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
ADIENT LTD Com G0084W101 78 1,193 SH   DFND   1,193 0 0
AFFILIATED MANAGERS GROUP-CALL Pref 008252876 381 15,000 SH   DFND 9 15,000 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,987 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 2,620 10,778 SH   DFND   10,778 0 0
ALLISON TRANSMISSION HLDG INC Com 01973R101 1,438 38,330 SH   DFND 10 38,330 0 0
AMGEN INC Com 031162100 24,973 145,000 SH   DFND 4,7,9 145,000 0 0
APOLLO INVESTMENT CORP-CALLABLE Pref 03761U304 630 25,000 SH   DFND 4,9 25,000 0 0
ARCH CAPITAL GROUP Pref 03939A206 1,462 60,000 SH   DFND 3,9 60,000 0 0
ARCH CAPITAL GROUP LTD-CALLABLE Pref G0450A204 1,796 70,000 SH   DFND 4 70,000 0 0
ARGO GROUP US INC-CALLABLE Pref 040130205 506 20,000 SH   DFND 7 20,000 0 0
ASPEN INSURANCE HLDG LTD Pref G05384162 517 20,000 SH   DFND 4 20,000 0 0
AT&T INC Com 00206R102 1,887 50,000 SH   DFND 10 50,000 0 0
AVNET INC Com 053807103 467 12,000 SH   DFND   12,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305 1,495 60,000 SH   DFND 3,10 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 1 54,211 SH   DFND   54,211 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 20,885 82 SH   DFND 2,4,9,10 82 0 0
BLACKSTONE GROUP LP Com 09253U108 5,836 175,000 SH   DFND   175,000 0 0
BOEING CO Com 097023105 5,418 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 520 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 430 250,000 SH   DFND   250,000 0 0
CDK GLOBAL INC Com 12508E101 3,661 58,997 SH   DFND 1,2,3,7,8,10 58,997 0 0
CENTAUR FUNDING CORP -SER B 144A Pref 151327202 5,914 5,111 SH   DFND 2,3,4,7,8,9 5,111 0 0
CHEVRON CORPORATION Com 166764100 1,669 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,278 68,399 SH   DFND   68,399 0 0
CHUBB LTD Com H1467J104 2,479 17,053 SH   DFND   17,053 0 0
COBANK ACB Pref 19075Q862 3,337 32,362 SH   DFND 1,2,4 32,362 0 0
COCA COLA COM Com 191216100 673 15,000 SH   DFND 8 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 1,725 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 9,392 312,550 SH   DFND   312,550 0 0
DDR CORP - CALLABLE Pref 23317H607 502 20,000 SH   DFND 10 20,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,673 77,797 SH   DFND 3,4,7 77,797 0 0
DISNEY WALT CO Com 254687106 3,740 35,200 SH   DFND   35,200 0 0
DYNEGY INC NEW DEL WT Com 26817R157 6 33,717 SH   DFND 4,9,10 33,717 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809208 1,411 55,000 SH   DFND 7,9 55,000 0 0
EMERSON ELEC CO Com 291011104 5,306 89,000 SH   DFND 2,8,10 89,000 0 0
EQUITY COMMONWEALTH - CALLABLE Pref 294628508 253 10,000 SH   DFND 2 10,000 0 0
EXXON MOBIL CORP Com 30231G102 5,247 65,000 SH   DFND   65,000 0 0
GENERAL ELECTRIC CO Com 369604103 3,268 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 20 1,145 SH   DFND 8,10 1,145 0 0
GENERAL MOTORS COMPANY Com 37045V100 2,069 59,228 SH   DFND   59,228 0 0
GEORGIA POWER CO - CALLABE Pref 373334119 2,270 22,500 SH   DFND 2,4 22,500 0 0
GLOBAL INDEMNITY LTD Pref G3933F139 1,016 40,000 SH   DFND 2,10 40,000 0 0
GLOBAL INDEMNITY PLC - CALLABLE Pref G3933F121 514 20,000 SH   DFND 3 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 24,742 111,500 SH   DFND 4 111,500 0 0
GRAMERCY PROPERTY TRUST - CALLABLE Pref 385002209 539 20,000 SH   DFND 3 20,000 0 0
HJ HEINZ HOLDING CORP Com 500754106 908 10,608 SH   DFND 4 10,608 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204 539 20,000 SH   DFND 9 20,000 0 0
JACOBS ENGINEERING GROUP INC Com 469814107 4,623 85,000 SH   DFND   85,000 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,035 23,874 SH   DFND 9 23,874 0 0
JPMORGAN CHASE & CO COM Com 46625H100 1,294 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
KILROY REALTY CORP - CALLABLE Pref 49427F801 813 32,000 SH   DFND 2,10 32,000 0 0
KIMCO REALTY CORP - CALLABLE Pref 49446R745 1,998 80,000 SH   DFND 1,2,7,10 80,000 0 0
LEGG MASON INC COM Com 524901105 3,816 100,000 SH   DFND 2,4,7,9,10 100,000 0 0
LEUCADIA NATIONAL CORP Com 527288104 13,364 510,872 SH   DFND 4,7,9,10 510,872 0 0
MCDONALDS CORP Com 580135101 957 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 967 40,000 SH   DFND 2,7 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 501 20,000 SH   DFND 9,10 20,000 0 0
MEDTRONIC PLC Com G5960L103 879 9,900 SH   DFND   9,900 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 189,248 16,456,323 SH   DFND 1,2,4,7,9,10 16,456,323 0 0
MERCK & CO, INC. Com 58933Y105 95 1,487 SH   DFND   1,487 0 0
MFC INDUSTRIAL LTD Com 55278T105 24,319 13,662,400 SH   DFND 1,2,4,7,9,10 13,662,400 0 0
MOTOROLA SOLUTIONS INC Com 620076307 124 1,427 SH   DFND   1,427 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 7 744 SH   DFND   744 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 7 744 SH   DFND 8,10 744 0 0
MYMETICS CORP Com 62856A102 56 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 46,198 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 508 13,000 SH   DFND 4 13,000 0 0
NOW INC DE Com 67011P100 18 1,100 SH   DFND 2 1,100 0 0
NUSTAR ENERGY LP - CALLABLE Pref 67058H300 1,119 44,500 SH   DFND 4,9 44,500 0 0
PFSWEB INC Com 717098206 6,195 750,000 SH   DFND   750,000 0 0
PROCTER & GAMBLE CO Com 742718109 8,663 99,400 SH   DFND 2,8,9 99,400 0 0
PROTECTIVE LIFE CORP-CALLABLE Pref 743674707 506 20,000 SH   DFND 10 20,000 0 0
PUBLIC STORAGE-CALLABLE Pref 74460W685 501 20,000 SH   DFND 9 20,000 0 0
QWEST CORP-CALLABLE Pref 74913G873 760 30,000 SH   DFND 4 30,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 24,066 300,000 SH   DFND 4,9 300,000 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,074 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107 10,010 200,000 SH   DFND 10 200,000 0 0
SENIOR HOUSING PROPERTIES TRUST Pref 81721M208 253 10,000 SH   DFND 8 10,000 0 0
SL GREEN REALTY CORP - CALLABLE Pref 78440X507 252 10,000 SH   DFND 10 10,000 0 0
STAG INDUSTRIAL Pref 85254J409 532 20,000 SH   DFND 8 20,000 0 0
STAG INDUSTRIAL INC Pref 85254J300 1,275 50,000 SH   DFND 8,9 50,000 0 0
SUN HYDRAULICS CORP Com 866942105 12,801 300,000 SH   DFND 4,10 300,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 984 12,500 SH   DFND   12,500 0 0
TIDEWATER INC Com 886423102 13 17,500 SH   DFND   17,500 0 0
TRAVELERS COS INC Com 89417E109 2,657 21,000 SH   DFND   21,000 0 0
TWENTY-FIRST CENTURY FOX INC-CL B Com 90130A200 5,267 189,000 SH   DFND 4,8 189,000 0 0
UNITED PARCEL SERVICE, INC-CLASS B Com 911312106 2,212 20,000 SH   DFND   20,000 0 0
US BANKCORP DEL COM NEW Com 902973304 1,054 20,300 SH   DFND   20,300 0 0
VAIL RESORTS INC. Com 91879Q109 30,587 150,800 SH   DFND 3,4,9,10 150,800 0 0
VALIDUS HOLDINGS LTD Pref 91915W300 1,014 40,000 SH   DFND 1 40,000 0 0
VALIDUS HOLDINGS LTD Pref 91915W201 1,662 65,000 SH   DFND 3,4,7 65,000 0 0
VALIDUS HOLDINGS LTD Pref 91915W300 1,014 40,000 SH   DFND 8 40,000 0 0
VENTAS REALTY LP CAP CORP Pref 92276M204 2,798 110,000 SH   DFND 1,3,4,7,8,9 110,000 0 0
VOLKSWAGEN GROUP ADR Com 928662303 2,013 65,000 SH   DFND   65,000 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 512 20,000 SH   DFND 2 20,000 0 0
WASHINGTON PRIME GROUP-CALLABLE Pref 93964W207 2,507 100,000 SH   DFND 1,3,9,10 100,000 0 0
WEBSTER FINANCIAL CORP - CALLABLE Pref 947890406 892 35,000 SH   DFND 1,10 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 4,876 88,000 SH   DFND 4 88,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
XILINX INC Com 983919101 2,573 40,000 SH   DFND   40,000 0 0
ZIEGLER COS INC THE Com 989506308 5,969 198,972 SH   DFND   198,972 0 0