BCE INC.
COM NEW
05534B760
11477
268300
SH
DFND
01,02
268300
0
0
BP PLC
SPONSORED ADR
055622104
210
5000
SH
DFND
01,02
5000
0
0
BALDWIN & LYONS INC
CL B
057755209
23490
969875
SH
DFND
01,02
969875
0
0
BERKSHIRE HATHAWAY INC.
CL A
084670108
1021
6
SH
DFND
01,02
6
0
0
BERKSHIRE HATHAWAY INC.
CL B NEW
084670702
2394
21100
SH
DFND
01,02
21100
0
0
BLACKBERRY LIMITED
COM
09228F103
411070
51854700
SH
DFND
01,02
51854700
0
0
CITIGROUP INC
COM NEW
172967424
970
20000
SH
DFND
01,02
20000
0
0
CNINSURE INC
SPONSORED ADR
18976M103
231
45000
SH
DFND
01,02
45000
0
0
COOPER TIRE & RUBBER CO.
COM
216831107
2141
69500
SH
DFND
01,02
69500
0
0
CRESUD S A C I F Y A
SPONSORED ADR
226406106
6305
723012
SH
DFND
01,02
723012
0
0
DELL INC
COM
24702R101
7160
520000
SH
DFND
01,02
520000
0
0
DEX MEDIA INC NEW
COM
25213A107
1291
159198
SH
DFND
01,02
159198
0
0
EXCO RESOURCES INC
COM
269279402
72874
10812200
SH
DFND
01,02
10812200
0
0
HOLOGIC INC
COM
436440101
413
20000
SH
DFND
01,02
20000
0
0
INTEL CORP
SDCV
458140AD2
12449
11500000
PRN
DFND
01,02
11500000
0
0
INTL BUSINESS MACHS CORP
COM
459200101
222
1200
SH
DFND
01,02
1200
0
0
JOHNSON & JOHNSON
COM
478160104
255020
2941741
SH
DFND
01,02
2941741
0
0
K12 INC
COM
48273U102
1023
33133
SH
DFND
01,02
33133
0
0
KENNEDY-WILSON
COM
489398107
7420
400000
SH
DFND
01,02
400000
0
0
LEVEL 3 COMMUNICATIONS INC
NOTE
52729NBP4
91031
75000000
PRN
DFND
01,02
75000000
0
0
MBIA INC
COM
55262C100
307
30000
SH
DFND
01,02
30000
0
0
MERCK & CO. INC.
COM
58933Y105
571
12000
SH
DFND
01,02
12000
0
0
NAM TAI ELECTRS INC
COM PAR $0.02
629865205
272
35000
SH
DFND
01,02
35000
0
0
NEW ORIENTAL ED & TECH GRP INC
SPON ADR
647581107
276
11100
SH
DFND
01,02
11100
0
0
NEW YORK COMMUNITY BANCORP INC
COM
649445103
605
40000
SH
DFND
01,02
40000
0
0
NEW YORK TIMES CO
CL A
650111107
880
70000
SH
DFND
01,02
70000
0
0
NEWMARKET CORP
COM
651587107
216
750
SH
DFND
01,02
750
0
0
OLD REPUBLIC INTL CORPORATION
COM
680223104
693
45000
SH
DFND
01,02
45000
0
0
ONYX PHARMACEUTICALS INC
COM
683399109
561
4500
SH
DFND
01,02
4500
0
0
OVERSTOCK.COM INC
COM
690370101
94489
3184677
SH
DFND
01,02
3184677
0
0
PATTERSON UTI ENERGY INC
COM
703481101
406
19000
SH
DFND
01,02
19000
0
0
PFIZER INC
COM
717081103
6747
235000
SH
DFND
01,02
235000
0
0
PROVIDENT NEW YORK BANCORP
COM
744028101
272
25000
SH
DFND
01,02
25000
0
0
RESOLUTE FOREST PRODUCTS
COM
76117W109
383962
29044012
SH
DFND
01,02
29044012
0
0
RUE21 INC
COM
781295100
847
21000
SH
DFND
01,02
21000
0
0
SLM CORP
COM
78442P106
374
15000
SH
DFND
01,02
15000
0
0
SANDRIDGE ENERGY INC
COM
80007P307
190234
32463200
SH
DFND
01,02
32463200
0
0
SPREADTRUM COMMUNICATIONS INC
ADR
849415203
502
16500
SH
DFND
01,02
16500
0
0
US BANCORP DEL
COM NEW
902973304
1097
30000
SH
DFND
01,02
30000
0
0
USG CORP
COM NEW
903293405
1223
42800
SH
DFND
01,02
42800
0
0
ULTRA PETROLEUM CORP
COM
903914109
276
13400
SH
DFND
01,02
13400
0
0
WELLS FARGO & CO. NEW
COM
949746101
2863
69300
SH
DFND
01,02
69300
0
0