 SH   DFND 01,02 9,400 0 0
HOLOGIC INC COM 436440101 386 20,000 SH   DFND 01,02 20,000 0 0
INTEL CORP SDCV 458140AD2 12,513 11,500,000 PRN   DFND 01,02 11,500,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 229 1,200 SH   DFND 01,02 1,200 0 0
JOHNSON & JOHNSON COM 478160104 507,931 5,915,800 SH   DFND 01,02 5,915,800 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 6,656 400,000 SH   DFND 01,02 400,000 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 254,594 12,071,803 SH   DFND 01,02 12,071,803 0 0
LEVEL 3 COMMUNICATIONS INC NOTE 52729NBP4 87,281 75,000,000 PRN   DFND 01,02 75,000,000 0 0
MBIA INC COM 55262C100 399 30,000 SH   DFND 01,02 30,000 0 0
MERCK & CO. INC. COM 58933Y105 557 12,000 SH   DFND 01,02 12,000 0 0
NAM TAI ELECTRS INC COM PAR $0.02 629865205 196 35,000 SH   DFND 01,02 35,000 0 0
NEW ORIENTAL ED & TECH GRP INC SPONSORED ADR 647581107 246 11,100 SH   DFND 01,02 11,100 0 0
NEW YORK COMMUNITY BANCORP INC COM 649445103 559 40,000 SH   DFND 01,02 40,000 0 0
NEW YORK TIMES CO CL A 650111107 773 70,000 SH   DFND 01,02 70,000 0 0
OLD REPUBLIC INTL CORPORATION COM 680223104 578 45,000 SH   DFND 01,02 45,000 0 0
OVERSTOCK.COM INC COM 690370101 89,681 3,184,677 SH   DFND 01,02 3,184,677 0 0
PATTERSON UTI ENERGY INC COM 703481101 368 19,000 SH   DFND 01,02 19,000 0 0
PFIZER INC COM 717081103 6,592 235,000 SH   DFND 01,02 235,000 0 0
PROVIDENT NEW YORK BANCORP COM 744028101 233 25,000 SH   DFND 01,02 25,000 0 0
RESEARCH IN MOTION LTD. COM 760975102 541,486 51,854,700 SH   DFND 01,02 51,854,700 0 0
RESOLUTE FOREST PRODUCTS COM 76117W109 381,078 28,957,327 SH   DFND 01,02 28,957,327 0 0
RYANAIR HLDGS PLC SPONSORED ADR 783513104 9,770 189,900 SH   DFND 01,02 189,900 0 0
SLM CORP COM 78442P106 457 20,000 SH   DFND 01,02 20,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 154,200 32,463,200 SH   DFND 01,02 32,463,200 0 0
US BANCORP DEL COM NEW 902973304 105,141 2,909,279 SH   DFND 01,02 2,909,279 0 0
U S G CORP COM NEW 903293405 987 42,800 SH   DFND 01,02 42,800 0 0
ULTRA PETROLEUM CORP COM 903914109 265 13,400 SH   DFND 01,02 13,400 0 0
WAL-MART STORES INC COM 931142103 16,388 220,000 SH   DFND 01,02 220,000 0 0
WELLS FARGO & CO. NEW COM 949746101 54,614 1,323,663 SH   DFND 01,02 1,323,663 0 0