13F-HR 1 fp0004886_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2012 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: T2 Partners Management, L.P. Address: 767 Fifth Avenue, 18th Floor New York, NY 10153 Form 13F File Number: 028-12232 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 form. Person Signing this Report on Behalf of Reporting Manager: Name: Glenn Tongue Title: Managing Partner Phone: 212-386-7161 Signature, Place, and Date of Signing: /s/ Glenn Tongue New York, NY May 14, 2012 ---------------- ------------ ------------ [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 ----------- Form 13F Information Table Entry Total: 70 ----------- Form 13F Information Table Value Total: $ 345,109 ----------- (thousands) List of Other Included Managers: Provide a numbered list of the names(s) and Form 13F file numbers(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name 1 028-13305 Centaur Capital Management LP
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ ---------------- --------- ----------- -------------------- ---------- -------- --------------------- VOTING AUTHORITY TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER --------------------- NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- ----------- ----------- --- ---- ---------- -------- --------- ------ ---- ACCENTURE PLC IRELAND SHS CLASS A G1151C101 968 15,000 SH Other 1 15,000 ACTIVISION BLIZZARD INC COM 00507V109 4,487 350,000 SH Other 1 350,000 ALEXANDER & BALDWIN INC COM 014482103 8,438 174,172 SH Sole 174,172 ALLEGHANY CORP DEL COM 017175100 1,810 5,500 SH Other 1 5,500 AMERICAN INTL GROUP INC COM NEW 026874784 8,440 273,765 SH Sole 273,765 AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 852 80,061 SH Sole 80,061 ANCESTRY COM INC COM 032803108 4,548 200,000 SH Other 1 200,000 ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 6,584 90,540 SH Sole 90,540 APPLE INC COM 037833100 1,139 1,900 SH Other 1 1,900 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 2,794 100,000 SH Other 1 100,000 BANK OF AMERICA CORPORATION COM 060505104 3,924 410,000 SH CALL Sole 410,000 BERKSHIRE HATHAWAY INC DEL CL A 084670108 488 4 SH Sole 4 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 14,384 177,250 SH Sole 177,250 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 76,265 939,800 SH CALL Sole 939,800 CALAMOS ASSET MGMT INC CL A 12811R104 1,770 135,000 SH Other 1 135,000 CAPITAL SOUTHWEST CORP COM 140501107 1,156 12,230 SH Other 1 12,230 CISCO SYS INC COM 17275R102 3,173 150,000 SH Other 1 150,000 CITIGROUP INC COM NEW 172967424 11,395 311,764 SH Sole 311,764 DAILY JOURNAL CORP COM 233912104 287 3,683 SH Sole 3,683 DELIA'S INC NEW COM 246911101 4,505 3,217,439 SH Sole 3,217,439 DELL INC COM 24702R101 4,980 300,000 SH Other 1 300,000 DELL INC COM 24702R101 7,762 467,706 SH Sole 467,706 DELL INC COM 24702R101 1,696 100,000 SH CALL Sole 100,000 DIAMOND OFFSHORE DRILLING IN COM 25271C102 2,136 32,000 SH Other 1 32,000 E M C CORP MASS COM 268648102 2,241 75,000 SH Other 1 75,000 FIFTH STREET FINANCE CORP COM 31678A103 1,074 110,000 SH Other 1 110,000 GOLDMAN SACHS GROUP INC COM 38141G104 8,539 68,656 SH Sole 68,656 GOLDMAN SACHS GROUP INC COM 38141G104 12,437 100,000 SH CALL Sole 100,000 HOWARD HUGHES CORP COM 44267D107 17,350 271,647 SH Sole 271,647 ICONIX BRAND GROUP INC COM 451055107 1,999 115,000 SH Other 1 115,000 IDT CORP CL B NEW 448947507 1,267 135,700 SH Other 1 135,700 INTERACTIVE BROKERS GROUP IN COM 45841N107 1,360 80,000 SH Other 1 80,000 INTERDIGITAL INC COM 45867G101 1,394 40,000 SH Other 1 40,000 IRIDIUM COMMUNICATIONS INC COM 46269C102 4,176 476,709 SH Sole 476,709 IRIDIUM COMMUNICATIONS INC *W EXP 02/14/201 46269C110 18,292 7,212,276 SH Sole 7,212,276 IRIDIUM COMMUNICATIONS INC *W EXP 02/14/201 46269C128 14 7,303 SH Sole 7,303 JEFFERIES GROUP INC NEW COM 472319102 1,361 72,278 SH Sole 72,278 JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 2,083 155,700 SH Sole 155,700 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 991 20,000 SH Other 1 20,000 MEDTRONIC INC COM 585055106 1,568 40,000 SH Other 1 40,000 MFC INDL LTD COM 55278T105 3,731 485,214 SH Other 1 485,214 MICROSOFT CORP COM 594918104 3,776 117,067 SH Sole 117,067 MICROSOFT CORP COM 594918104 1,613 50,000 SH CALL Sole 50,000 MIDAS GROUP INC COM 595626102 304 26,481 SH Sole 26,481 MVC CAPITAL INC COM 553829102 1,274 97,000 SH Other 1 97,000 NELNET INC CL A 64031N108 449 17,313 SH Sole 17,313 NETFLIX INC COM 64110L106 9,775 84,971 SH Sole 84,971 NEWS CORP CL A 65248E104 1,496 76,000 SH Other 1 76,000 PENNEY J C INC COM 708160106 10,008 282,467 SH Sole 282,467 PENNEY J C INC COM 708160106 425 12,000 SH CALL Sole 12,000 PEP BOYS MANNY MOE & JACK COM 713278109 7,701 516,134 SH Sole 516,134 PRIMUS TELECOMMUNICATIONS GR COM 741929301 5,253 326,689 SH Sole 326,689 PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 6,669 1,533,039 SH Sole 1,533,039 PROMOTORA DE INFORMACIONES S ADR CL A SHS 74343G204 21 6,533 SH Sole 6,533 RESOURCE AMERICA INC CL A 761195205 6,869 1,088,612 SH Sole 1,088,612 SANDISK CORP COM 80004C101 9,281 187,150 SH Sole 187,150 SANOFI SPONSORED ADR 80105N105 2,131 55,000 SH Other 1 55,000 SENSATA TECHNOLOGIES HLDG BV SHS N7902X106 1,339 40,000 SH Sole 40,000 SPARK NETWORKS INC COM 84651P100 1,437 319,326 SH Sole 319,326 TELULAR CORP COM NEW 87970T208 2,164 255,800 SH Other 1 255,800 TUCOWS INC COM 898697107 153 123,650 SH Sole 123,650 TWO HBRS INVT CORP COM 90187B101 164 16,195 SH Sole 16,195 TWO HBRS INVT CORP *W EXP 11/07/201 90187B119 111 482,476 SH Sole 482,476 VONAGE HLDGS CORP COM 92886T201 1,768 800,000 SH Other 1 800,000 WELLS FARGO & CO NEW COM 949746101 3 100 SH Sole 100 WELLS FARGO & CO NEW COM 949746101 7,746 226,900 SH CALL Sole 226,900 WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 3,686 366,350 SH Sole 366,350 WESTELL TECHNOLOGIES INC CL A 957541105 1,398 600,000 SH Other 1 600,000 WEYCO GROUP INC COM 962149100 1,410 59,497 SH Sole 59,497 XEROX CORP COM 984121103 2,828 350,000 SH Other 1 350,000