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 420 12,500 SH   DFND 9 12,500 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,793 45,650 SH   DFND 1,2,7,8,10 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 6 30,100 SH   DFND 10 30,100 0 0
ALTRIA GROUP, INC Com 02209S103 1,223 25,000 SH   DFND 4 25,000 0 0
AMGEN INC Com 031162100 23,028 150,000 SH   DFND 4,7,9 150,000 0 0
ARES CAPITAL CORP - CALLABLE Pref 04010L202 304 12,000 SH   DFND 2 12,000 0 0
ARES CAPITAL CORP - CALLABLE Pref 04010L608 760 30,000 SH   DFND 2 30,000 0 0
ASPEN INSURANCE HOLDINGS LTD -CALL Pref G05384139 511 20,000 SH   DFND 3 20,000 0 0
AT&T INC Com 00206R102 1,776 50,000 SH   DFND 10 50,000 0 0
BANK OF AMERICA - CALLABLE Pref 060505344 1,021 40,000 SH   DFND 1,2 40,000 0 0
BANK OF AMERICA CORP Pref 060505310 1,514 60,000 SH   DFND 7,10 60,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107 0 54,211 SH   DFND   54,211 0 0
BB LIQUIDATING INC - CLASS B Com 05532D206 0 54,211 SH   DFND   54,211 0 0
BB&T CORPORATION Com 054937107 56 1,400 SH   DFND 6 1,400 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 21,714 106 SH   DFND 2,4,9,10 106 0 0
BOARDWALK PIPELINE PARTNERS, LP Com 096627104 1,056 72,700 SH   DFND 2,8 72,700 0 0
BOEING CO Com 097023105 3,468 25,000 SH   DFND 7 25,000 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 599 15,000 SH   DFND 3 15,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 4 500,000 SH   DFND   500,000 0 0
CASTLE BRANDS INC Com 148435100 487 350,000 SH   DFND   350,000 0 0
CDK GLOBAL INC Com 12508E101 3,365 62,330 SH   DFND 1,2,3,7,8,9,10 62,330 0 0
CENTURYLINK INC Com 156700106 101 3,425 SH   DFND 9 3,425 0 0
CHEVRON CORPORATION Com 166764100 1,544 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 2,015 101,426 SH   DFND   101,426 0 0
CITIGROUP INC - PFD - CALLABLE Pref 172967341 533 20,000 SH   DFND 7 20,000 0 0
COCA COLA COM Com 191216100 588 15,000 SH   DFND 8 15,000 0 0
COMSTOCK RESOURCES INC Com 205768203 1,122 337,000 SH   DFND 2,9 337,000 0 0
CORNING INC Com 219350105 6,166 312,500 SH   DFND   312,500 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 2,9 56,000 0 0
CRIMSON WINE GROUP LTD Com 22662X100 476 50,955 SH   DFND 7,9,10 50,955 0 0
CUBESMART - CALLABLE Pref 229663208 132 5,000 SH   DFND 10 5,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,349 53,941 SH   DFND 3,4 53,941 0 0
DEVON ENERGY CORP (NEW) Com 25179M103 5,949 100,000 SH   DFND 2,4,10 100,000 0 0
DIAMOND OFFSHORE DRILLING INC. Com 25271C102 839 32,500 SH   DFND 3,6,8 32,500 0 0
EMERSON ELEC CO Com 291011104 4,933 89,000 SH   DFND 2,8,10 89,000 0 0
ENCANA CORPORATION Com 292505104 1,271 115,353 SH   DFND 2,9 115,353 0 0
ENERGY TRANSFER PTNRS L.P. Com 29273R109 1,096 21,000 SH   DFND 10 21,000 0 0
ENTERGY LOUISIANA LLC Pref 29364W405 1,329 53,000 SH   DFND 2,7 53,000 0 0
ENTERGY MISSISSIPPI INC - CALLABLE Pref 29364N835 1,021 40,000 SH   DFND 10 40,000 0 0
EQT CORPORATION CMN Com 26884L109 2,440 30,000 SH   DFND 2 30,000 0 0
EQUITY COMMONWEALTH - CALLABLE Pref 294628508 1,617 70,000 SH   DFND 2,3,4,7 70,000 0 0
GENERAL ELECTRIC CO Com 369604103 3,215 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V118 65 2,719 SH   DFND 10 2,719 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 13 803 SH   DFND 10 803 0 0
GMAC CAPITAL TRUST Pref 361860208 520 20,000 SH   DFND 4 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 26,412 126,500 SH   DFND   126,500 0 0
GOLDMAN SACHS GROUP INC - CALLABLE Pref 38145X111 507 20,000 SH   DFND 10 20,000 0 0
GRAFTECH INTERNATIONAL LTD Com 384313102 496 100,000 SH   DFND 10 100,000 0 0
GRAFTECK INTERNATIONAL LTD Com 90262K109 1,488 300,000 SH   DFND   300,000 0 0
HANCOCK HLDG CO- CALLABLE Pref 410120307 956 40,000 SH   DFND 1,3 40,000 0 0
HANES BRANDS INC. Com 410345102 833 25,000 SH   DFND 9 25,000 0 0
HARTFORD FINL SVCS GRP - CALLABLE Pref 416518504 744 25,000 SH   DFND 7 25,000 0 0
HCC INSURANCE HOLDINGS INC Com 404132102 7,146 93,000 SH   DFND 3,9,10 93,000 0 0
HELIX ENERGY SOLUTIONS GROUP Com 42330P107 316 25,000 SH   DFND 9 25,000 0 0
HERCULES OFFSHORE INC Com 427093109 0 5 SH   DFND   5 0 0
JP MORGAN CHASE & CO - CALLABLE Pref 48127R461 498 20,000 SH   DFND 2 20,000 0 0
JPMORGAN CHASE & CO COM Com 46625H100 959 14,155 SH   DFND 2 14,155 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 6 70 SH   DFND 10 70 0 0
KRAFT FOODS GROUP, INC Com 50076Q106 2,071 24,320 SH   DFND 1,2,4,10 24,320 0 0
LEGG MASON INC COM Com 524901105 5,153 100,000 SH   DFND 2,4,7,9,10 100,000 0 0
LEUCADIA NATIONAL CORP Com 527288104 12,404 510,872 SH   DFND 4,7,9,10 510,872 0 0
MALLINCKRODT PLC WI Com G5785G107 368 3,124 SH   DFND 9 3,124 0 0
MCDONALDS CORP Com 580135101 594 6,250 SH   DFND 3 6,250 0 0
MEDTRONIC PLC Com G5960L103 1,771 23,900 SH   DFND 9 23,900 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 215,545 15,756,223 SH   DFND 1,2,4,7,9,10 15,756,223 0 0
MERCK & CO, INC. Com 58933Y105 85 1,487 SH   DFND   1,487 0 0
MERRIL LYNCH DEPOSITOR PFD PLUS Pref 740434881 476 18,700 SH   DFND 10 18,700 0 0
MFC INDUSTRIAL LTD Com 55278T105 55,333 13,662,400 SH   DFND 1,2,4,7,9,10 13,662,400 0 0
MONDELEZ INTERNATIONAL INC Com 609207105 3,002 72,964 SH   DFND 1,2,4,10 72,964 0 0
MORGAN STANLEY - CALLABLE Pref 61761J406 509 20,000 SH   DFND 7 20,000 0 0
MOTOROLA SOLUTIONS INC Com 620076307 82 1,427 SH   DFND   1,427 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 14 744 SH   DFND 8,10 744 0 0
MOVODA GROUP INC Com 624580106 1,277 47,000 SH   DFND 9 47,000 0 0
MYMETICS CORP Com 62856A102 44 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 27,835 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 455 13,000 SH   DFND 4 13,000 0 0
NEW YORK COMMUNITY Com 649445103 919 50,000 SH   DFND 9 50,000 0 0
PENTAIR PLC Com G7S00T104 412 5,998 SH   DFND 9 5,998 0 0
PFSWEB INC Com 717098206 10,395 750,000 SH   DFND   750,000 0 0
PHILIP MORRIS INTL INC Com 718172109 4,009 50,000 SH   DFND 4,9 50,000 0 0
PROCTER & GAMBLE CO Com 742718109 7,777 99,400 SH   DFND 2,8,9 99,400 0 0
PS BUSINESS PARKS - CALLABLE Pref 69360J883 1,522 60,000 SH   DFND 3,7,9 60,000 0 0
RANGE RESOURCES CORP Com 75281A109 1,197 24,250 SH   DFND 2,9 24,250 0 0
RAYMOND JAMES FINANCIAL - CALLABLE Pref 754730208 523 20,000 SH   DFND 10 20,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 17,874 300,000 SH   DFND 4,9 300,000 0 0
REED ELSEVIER N.V. SPONSORED ADR Com 758204200 1,640 35,000 SH   DFND 2 35,000 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 816 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP INC Com 816300107 5,610 200,000 SH   DFND 10 200,000 0 0
SENIOR HOUSING PROPERTIES TRUST Pref 81721M208 692 30,000 SH   DFND 7 30,000 0 0
SOLAZYME, INC Com 83415T101 314 100,000 SH   DFND   100,000 0 0
SPECTRUM PHARMACEUTICALS INC Com 84763A108 518 75,796 SH   DFND   75,796 0 0
STAG INDUSTRIAL INC - CALLABLE Pref 85254J201 408 15,000 SH   DFND 7 15,000 0 0
STATE STREET CORP Pref 857477889 751 30,000 SH   DFND 10 30,000 0 0
SUBSEA 7 INC SPONSORED ADR Com 864323100 976 100,000 SH   DFND 10 100,000 0 0
SUN HYDRAULICS CORP Com 866942105 11,433 300,000 SH   DFND 4,10 300,000 0 0
SUVANZA Com 869551101 0 5,430 SH   DFND   5,430 0 0
TCF FINANCIAL CORP - CALLABLE Pref 872277207 524 20,000 SH   DFND 3 20,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,608 25,000 SH   DFND 9 25,000 0 0
THORATEC LABS CORP Com 885175307 26,979 605,318 SH   DFND 1,4,9,10 605,318 0 0
TIDEWATER INC Com 886423102 3,023 133,000 SH   DFND 3,9 133,000 0 0
TRAVELERS COS INC Com 89417E109 2,030 21,000 SH   DFND   21,000 0 0
TRC COMPANIES INC Com 872625108 8,680 855,216 SH   DFND 10 855,216 0 0
TYCO INTERNATIONAL LTD Com G91442106 962 25,000 SH   DFND 9 25,000 0 0
UDR INC Com 902653104 6,406 200,000 SH   DFND 2,10 200,000 0 0
ULTRA PETROLEUM CORP Com 903914109 1,565 125,000 SH   DFND 2,9 125,000 0 0
US BANKCORP DEL COM NEW Com 902973304 881 20,300 SH   DFND   20,300 0 0
VAIL RESORTS INC. Com 91879Q109 16,467 150,800 SH   DFND 3,4,9,10 150,800 0 0
VORNADO REALTY TRUST- CALLABLE Pref 929042869 949 37,000 SH   DFND 3,8 37,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 4,949 88,000 SH   DFND 4 88,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
WESTERN UNION COMPANY Com 959802109 1,321 65,000 SH   DFND   65,000 0 0
WINTRUST FINANCIAL CORP-CALLABLE Pref 97650W405 1,972 80,000 SH   DFND 3,9,10 80,000 0 0
WPX ENERGY, INC Com 98212B103 1,682 137,000 SH   DFND 2,9 137,000 0 0
XEROX CORP COM Com 984121103 2,128 200,000 SH   DFND 2 200,000 0 0
XILINX INC Com 983919101 4,416 100,000 SH   DFND   100,000 0 0
ZIEGLER COS INC THE Com 989506308 6,168 198,972 SH   DFND   198,972 0 0