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 27,719 505,922 SH   SOLE NONE 505,780 0 142
APPLE INC COM COM 037833100 7,882 63,343 SH   SOLE NONE 63,335 0 8
AT&T INC COM COM 00206R102 273 8,356 SH   SOLE NONE 8,356 0 0
BANK OF AMERICA CORP COM COM 060505104 30,560 1,985,707 SH   SOLE NONE 1,984,849 0 858
BARRICK GOLD CORP COM COM 067901108 2,530 230,801 SH   SOLE NONE 230,801 0 0
CHESAPEAKE ENERGY CORP COM COM 165167107 2,657 187,656 SH   SOLE NONE 187,656 0 0
CITIGROUP INC COM NEW COM NEW 172967424 224 4,345 SH   SOLE NONE 4,345 0 0
ENCANA CORPORATION COM COM 292505104 654 58,653 SH   SOLE NONE 58,653 0 0
EXCO RESOURCES INC COM COM 269279402 715 390,938 SH   SOLE NONE 390,648 0 290
GENERAL ELECTRIC CO COM COM 369604103 1,015 40,914 SH   SOLE NONE 40,914 0 0
INTL BUSINESS MACHINES COM COM 459200101 1,621 10,102 SH   SOLE NONE 10,102 0 0
LEUCADIA NATL CORP COM COM 527288104 2,745 123,136 SH   SOLE NONE 123,136 0 0
LOEWS CORP COM COM 540424108 1,056 25,874 SH   SOLE NONE 25,874 0 0
NOVAGOLD RESOURCES INC COM COM NEW 66987E206 1,210 408,760 SH   SOLE NONE 408,760 0 0
OAKTREE CAPITAL GROUP LLC UNIT UNIT CL A 674001201 870 16,837 SH   SOLE NONE 16,837 0 0
SEARS HLDGS CORP COM COM 812350106 235 5,675 SH   SOLE NONE 5,675 0 0
VERIZON COMMUNICATIONS COM COM 92343V104 1,162 23,893 SH   SOLE NONE 23,893 0 0
WELLS FARGO & CO COM COM 949746101 777 14,274 SH   SOLE NONE 14,274 0 0
WPX ENERGY INC COM COM 98212B103 8,547 781,942 SH   SOLE NONE 781,720 0 222
AMERICAN INTL GROUP INC WT EXP *W EXP 01/19/202 026874156 6,596 301,459 SH   SOLE NONE 301,294 0 165
BANK OF AMERICA CORP WARRANT *W EXP 01/16/201 060505146 2,640 449,737 SH   SOLE NONE 449,737 0 0