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 11,495 268,300 SH   DFND 01,02 268,300 0 0
BP PLC SPONSORED ADR 055622104 483 11,000 SH   DFND 01,02 11,000 0 0
BALDWIN & LYONS INC CL B 057755209 23,956 969,875 SH   DFND 01,02 969,875 0 0
BALLY TECHNOLOGIES INC COM 05874B107 1,727 21,400 SH   DFND 01,02 21,400 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 1,244 6 SH   DFND 01,02 6 0 0
BERKSHIRE HATHAWAY INC. CL B NEW 084670702 3,386 24,500 SH   DFND 01,02 24,500 0 0
BLACKBERRY LIMITED COM 09228F103 464,001 46,654,700 SH   DFND 01,02 46,654,700 0 0
CSX CORP COM 126408103 244 7,600 SH   DFND 01,02 7,600 0 0
CITIGROUP INC COM NEW 172967424 1,036 20,000 SH   DFND 01,02 20,000 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 7,837 723,012 SH   DFND 01,02 723,012 0 0
DEX MEDIA INC NEW COM 25213A107 1,519 159,198 SH   DFND 01,02 159,198 0 0
EXCO RESOURCES INC COM 269279402 58,405 17,538,912 SH   DFND 01,02 17,538,912 0 0
GENERAL DYNAMICS CORP COM 369550108 280 2,200 SH   DFND 01,02 2,200 0 0
HOLOGIC INC COM 436440101 486 20,000 SH   DFND 01,02 20,000 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 14,634 11,500,000 PRN   DFND 01,02 11,500,000 0 0
INTL BUSINESS MACHS CORP COM 459200101 202,757 1,068,100 SH   DFND 01,02 1,068,100 0 0
JOHNSON & JOHNSON COM 478160104 8,833 82,850 SH   DFND 01,02 82,850 0 0
K12 INC COM 48273U102 529 33,133 SH   DFND 01,02 33,133 0 0
KENNEDY-WILSON COM 489398107 9,588 400,000 SH   DFND 01,02 400,000 0 0
MBIA INC COM 55262C100 275 30,000 SH   DFND 01,02 30,000 0 0
MERCK & CO. INC. COM 58933Y105 711 12,000 SH   DFND 01,02 12,000 0 0
NAVIENT CORPORATION COM 63938C108 266 15,000 SH   DFND 01,02 15,000 0 0
NEW ORIENTAL ED & TECH GRP INC SPON ADR 647581107 257 11,100 SH   DFND 01,02 11,100 0 0
NEW YORK COMMUNITY BANCORP INC COM 649445103 634 40,000 SH   DFND 01,02 40,000 0 0
NEW YORK TIMES CO CL A 650111107 785 70,000 SH   DFND 01,02 70,000 0 0
NEWMARKET CORP COM 651587107 286 750 SH   DFND 01,02 750 0 0
OLD REPUBLIC INTL CORPORATION COM 680223104 643 45,000 SH   DFND 01,02 45,000 0 0
OVERSTOCK.COM INC COM 690370101 53,694 3,184,677 SH   DFND 01,02 3,184,677 0 0
PATTERSON UTI ENERGY INC COM 703481101 390 12,000 SH   DFND 01,02 12,000 0 0
PENN WEST PETE LTD NEW COM 707887105 233 34,700 SH   DFND 01,02 34,700 0 0
PFIZER INC COM 717081103 6,949 235,000 SH   DFND 01,02 235,000 0 0
PRECISION CASTPARTS CORP COM 740189105 237 1,000 SH   DFND 01,02 1,000 0 0
RAYONIER ADVANCED MATERIALS COM 75508B104 419 12,700 SH   DFND 01,02 12,700 0 0
RESOLUTE FOREST PRODUCTS COM 76117W109 454,539 29,044,012 SH   DFND 01,02 29,044,012 0 0
SLM CORP COM 78442P106 128 15,000 SH   DFND 01,02 15,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 138,942 32,463,200 SH   DFND 01,02 32,463,200 0 0
STERLING BANCORP/DE COM 85917A100 320 25,000 SH   DFND 01,02 25,000 0 0
TURQUOISE HILL RESOURCES LTD COM 900435108 189 50,500 SH   DFND 01,02 50,500 0 0
US BANCORP DEL COM NEW 902973304 1,255 30,000 SH   DFND 01,02 30,000 0 0
USG Corp COM NEW 903293405 1,176 42,800 SH   DFND 01,02 42,800 0 0
ULTRA PETROLEUM CORP COM 903914109 756 32,500 SH   DFND 01,02 32,500 0 0
WELLS FARGO & CO. NEW COM 949746101 3,595 69,300 SH   DFND 01,02 69,300 0 0
NAM TAI PROPERTY INC SHS G63907102 211 35,000 SH   DFND 01,02 35,000 0 0