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
ADT CORPORATION Com 00101J106 519 12,500 SH   DFND 9 12,500 0 0
AFFILIATED MANAGERS GROUP Pref 008252868 1,018 40,000 SH   DFND 3,8 40,000 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,748 45,650 SH   DFND 1,2,7,8,10 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 5 30,100 SH   DFND 10 30,100 0 0
ALTRIA GROUP, INC Com 02209S103 2,501 50,000 SH   DFND 4 50,000 0 0
AMGEN INC Com 031162100 23,978 150,000 SH   DFND 4,7,9 150,000 0 0
AOL INC Com 00184X105 120 3,030 SH   DFND 4 3,030 0 0
AT&T INC Com 00206R102 1,633 50,000 SH   DFND 10 50,000 0 0
BANK OF AMERICA - CALLABLE Pref 060505344 1,034 40,000 SH   DFND 1,2 40,000 0 0
BANK OF AMERICA CORP Pref 060505310 1,023 40,000 SH   DFND 7 40,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107 0 54,211 SH   DFND   54,211 0 0
BB LIQUIDATING INC - CLASS B Com 05532D206 0 54,211 SH   DFND   54,211 0 0
BB&T CORPORATION Com 054937107 55 1,400 SH   DFND 6 1,400 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 23,055 106 SH   DFND 2,4,9,10 106 0 0
BOARDWALK PIPELINE PARTNERS, LP Com 096627104 1,170 72,700 SH   DFND 2,8 72,700 0 0
BOEING CO Com 097023105 3,752 25,000 SH   DFND   25,000 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 587 15,000 SH   DFND 3 15,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 14 500,000 SH   DFND   500,000 0 0
CASTLE BRANDS INC Com 148435100 490 350,000 SH   DFND   350,000 0 0
CDK GLOBAL INC Com 12508E101 3,008 64,330 SH   DFND 1,2,3,4,7,8,9,10 64,330 0 0
CENTURYLINK INC Com 156700106 118 3,425 SH   DFND 9 3,425 0 0
CHEVRON CORPORATION Com 166764100 1,680 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,963 101,426 SH   DFND   101,426 0 0
CITIGROUP INC - PFD - CALLABLE Pref 172967341 545 20,000 SH   DFND 7 20,000 0 0
COCA COLA COM Com 191216100 608 15,000 SH   DFND 8 15,000 0 0
COMSTOCK RESOURCES INC Com 205768203 1,203 337,000 SH   DFND 2,9 337,000 0 0
CORNING INC Com 219350105 7,089 312,550 SH   DFND   312,550 0 0
CORTS TR II PROVIDENT FING TR I Pref 22081B200 23 810 SH   DFND 4 810 0 0
COUNTRYWIDE CAPITAL Pref 222388209 1,450 56,000 SH   DFND 2,9 56,000 0 0
CRIMSON WINE GROUP LTD Com 22662X100 465 51,086 SH   DFND 4,7,9,10 51,086 0 0
CUBESMART - CALLABLE Pref 229663208 2,275 85,000 SH   DFND 3,7,10 85,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,360 53,941 SH   DFND 3,4 53,941 0 0
DESWELL INDS INC COM COM Com 250639101 368 200,000 SH   DFND 4 200,000 0 0
DEVON ENERGY CORP (NEW) Com 25179M103 6,031 100,000 SH   DFND 2,4,10 100,000 0 0
DIAMOND OFFSHORE DRILLING INC. Com 25271C102 871 32,500 SH   DFND 3,8,6 32,500 0 0
EMERSON ELEC CO Com 291011104 5,039 89,000 SH   DFND 2,8,10 89,000 0 0
ENCANA CORPORATION Com 292505104 1,286 115,353 SH   DFND 2,9 115,353 0 0
ENERGY TRANSFER PTNRS L.P. Com 29273R109 1,171 21,000 SH   DFND 10 21,000 0 0
ENTERGY LOUISIANA LLC Pref 29364W405 331 13,000 SH   DFND 7 13,000 0 0
ENTERGY MISSISSIPPI INC - CALLABLE Pref 29364N835 1,043 40,000 SH   DFND 10 40,000 0 0
EQT CORPORATION CMN Com 26884L109 2,486 30,000 SH   DFND 2 30,000 0 0
EQUITY COMMONWEALTH - CALLABLE Pref 294628508 1,934 80,000 SH   DFND 2,3,4,7 80,000 0 0
FORD MTR CO DEL COM Com 345370860 404 25,000 SH   DFND 4 25,000 0 0
GENERAL ELECTRIC CO Com 369604103 3,002 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V118 81 2,916 SH   DFND 10 2,916 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 22 1,145 SH   DFND 10 1,145 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 23,778 126,500 SH   DFND   126,500 0 0
GRAFTECH INTERNATIONAL LTD Com 384313102 389 100,000 SH   DFND 10 100,000 0 0
GRAFTECK INTERNATIONAL LTD Com 90262K109 1,167 300,000 SH   DFND   300,000 0 0
HANCOCK HLDG CO- CALLABLE Pref 410120307 968 40,000 SH   DFND 1,3 40,000 0 0
HANES BRANDS INC. Com 410345102 838 25,000 SH   DFND 9 25,000 0 0
HARTFORD FINL SVCS GRP - CALLABLE Pref 416518504 768 25,000 SH   DFND 7 25,000 0 0
HCC INSURANCE HOLDINGS INC Com 404132102 5,270 93,000 SH   DFND 3,9,10 93,000 0 0
HELIX ENERGY SOLUTIONS GROUP Com 42330P107 374 25,000 SH   DFND 9 25,000 0 0
HERCULES OFFSHORE INC Com 427093109 0 5 SH   DFND   5 0 0
HESS CORPORATION Com 42809H107 2,036 30,000 SH   DFND 4 30,000 0 0
JP MORGAN CHASE & CO - CALLABLE Pref 48127R461 762 30,000 SH   DFND 9 30,000 0 0
JPMORGAN CHASE & CO COM Com 46625H100 858 14,155 SH   DFND 2 14,155 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 5 70 SH   DFND 10 70 0 0
KRAFT FOODS GROUP, INC Com 50076Q106 2,119 24,320 SH   DFND 1,2,4,10 24,320 0 0
LEGG MASON INC COM Com 524901105 5,520 100,000 SH   DFND 2,4,7,9,10 100,000 0 0
LEUCADIA NATIONAL CORP Com 527288104 11,387 510,872 SH   DFND 4,7,9,10 510,872 0 0
MACK CALI RLTY COM REIT Com 554489104 337 17,500 SH   DFND 4 17,500 0 0
MALLINCKRODT PLC WI Com G5785G107 396 3,124 SH   DFND 9 3,124 0 0
MCDONALDS CORP Com 580135101 609 6,250 SH   DFND 3 6,250 0 0
MEDTRONIC PLC Com G5960L103 1,864 23,900 SH   DFND 9 23,900 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 239,712 15,606,223 SH   DFND 1,2,4,7,9,10 15,606,223 0 0
MERRIL LYNCH DEPOSITOR PFD PLUS Pref 740434881 478 18,700 SH   DFND 10 18,700 0 0
MFC INDUSTRIAL LTD Com 55278T105 55,469 13,662,400 SH   DFND 1,2,4,7,9,10 13,662,400 0 0
MONDELEZ INTERNATIONAL INC Com 609207105 2,633 72,964 SH   DFND 1,2,4,10 72,964 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 13 744 SH   DFND 8,10 744 0 0
MOVODA GROUP INC Com 624580106 1,340 47,000 SH   DFND   47,000 0 0
MYMETICS CORP Com 62856A102 50 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 22,926 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 533 13,000 SH   DFND 4 13,000 0 0
NEW YORK COMMUNITY Com 649445103 837 50,000 SH   DFND 9 50,000 0 0
PENTAIR PLC Com G7S00T104 377 5,998 SH   DFND 9 5,998 0 0
PFSWEB INC Com 717098206 8,243 750,000 SH   DFND   750,000 0 0
PHILIP MORRIS INTL INC Com 718172109 5,650 75,000 SH   DFND 4,9 75,000 0 0
PRINCIPAL FINL GROUP-CALLABLE Pref 74251V201 2,244 22,500 SH   DFND 2,3,4 22,500 0 0
PROCTER & GAMBLE CO Com 742718109 8,145 99,400 SH   DFND 2,8,9 99,400 0 0
PS BUSINESS PARKS - CALLABLE Pref 69360J883 1,798 70,000 SH   DFND 3,7,9 70,000 0 0
QWEST CORPORATION - CALLABLE Pref 74913G105 1,316 50,000 SH   DFND 3,9 50,000 0 0
RANGE RESOURCES CORP Com 75281A109 1,262 24,250 SH   DFND 2,9 24,250 0 0
RAYMOND JAMES FNCL INC Com 754730109 17,034 300,000 SH   DFND 4,9 300,000 0 0
REED ELSEVIER N.V. SPONSORED ADR Com 758204200 1,743 35,000 SH   DFND 2 35,000 0 0
SCHWAB CHARLES CORP NEW Com 808513105 761 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107 5,810 200,000 SH   DFND 10 200,000 0 0
SENIOR HOUSING PROPERTIES TRUST Pref 81721M208 747 30,000 SH   DFND 7 30,000 0 0
SOLAZYME, INC Com 83415T101 286 100,000 SH   DFND   100,000 0 0
SPECTRUM PHARMACEUTICALS INC Com 84763A108 460 75,796 SH   DFND   75,796 0 0
STATE STREET CORP Pref 857477889 766 30,000 SH   DFND 10 30,000 0 0
SUBSEA 7 INC SPONSORED ADR Com 864323100 861 100,000 SH   DFND 10 100,000 0 0
SUN HYDRAULICS CORP Com 866942105 12,408 300,000 SH   DFND 4,10 300,000 0 0
TCF FINANCIAL CORP - CALLABLE Pref 872277207 544 20,000 SH   DFND 3 20,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,791 25,000 SH   DFND 9 25,000 0 0
THORATEC LABS CORP Com 885175307 25,357 605,318 SH   DFND 1,4,9,10 605,318 0 0
TIDEWATER INC Com 886423102 3,503 183,000 SH   DFND 3,4,9 183,000 0 0
TRAVELERS COS INC Com 89417E109 2,271 21,000 SH   DFND   21,000 0 0
TRC COMPANIES INC Com 872625108 7,115 855,216 SH   DFND 10 855,216 0 0
TYCO INTERNATIONAL LTD Com G91442106 1,077 25,000 SH   DFND 9 25,000 0 0
UDR INC Com 902653104 6,806 200,000 SH   DFND 2,10 200,000 0 0
ULTRA PETROLEUM CORP Com 903914109 1,954 125,000 SH   DFND 2,9 125,000 0 0
US BANKCORP DEL COM NEW Com 902973304 887 20,300 SH   DFND   20,300 0 0
US CELLULAR CORP Pref 911684504 1,519 60,000 SH   DFND 2,10 60,000 0 0
VAIL RESORTS INC. Com 91879Q109 15,596 150,800 SH   DFND 3,4,9,10 150,800 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 4,787 88,000 SH   DFND 4 88,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
WESTERN UNION COMPANY Com 959802109 1,353 65,000 SH   DFND   65,000 0 0
WPX ENERGY, INC Com 98212B103 1,497 137,000 SH   DFND 2,9 137,000 0 0
XEROX CORP COM Com 984121103 3,855 300,000 SH   DFND 2,4 300,000 0 0
XILINX INC Com 983919101 4,230 100,000 SH   DFND   100,000 0 0
ZIEGLER COS INC THE Com 989506308 6,367 198,972 SH   DFND   198,972 0 0