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
American Realty 3.75% Bond 02917TAB0 13,169 14,000,000 PRN   DFND   13,169 0 0
American Realty Capital Properties REIT Common 02917T104 6,911 850,000 SH   DFND   6,911 0 0
Apple Ord Shs Common 037833100 2,530 20,173 SH   DFND   2,530 0 0
Ascent Media Ord Shs Series A Common 043632108 3,159 73,914 SH   DFND   3,159 0 0
Altisource Ord Shs Common L0175J104 9,237 300,000 SH Put DFND   9,237 0 0
Barnes & Noble Ord Shs Common 067774109 4,283 165,000 SH   DFND   4,283 0 0
Colfax Ord Shs Common 194014106 2,559 55,459 SH   DFND   2,559 0 0
Ebay Ord Shs Common 278642103 3,193 53,000 SH   DFND   3,193 0 0
EchoStar Ord Shs Common 278768106 4,473 91,888 SH   DFND   4,473 0 0
Fiesta Restaurant Group Ord Shs Common 31660B101 300 6,000 SH   DFND   300 0 0
Forbes Energy Ord Shs Common 345143101 50 36,438 SH   DFND   50 0 0
Fossil Group Ord Shs Common 34988V106 1,739 25,072 SH   DFND   1,739 0 0
Google Inc Class A Common 38259P508 1,346 2,493 SH   DFND   1,346 0 0
Google Inc Class C Common 38259P706 1,823 3,502 SH   DFND   1,823 0 0
Graco Ord Shs Common 384109104 1,060 14,926 SH   DFND   1,060 0 0
Hershey Foods Ord Shs Common 427866108 3,179 35,783 SH   DFND   3,179 0 0
Ishares Russell 2000 ETF ETF 464287655 40,573 325,000 SH Put DFND   40,573 0 0
Jarden Ord Shs Common 471109108 1,434 27,712 SH   DFND   1,434 0 0
Liberty Trip Advisor Holdings Ord Shs Series A Common 531465102 1,010 31,345 SH   DFND   1,010 0 0
Liberty Ventures Ord Shs Series A Common 53071M880 2,173 55,336 SH   DFND   2,173 0 0
Markel Ord Shs Common 570535104 4,102 5,123 SH   DFND   4,102 0 0
Oracle Ord Shs Common 68389X105 2,378 59,000 SH   DFND   2,378 0 0
Pan American Silver ETF ETF 697900108 515 60,000 SH   DFND   515 0 0
Platform Specialty Products Ord Shs Common 72766Q105 3,600 140,726 SH   DFND   3,600 0 0
Post Holdings Ord Shs Common 747525103 3,440 63,790 SH   DFND   3,440 0 0
Powershares QQQ Trust Ser 1 ETF 73935A104 21,415 200,000 SH Put DFND   21,415 0 0
Qualcomm Ord Shs Common 747525103 16,102 257,100 SH Call DFND   16,102 0 0
Scripps Networks Interactive Ord Shs Class A Common 811065101 3,603 55,124 SH   DFND   3,603 0 0
SPDR Gold Shares ETF ETF 78463V107 1,672 14,875 SH   DFND   1,672 0 0
Vanguard Scottsdale Bond Fund ETF 92206C870 478 5,600 SH   DFND   478 0 0
WalMart Stores Ord Shs Common 931142103 394 5,550 SH   DFND   394 0 0
Yahoo Ord Shs Common 984332106 21,610 550,000 SH   DFND   21,610 0 0