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
ADT CORPORATION Com 00101J106 453 12,500 SH   DFND 9 12,500 0 0
AICI CAP TRUST PFD Pref 001338201 5 30,100 SH   DFND 10 30,100 0 0
AOL INC Com 00184X105 140 3,030 SH   DFND 4 3,030 0 0
AT&T INC Com 00206R102 1,680 50,000 SH   DFND 10 50,000 0 0
AFFILIATED MANAGERS GROUP Pref 008252868 1,028 40,000 SH   DFND 3,8 40,000 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 3,897 37,650 SH   DFND 1,2,7,8,10 37,650 0 0
ALTRIA GROUP, INC Com 02209S103 2,464 50,000 SH   DFND 4 50,000 0 0
AMGEN INC Com 031162100 25,885 162,500 SH   DFND 4,7,9 162,500 0 0
AVIVA PLC - CALLABLE Pref 05382A203 557 20,000 SH   DFND 10 20,000 0 0
BB&T CORPORATION Com 054937107 54 1,400 SH   DFND 6 1,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 572 15,000 SH   DFND 3 15,000 0 0
BANK OF AMERICA - CALLABLE Pref 060505344 1,534 60,000 SH   DFND 1,2,4 60,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 23,956 106 SH   DFND 2,4,9,10 106 0 0
BOARDWALK PIPELINE PARTNERS, LP Com 096627104 1,292 72,700 SH   DFND 2,8 72,700 0 0
BOEING CO Com 097023105 5,329 25,000 SH   DFND   25,000 0 0
CDK GLOBAL INC Com 12508E101 2,622 64,330 SH   DFND 1,2,3,4,7,8,9,10 64,330 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 35 500,000 SH   DFND   500,000 0 0
CASTLE BRANDS INC Com 148435100 567 350,000 SH   DFND   350,000 0 0
CENTURYLINK INC Com 156700106 136 3,425 SH   DFND 9 3,425 0 0
CHEVRON CORPORATION Com 166764100 1,795 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,849 101,426 SH   DFND   101,426 0 0
CITIGROUP INC - PFD - CALLABLE Pref 172967341 532 20,000 SH   DFND 7 20,000 0 0
CITIGROUP CAPITAL XIII - CALLABLE Pref 173080201 665 25,000 SH   DFND 4 25,000 0 0
COCA COLA COM Com 191216100 633 15,000 SH   DFND 8 15,000 0 0
COMSTOCK RESOURCES INC Com 205768203 2,295 337,000 SH   DFND 2,9 337,000 0 0
CORNING INC Com 219350105 11,671 312,550 SH   DFND   312,550 0 0
CORTS TR II PROVIDENT FING TR I Pref 22081B200 23 810 SH   DFND 4 810 0 0
COUNTRYWIDE CAPITAL Pref 222388209 1,442 56,000 SH   DFND 1,9 56,000 0 0
CRIMSON WINE GROUP LTD Com 22662X100 485 51,086 SH   DFND 4,7,9,10 51,086 0 0
CUBESMART - CALLABLE Pref 229663208 944 35,000 SH   DFND 10 35,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,354 53,941 SH   DFND 3,4 53,941 0 0
DESWELL INDS INC COM COM Com 250639101 360 200,000 SH   DFND 4 200,000 0 0
DEVON ENERGY CORP (NEW) Com 25179M103 6,121 100,000 SH   DFND 2,4,10 100,000 0 0
DIAMOND OFFSHORE DRILLING INC. Com 25271C102 1,193 32,500 SH   DFND 3,6,8 32,500 0 0
DIGITAL REALTY TRUST INC - CALL Pref 253868871 825 31,000 SH   DFND 7 31,000 0 0
EQT CORPORATION CMN Com 26884L109 2,271 30,000 SH   DFND 2 30,000 0 0
EMERSON ELEC CO Com 291011104 5,494 89,000 SH   DFND 2,8,10 89,000 0 0
ENCANA CORPORATION Com 292505104 1,600 115,353 SH   DFND 2,9 115,353 0 0
ENERGY TRANSFER PTNRS L.P. Com 29273R109 1,365 21,000 SH   DFND 10 21,000 0 0
ENTERGY MISSISSIPPI INC - CALLABLE Pref 29364N835 1,036 40,000 SH   DFND 10 40,000 0 0
ENTERGY LOUISIANA LLC Pref 29364W405 330 13,000 SH   DFND 7 13,000 0 0
EQUITY COMMONWEALTH - CALLABLE Pref 294628508 462 20,000 SH   DFND 7 20,000 0 0
FORD MTR CO DEL COM Com 345370860 388 25,000 SH   DFND 4 25,000 0 0
GENERAL ELECTRIC CO Com 369604103 3,058 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V118 73 2,916 SH   DFND 8,10 2,916 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 19 1,145 SH   DFND 8,10 1,145 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 44,154 227,800 SH   DFND 1,2,3,4,7,8,9,10 227,800 0 0
GRAFTECH INTERNATIONAL LTD Com 384313102 506 100,000 SH   DFND 10 100,000 0 0
HCC INSURANCE HOLDINGS INC Com 404132102 4,977 93,000 SH   DFND 3,9,10 93,000 0 0
HSBC HOLDINGS PLCD PFD Pref 404280802 2,657 100,000 SH   DFND 1,3,4 100,000 0 0
HANES BRANDS INC. Com 410345102 698 6,250 SH   DFND 9 6,250 0 0
HARTFORD FINL SVCS GRP - CALLABLE Pref 416518504 1,648 55,000 SH   DFND 4,7 55,000 0 0
HELIX ENERGY SOLUTIONS GROUP Com 42330P107 543 25,000 SH   DFND 9 25,000 0 0
HESS CORPORATION Com 42809H107 2,215 30,000 SH   DFND 4 30,000 0 0
INTEL CORP Com 458140100 4,210 116,000 SH   DFND 4,7,10 116,000 0 0
JPMORGAN CHASE & CO COM Com 46625H100 886 14,155 SH   DFND 2 14,155 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 5 70 SH   DFND 10 70 0 0
KRAFT FOODS GROUP, INC Com 50076Q106 1,524 24,320 SH   DFND 1,2,4,10 24,320 0 0
LEGG MASON INC COM Com 524901105 6,324 118,500 SH   DFND 2,4,7,9,10 118,500 0 0
LEUCADIA NATIONAL CORP Com 527288104 11,454 510,872 SH   DFND 4,7,9,10 510,872 0 0
MFC INDUSTRIAL LTD Com 55278T105 96,730 13,662,400 SH   DFND 1,2,4,7,9,10 13,662,400 0 0
MACK CALI RLTY COM REIT Com 554489104 334 17,500 SH   DFND 4 17,500 0 0
MCDONALDS CORP Com 580135101 586 6,250 SH   DFND 3 6,250 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 191,800 15,606,223 SH   DFND 1,2,4,7,9,10 15,606,223 0 0
MONDELEZ INTERNATIONAL INC Com 609207105 2,650 72,964 SH   DFND 1,2,4,10 72,964 0 0
MORGAN STANLEY - CALLABLE Pref 61761J406 1,012 40,000 SH   DFND 4 40,000 0 0
MOVODA GROUP INC Com 624580106 14,667 517,000 SH   DFND 1,2,3,4,7,9,10 517,000 0 0
MYMETICS CORP Com 62856A102 55 2,186,473 SH   DFND 7,10 2,186,473 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 512 13,000 SH   DFND 4 13,000 0 0
NEW YORK COMMUNITY Com 649445103 800 50,000 SH   DFND 9 50,000 0 0
PS BUSINESS PARKS - CALLABLE Pref 69360J883 1,789 70,000 SH   DFND 3,7,9 70,000 0 0
PFSWEB INC Com 717098206 9,495 750,000 SH   DFND   750,000 0 0
PHILIP MORRIS INTL INC Com 718172109 6,109 75,000 SH   DFND 4,9 75,000 0 0
MERRIL LYNCH DEPOSITOR PFD PLUS Pref 740434881 481 18,700 SH   DFND 10 18,700 0 0
PRINCIPAL FINL GROUP-CALLABLE Pref 74251V201 1,011 10,000 SH   DFND 4 10,000 0 0
PRINCIPAL FINANCIAL GROUP-CALL Pref 74251V300 384 15,000 SH   DFND 7 15,000 0 0
PROCTER & GAMBLE CO Com 742718109 9,054 99,400 SH   DFND 2,8,9 99,400 0 0
QWEST CORPORATION - CALLABLE Pref 74913G105 2,051 80,000 SH   DFND 3,9 80,000 0 0
RANGE RESOURCES CORP Com 75281A109 1,296 24,250 SH   DFND 2,9 24,250 0 0
RAYMOND JAMES FNCL INC Com 754730109 17,975 313,750 SH   DFND 4,9 313,750 0 0
REED ELSEVIER N.V. SPONSORED ADR Com 758204200 1,667 35,000 SH   DFND 2 35,000 0 0
SCANA CORPORATION - PFD Pref 80589M201 535 21,000 SH   DFND 4 21,000 0 0
SCHWAB CHARLES CORP NEW Com 808513105 755 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107 5,434 200,000 SH   DFND 10 200,000 0 0
SOLAZYME, INC Com 83415T101 258 100,000 SH   DFND   100,000 0 0
SPECTRUM PHARMACEUTICALS INC Com 84763A108 525 75,796 SH   DFND   75,796 0 0
STATE STREET CORP Pref 857477889 757 30,000 SH   DFND 10 30,000 0 0
SUBSEA 7 INC SPONSORED ADR Com 864323100 1,021 100,000 SH   DFND 10 100,000 0 0
SUN HYDRAULICS CORP Com 866942105 11,814 300,000 SH   DFND 4,10 300,000 0 0
TCF FINANCIAL CORP - CALLABLE Pref 872277207 524 20,000 SH   DFND 3 20,000 0 0
TRC COMPANIES INC Com 872625108 5,422 855,216 SH   DFND 10 855,216 0 0
TARGET CORP COM Com 87612E106 531 7,000 SH   DFND   7,000 0 0
THORATEC LABS CORP Com 885175307 19,649 605,318 SH   DFND 1,4,9,10 605,318 0 0
TIDEWATER INC Com 886423102 5,931 183,000 SH   DFND 3,4,9 183,000 0 0
TRAVELERS COS INC Com 89417E109 2,223 21,000 SH   DFND   21,000 0 0
GRAFTECK INTERNATIONAL LTD Com 90262K109 1,518 300,000 SH   DFND   300,000 0 0
UDR INC Com 902653104 6,413 208,079 SH   DFND 2,10 208,079 0 0
US BANKCORP DEL COM NEW Com 902973304 18,614 414,100 SH   DFND 1,2,3,4,7,8,9,10 414,100 0 0
ULTRA PETROLEUM CORP Com 903914109 1,645 125,000 SH   DFND 2,9 125,000 0 0
US CELLULAR CORP Pref 911684504 1,498 60,000 SH   DFND 1,10 60,000 0 0
VAIL RESORTS INC. Com 91879Q109 16,476 180,800 SH   DFND 3,4,9,10 180,800 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 4,824 88,000 SH   DFND 4 88,000 0 0
WELLS FARGO REAL ESTATE INV CORP Pref 94988N207 761 30,000 SH   DFND 3 30,000 0 0
WESTERN UNION COMPANY Com 959802109 1,164 65,000 SH   DFND   65,000 0 0
WPX ENERGY, INC Com 98212B103 1,593 137,000 SH   DFND 2,9 137,000 0 0
XILINX INC Com 983919101 4,329 100,000 SH   DFND   100,000 0 0
XEROX CORP COM Com 984121103 4,158 300,000 SH   DFND 2,4 300,000 0 0
ZIEGLER COS INC THE Com 989506308 6,250 198,972 SH   DFND   198,972 0 0
COVIDIEN PLC Com G2554F113 2,557 25,000 SH   DFND 9 25,000 0 0
MALLINCKRODT PLC WI Com G5785G107 309 3,124 SH   DFND 9 3,124 0 0
NAM TAI PROPERTY INC Com G63907102 27,430 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
PENTAIR PLC Com G7S00T104 398 5,998 SH   DFND 9 5,998 0 0
TYCO INTERNATIONAL LTD Com G91442106 1,097 25,000 SH   DFND 9 25,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,581 25,000 SH   DFND 9 25,000 0 0