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
Google Inc Class A Common 38259P508 1,383 2,493 SH   DFND   2,493 0 0
Google Inc Class C Common 38259P706 1,914 3,493 SH   DFND   3,493 0 0
Apple Ord Shs Common 037833100 450 3,613 SH   DFND   3,613 0 0
WalMart Stores Ord Shs Common 931142103 456 5,550 SH   DFND   5,550 0 0
Vanguard Scottsdale bond fund ETF 92206C870 491 5,600 SH   DFND   5,600 0 0
Markel Ord Shs Common 570535104 5,570 7,244 SH   DFND   7,244 0 0
Fossil Group Ord Shs Common 34988V106 1,142 13,852 SH   DFND   13,852 0 0
SPDR Gold Shares ETF Common 78463V107 1,691 14,875 SH   DFND   14,875 0 0
Graco Ord Shs Common 384109104 1,302 18,047 SH   DFND   18,047 0 0
Pier 1 Imports Ord Shs Common 720279108 350 25,000 SH   DFND   25,000 0 0
Seaworld Entertainment Ord Shs Common 81282V100 753 39,052 SH   DFND   39,052 0 0
Home Loan Servicing Solutions Ord Shs Common G6648D109 771 46,600 SH   DFND   46,600 0 0
Hershey Foods Ord Shs Common 427866108 4,897 48,530 SH   DFND   48,530 0 0
Jarden Ord Shs Common 471109108 2,610 49,343 SH   DFND   49,343 0 0
Powershares QQQ trust Ser 1 ETF 73935A104 5,280 50,000 SH Put DFND   50,000 0 0
American Realty Capital Properties REIT Common 02917T104 522 53,000 SH   DFND   53,000 0 0
Ebay Ord Shs Common 278642103 3,057 53,000 SH   DFND   53,000 0 0
Energy XXI Ord Shs Common G10082140 214 58,759 SH   DFND   58,759 0 0
Oracle Ord Shs Common 68389X105 2,546 59,000 SH   DFND   59,000 0 0
Liberty Ventures Ord Shs Series A Common 53071M880 2,601 61,911 SH   DFND   61,911 0 0
Scripps Networks Interactive Ord Shs Class A Common 811065101 4,927 71,866 SH   DFND   71,866 0 0
Colfax Ord Shs Common 194014106 3,599 75,397 SH   DFND   75,397 0 0
Liberty Trip Advisor Holdings Ord Shs Series A Common 531465102 2,864 90,086 SH   DFND   90,086 0 0
EchoStar Ord Shs Common 278768106 4,752 91,888 SH   DFND   91,888 0 0
Post Holdings Ord Shs Common 747525103 4,604 98,291 SH   DFND   98,291 0 0
Altisource Ord Shs Common L0175J104 1,710 132,900 SH Put DFND   132,900 0 0
Ascent Media Ord Shs Series A Common 043632108 5,293 132,961 SH   DFND   132,961 0 0
Ocwen Finanacial Ord Shs Common 675746309 1,403 170,000 SH   DFND   170,000 0 0
Zynga Ord Shs Common 931142103 663 232,777 SH   DFND   232,777 0 0
Qualcomm Ord Shs Common 747525103 16,642 240,000 SH Call DFND   240,000 0 0
Platform Specialty Products Ord Shs Common 72766Q105 7,061 275,185 SH   DFND   275,185 0 0
American Realty 3.75% Bond 02917TAB0 12,724 13,000,000 PRN   DFND   13,000,000 0 0