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 Realty 3.75% Bond 02917TAB0 12,959 14,000,000 PRN   DFND   12,959 0 0
Ascent Media Ord Shs Series A Common 043632108 1,581 57,726 SH   DFND   1,581 0 0
Altisource Ord Shs Common L0175J104 7,152 300,000 SH Put DFND   7,152 0 0
Barnes & Noble Ord Shs Common 067774109 2,185 180,400 SH   DFND   2,185 0 0
Coach Ord Shs Common 189754104 4,340 150,000 SH Call DFND   4,340 0 0
Colfax Ord Shs Common 194014106 1,526 51,033 SH   DFND   1,526 0 0
EchoStar Ord Shs Common 278768106 4,568 106,151 SH   DFND   4,568 0 0
Fiesta Restaurant Group Ord Shs Common 31660B101 439 9,671 SH   DFND   439 0 0
Forbes Energy Services Ord Shs Common 345143101 155 293,059 SH   DFND   155 0 0
Fossil Group Ord Shs Common 34988V106 1,091 19,524 SH   DFND   1,091 0 0
Google Inc Class C Non-voting) Common 38259P706 2,131 3,502 SH   DFND   2,131 0 0
Graco Ord Shs Common 384109104 781 11,649 SH   DFND   781 0 0
Helmerich & Payne Ord Shs Common 423452101 5,613 118,769 SH   DFND   5,613 0 0
Hershey Foods Ord Shs Common 427866108 2,561 27,871 SH   DFND   2,561 0 0
Houghton Mifflin Harcourt Ord Shs Common 44157R109 2,681 132,000 SH   DFND   2,681 0 0
Ishares Russell 2000 ETF ETF 464287655 14,199 130,000 SH Put DFND   14,199 0 0
Jarden Ord Shs Common 471109108 1,058 21,643 SH   DFND   1,058 0 0
Liberty TripAdvisor Holdings Ord Shs Series A Common 531465102 543 24,474 SH   DFND   543 0 0
Liberty Ventures Ord Shs Series A Common 53071M880 1,741 43,157 SH   DFND   1,741 0 0
Markel Ord Shs Common 570535104 2,588 3,227 SH   DFND   2,588 0 0
Oracle Ord Shs Common 68389X105 2,131 59,000 SH   DFND   2,131 0 0
Pan American Silver Ord Shs ETF 697900108 830 174,048 SH   DFND   830 0 0
Platform Specialty Products Ord Shs Common 72766Q105 1,970 155,717 SH   DFND   1,970 0 0
Post Holdings Ord Shs Common 737446104 2,942 49,781 SH   DFND   2,942 0 0
Powershares QQQ Trust Ser 1 ETF 73935A104 15,264 150,000 SH Put DFND   15,264 0 0
Qualcomm Ord Shs Common 747525103 3,009 56,000 SH   DFND   3,009 0 0
Scripps Networks Interactive Ord Shs Class A Common 811065101 2,121 43,111 SH   DFND   2,121 0 0
SPDR Gols Shares ETF ETF 78463V107 1,590 14,875 SH   DFND   1,590 0 0
SPDR S&P 500 ETF ETF 78462F103 229 1,194 SH   DFND   229 0 0
Vanguard Scottsdale Bond Fund ETF 92206C870 478 5,600 SH   DFND   478 0 0
Vereit Ord Shs Common 92339V100 10,036 1,300,000 SH   DFND   10,036 0 0
WalMart Stores Ord Shs Common 931142103 360 5,550 SH   DFND   360 0 0
Yahoo Ord Shs Common 984332106 19,838 686,200 SH   DFND   19,838 0 0
Zynga Ord Shs Class A Common 98986T108 211 92,486 SH   DFND   211 0 0