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 INTL GROUP INC COM NE COM NEW 026874784 15,891 355,512 SH   SOLE   355,202 0 310
APPLE INC COM COM 037833100 1,795 4,528 SH   SOLE   4,528 0 0
AT&T INC COM COM 00206R102 252 7,108 SH   SOLE   7,108 0 0
BANK OF AMERICA CORP COM COM 060505104 19,189 1,492,127 SH   SOLE   1,490,807 0 1,320
BARRICK GOLD CORP COM COM 067901108 998 63,398 SH   SOLE   63,398 0 0
BERKSHIRE HATHAWAY INC DEL CL CL B NEW 084670702 504 4,500 SH   SOLE   4,500 0 0
CHESAPEAKE ENERGY CORP COM COM 165167107 3,066 150,448 SH   SOLE   150,448 0 0
CISCO SYSTEMS, INC. COM 17275R102 3,325 136,619 SH   SOLE   136,619 0 0
CORNING INC CM COM 219350105 2,072 145,588 SH   SOLE   145,588 0 0
ENCANA CORPORATION COM COM 292505104 2,706 159,730 SH   SOLE   159,730 0 0
EXCO RESOURCES INC COM COM 269279402 1,603 209,794 SH   SOLE   209,794 0 0
INTEL CORP COM COM 458140100 3,517 145,161 SH   SOLE   145,161 0 0
J P MORGAN CHASE & CO COM COM 46625H100 1,406 26,642 SH   SOLE   26,642 0 0
JOHNSON & JOHNSON COM 478160104 1,100 12,808 SH   SOLE   12,808 0 0
KKR FINANCIAL HOLDINGS LLC COM COM 48248A306 929 88,062 SH   SOLE   88,062 0 0
LEUCADIA NATL CORP COM COM 527288104 1,364 52,035 SH   SOLE   52,035 0 0
MBIA, INC. COM 55262C100 21,062 1,582,396 SH   SOLE   1,581,039 0 1,357
MICROSOFT CORP COM 594918104 2,031 58,798 SH   SOLE   58,798 0 0
NOVAGOLD RESOURCES INC COM COM NEW 66987E206 1,325 628,132 SH   SOLE   627,806 0 326
SANDRIDGE ENERGY INC COM COM 80007P307 7,317 1,537,210 SH   SOLE   1,536,604 0 606
SANDRIDGE PERMIAN TRUST LIMITE COM UNIT BEN INT 80007A102 272 18,311 SH   SOLE   18,311 0 0
SEARS HLDGS CORP COM COM 812350106 835 19,832 SH   SOLE   19,830 0 2
VERIZON COMMUNICATIONS COM COM 92343V104 238 4,733 SH   SOLE   4,733 0 0
WELLS FARGO & CO COM COM 949746101 567 13,750 SH   SOLE   13,750 0 0
WPX ENERGY INC COM COM 98212B103 893 47,140 SH   SOLE   47,140 0 0
BP PLC SPONS ADR SPONSORED ADR 055622104 3,045 72,961 SH   SOLE   72,961 0 0
AMERICAN INTL GROUP INC WT EXP *W EXP 01/19/202 026874156 5,485 300,705 SH   SOLE   300,457 0 248
BANK OF AMERICA CORP WARRANT *W EXP 01/16/201 060505146 3,716 680,547 SH   SOLE   680,547 0 0
HARTFORD FINANCIAL SERVICES WA *W EXP 06/26/201 416515120 227 10,383 SH   SOLE   10,383 0 0