13F-HR 1 pco093010.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter End: September 30, 2010 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one): [ ] is a restatement [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Paulson & Co. Inc. Address: 1251 Avenue of the Americas New York, NY 10020 13F File Number: 028-10010 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this submission. Person Signing this Report on Behalf of Reporting Manager: Name: Stuart Merzer Title: General Counsel Phone: 212-956-2221 Signature: Place: Date of Signing: Stuart Merzer New York, NY November 15, 2010 Report Type (Check only one): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT List of Other Managers Reporting for this Manager: FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 80 Form 13F Information Table Value Total: $22,899,281 List of Other Included Managers: No. Form 13F File Number Name 01 028-10011 Paulson Management LLC FORM 13F INFORMATION TABLE
VALUE SHRS OR SH/ PUT/ INVEST OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MGRS SOLE SHARED NONE AIRGAS INC COMMON 009363102 101925 1500000 SH DEFINED 01 1500000 ALCON INC COM SHS H01301102 226868 1360200 SH DEFINED 01 1360200 ALBERTO CULVER CO COM NEW 013078100 18825 500000 SH DEFINED 01 500000 AMERICAN CAP LTD COMMON 02503Y103 254042 43725000 SH DEFINED 01 43725000 ANADARKO PETE CORP COMMON 032511107 764470 13400000 SH DEFINED 01 13400000 ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 1895840 41000000 SH DEFINED 01 41000000 APOLLO GROUP INC CL A 037604105 82160 1600000 SH DEFINED 01 1600000 ASHFORD HOSPITALITY INC COM SHS 044103109 27150 3000000 SH DEFINED 01 3000000 BANK OF AMERICA CORP COMMON 060505104 1805519137794296 SH DEFINED 01 137794296 BANK OF AMERICA CORP W Exp 01/16/19 060505146 194400 30000000 SH DEFINED 01 30000000 BANK OF AMERICA CORP W Exp 10/28/18 060505153 23800 10000000 SH DEFINED 01 10000000 BEAZER HOMES USA INC COMMON 07556Q105 23954 5800000 SH DEFINED 01 5800000 BEAZER HOMES USA INC NT SUB 7.5% 13 07556Q402 3398 150000 SH DEFINED 01 150000 BEAZER HOMES USA INC UNIT 99/99/99 07556Q501 1755 90000 SH DEFINED 01 90000 BARRICK GOLD CORP COMMON 067901108 18516 400000 SH DEFINED 01 400000 BMC SOFTWARE INC COMMON 055921100 52624 1300000 SH DEFINED 01 1300000 BOSTON SCIENTIFIC CORP COMMON 101137107 490400 80000000 SH DEFINED 01 80000000 BOYD GAMING CORP COMMON 103304101 29000 4000000 SH DEFINED 01 4000000 BROCADE COMMUNICATION COM NEW 111621306 16936 2900000 SH DEFINED 01 2900000 BURGER KING HLDGS INC COMMON 121208201 119400 5000000 SH DEFINED 01 5000000 COMCAST CORP CL A 20030N101 723200 40000000 SH DEFINED 01 40000000 CAPITAL ONE FINL CORP COMMON 14040H105 593250 15000000 SH DEFINED 01 15000000 CAPITAL ONE FINL CORP W EXP 11/14/18 14040H139 56295 3992520 SH DEFINED 01 3992520 CB RICHARD ELLIS GROUP CL A 12497T101 246780 13500000 SH DEFINED 01 13500000 CHENIERE ENERGY INC COM NEW 16411R208 18802 7461191 SH DEFINED 01 7461191 CIT GROUP INC COM NEW 125581801 136385 3341134 SH DEFINED 01 3341134 CITIGROUP INC COMMON 172967101 1657840424000000 SH DEFINED 01 424000000 CNO FINL GROUP INC COMMON 12621E103 135481 24455000 SH DEFINED 01 24455000 DEX ONE CORP COMMON 25212W100 45146 3676394 SH DEFINED 01 3676394 FAMILY DLR STORES INC COMMON 307000109 88320 2000000 SH DEFINED 01 2000000 FELCOR LODGING TR INC COMMON 31430F101 20700 4500000 SH DEFINED 01 4500000 FELCOR LODGING TR INC PFD CV A $1.95 31430F200 11242 524100 SH DEFINED 01 524100 FIRST HORIZON NATL CORP COMMON 320517105 86033 7540184 SH DEFINED 01 7540184 GENERAL GROWTH PPTYS COMMON 370021107 102359 6561500 SH DEFINED 01 6561500 GENZYME CORP COMMON 372917104 134586 1901200 SH DEFINED 01 1901200 GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 367244 24050000 SH DEFINED 01 24050000 HARTFORD FINL SVCS GRP COMMON 416515104 1009800 44000000 SH DEFINED 01 44000000 HEWITT ASSOCS INC COMMON 42822Q100 383268 7600000 SH DEFINED 01 7600000 INTERNATIONAL TOWER HILL COM ADD 46050R102 31500 5000000 SH DEFINED 01 5000000 IAMGOLD CORP COMMON 450913108 47817 2700000 SH DEFINED 01 2700000 JPMORGAN CHASE & CO COMMON 46625H100 190300 5000000 SH DEFINED 01 5000000 JPMORGAN CHASE & CO W EXP 10/28/18 46634E114 218556 18727997 SH DEFINED 01 18727997 KINROSS GOLD CORP COM NO PAR 496902404 622532 33140000 SH DEFINED 01 33140000 LEAR CORP COM NEW 521865204 109145 1382812 SH DEFINED 01 1382812 LIBERTY MEDIA CORP INT COM SER A 53071M104 78147 5700000 SH DEFINED 01 5700000 MARINER ENERGY INC COMMON 56845T305 242300 10000000 SH DEFINED 01 10000000 MARSHALL & ILSLEY CORP COM NEW 571837103 155232 22050000 SH DEFINED 01 22050000 MCAFEE INC COMMON 579064106 236300 5000000 SH DEFINED 01 5000000 MCCLATCHY CO CL A 579489105 19650 5000000 SH DEFINED 01 5000000 MEAD JOHNSON NUTRITION COMMON 582839106 51031 896700 SH DEFINED 01 896700 MGM RESORTS INTL COMMON 552953101 494064 43800000 SH DEFINED 01 43800000 MIRANT CORP NEW COM COM NEW 60467R100 181305 18203321 SH DEFINED 01 18203321 MYLAN INC COMMON 628530107 564300 30000000 SH DEFINED 01 30000000 NBTY INC COMMON 628782104 335378 6100000 SH DEFINED 01 6100000 NETAPP INC COMMON 64110D104 35849 720000 SH DEFINED 01 720000 NORTHERN TR CORP COMMON 665859104 48240 1000000 SH DEFINED 01 1000000 NOVAGOLD RES INC COM NEW 66987E206 175414 20181818 SH DEFINED 01 20181818 NOVELL INC COMMON 670006105 179100 30000000 SH DEFINED 01 30000000 PFIZER INC COMMON 717081103 391476 22800000 SH DEFINED 01 22800000 PMI GROUP INC COMMON 69344M101 18350 5000000 SH DEFINED 01 5000000 POPULAR INC COMMON 733174106 194300 67000000 SH DEFINED 01 67000000 POTASH CORP SASK INC COMMON 73755L107 71777 500000 SH DEFINED 01 500000 QUAD / GRAPHICS INC COM CL A 747301109 50317 1077000 SH DEFINED 01 1077000 QUEST SOFTWARE INC COMMON 74834T103 29508 1200000 SH DEFINED 01 1200000 RANDGOLD RES LTD ADR 752344309 50223 495000 SH DEFINED 01 495000 REGIONS FINANCIAL CORP COM NEW 7591EP100 140629 19343700 SH DEFINED 01 19343700 SPDR GOLD TRUST GOLD SHS 78463V107 4029165 31500000 SH DEFINED 01 31500000 STARWOOD PPTY TR INC COMMON 85571B105 20784 1046000 SH DEFINED 01 1046000 STARWOOD HOTELS&RESRT COMMON 85590A401 86182 1640000 SH DEFINED 01 1640000 STATE STR CORP COMMON 857477103 75320 2000000 SH DEFINED 01 2000000 STRATEGIC HOTELS&RESRT COMMON 86272T106 33920 8000000 SH DEFINED 01 8000000 SUNSTONE HOTEL INVS INC COM NEW 867892101 45350 5000000 SH DEFINED 01 5000000 SUNTRUST BKS INC COMMON 867914103 758903 29380700 SH DEFINED 01 29380700 SUPERMEDIA INC COMMON 868447103 27561 2607504 SH DEFINED 01 2607504 SYMANTEC CORP COMMON 871503108 75850 5000000 SH DEFINED 01 5000000 TALECRIS BIOTHERAPEUTIC COMMON 874227101 228800 10000000 SH DEFINED 01 10000000 TERADATA CORP DEL COMMON 88076W103 35668 925000 SH DEFINED 01 925000 VAIL RESORTS INC COMMON 91879Q109 84042 2239924 SH DEFINED 01 2239924 WELLS FARGO & CO COM NEW 949746101 389283 15500000 SH DEFINED 01 15500000 ZYMOGENETICS INC COMMON 98985T109 78000 8000000 SH DEFINED 01 8000000 22899281