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
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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
American International Group Ord Shs Common 026874784 3,063 60,000 SH   DFND   60,000 0 0
America's Car-Mart Ord Shs Common 03062T105 4,415 104,540 SH   DFND   104,540 0 0
Ascent Media Ord Shs Series A Common 043632108 9,788 114,400 SH   DFND   114,400 0 0
Cablevision Systems Ord Shs Class A Common 12686C109 7,502 418,396 SH   DFND   418,396 0 0
Callon Petroleum Ord Shs Common 13123X102 6,495 994,620 SH   DFND   994,620 0 0
Dex Media Ord Shs Common 25213A107 1,151 170,000 SH   DFND   170,000 0 0
Dreamworks Animation SKG Ord Shs Class A Common 26153C103 6,154 173,347 SH   DFND   173,347 0 0
EchoStar Ord Shs Common 278768106 20,692 416,161 SH   DFND   416,161 0 0
Era Group Ord Shs Common 26885G109 300 9,730 SH   DFND   9,730 0 0
Facebook Cl A Ord Shs Option 3030M1021 54,650 1,000,000 SH Put DFND   1,000,000 0 0
Fiesta Restaurant Group Ord Shs Common 31660B101 2,683 51,350 SH   DFND   51,350 0 0
Goodrich Petroleum Corp 5% Bond 382410AG3 17,894 17,500,000 PRN   DFND   17,500,000 0 0
Google Inc Common 38259P508 2,794 2,493 SH   DFND   2,493 0 0
Grupo Financiero Santander Mexico ADR Ord Shs Series B Common 40053C105 2,402 176,099 SH   DFND   176,099 0 0
Ingram Micro Ord Shs Class A Common 457153104 827 35,255 SH   DFND   35,255 0 0
Ishares Russell 2000 Index ETF Option 464287655 35,762 310,000 SH Put DFND   310,000 0 0
Jarden When Issued Common 471109108 3,356 54,700 SH   DFND   54,700 0 0
Live Nation Entertainment Ord Shs Common 538034109 6,081 307,721 SH   DFND   307,721 0 0
Linked In Ord Shs Option 53578A108 8,673 40,000 SH Put DFND   40,000 0 0
Markel Ord Shs Common 570535104 8,995 15,500 SH   DFND   15,500 0 0
Marriott International Ord Shs Common 571903202 8,143 165,000 SH   DFND   165,000 0 0
National Oilwell Varco Ord Shs Common 637071101 2,386 30,000 SH   DFND   30,000 0 0
Pan American Silver Ord Shs Common 697900108 4,095 350,000 SH   DFND   350,000 0 0
Proto Labs Ord Shs Option 743713109 1,424 20,000 SH Put DFND   20,000 0 0
Qualcomm Ord Shs Common 747525103 2,376 32,000 SH   DFND   32,000 0 0
SPDR Gold Shares ETF Option 78463V107 59,175 509,600 SH Call DFND   509,600 0 0
SPDR Gold Shares ETF Gold ETF 78463V107 2,032 17,500 SH   DFND   17,500 0 0
WalMart Stores Ord Shs Common 931142103 437 5,550 SH   DFND   5,550 0 0
Zynga Ord Shs Class A Common 98986T108 1,900 500,000 SH   DFND   500,000 0 0