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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ASCENT CAP GROUP INCNOTE 4.000% 7/1043632AA61,5242,683,000SH SOLE 2,683,00000
ASCENT CAP GROUP INCCOM0436321085,233340,000SH SOLE 340,00000
ASTRAZENECA PLCSPONSORED ADR04635310877313,000SH SOLE 13,00000
BANK AMER CORPW EXP 01/16/2010605051462,912836,825SH SOLE 836,82500
BERKSHIRE HATHAWAY INC DELCL A08467010832,546150SH SOLE 15000
BLACKBERRY LTDCOM09228F1033,550529,040SH SOLE 529,04000
BP PLCSPONSORED ADR05562210435510,000SH SOLE 10,00000
CHICAGO BRIDGE & IRON CO N VCOM1672501092,33667,446SH SOLE 67,44600
CHINA YUCHAI INTL LTDCOMG2108210579473,364SH SOLE 73,36400
CITIGROUP INCCOM NEW17296742417,380410,000SH SOLE 410,00000
COMPUCREDIT HLDGS CORPNOTE 5.875%11/320478NAD23,4327,800,000SH SOLE 7,800,00000
GENERAL MTRS COW EXP 07/10/20137045V12613613,019SH SOLE 13,01900
GLAXOSMITHKLINE PLCSPONSORED ADR37733W10538418,000SH SOLE 18,00000
GOLDMAN SACHS GROUP INCCOM38141G10411,14475,000SH SOLE 75,00000
JPMORGAN CHASE & COW EXP 10/28/20146634E11422,8091,126,347SH SOLE 1,126,34700
MBIA INCCOM55262C1007,3821,080,797SH SOLE 1,080,79700
NOKIA CORPSPONSORED ADR65490220421,3373,750,000SH SOLE 3,750,00000
OVERSTOCK COM INC DELCOM6903701019,380582,271SH SOLE 582,27100
POSCOSPONSORED ADR69348310993521,000SH SOLE 21,00000
RESOLUTE FST PRODS INCCOM76117W10925,9464,904,752SH SOLE 4,904,75200
RYANAIR HLDGS PLCSPONSORED ADR7835132031,15316,575SH SOLE 16,57500
SANOFISPONSORED ADR80105N10517,158410,000SH SOLE 410,00000
SEARS CDA INCCOM81234D1092,310775,149SH SOLE 775,14900
SEARS HLDGS CORPCOM81235010619,4841,431,610SH SOLE 1,431,61000
SEARS HOMETOWN & OUTLET STORCOM8123621018,9121,322,209SH SOLE 1,322,20900
VALEANT PHARMACEUTICALS INT INCCOM91911K10229,1391,446,843SH SOLE 1,446,84300
WELLS FARGO & CO NEWW EXP 10/28/20194974611913,586997,500SH SOLE 997,50000