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 258 6,250 SH   DFND   6,250 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 1,663 16,150 SH   DFND 1,2,7,8,10 16,150 0 0
AICI CAP TRUST PFD Pref 001338201 6 30,100 SH   DFND 10 30,100 0 0
ALLERGEN PLC Com G0177J108 209 778 SH   DFND   778 0 0
ALTRIA GROUP, INC Com 02209S103 1,567 25,000 SH   DFND 4 25,000 0 0
AMGEN INC Com 031162100 7,497 50,000 SH   DFND 4,7,9 50,000 0 0
ASPEN INSURANCE HOLDINGS LTD -CALL Pref G05384139 493 20,000 SH   DFND 3 20,000 0 0
AT&T INC Com 00206R102 1,959 50,000 SH   DFND 10 50,000 0 0
AURORA OIL & GAS CORP Com 052036100 0 1,000 SH   DFND   1,000 0 0
AVNET INC Com 053807103 3,057 69,000 SH   DFND   69,000 0 0
BANK OF AMERICA - CALLABLE Pref 060505344 536 20,000 SH   DFND 1,2 20,000 0 0
BANK OF AMERICA CORP Pref 060505310 529 20,000 SH   DFND 7,10 20,000 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 47 1,400 SH   DFND 6 1,400 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 2,135 10 SH   DFND 2,4,9,10 10 0 0
BLUE EARTH REFINERIES Com G11999102 0 200,000 SH   DFND 4,7,10 200,000 0 0
BOARDWALK PIPELINE PARTNERS, LP Com 096627104 10 700 SH   DFND 8 700 0 0
BOEING CO Com 097023105 2,539 20,000 SH   DFND 9 20,000 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 453 15,000 SH   DFND 3 15,000 0 0
BPO MANAGEMENT SERVICES CMN Com 05570D100 0 2,384 SH   DFND   2,384 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 1 500,000 SH   DFND   500,000 0 0
CASTLE BRANDS INC Com 148435100 329 350,000 SH   DFND   350,000 0 0
CDK GLOBAL INC Com 12508E101 414 8,900 SH   DFND 1,2,3,7,8,10 8,900 0 0
CHEVRON CORPORATION Com 166764100 572 6,000 SH   DFND 2,3 6,000 0 0
CHINA FUND INC Com 169373107 1,495 101,426 SH   DFND   101,426 0 0
CITIGROUP INC - PFD - CALLABLE Pref 172967341 547 20,000 SH   DFND 7 20,000 0 0
COBANK ACB Pref 19075Q862 1,013 10,000 SH   DFND 2 10,000 0 0
COCA COLA COM Com 191216100 696 15,000 SH   DFND 8 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 1,633 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 6,529 312,550 SH   DFND   312,550 0 0
CORTS TR II PROVIDENT FING TR I Pref 22081B200 25 810 SH   DFND 4 810 0 0
CRIMSON WINE GROUP LTD Com 22662X100 252 30,026 SH   DFND 7,10 30,026 0 0
CUBESMART - CALLABLE Pref 229663208 131 5,000 SH   DFND 10 5,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 489 20,000 SH   DFND 3,4,7 20,000 0 0
DEVON ENERGY CORP (NEW) Com 25179M103 1,372 50,000 SH   DFND 2 50,000 0 0
DIAMOND OFFSHORE DRILLING INC. Com 25271C102 163 7,500 SH   DFND 3,6,8 7,500 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809208 981 40,000 SH   DFND 2,7,9 40,000 0 0
EMERSON ELEC CO Com 291011104 2,719 50,000 SH   DFND 2,8,10 50,000 0 0
ENCANA CORPORATION Com 292505104 246 40,353 SH   DFND 2 40,353 0 0
ENERGY TRANSFER PTNRS L.P. Com 29273R109 679 21,000 SH   DFND 10 21,000 0 0
ENTERGY LOUISIANA LLC Pref 29364W405 253 10,000 SH   DFND 7 10,000 0 0
ENTERGY MISSISSIPPI INC - CALLABLE Pref 29364N835 1,028 40,000 SH   DFND 10 40,000 0 0
EQT CORPORATION CMN Com 26884L109 2,018 30,000 SH   DFND 2 30,000 0 0
FBOP CORP 7.74% SER A Pref 30241B309 0 1,000 SH   DFND 2,4,10 1,000 0 0
GENERAL ELECTRIC CO Com 369604103 1,113 35,000 SH   DFND 1,2,3,9 35,000 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V118 42 1,916 SH   DFND   1,916 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 2 145 SH   DFND   145 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V118 4 197 SH   DFND 8 197 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 3 197 SH   DFND 8 197 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V118 17 803 SH   DFND 10 803 0 0
GEORGIA POWER CO - CALLABE Pref 373334119 521 5,000 SH   DFND 2,4,7 5,000 0 0
GLOBAL INDEMNITY PLC - CALLABLE Pref G39319119 480 20,000 SH   DFND 2,3,8 20,000 0 0
GMAC CAPITAL TRUST Pref 361860208 490 20,000 SH   DFND 4 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 3,030 19,300 SH   DFND 1,2,3,4,9,10 19,300 0 0
HARTFORD FINL SVCS GRP - CALLABLE Pref 416518504 781 25,000 SH   DFND 7 25,000 0 0
HELIX ENERGY SOLUTIONS GROUP Com 42330P107 140 25,000 SH   DFND 9 25,000 0 0
HJ HEINZ HOLDING CORP Com 500754106 453 5,766 SH   DFND 1,2,4,10 5,766 0 0
IRWIN FINANCIAL CORP 144A SER A Pref 464119304 0 750 SH   DFND 1,4,7,9 750 0 0
JP MORGAN CHASE & CO - CALLABLE Pref 48127R461 524 20,000 SH   DFND 2 20,000 0 0
JPMORGAN CHASE & CO COM Com 46625H100 335 5,655 SH   DFND 2 5,655 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 6 70 SH   DFND 10 70 0 0
LEGG MASON INC COM Com 524901105 347 10,000 SH   DFND 2,4,7,9,10 10,000 0 0
LEHMAN BROTHERS HOLDING INC Com 524ESC100 0 20,000 SH   DFND 2,4,9 20,000 0 0
LEUCADIA NATIONAL CORP Com 527288104 4,855 300,263 SH   DFND 4,7,9,10 300,263 0 0
MALLINCKRODT PLC WI Com G5785G107 96 1,562 SH   DFND   1,562 0 0
MCDONALDS CORP Com 580135101 786 6,250 SH   DFND 3 6,250 0 0
MEDTRONIC PLC Com G5960L103 896 11,950 SH   DFND   11,950 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 5,935 628,030 SH   DFND 1,2,4,7,9,10 628,030 0 0
MERCK & CO, INC. Com 58933Y105 79 1,487 SH   DFND   1,487 0 0
MERRIL LYNCH DEPOSITOR PFD PLUS Pref 740434881 491 18,700 SH   DFND 10 18,700 0 0
MFC INDUSTRIAL LTD Com 55278T105 1,572 793,869 SH   DFND 1,2,4,7,9,10 793,869 0 0
MONDELEZ INTERNATIONAL INC Com 609207105 694 17,300 SH   DFND 1,2,4,10 17,300 0 0
MORGAN STANLEY - CALLABLE Pref 61761J406 521 20,000 SH   DFND 7 20,000 0 0
MOTOROLA SOLUTIONS INC Com 620076307 108 1,427 SH   DFND   1,427 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 2 205 SH   DFND 8,10 205 0 0
MOVODA GROUP INC Com 624580106 1,294 47,000 SH   DFND   47,000 0 0
MYMETICS CORP Com 62856A102 3 190,000 SH   DFND 7,10 190,000 0 0
NAM TAI PROPERTY INC Com G63907102 2,456 400,000 SH   DFND 1,2,3,4,7,9,10 400,000 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 601 13,000 SH   DFND 4 13,000 0 0
NEW YORK COMMUNITY Com 649445103 795 50,000 SH   DFND 9 50,000 0 0
NOW INC DE Com 67011P100 222 12,500 SH   DFND 2,8 12,500 0 0
PENTAIR PLC Com G7S00T104 163 2,999 SH   DFND   2,999 0 0
PFSWEB INC Com 717098206 9,840 750,000 SH   DFND   750,000 0 0
PHILIP MORRIS INTL INC Com 718172109 2,453 25,000 SH   DFND 4 25,000 0 0
PROCTER & GAMBLE CO Com 742718109 1,646 20,000 SH   DFND 2,8,9 20,000 0 0
QWEST CORP - CALLABLE Pref 74913G709 493 20,000 SH   DFND 4 20,000 0 0
RAYMOND JAMES FINANCIAL - CALLABLE Pref 754730208 524 20,000 SH   DFND 10 20,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 3,511 73,750 SH   DFND 4,9 73,750 0 0
RELX NV SPON ADR Com 75955B102 1,887 107,660 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 701 25,000 SH   DFND   25,000 0 0
SEAHAWK DRILLING, INC - ESCROW Com 812ESC986 0 113 SH   DFND   113 0 0
SELECTIVE INS GROUP INC Com 816300107 7,322 200,000 SH   DFND 10 200,000 0 0
SENIOR HOUSING PROPERTIES-CALLABLE Pref 81721M307 758 30,000 SH   DFND 4 30,000 0 0
SOLAZYME, INC Com 83415T101 203 100,000 SH   DFND   100,000 0 0
SPECTRUM PHARMACEUTICALS INC Com 84763A108 482 75,796 SH   DFND   75,796 0 0
STAG INDUSTRIAL INC - CALLABLE Pref 85254J201 389 15,000 SH   DFND 7 15,000 0 0
STATE STREET CORP Pref 857477889 797 30,000 SH   DFND 10 30,000 0 0
STIFEL FINANCIAL CORP-CALLABLE Pref 860630300 1,004 40,000 SH   DFND 3,10 40,000 0 0
SUBSEA 7 INC SPONSORED ADR Com 864323100 757 100,000 SH   DFND 10 100,000 0 0
SUN HYDRAULICS CORP Com 866942105 4,979 150,000 SH   DFND 4,10 150,000 0 0
SUVANZA Com 869551101 0 5,430 SH   DFND   5,430 0 0
TCF FINANCIAL CORP - CALLABLE Pref 872277207 530 20,000 SH   DFND 3 20,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 774 12,500 SH   DFND   12,500 0 0
TIDEWATER INC Com 886423102 321 47,000 SH   DFND   47,000 0 0
TORCHMARK CORP Pref 891027401 758 30,000 SH   DFND 4,9 30,000 0 0
TRAVELERS COS INC Com 89417E109 2,451 21,000 SH   DFND   21,000 0 0
TRC COMPANIES INC Com 872625108 1 100 SH   DFND 10 100 0 0
TYCO INTERNATIONAL LTD Com G91442106 459 12,500 SH   DFND 9 12,500 0 0
UDR INC Com 902653104 3,853 100,000 SH   DFND 2,10 100,000 0 0
US BANKCORP DEL COM NEW Com 902973304 824 20,300 SH   DFND   20,300 0 0
US CELLULAR CORP- CALLABLE Pref 911684603 1,006 40,000 SH   DFND 4,9 40,000 0 0
VAIL RESORTS INC. Com 91879Q109 6,685 50,000 SH   DFND 3,4,9,10 50,000 0 0
VORNADO REALTY TRUST- CALLABLE Pref 929042869 506 20,000 SH   DFND 3,8 20,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 4,256 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 1,254 65,000 SH   DFND   65,000 0 0
XEROX CORP COM Com 984121103 2,232 200,000 SH   DFND 2 200,000 0 0
XILINX INC Com 983919101 4,743 100,000 SH   DFND   100,000 0 0
ZIEGLER COS INC THE Com 989506308 5,969 198,972 SH   DFND   198,972 0 0