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
ALTISOURCE RESIDENTIAL CORP CL B NEW 02153W100 1,563 49,529 PRN   SOLE 0 49,529 0 0
AMTRUST FINANCIAL SERVICES COM 32359309 962 25,570 PRN   SOLE 0 25,570 0 0
APOLLO GLOBAL MANAGEMENT - A CL A SHS 37612306 1,920 60,382 PRN   SOLE 0 60,382 0 0
ASBURY AUTOMOTIVE GROUP COM 043436104 304 5,500 PRN   SOLE 0 0 0 5,500
ATLAS FINANCIAL HOLDINGS, INC SHS NEW G06207115 137 10,000 PRN   SOLE 0 0 0 10,000
AVIAT NETWORKS INC COM 05366Y102 183 115,054 PRN   SOLE 0 115,054 0 0
BERKSHIRE HATHAWAY CLASS B CL B NEW 84670702 20,385 163,118 PRN   SOLE 0 161,518 0 1,600
BLACKBERRY LTD COM 09228F103 121 15,000 PRN   SOLE 0 0 0 0
BLACKSTONE GROUP LP/THE COM UNIT LTD 09253U108 565 16,980 PRN   SOLE 0 16,980 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 381 7,338 PRN   SOLE 0 0 0 7,338
CARNIVAL CORP PAIRED CTF 143658300 1,624 42,900 PRN   SOLE 0 42,900 0 0
CARTERS INC COM 146229109 233 3,000 PRN   SOLE 0 0 0 3,000
CELANESE CORP-SERIES A COM SER A 150870103 2,900 52,247 PRN   SOLE 0 52,247 0 0
CHESAPEAKE ENERGY CORP COM 165167107 15,674 611,790 PRN   SOLE 0 611,790 0 0
DIGITAL GLOBE COM NEW 25389M877 226 7,780 PRN   SOLE 0 0 0 7,780
FISERV INC COM 337738108 1,891 33,364 PRN   SOLE 0 27,364 0 6,000
FORTRESS INVESTMENT GRP-CL A CL A 34958B106 938 126,810 PRN   SOLE 0 126,810 0 0
GOOGLE INC CLASS A CL A 38259P508 14,583 13,085 PRN   SOLE 0 12,735 0 350
GRACE W R & CO COM 38388F108 491 4,950 PRN   SOLE 0 0 0 4,950
HARBINGER GROUP INC COM 41146A106 3,733 305,255 PRN   SOLE 0 305,255 0 0
ING US INC COM 45685E106 11,062 305,000 PRN   SOLE 0 0 0 0
KIRBY CORPORATION COM 497266106 354 3,500 PRN   SOLE 0 0 0 3,500
KKR & CO LP COM UNITS 48248M102 2,484 108,750 PRN   SOLE 0 108,750 0 0
LEVEL 3 COMMUNICATIONS INC COM 52729N308 25,530 652,283 PRN   SOLE 0 652,283 0 0
LHC GROUP COM 50187A107 331 15,000 PRN   SOLE 0 0 0 15,000
LIBERTY MEDIA HOLDING CP A INT COM SER A 53071M104 3,689 127,795 PRN   SOLE 0 115,295 0 12,500
LIVE NATION ENTERTAINMENT INC COM 538034109 370 17,000 PRN   SOLE 0 0 0 17,000
MDC PARTNERS INC-A COM 552697104 1,146 50,230 PRN   SOLE 0 50,230 0 0
MILLER ENERGY RESOURCES INC COM 600527105 279 47,370 PRN   SOLE 0 47,370 0 0
MONSANTO CO NEW DEL COM 61166W101 292 2,563 PRN   SOLE 0 0 0 2,563
MOTOROLA SOLUTIONS INC COM NEW 620076307 354 5,500 PRN   SOLE 0 0 0 5,500
OCWEN FINANCIAL CORP COM NEW 675746309 7,331 187,103 PRN   SOLE 0 180,603 0 6,500
OWENS CORNING INC COM 690742101 250 5,800 PRN   SOLE 0 0 0 5,800
PGT INC COM 69336V101 1,517 131,820 PRN   SOLE 0 121,820 0 10,000
PLATFORM SPECIALTY PRODUCTS COM 72766Q105 1,502 78,850 PRN   SOLE 0 78,850 0 0
POPE RESOURCES DEPOSITRY RCPT 732857107 1,378 19,991 PRN   SOLE 0 19,991 0 0
POST HOLDINGS INC COM 737446104 1,390 25,226 PRN   SOLE 0 25,226 0 0
REVLON INC-CLASS A CL A NEW 761525609 892 34,913 PRN   SOLE 0 34,913 0 0
ROCK TENN COMPANY -CL A CL A 772739207 7,230 68,490 PRN   SOLE 0 68,490 0 0
SIGNET JEWELERS LTD SHS G81276100 476 4,500 PRN   SOLE 0 0 0 4,500
SPECTRUM BRANDS HOLDINGS INC COM 84763R101 2,294 28,788 PRN   SOLE 0 28,788 0 0
STARTEK INC COM 85569C107 242 35,374 PRN   SOLE 0 35,374 0 0
STEWART INFORMATION SERVICES COM 860372101 2,008 57,147 PRN   SOLE 0 57,147 0 0
TE CONNECTIVITY LTD REG SHS H84989104 512 8,500 PRN   SOLE 0 0 0 8,500
TWENTY FIRST CENTURY FOX INC CL A 90130A101 3,700 115,720 PRN   SOLE 0 102,720 0 13,000
VALERO ENERGY CORP COM 91913Y100 10,853 204,380 PRN   SOLE 0 197,980 0 6,400
WABCO HOLDINGS INC COM 92927K102 464 4,400 PRN   SOLE 0 0 0 4,400
WILLIAMS COS INC COM 969457100 1,357 33,450 PRN   SOLE 0 33,450 0 0