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
BCE INC. COM NEW 05534B760 11,616 268,300 SH   DFND 1,2 268,300 0 0
BP PLC SPONSORED ADR 055622104 340 7,000 SH   DFND 1,2 7,000 0 0
BALDWIN & LYONS INC CL B CL B 057755209 26,352 969,875 SH   DFND 1,2 969,875 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 1,066 6 SH   DFND 1,2 6 0 0
BERKSHIRE HATHAWAY INC. CL B NEW 084670702 2,501 21,100 SH   DFND 1,2 21,100 0 0
BLACKBERRY LIMITED COM 09228F103 385,666 51,854,700 SH   DFND 1,2 51,854,700 0 0
CSX CORP COM 126408103 219 7,600 SH   DFND 1,2 7,600 0 0
CITIGROUP INC COM NEW 172967424 1,042 20,000 SH   DFND 1,2 20,000 0 0
COOPER TIRE & RUBBER CO. COM 216831107 541 22,500 SH   DFND 1,2 22,500 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 7,274 723,012 SH   DFND 1,2 723,012 0 0
DEX MEDIA INC NEW COM 25213A107 1,079 159,198 SH   DFND 1,2 159,198 0 0
EXCO RESOURCES INC COM 269279402 57,413 10,812,200 SH   DFND 1,2 10,812,200 0 0
EDWARDS GROUP LTD SPONSORED ADR 281736108 494 48,500 SH   DFND 1,2 48,500 0 0
GENERAL DYNAMICS CORP COM 369550108 210 2,200 SH   DFND 1,2 2,200 0 0
HEWLETT-PACK CO COM 428236103 263 9,400 SH   DFND 1,2 9,400 0 0
HOLOGIC INC COM 436440101 447 20,000 SH   DFND 1,2 20,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 12,880 11,500,000 PRN   DFND 1,2 11,500,000 0 0
INTL BUSINESS MACHS CORP COM 459200101 225 1,200 SH   DFND 1,2 1,200 0 0
JOHNSON & JOHNSON COM 478160104 7,758 84,700 SH   DFND 1,2 84,700 0 0
K12 INC COM 48273U102 720 33,133 SH   DFND 1,2 33,133 0 0
KENNEDY-WILSON COM 489398107 8,896 400,000 SH   DFND 1,2 400,000 0 0
MBIA INC COM 55262C100 358 30,000 SH   DFND 1,2 30,000 0 0
MERCK & CO. INC. COM 58933Y105 601 12,000 SH   DFND 1,2 12,000 0 0
NAM TAI ELECTRS INC COM PAR $0.02 629865205 250 35,000 SH   DFND 1,2 35,000 0 0
NEW ORIENTAL ED & TECH GRP INC SPON ADR 647581107 350 11,100 SH   DFND 1,2 11,100 0 0
NEW YORK COMMUNITY BANCORP INC COM 649445103 674 40,000 SH   DFND 1,2 40,000 0 0
NEW YORK TIMES CO CL A 650111107 1,111 70,000 SH   DFND 1,2 70,000 0 0
NEWMARKET CORP COM 651587107 251 750 SH   DFND 1,2 750 0 0
OLD REPUBLIC INTL CORPORATION COM 680223104 777 45,000 SH   DFND 1,2 45,000 0 0
OVERSTOCK.COM INC COM 690370101 98,056 3,184,677 SH   DFND 1,2 3,184,677 0 0
PATTERSON UTI ENERGY INC COM 703481101 481 19,000 SH   DFND 1,2 19,000 0 0
PENN WEST PETE LTD NEW COM 707887105 133 15,900 SH   DFND 1,2 15,900 0 0
PFIZER INC COM 717081103 7,196 235,000 SH   DFND 1,2 235,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117W109 464,995 29,044,012 SH   DFND 1,2 29,044,012 0 0
SLM CORP COM 78442P106 394 15,000 SH   DFND 1,2 15,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 196,727 32,463,200 SH   DFND 1,2 32,463,200 0 0
STERLING BANCORP/DE COM 85917A100 334 25,000 SH   DFND 1,2 25,000 0 0
US BANCORP DEL COM NEW 902973304 1,212 30,000 SH   DFND 1,2 30,000 0 0
U S G CORP COM NEW 903293405 1,215 42,800 SH   DFND 1,2 42,800 0 0
ULTRA PETROLEUM CORP COM 903914109 703 32,500 SH   DFND 1,2 32,500 0 0
VIROPHARMA INC COM 928241108 498 10,000 SH   DFND 1,2 10,000 0 0
WELLS FARGO & CO. NEW COM 949746101 3,146 69,300 SH   DFND 1,2 69,300 0 0