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 374 12,500 SH   DFND 9 12,500 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,565 45,650 SH   DFND 1,2,7,8,10 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 7 30,100 SH   DFND 10 30,100 0 0
ALTRIA GROUP, INC Com 02209S103 1,360 25,000 SH   DFND 4 25,000 0 0
AMGEN INC Com 031162100 20,748 150,000 SH   DFND 4,7,9 150,000 0 0
ARES CAPITAL CORP - CALLABLE Pref 04010L202 300 12,000 SH   DFND 2 12,000 0 0
ARES CAPITAL CORP - CALLABLE Pref 04010L608 761 30,000 SH   DFND 2 30,000 0 0
ASPEN INSURANCE HOLDINGS LTD -CALL Pref G05384139 518 20,000 SH   DFND 3 20,000 0 0
AT&T INC Com 00206R102 1,629 50,000 SH   DFND 10 50,000 0 0
BANK OF AMERICA - CALLABLE Pref 060505344 1,030 40,000 SH   DFND 1,2 40,000 0 0
BANK OF AMERICA CORP Pref 060505310 1,525 60,000 SH   DFND 7,10 60,000 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 50 1,400 SH   DFND 6 1,400 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 20,695 106 SH   DFND 2,4,9,10 106 0 0
BOARDWALK PIPELINE PARTNERS, LP Com 096627104 856 72,700 SH   DFND 2,8 72,700 0 0
BOEING CO Com 097023105 3,274 25,000 SH   DFND   25,000 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 458 15,000 SH   DFND 3 15,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 1 500,000 SH   DFND   500,000 0 0
CASTLE BRANDS INC Com 148435100 462 350,000 SH   DFND   350,000 0 0
CDK GLOBAL INC Com 12508E101 2,978 62,330 SH   DFND 1,2,3,7,8,9,10 62,330 0 0
CENTURYLINK INC Com 156700106 86 3,425 SH   DFND 9 3,425 0 0
CHEVRON CORPORATION Com 166764100 1,262 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,614 101,426 SH   DFND   101,426 0 0
CITIGROUP INC - PFD - CALLABLE Pref 172967341 533 20,000 SH   DFND 7 20,000 0 0
COCA COLA COM Com 191216100 602 15,000 SH   DFND 8 15,000 0 0
COMSTOCK RESOURCES INC Com 205768203 414 217,000 SH   DFND 2 217,000 0 0
CONIFER HOLDINGS INC Com 20731J102 2,438 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 5,351 312,550 SH   DFND   312,550 0 0
CORTS TR II PROVIDENT FING TR I Pref 22081B200 22 810 SH   DFND 4 810 0 0
COUNTRYWIDE CAPITAL Pref 222388209 1,438 56,000 SH   DFND 2,9 56,000 0 0
CRIMSON WINE GROUP LTD Com 22662X100 461 50,955 SH   DFND 7,9,10 50,955 0 0
CUBESMART - CALLABLE Pref 229663208 132 5,000 SH   DFND 10 5,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,337 53,941 SH   DFND 3,4 53,941 0 0
DEVON ENERGY CORP (NEW) Com 25179M103 3,709 100,000 SH   DFND 2,4,10 100,000 0 0
DIAMOND OFFSHORE DRILLING INC. Com 25271C102 562 32,500 SH   DFND 3,6,8 32,500 0 0
DIGITAL REALTY TRUST Pref 253868806 253 10,000 SH   DFND 7 10,000 0 0
EMERSON ELEC CO Com 291011104 3,931 89,000 SH   DFND 2,8,10 89,000 0 0
ENCANA CORPORATION Com 292505104 356 55,353 SH   DFND 2 55,353 0 0
ENERGY TRANSFER PTNRS L.P. Com 29273R109 862 21,000 SH   DFND 10 21,000 0 0
ENTERGY LOUISIANA LLC Pref 29364W405 1,332 53,000 SH   DFND 2,7 53,000 0 0
ENTERGY MISSISSIPPI INC - CALLABLE Pref 29364N835 1,028 40,000 SH   DFND 10 40,000 0 0
EQT CORPORATION CMN Com 26884L109 1,943 30,000 SH   DFND 2 30,000 0 0
EQUITY COMMONWEALTH - CALLABLE Pref 294628508 1,682 70,000 SH   DFND 2,3,4,7 70,000 0 0
GENERAL ELECTRIC CO Com 369604103 3,052 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS COMPANY Com 37045V100 102 3,390 SH   DFND   3,390 0 0
GLOBAL INDEMNITY PLC - CALLABLE Pref G39319119 1,406 60,000 SH   DFND 2,3,8 60,000 0 0
GMAC CAPITAL TRUST Pref 361860208 511 20,000 SH   DFND 4 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 21,981 126,500 SH   DFND 9,10 126,500 0 0
GOLDMAN SACHS GROUP INC - CALLABLE Pref 38145X111 1,266 50,000 SH   DFND 3,10 50,000 0 0
HANCOCK HLDG CO- CALLABLE Pref 410120307 972 40,000 SH   DFND 1,3 40,000 0 0
HANES BRANDS INC. Com 410345102 724 25,000 SH   DFND 9 25,000 0 0
HARTFORD FINL SVCS GRP - CALLABLE Pref 416518504 764 25,000 SH   DFND 7 25,000 0 0
HCC INSURANCE HOLDINGS INC Com 404132102 7,205 93,000 SH   DFND 3,9,10 93,000 0 0
HELIX ENERGY SOLUTIONS GROUP Com 42330P107 120 25,000 SH   DFND 9 25,000 0 0
HERCULES OFFSHORE INC Com 427093109 0 5 SH   DFND   5 0 0
HJ HEINZ HOLDING CORP Com 500754106 1,717 24,320 SH   DFND 1,2,4,10 24,320 0 0
JP MORGAN CHASE & CO - CALLABLE Pref 48127R461 502 20,000 SH   DFND 2 20,000 0 0
JPMORGAN CHASE & CO COM Com 46625H100 863 14,155 SH   DFND 2 14,155 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 6 70 SH   DFND 10 70 0 0
LEGG MASON INC COM Com 524901105 4,161 100,000 SH   DFND 2,4,7,9,10 100,000 0 0
LEUCADIA NATIONAL CORP Com 527288104 10,350 510,872 SH   DFND 4,7,9,10 510,872 0 0
MALLINCKRODT PLC WI Com G5785G107 200 3,124 SH   DFND 9 3,124 0 0
MCDONALDS CORP Com 580135101 616 6,250 SH   DFND 3 6,250 0 0
MEDTRONIC PLC Com G5960L103 1,600 23,900 SH   DFND 9 23,900 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 158,035 15,756,223 SH   DFND 1,2,4,7,9,10 15,756,223 0 0
MERCK & CO, INC. Com 58933Y105 73 1,487 SH   DFND   1,487 0 0
MERRIL LYNCH DEPOSITOR PFD PLUS Pref 740434881 475 18,700 SH   DFND 10 18,700 0 0
MFC INDUSTRIAL LTD Com 55278T105 39,074 13,662,400 SH   DFND 1,2,4,7,9,10 13,662,400 0 0
MONDELEZ INTERNATIONAL INC Com 609207105 3,055 72,964 SH   DFND 1,2,4,10 72,964 0 0
MORGAN STANLEY - CALLABLE Pref 61761J406 509 20,000 SH   DFND 7 20,000 0 0
MOTOROLA SOLUTIONS INC Com 620076307 98 1,427 SH   DFND   1,427 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 11 744 SH   DFND 8,10 744 0 0
MOVODA GROUP INC Com 624580106 2,376 92,000 SH   DFND   92,000 0 0
MYMETICS CORP Com 62856A102 26 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 35,226 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 472 13,000 SH   DFND 4 13,000 0 0
NEW YORK COMMUNITY Com 649445103 903 50,000 SH   DFND 9 50,000 0 0
NOW INC DE Com 67011P100 201 13,600 SH   DFND 2,8 13,600 0 0
PENTAIR PLC Com G7S00T104 306 5,998 SH   DFND 9 5,998 0 0
PFSWEB INC Com 717098206 10,665 750,000 SH   DFND   750,000 0 0
PHILIP MORRIS INTL INC Com 718172109 3,967 50,000 SH   DFND 4,9 50,000 0 0
PROCTER & GAMBLE CO Com 742718109 7,151 99,400 SH   DFND 2,8,9 99,400 0 0
PS BUSINESS PARKS - CALLABLE Pref 69360J883 1,502 60,000 SH   DFND 3,7,9 60,000 0 0
QWEST CORP - CALLABLE Pref 74913G709 998 40,000 SH   DFND 4,9 40,000 0 0
RANGE RESOURCES CORP Com 75281A109 96 3,000 SH   DFND 2 3,000 0 0
RAYMOND JAMES FINANCIAL - CALLABLE Pref 754730208 527 20,000 SH   DFND 10 20,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 14,889 300,000 SH   DFND 4,9 300,000 0 0
RELX NV SPON ADR Com 75955B102 1,772 107,660 SH   DFND 2 107,660 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 714 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107 6,212 200,000 SH   DFND 10 200,000 0 0
SENIOR HOUSING PROPERTIES TRUST Pref 81721M208 736 30,000 SH   DFND 7 30,000 0 0
SOLAZYME, INC Com 83415T101 260 100,000 SH   DFND   100,000 0 0
SPECTRUM PHARMACEUTICALS INC Com 84763A108 453 75,796 SH   DFND   75,796 0 0
STAG INDUSTRIAL INC - CALLABLE Pref 85254J201 398 15,000 SH   DFND 7 15,000 0 0
STATE STREET CORP Pref 857477889 758 30,000 SH   DFND 10 30,000 0 0
SUBSEA 7 INC SPONSORED ADR Com 864323100 737 100,000 SH   DFND 10 100,000 0 0
SUN HYDRAULICS CORP Com 866942105 8,241 300,000 SH   DFND 4,10 300,000 0 0
SUVANZA Com 869551101 0 5,430 SH   DFND   5,430 0 0
TCF FINANCIAL CORP - CALLABLE Pref 872277207 527 20,000 SH   DFND 3 20,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,497 25,000 SH   DFND 9 25,000 0 0
TIDEWATER INC Com 886423102 880 67,000 SH   DFND 9 67,000 0 0
TRAVELERS COS INC Com 89417E109 2,090 21,000 SH   DFND   21,000 0 0
TRC COMPANIES INC Com 872625108 10,117 855,216 SH   DFND 10 855,216 0 0
TWENTY-FIRST CENTURY FOX INC-CL B Com 90130A200 7,444 275,000 SH   DFND 1,2,3,7,9,10 275,000 0 0
TYCO INTERNATIONAL LTD Com G91442106 837 25,000 SH   DFND 9 25,000 0 0
UDR INC Com 902653104 6,896 200,000 SH   DFND 2,10 200,000 0 0
ULTRA PETROLEUM CORP Com 903914109 96 15,000 SH   DFND 2 15,000 0 0
US BANKCORP DEL COM NEW Com 902973304 833 20,300 SH   DFND   20,300 0 0
VAIL RESORTS INC. Com 91879Q109 15,786 150,800 SH   DFND 3,4,9,10 150,800 0 0
VORNADO REALTY TRUST- CALLABLE Pref 929042869 945 37,000 SH   DFND 3,8 37,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 4,519 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 1,193 65,000 SH   DFND   65,000 0 0
WINTRUST FINANCIAL CORP-CALLABLE Pref 97650W405 3,060 120,000 SH   DFND 3,9,10 120,000 0 0
WPX ENERGY, INC Com 98212B103 576 87,000 SH   DFND 2,9 87,000 0 0
XEROX CORP COM Com 984121103 1,946 200,000 SH   DFND 2 200,000 0 0
XILINX INC Com 983919101 4,240 100,000 SH   DFND   100,000 0 0
ZIEGLER COS INC THE Com 989506308 5,691 198,972 SH   DFND   198,972 0 0