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

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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 364 10,772 SH   SOLE   0 0 10,772
Agnico-Eagle Mines Ltd. Com 008474108 545 20,600 SH   SOLE   0 0 20,600
Allegheny Technologies Inc. Com 01741r102 13,439 440,350 SH   SOLE   0 0 440,350
Anadarko Petroleum Corp. Com 032511107 425 4,567 SH   SOLE   0 0 4,567
Apple Computer Inc. Com 037833100 715 1,499 SH   SOLE   0 0 1,499
Arrow Electronics Inc. Com 042735100 17,213 354,690 SH   SOLE   0 0 354,690
Associated Banc Corp. Com 045487105 377 24,320 SH   SOLE   0 0 24,320
Baker Hughes Inc. Com 057224107 20,553 418,594 SH   SOLE   0 0 418,594
Bank of America Com 060505104 15,954 1,156,068 SH   SOLE   0 0 1,156,068
Berkley W R Corp. Com 084423102 1,370 31,968 SH   SOLE   0 0 31,968
Boulder Brands Inc. Com 101405108 353 22,000 SH   SOLE   0 0 22,000
CSX Corp. Com 126408103 306 11,900 SH   SOLE   0 0 11,900
Charles Schwab Corp. Com 808513105 286 13,550 SH   SOLE   0 0 13,550
Chataqua Partners LLC Com 1428198 2,115 2,114,519 SH   SOLE   0 0 2,114,519
Cisco Systems Com 17275r102 14,461 617,176 SH   SOLE   0 0 617,176
Coastal South Bankshares Com 190545103 18 11,850 SH   SOLE   0 0 11,850
Colgate-Palmolive Co. Com 194162103 274 4,613 SH   SOLE   0 0 4,613
Cumulus Media Inc. Com 231082108 57 10,850 SH   SOLE   0 0 10,850
Darden Restaurants Inc. Com 237194105 528 11,400 SH   SOLE   0 0 11,400
Eli Lilly & Co. Com 532457108 332 6,600 SH   SOLE   0 0 6,600
Emerson Electric Co. Com 291011104 459 7,088 SH   SOLE   0 0 7,088
Exxon Mobil Corp. Com 30231g102 2,017 23,440 SH   SOLE   0 0 23,440
Fastenal Company Com 311900104 645 12,824 SH   SOLE   0 0 12,824
Finish Line Com 317923100 15,822 636,175 SH   SOLE   0 0 636,175
Fiserv Inc. Com 337738108 576 5,700 SH   SOLE   0 0 5,700
General Electric Co. Com 369604103 18,390 769,776 SH   SOLE   0 0 769,776
General Motors Corp. Com 37045v100 7,538 209,570 SH   SOLE   0 0 209,570
GoldenTree Offshore Cl C Exemp Com 2071622 535 195 SH   SOLE   0 0 195
Goldentree Offshore C 5 F Com 2071621 520 407 SH   SOLE   0 0 407
Hanesbrands Inc. Com 410345102 10,903 174,975 SH   SOLE   0 0 174,975
IBM Com 459200101 856 4,620 SH   SOLE   0 0 4,620
Intel Corp. Com 458140100 8,383 365,724 SH   SOLE   0 0 365,724
Interpublic Group Companies Com 460690100 15,522 903,481 SH   SOLE   0 0 903,481
J P Morgan Chase Com 46625H100 535 10,352 SH   SOLE   0 0 10,352
Johnson & Johnson Com 478160104 783 9,035 SH   SOLE   0 0 9,035
Johnson Controls Inc. Com 478366107 24,547 591,494 SH   SOLE   0 0 591,494
Journal Comm. CL'A Com 481130102 128 14,988 SH   SOLE   0 0 14,988
Kimberly-Clark Corporation Com 494368103 433 4,596 SH   SOLE   0 0 4,596
Kohls Corp. Com 500255104 247 4,770 SH   SOLE   0 0 4,770
MGIC Investment Corp. Com 552848103 1,909 262,195 SH   SOLE   0 0 262,195
McDonalds Corp. Com 580135101 906 9,422 SH   SOLE   0 0 9,422
MedAssets Inc. Com 584045108 8,680 341,450 SH   SOLE   0 0 341,450
Merck & Company Com 58933y105 293 6,154 SH   SOLE   0 0 6,154
Metlife Inc. Com 59156R108 19,454 414,364 SH   SOLE   0 0 414,364
Microsoft Corp. Com 594918104 390 11,711 SH   SOLE   0 0 11,711
Modine Manufacturing Co. Com 607828100 16,424 1,122,600 SH   SOLE   0 0 1,122,600
Occidental Petroleum Corp. Com 674599105 417 4,459 SH   SOLE   0 0 4,459
Options Media Group Com 684008105 0 20,000 SH   SOLE   0 0 20,000
Orion Energy System Inc. Com 686275108 114 30,240 SH   SOLE   0 0 30,240
Owens-Illinois Inc. Com 690768403 18,886 629,100 SH   SOLE   0 0 629,100
Patterson UTI Energy Com 703481101 14,597 682,750 SH   SOLE   0 0 682,750
Pentair Ltd. Com 709631105 283 4,355 SH   SOLE   0 0 4,355
Pfizer Inc. Com 717081103 676 23,531 SH   SOLE   0 0 23,531
Procter & Gamble Co. Com 742718109 472 6,240 SH   SOLE   0 0 6,240
Proshares Tr Pshs Shrt S&P 500 Com 74347r503 319 11,400 SH   SOLE   0 0 11,400
Protide Pharmaceutical Com 74371a103 0 10,000 SH   SOLE   0 0 10,000
Range Resources Corp. Com 75281a109 5,934 78,186 SH   SOLE   0 0 78,186
Schlumberger Ltd. Com 806857108 650 7,352 SH   SOLE   0 0 7,352
Sealed Air Corp. Com 81211k100 11,530 424,053 SH   SOLE   0 0 424,053
Southwestern Energy Co. Com 845467109 10,574 290,650 SH   SOLE   0 0 290,650
Synovus Financial Corp. Com 87161c105 33 10,000 SH   SOLE   0 0 10,000
Sysco Corp. Com 871829107 8,368 262,899 SH   SOLE   0 0 262,899
Time Warner Inc. Com 887317303 379 5,757 SH   SOLE   0 0 5,757
US Bancorp Com 902973304 5,456 149,148 SH   SOLE   0 0 149,148
Union Pacific Corp. Com 907818108 1,553 10,000 SH   SOLE   0 0 10,000
Weatherford Intl. Inc. Com H27013103 10,859 708,325 SH   SOLE   0 0 708,325
Wells Fargo & Co. Com 949746101 3,337 80,758 SH   SOLE   0 0 80,758
Willis Group Holdings Com G96666105 9,756 225,150 SH   SOLE   0 0 225,150