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
American International Group Ord Shs Common 026874784 1,837 36,739 SH   DFND   36,739 0 0
America's Car-Mart Ord Shs Common 03062T105 1,398 38,137 SH   DFND   38,137 0 0
Ascent Media Ord Shs Series A Common 043632108 7,591 100,478 SH   DFND   100,478 0 0
Cablevision Systems Ord Shs Class A Common 12686C109 5,378 318,768 SH   DFND   318,768 0 0
Callon Petroleum Ord Shs Common 13123X102 7,488 894,620 SH   DFND   894,620 0 0
Dex Media Ord Shs Common 25213A107 736 80,000 SH   DFND   80,000 0 0
Dreamworks Animation SKG Ord Shs Class A Common 26153C103 5,519 207,882 SH   DFND   207,882 0 0
EchoStar Ord Shs Common 278768106 11,812 248,357 SH   DFND   248,357 0 0
Era Group Ord Shs Common 26885G109 206 7,024 SH   DFND   7,024 0 0
Fiesta Restaurant Group Ord Shs Common 31660B101 757 16,612 SH   DFND   16,612 0 0
Goodrich Petroleum Corp 5% Bond 382410AG3 18,091 17,500,000 PRN   DFND   17,500,000 0 0
Google Inc Common 38259P508 2,778 2,493 SH   DFND   2,493 0 0
Grupo Financiero Santander Mexico ADR Ord Shs Series B Common 40053C105 2,088 169,890 SH   DFND   169,890 0 0
Ishares Russell 2000 Index ETF Option 464287655 79,111 680,000 SH Put DFND   680,000 0 0
Jarden When Issued Common 471109108 2,092 34,961 SH   DFND   34,961 0 0
Live Nation Entertainment Ord Shs Common 538034109 3,493 160,575 SH   DFND   160,575 0 0
Markel Ord Shs Common 570535104 6,901 11,577 SH   DFND   11,577 0 0
Marriott International Ord Shs Common 571903202 6,783 121,090 SH   DFND   121,090 0 0
McDonald's Ord Shs Common 580135101 908 9,259 SH   DFND   9,259 0 0
Platform Specialty Products Ord Shs Common 72766Q105 6,146 322,599 SH   DFND   322,599 0 0
Qualcomm Ord Shs Common 747525103 2,524 32,000 SH   DFND   32,000 0 0
SPDR Gold Shares ETF Gold ETF 78463V107 4,635 37,500 SH   DFND   37,500 0 0
WalMart Stores Ord Shs Common 931142103 424 5,550 SH   DFND   5,550 0 0
World Acceptance Ord Shs Option 981419104 5,256 70,000 SH Put DFND   70,000 0 0