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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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
American Airlines Ord Shs Option 02376R102 16,625 310,000 SH Call DFND   310,000 0 0
American Realty 3.75% Bond 02917TAB0 7,365 8,000,000 PRN   DFND   8,000,000 0 0
Ascent Media Ord Shs Series A Common 043632108 7,580 143,209 SH   DFND   143,209 0 0
Colfax Ord Shs Common 194014106 1,028 19,942 SH   DFND   19,942 0 0
Dreamworks Animation SKG Ord Shs Class A Common 26153C103 1,117 50,000 SH   DFND   50,000 0 0
EchoStar Ord Shs Common 278768106 5,921 112,788 SH   DFND   112,788 0 0
Energy XXI Ord Shs Common G10082140 195 59,769 SH   DFND   59,769 0 0
Goodrich Petroleum Ord Shs Common 382410405 65 14,706 SH   DFND   14,706 0 0
Google Inc Class A Common 38259P508 1,323 2,493 SH   DFND   2,493 0 0
Google Inc Class C Common 38259P706 1,839 3,493 SH   DFND   3,493 0 0
Graco Ord Shs Common 384109104 2,193 27,348 SH   DFND   27,348 0 0
Hershey Foods Ord Shs Common 427866108 5,128 49,338 SH   DFND   49,338 0 0
Jarden Ord Shs Common 471109108 2,161 45,142 SH   DFND   45,142 0 0
Liberty Interactive Ord Shs Series A Common 53071M104 1,471 50,000 SH   DFND   50,000 0 0
Liberty Ventures Ord Shs Series A Common 53071M880 4,344 115,168 SH   DFND   115,168 0 0
Markel Ord Shs Common 570535104 5,337 7,816 SH   DFND   7,816 0 0
Oracle Ord Shs Common 68389X105 450 10,000 SH   DFND   10,000 0 0
Pan American Silver Ord Shs Common 697900108 1,380 150,000 SH   DFND   150,000 0 0
Platform Specialty Products Ord Shs Common 72766Q105 6,850 295,000 SH   DFND   295,000 0 0
Post Holdings Ord Shs Common 747525103 5,867 140,053 SH   DFND   140,053 0 0
Scripps Networks Interactive Ord Shs Class A Common 811065101 4,352 57,812 SH   DFND   57,812 0 0
SPDR Gold Shares ETF Common 78463V107 1,690 14,875 SH   DFND   14,875 0 0
SPDR Gold Shares ETF Option 78463V107 2,840 25,000 SH Put DFND   25,000 0 0
WalMart Stores Ord Shs Common 931142103 477 5,550 SH   DFND   5,550 0 0
Zynga Ord Shs Common 931142103 1,330 500,000 SH   DFND   500,000 0 0