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 23,219 414,545 SH   SOLE NONE 414,442 0 103
APACHE CORP COM COM 037411105 1,087 17,342 SH   SOLE NONE 17,342 0 0
APPLE INC COM COM 037833100 4,462 40,422 SH   SOLE NONE 40,422 0 0
AT&T INC COM COM 00206R102 259 7,696 SH   SOLE NONE 7,696 0 0
BANK OF AMERICA CORP COM COM 060505104 38,551 2,154,882 SH   SOLE NONE 2,154,024 0 858
BARRICK GOLD CORP COM COM 067901108 980 91,193 SH   SOLE NONE 91,193 0 0
BIGLARI HOLDINGS INC COM COM 08986R101 304 762 SH   SOLE NONE 762 0 0
CHESAPEAKE ENERGY CORP COM COM 165167107 4,624 236,275 SH   SOLE NONE 236,275 0 0
CISCO SYSTEMS, INC. COM 17275R102 2,062 74,133 SH   SOLE NONE 74,133 0 0
CITIGROUP INC COM NEW COM NEW 172967424 351 6,495 SH   SOLE NONE 6,495 0 0
DEVON ENERGY CORPORATION COMMO COM 25179M103 463 7,569 SH   SOLE NONE 7,569 0 0
ENCANA CORPORATION COM COM 292505104 1,709 123,249 SH   SOLE NONE 123,249 0 0
EXCO RESOURCES INC COM COM 269279402 1,954 900,576 SH   SOLE NONE 899,996 0 580
INTL BUSINESS MACHINES COM COM 459200101 1,851 11,540 SH   SOLE NONE 11,540 0 0
LEUCADIA NATL CORP COM COM 527288104 6,128 273,317 SH   SOLE NONE 273,317 0 0
NOVAGOLD RESOURCES INC COM COM NEW 66987E206 1,249 423,509 SH   SOLE NONE 423,509 0 0
SANDRIDGE ENERGY INC COM COM 80007P307 103 56,680 SH   SOLE NONE 56,680 0 0
SEARS HLDGS CORP COM COM 812350106 426 12,930 SH   SOLE NONE 12,930 0 0
SM ENERGY COMPANY COM COM 78454L100 3,481 90,239 SH   SOLE NONE 90,206 0 33
VERIZON COMMUNICATIONS COM COM 92343V104 309 6,597 SH   SOLE NONE 6,597 0 0
WELLS FARGO & CO COM COM 949746101 783 14,274 SH   SOLE NONE 14,274 0 0
WPX ENERGY INC COM COM 98212B103 2,097 180,322 SH   SOLE NONE 180,322 0 0
AMERICAN INTL GROUP INC WT EXP *W EXP 01/19/202 026874156 7,535 306,032 SH   SOLE NONE 305,867 0 165
BANK OF AMERICA CORP WARRANT *W EXP 01/16/201 060505146 4,254 604,309 SH   SOLE NONE 604,309 0 0