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
AGRIBANK FCB - CALLABLE Pref 00850L203 4,907 45,650 SH   DFND 1,2,7,8,10 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 3 30,100 SH   DFND 10 30,100 0 0
ALLERGEN PLC Com G0177J108 179 778 SH   DFND   778 0 0
ALLISON TRANSMISSION HLDG INC Com 01973R101 1,099 38,330 SH   DFND 10 38,330 0 0
ALTRIA GROUP, INC Com 02209S103 1,581 25,000 SH   DFND 4 25,000 0 0
AMGEN INC Com 031162100 24,187 145,000 SH   DFND 4,7,9 145,000 0 0
ANHEUSER-BUSCH INBEV S.A. SP ADR Com 03524A108 3,548 27,000 SH   DFND 10 27,000 0 0
ARCH CAPITAL GROUP Pref 03939A206 999 40,000 SH   DFND 3,9 40,000 0 0
ARES MANAGEMENT LP Pref 04014Y200 260 10,000 SH   DFND 7 10,000 0 0
ASPEN INSURANCE HLDG LTD Pref G05384162 1,565 60,000 SH   DFND 2,4,7 60,000 0 0
ASPEN INSURANCE HOLDINGS LTD -CALL Pref G05384139 1,013 40,000 SH   DFND 3 40,000 0 0
ASSOC BANC CORP Pref 045488608 378 15,000 SH   DFND 4 15,000 0 0
AT&T INC Com 00206R102 2,031 50,000 SH   DFND 10 50,000 0 0
AUTOMATIC DATA PROCESSING INC Com 053015103 17,023 193,000 SH   DFND 1,2,3,4,7,8,9,10 193,000 0 0
AVNET INC Com 053807103 1,314 32,000 SH   DFND   32,000 0 0
BANK OF AMERICA - CALLABLE Pref 060505344 541 20,000 SH   DFND 1 20,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107 1 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 CORP SHARES Com 054937107 53 1,400 SH   DFND 6 1,400 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 22,919 106 SH   DFND 2,4,9,10 106 0 0
BLACKSTONE GROUP LP Com 09253U108 2,553 100,000 SH   DFND   100,000 0 0
BOARDWALK PIPELINE PARTNERS, LP Com 096627104 698 40,700 SH   DFND 8 40,700 0 0
BOEING CO Com 097023105 3,294 25,000 SH   DFND   25,000 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 527 15,000 SH   DFND 3 15,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 0 500,000 SH   DFND   500,000 0 0
CASTLE BRANDS INC Com 148435100 305 350,000 SH   DFND   350,000 0 0
CDK GLOBAL INC Com 12508E101 3,384 58,997 SH   DFND 1,2,3,7,8,10 58,997 0 0
CHEVRON CORPORATION Com 166764100 1,647 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,667 101,426 SH   DFND   101,426 0 0
COBANK ACB Pref 19075Q862 2,993 29,055 SH   DFND 1,2,7 29,055 0 0
COCA COLA COM Com 191216100 635 15,000 SH   DFND 8 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 2,083 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 7,392 312,550 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 398 45,955 SH   DFND 7,10 45,955 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,784 77,797 SH   DFND 3,4,7 77,797 0 0
DEVON ENERGY CORP (NEW) Com 25179M103 2,206 50,000 SH   DFND 2 50,000 0 0
DIAMOND OFFSHORE DRILLING INC. Com 25271C102 572 32,500 SH   DFND 3,6,8 32,500 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809208 2,566 100,000 SH   DFND 2,7,9 100,000 0 0
EMERSON ELEC CO Com 291011104 4,851 89,000 SH   DFND 2,8,10 89,000 0 0
ENCANA CORPORATION Com 292505104 580 55,353 SH   DFND 2 55,353 0 0
ENERGY TRANSFER PTNRS L.P. Com 29273R109 777 21,000 SH   DFND 10 21,000 0 0
ENTERGY LOUISIANA LLC - CALLABLE Pref 29364W108 1,496 60,000 SH   DFND 2,4,9 60,000 0 0
EQT CORPORATION CMN Com 26884L109 2,179 30,000 SH   DFND 2 30,000 0 0
FBOP CORP 7.74% SER A Pref 30241B309 0 3,000 SH   DFND 2,4,10 3,000 0 0
GENERAL ELECTRIC CO Com 369604103 3,584 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 16 1,145 SH   DFND 8,10 1,145 0 0
GENERAL MOTORS COMPANY Com 37045V100 39 1,228 SH   DFND   1,228 0 0
GEORGIA POWER CO - CALLABE Pref 373334119 2,760 26,553 SH   DFND 2,4,7 26,553 0 0
GLOBAL INDEMNITY PLC - CALLABLE Pref G39319119 1,549 60,000 SH   DFND 2,3,8 60,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 17,905 111,025 SH   DFND 6,8,9 111,025 0 0
HARTFORD FINL SVCS GRP - CALLABLE Pref 416518504 789 25,000 SH   DFND 7 25,000 0 0
HELIX ENERGY SOLUTIONS GROUP Com 42330P107 203 25,000 SH   DFND 9 25,000 0 0
HJ HEINZ HOLDING CORP Com 500754106 2,177 24,320 SH   DFND 1,2,4,10 24,320 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204 547 20,000 SH   DFND 4 20,000 0 0
IRWIN FINANCIAL CORP 144A SER A Pref 464119304 0 3,000 SH   DFND 1,4,7,9 3,000 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,111 23,875 SH   DFND 9 23,875 0 0
JPMORGAN CHASE & CO COM Com 46625H100 943 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
KKR CO LP Pref 48248M300 400 15,000 SH   DFND 4 15,000 0 0
LEGG MASON INC COM Com 524901105 3,348 100,000 SH   DFND 2,4,7,9,10 100,000 0 0
LEUCADIA NATIONAL CORP Com 527288104 9,727 510,872 SH   DFND 4,7,9,10 510,872 0 0
MALLINCKRODT PLC WI Com G5785G107 109 1,562 SH   DFND   1,562 0 0
MCDONALDS CORP Com 580135101 721 6,250 SH   DFND 3 6,250 0 0
MEDTRONIC PLC Com G5960L103 1,032 11,950 SH   DFND   11,950 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 139,384 16,456,223 SH   DFND 1,2,4,7,9,10 16,456,223 0 0
MERCK & CO, INC. Com 58933Y105 93 1,487 SH   DFND   1,487 0 0
MFC INDUSTRIAL LTD Com 55278T105 28,008 13,662,400 SH   DFND 1,2,4,7,9,10 13,662,400 0 0
MONDELEZ INTERNATIONAL INC Com 609207105 3,203 72,964 SH   DFND 1,2,4,10 72,964 0 0
MOTOROLA SOLUTIONS INC Com 620076307 109 1,427 SH   DFND   1,427 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 7 744 SH   DFND 8,10 744 0 0
MYMETICS CORP Com 62856A102 32 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 46,545 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 661 13,000 SH   DFND 4 13,000 0 0
NEW YORK COMMUNITY Com 649445103 712 50,000 SH   DFND 9 50,000 0 0
NOW INC DE Com 67011P100 24 1,100 SH   DFND 2 1,100 0 0
PENTAIR PLC Com G7S00T104 193 2,999 SH   DFND   2,999 0 0
PFSWEB INC Com 717098206 6,698 750,000 SH   DFND   750,000 0 0
PHILIP MORRIS INTL INC Com 718172109 2,431 25,000 SH   DFND 4 25,000 0 0
PROCTER & GAMBLE CO Com 742718109 8,921 99,400 SH   DFND 2,8,9 99,400 0 0
RAYMOND JAMES FNCL INC Com 754730109 17,463 300,000 SH   DFND 4,9 300,000 0 0
RELX NV SPON ADR Com 75955B102 1,923 107,660 SH   DFND 2 107,660 0 0
SCHWAB CHARLES CORP NEW Com 808513105 789 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107 7,972 200,000 SH   DFND 10 200,000 0 0
SPECTRUM PHARMACEUTICALS INC Com 84763A108 354 75,796 SH   DFND   75,796 0 0
SUBSEA 7 INC SPONSORED ADR Com 864323100 1,074 100,000 SH   DFND 10 100,000 0 0
SUN HYDRAULICS CORP Com 866942105 9,681 300,000 SH   DFND 4,10 300,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 805 12,500 SH   DFND   12,500 0 0
TERRAVIA HLDGS INC Com 88105A106 275 100,000 SH   DFND   100,000 0 0
TIDEWATER INC Com 886423102 133 47,000 SH   DFND   47,000 0 0
TRAVELERS COS INC Com 89417E109 2,406 21,000 SH   DFND   21,000 0 0
TRC COMPANIES INC Com 872625108 7,415 855,216 SH   DFND 10 855,216 0 0
UDR INC Com 902653104 7,198 200,000 SH   DFND 2,10 200,000 0 0
US BANKCORP DEL COM NEW Com 902973304 871 20,300 SH   DFND   20,300 0 0
US CELLULAR CORP- CALLABLE Pref 911684603 541 20,000 SH   DFND 9 20,000 0 0
VAIL RESORTS INC. Com 91879Q109 23,658 150,800 SH   DFND 3,4,9,10 150,800 0 0
VALIDUS HOLDINGS LTD Pref 91915W201 2,052 80,000 SH   DFND 3,4,7 80,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 3,897 88,000 SH   DFND 4 88,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
XEROX CORP COM Com 984121103 2,026 200,000 SH   DFND 2 200,000 0 0
XILINX INC Com 983919101 5,434 100,000 SH   DFND   100,000 0 0
ZIEGLER COS INC THE Com 989506308 5,969 198,972 SH   DFND   198,972 0 0