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
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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
AT&T Inc. COM 00206R102 904 22,272 SH   SOLE   0 0 22,272
AbbVie Inc. COM 00287y109 355 5,630 SH   SOLE   0 0 5,630
Abbott Labs COM 002824100 213 5,026 SH   SOLE   0 0 5,026
Agnico-Eagle Mines Ltd. COM 008474108 542 10,000 SH   SOLE   0 0 10,000
Allegheny Technologies Inc. COM 01741r102 22,876 1,265,992 SH   SOLE   0 0 1,265,992
Alternative Energy COM 02152e200 0 260,000 SH   SOLE   0 0 260,000
Anadarko Petroleum Corp. COM 032511107 369 5,827 SH   SOLE   0 0 5,827
Apple Computer Inc. COM 037833100 1,898 16,791 SH   SOLE   0 0 16,791
Arrow Electronics Inc. COM 042735100 6,856 107,182 SH   SOLE   0 0 107,182
BP PLC COM 055622104 215 6,128 SH   SOLE   0 0 6,128
Bank of America COM 060505104 19,209 1,227,419 SH   SOLE   0 0 1,227,419
Berkley W R Corp. COM 084423102 923 15,984 SH   SOLE   0 0 15,984
Berkshire Hathaway Cl B COM 084670702 386 2,671 SH   SOLE   0 0 2,671
Berkshire Hathaway Inc. CL A COM 084423102 216 100 SH   SOLE   0 0 100
Biogen Inc. COM 09062x103 218 696 SH   SOLE   0 0 696
Bristol Myers Squibb COM 110122108 395 7,335 SH   SOLE   0 0 7,335
CSX Corp. COM 126408103 11,076 363,151 SH   SOLE   0 0 363,151
CYS Investments REIT COM 12673a108 95 10,900 SH   SOLE   0 0 10,900
Cabot Oil & Gas Corp. COM 127097103 6,500 251,950 SH   SOLE   0 0 251,950
Carnival Corp COM 143658300 11,702 239,707 SH   SOLE   0 0 239,707
Chataqua Partners LLC COM 1428198 2,076 2,076,176 SH   SOLE   0 0 2,076,176
Chesapeake Energy Corp. COM 165167107 2,663 424,725 SH   SOLE   0 0 424,725
Cigna Corp. COM 125509109 704 5,400 SH   SOLE   0 0 5,400
Cisco Systems COM 17275r102 16,471 519,272 SH   SOLE   0 0 519,272
Citigroup Inc. COM 172967424 18,917 400,525 SH   SOLE   0 0 400,525
Coastal South Bancshares COM 190545103 20 11,850 SH   SOLE   0 0 11,850
Colgate-Palmolive Co. COM 194162103 326 4,400 SH   SOLE   0 0 4,400
Disney Walt Hldg. Co. COM 254687106 529 5,697 SH   SOLE   0 0 5,697
Eaton Corp. COM 278058102 348 5,300 SH   SOLE   0 0 5,300
Eli Lilly & Co. COM 532457108 449 5,600 SH   SOLE   0 0 5,600
Emerson Electric Co. COM 291011104 385 7,070 SH   SOLE   0 0 7,070
Exxon Mobil Corp. COM 30231g102 1,917 21,963 SH   SOLE   0 0 21,963
Fastenal Company COM 311900104 535 12,800 SH   SOLE   0 0 12,800
Fiserv Inc. COM 337738108 1,164 11,700 SH   SOLE   0 0 11,700
General Electric Co. COM 369604103 14,341 484,171 SH   SOLE   0 0 484,171
General Motors Corp. COM 37045v100 15,217 478,966 SH   SOLE   0 0 478,966
GoldenTree Offshore Cl C Exemp COM 2071622 683 213 SH   SOLE   0 0 213
Goldentree Offshore C 5 F COM 2071621 613 409 SH   SOLE   0 0 409
Goodrich Pete Corp. COM 382410405 0 10,000 SH   SOLE   0 0 10,000
Halliburton Co. COM 406216101 222 4,950 SH   SOLE   0 0 4,950
Harley Davidson Inc. COM 412822108 210 4,000 SH   SOLE   0 0 4,000
Heartland Financial Inc. COM 42234q102 324 8,996 SH   SOLE   0 0 8,996
Holly Frontier Corp. COM 436106108 243 9,925 SH   SOLE   0 0 9,925
IBM COM 459200101 11,017 69,355 SH   SOLE   0 0 69,355
Ishares Tr. S&P 500 Index COM 464287200 261 1,200 SH   SOLE   0 0 1,200
J P Morgan Chase COM 46625H100 14,124 212,100 SH   SOLE   0 0 212,100
Johnson & Johnson COM 478160104 996 8,434 SH   SOLE   0 0 8,434
Kinder Morgan Inc. COM 49455P101 307 13,292 SH   SOLE   0 0 13,292
Kohls Corp. COM 500255104 8,156 186,432 SH   SOLE   0 0 186,432
Ladenburg Thalmann COM 50575q102 399 172,747 SH   SOLE   0 0 172,747
MGIC Investment Corp. COM 552848103 3,753 469,146 SH   SOLE   0 0 469,146
Manitowoc Inc. COM 563571108 59 12,400 SH   SOLE   0 0 12,400
McDonalds Corp. COM 580135101 343 2,972 SH   SOLE   0 0 2,972
McKesson Corp. COM 58155q103 9,538 57,199 SH   SOLE   0 0 57,199
Medical Marijuana Inc. COM 58463a105 1 15,000 SH   SOLE   0 0 15,000
Merck & Co Inc. COM 58933Y105 645 10,330 SH   SOLE   0 0 10,330
Metlife Inc. COM 59156R108 17,375 391,069 SH   SOLE   0 0 391,069
Microsoft Corp. COM 594918104 244 4,228 SH   SOLE   0 0 4,228
Modine Manufacturing Co. COM 607828100 12,783 1,077,783 SH   SOLE   0 0 1,077,783
Occidental Petroleum Corp. COM 674599105 411 5,633 SH   SOLE   0 0 5,633
Options Media Group COM 684008105 0 20,000 SH   SOLE   0 0 20,000
Oracle Corp. COM 68389x105 6,140 156,324 SH   SOLE   0 0 156,324
Orion Energy System Inc. COM 686275108 18 13,640 SH   SOLE   0 0 13,640
Owens-Illinois Inc. COM 690768403 11,587 630,061 SH   SOLE   0 0 630,061
Pepsico Inc. COM 713448108 1,586 14,580 SH   SOLE   0 0 14,580
Pfizer Inc. COM 717081103 6,468 190,961 SH   SOLE   0 0 190,961
Potash Corp. COM 73755l107 329 20,148 SH   SOLE   0 0 20,148
Procter & Gamble Co. COM 742718109 341 3,801 SH   SOLE   0 0 3,801
Proshares Tr Pshs Shrt S&P 500 COM 74347r503 594 15,600 SH   SOLE   0 0 15,600
Protide Pharmaceutical COM 74371a103 0 10,000 SH   SOLE   0 0 10,000
Range Resources Corp. COM 75281a109 8,196 211,498 SH   SOLE   0 0 211,498
Schlumberger Ltd. COM 806857108 569 7,232 SH   SOLE   0 0 7,232
US Bancorp COM 902973304 2,275 53,041 SH   SOLE   0 0 53,041
Union Pacific Corp. COM 907818108 1,951 20,000 SH   SOLE   0 0 20,000
Verizon Communications COM 92343v104 11,163 214,758 SH   SOLE   0 0 214,758
WEC Energy Group Inc. COM 92939u106 377 6,299 SH   SOLE   0 0 6,299
Wal Mart Stores Inc. COM 931142103 10,785 149,541 SH   SOLE   0 0 149,541
Walgreens Boots Alliance Inc. COM 931422109 201 2,494 SH   SOLE   0 0 2,494
Weatherford Intl. Inc. COM G48833100 6,108 1,086,856 SH   SOLE   0 0 1,086,856
Wells Fargo & Co. COM 949746101 1,569 35,436 SH   SOLE   0 0 35,436
Yum Brands Inc. COM 988498101 220 2,424 SH   SOLE   0 0 2,424