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 17,840,000 356,730 SH   SOLE NONE 356,420 0 310
APPLE COMPUTER INC COM COM 037833100 11,224,000 20,912 SH   SOLE NONE 20,912 0 0
AT&T INC COM COM 00206R102 249,000 7,108 SH   SOLE NONE 7,108 0 0
BANK OF AMERICA CORP COM 060505104 26,802,000 1,558,237 SH   SOLE NONE 1,556,917 0 1,320
BARRICK GOLD CORP COM COM 067901108 2,379,000 133,410 SH   SOLE NONE 133,410 0 0
CHESAPEAKE ENERGY CORP COM COM 165167107 5,594,000 218,354 SH   SOLE NONE 218,354 0 0
CISCO SYSTEMS, INC. COM 17275R102 2,993,000 133,536 SH   SOLE NONE 133,536 0 0
ENCANA CORPORATION COM COM 292505104 3,687,000 172,437 SH   SOLE NONE 172,437 0 0
EXCO RESOURCES INC COM COM 269279402 5,338,000 953,192 SH   SOLE NONE 953,192 0 0
INTEL CORP COM COM 458140100 3,552,000 137,618 SH   SOLE NONE 137,618 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,235,000 6,414 SH   SOLE NONE 6,414 0 0
LEUCADIA NATL CORP COM COM 527288104 1,260,000 45,016 SH   SOLE NONE 45,016 0 0
MBIA, INC. COM 55262C100 10,319,000 737,632 SH   SOLE NONE 736,953 0 679
MICROSOFT CORP COM 594918104 2,330,000 56,836 SH   SOLE NONE 56,836 0 0
NOVAGOLD RESOURCES INC COM COM NEW 66987E206 1,964,000 544,039 SH   SOLE NONE 543,713 0 326
SANDRIDGE ENERGY INC COM COM 80007P307 8,853,000 1,441,860 SH   SOLE NONE 1,441,254 0 606
SEARS HLDGS CORP COM COM 812350106 506,000 10,602 SH   SOLE NONE 10,600 0 2
VERIZON COMMUNICATIONS COM 92343V104 237,000 4,983 SH   SOLE NONE 4,983 0 0
WELLS FARGO & CO NEW COM COM 949746101 684,000 13,750 SH   SOLE NONE 13,750 0 0
WPX ENERGY INC COM COM 98212B103 1,969,000 109,216 SH   SOLE NONE 109,216 0 0
AMERICAN INTL GROUP INC WT EXP *W EXP 01/19/202 026874156 6,503,000 318,160 SH   SOLE NONE 317,912 0 248
BANK OF AMERICA CORP WARRANT *W EXP 01/16/201 060505146 5,611,000 682,547 SH   SOLE NONE 682,547 0 0
HARTFORD FINANCIAL SERVICES WA *W EXP 06/26/201 416515120 234,000 8,765 SH   SOLE NONE 8,765 0 0