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
ADIENT LTD Com G0084W101 100 1,193 SH   DFND   1,193 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 5,049 45,650 SH   DFND 1,2,7,8,10 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 3 30,100 SH   DFND 10 30,100 0 0
ALLERGEN PLC Com G0177J108 159 778 SH   DFND   778 0 0
ALLISON TRANSMISSION HLDG INC Com 01973R101 1,439 38,330 SH   DFND 10 38,330 0 0
AMERICAN HOMES 4 RENT - CALL Pref 02665T876 773 30,000 SH   DFND 7 30,000 0 0
AMGEN INC Com 031162100 27,035 145,000 SH   DFND 4,7,9 145,000 0 0
ANNALY CAPITAL MGMT Pref 035710870 1,544 60,000 SH   DFND 2,4,10 60,000 0 0
ARCH CAPITAL GROUP Pref 03939A206 494 20,000 SH   DFND 3 20,000 0 0
ARCH CAPITAL GROUP LTD-CALL Pref 03939A107 1,511 60,000 SH   DFND 2,4,10 60,000 0 0
AT&T INC Com 00206R102 1,959 50,000 SH   DFND 10 50,000 0 0
AVNET INC Com 053807103 472 12,000 SH   DFND   12,000 0 0
AXIS CAPITAL HOLDINGS-CALLABLE Pref 05461T305 1,522 60,000 SH   DFND 3,10 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
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 22,529 82 SH   DFND 2,4,9,10 82 0 0
BLACKSTONE GROUP LP Com 09253U108 3,337 100,000 SH   DFND   100,000 0 0
BOEING CO Com 097023105 6,965 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 576 15,000 SH   DFND 3 15,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 1 500,000 SH   DFND   500,000 0 0
CARLYLE GROUP LP - CALLABLE Pref 14309L201 1,535 60,000 SH   DFND 1,2,7 60,000 0 0
CASTLE BRANDS INC Com 148435100 335 250,000 SH   DFND   250,000 0 0
CBL ASSOCIATES PROP - CALLABLE Pref 124830605 855 35,000 SH   DFND 2,9 35,000 0 0
CDK GLOBAL INC Com 12508E101 3,722 58,997 SH   DFND 1,2,3,7,8,10 58,997 0 0
CENTAUR FUNDING CORP -SER B 144A Pref 151327202 5,903 5,111 SH   DFND 2,3,4,7,8,9 5,111 0 0
CHEVRON CORPORATION Com 166764100 1,880 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,392 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q862 2,058 19,055 SH   DFND 1,2 19,055 0 0
COCA COLA COM Com 191216100 675 15,000 SH   DFND 8 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 1,500 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 9,351 312,550 SH   DFND   312,550 0 0
CULLEN FROST BANKERS INC - CALL Pref 229899208 1,265 50,000 SH   DFND 1,9 50,000 0 0
DDR CORP - CALLABLE Pref 23317H805 253 10,000 SH   DFND 4 10,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,634 77,797 SH   DFND 3,4,7 77,797 0 0
DISNEY WALT CO Com 254687106 1,824 18,500 SH   DFND   18,500 0 0
DYNEGY INC NEW DEL WT Com 26817R157 8 33,717 SH   DFND 4,9,10 33,717 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809406 1,534 60,000 SH   DFND 2,4 60,000 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809208 253 10,000 SH   DFND 9 10,000 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809406 1,534 60,000 SH   DFND 10 60,000 0 0
EMERSON ELEC CO Com 291011104 5,593 89,000 SH   DFND 2,8,10 89,000 0 0
EQUITY COMMONWEALTH - CALLABLE Pref 294628508 506 20,000 SH   DFND 2 20,000 0 0
EXXON MOBIL CORP Com 30231G102 2,869 35,000 SH   DFND   35,000 0 0
GENERAL ELECTRIC CO Com 369604103 2,926 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 26 1,145 SH   DFND 8,10 1,145 0 0
GENERAL MOTORS COMPANY Com 37045V100 50 1,228 SH   DFND   1,228 0 0
GENUINE PARTS CO COM Com 372460105 3,998 41,800 SH   DFND 2 41,800 0 0
GEORGIA POWER CO - CALLABE Pref 373334119 1,555 15,500 SH   DFND 2,4 15,500 0 0
GLOBAL INDEMNITY LTD Pref G3933F139 774 30,000 SH   DFND 2,10 30,000 0 0
GLOBAL INDEMNITY PLC - CALLABLE Pref G3933F121 519 20,000 SH   DFND 3 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 26,334 111,025 SH   DFND 6,8,9 111,025 0 0
HALLIBURTON CO HOLDING CO Com 406216101 1,105 24,000 SH   DFND   24,000 0 0
HJ HEINZ HOLDING CORP Com 500754106 823 10,608 SH   DFND 4 10,608 0 0
INTL BUSINESS MACHINES CORP Com 459200101 3,246 22,374 SH   DFND 1 22,374 0 0
JACOBS ENGINEERING GROUP INC Com 469814107 2,156 37,000 SH   DFND   37,000 0 0
JOHNSON CTLS INTL PLC Com G51502105 962 23,874 SH   DFND 9 23,874 0 0
JPMORGAN CHASE & CO COM Com 46625H100 1,352 14,155 SH   DFND 2 14,155 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 7 70 SH   DFND 10 70 0 0
KIMCO REALTY CORP - CALLABLE Pref 49446R745 1,144 45,000 SH   DFND 1,7 45,000 0 0
KIMCO REALTY-CALLABLE Pref 49446R778 254 10,000 SH   DFND 4 10,000 0 0
LEGG MASON INC COM Com 524901105 3,931 100,000 SH   DFND 2,4,7,9,10 100,000 0 0
LEUCADIA NATIONAL CORP Com 527288104 12,900 510,872 SH   DFND 4,7,9,10 510,872 0 0
MCDONALDS CORP Com 580135101 979 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 982 40,000 SH   DFND 2,7 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 1,016 40,000 SH   DFND 9,10 40,000 0 0
MEDTRONIC PLC Com G5960L103 770 9,900 SH   DFND   9,900 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 195,140 16,467,500 SH   DFND 1,2,4,7,9,10 16,467,500 0 0
MERCK & CO, INC. Com 58933Y105 95 1,487 SH   DFND   1,487 0 0
MFC BANCORP LTD Com G60630103 25,663 2,732,477 SH   DFND 1,2,4,7,9,10 2,732,477 0 0
MOTOROLA SOLUTIONS INC Com 620076307 2,330 27,450 SH   DFND   27,450 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 7 744 SH   DFND 8,10 744 0 0
MYMETICS CORP Com 62856A102 153 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 62,657 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 542 13,000 SH   DFND 4 13,000 0 0
NOW INC DE Com 67011P100 15 1,100 SH   DFND 2 1,100 0 0
NUSTAR ENERGY LP - CALLABLE Pref 67058H300 1,146 44,500 SH   DFND 4,9 44,500 0 0
PFSWEB INC Com 717098206 6,263 750,000 SH   DFND   750,000 0 0
PROCTER & GAMBLE CO Com 742718109 21,280 233,900 SH   DFND 1,2,3,7,9 233,900 0 0
PS BUSINESS PARKS INC - CALL Pref 69360J594 758 30,000 SH   DFND 4 30,000 0 0
PS BUSINESS PARKS INC - CALLABLE Pref 69360J669 252 10,000 SH   DFND 9 10,000 0 0
QWEST CORP-CALLABLE Pref 74913G873 765 30,000 SH   DFND 4 30,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 25,299 300,000 SH   DFND 4,9 300,000 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,094 25,000 SH   DFND   25,000 0 0
SEAGATE TECHNOLOGY Com G7945M107 12,455 375,500 SH   DFND 1,2,4,8 375,500 0 0
SELECTIVE INS GROUP INC Com 816300107 10,770 200,000 SH   DFND 10 200,000 0 0
SENIOR HOUSING PROPERTIES TRUST Pref 81721M208 1,270 50,000 SH   DFND 2,4,8 50,000 0 0
STAG INDUSTRIAL Pref 85254J409 539 20,000 SH   DFND 8 20,000 0 0
STAG INDUSTRIAL INC Pref 85254J300 1,287 50,000 SH   DFND 4,9 50,000 0 0
SUN HYDRAULICS CORP Com 866942105 16,200 300,000 SH   DFND 4,10 300,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,038 12,500 SH   DFND   12,500 0 0
TIDEWATER INC NEW Com 88642R109 16 557 SH   DFND   557 0 0
TIDEWATER INC WTS SERIES B 7/31/23 Com 88642R125 2 976 SH   DFND   976 0 0
TIDWATER INC WTS SERIES A 7/31/23 Com 88642R117 3 903 SH   DFND   903 0 0
TRAVELERS COS INC Com 89417E109 2,573 21,000 SH   DFND   21,000 0 0
TWENTY-FIRST CENTURY FOX INC-CL B Com 90130A200 1,934 75,000 SH   DFND   75,000 0 0
UNITED PARCEL SERVICE, INC-CLASS B Com 911312106 2,402 20,000 SH   DFND   20,000 0 0
US BANKCORP DEL COM NEW Com 902973304 1,088 20,300 SH   DFND   20,300 0 0
VAIL RESORTS INC. Com 91879Q109 34,400 150,800 SH   DFND 3,4,9,10 150,800 0 0
VALIDUS HOLDINGS LTD Pref 91915W300 1,509 60,000 SH   DFND 1 60,000 0 0
VALIDUS HOLDINGS LTD Pref 91915W201 1,657 65,000 SH   DFND 3,4,7 65,000 0 0
VALIDUS HOLDINGS LTD Pref 91915W300 1,509 60,000 SH   DFND 8,10 60,000 0 0
VALLEY NATIONAL BANCORP-CALL Pref 919794305 506 19,000 SH   DFND 4 19,000 0 0
VENTAS REALTY LP CAP CORP Pref 92276M204 2,801 110,000 SH   DFND 1,3,4,7,8,9 110,000 0 0
VEREIT INC - CALLABLE Pref 92339V209 2,084 81,000 SH   DFND 2,3,4,7 81,000 0 0
VOLKSWAGEN GROUP ADR Com 928662303 2,202 65,000 SH   DFND   65,000 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 878 35,000 SH   DFND 2,10 35,000 0 0
WEBSTER FINANCIAL CORP - CALLABLE Pref 947890406 890 35,000 SH   DFND 1,10 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 4,853 88,000 SH   DFND 4 88,000 0 0
WILLIS TOWERS WATSON PLC Com G96629103 1,226 7,950 SH   DFND   7,950 0 0
XILINX INC Com 983919101 2,833 40,000 SH   DFND   40,000 0 0
ZIEGLER COS INC THE Com 989506308 5,969 198,972 SH   DFND   198,972 0 0