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 25 1,193 SH   DFND   1,193 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,907 45,650 SH   DFND 1,2,4,8,10 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 3 30,100 SH   DFND 10 30,100 0 0
ALLERGEN PLC Com G0177J108 3,393 17,750 SH   DFND   17,750 0 0
AMGEN INC Com 031162100 34,352 142,500 SH   DFND 4,7,9 142,500 0 0
AT&T INC Com 00206R102 1,954 50,000 SH   DFND 10 50,000 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 340 1 SH   DFND   1 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107 5,594 100,000 SH   DFND   100,000 0 0
BOEING CO Com 097023105 8,926 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 566 15,000 SH   DFND 3 15,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 0 500,000 SH   DFND   500,000 0 0
CBL ASSOCIATES PROP - CALLABLE Pref 124830605 73 15,000 SH   DFND 2 15,000 0 0
CDK GLOBAL INC Com 12508E101 2,123 38,831 SH   DFND 1,2,3,7,8 38,831 0 0
CENTAUR FUNDING CORP -SER B 144A Pref 151327202 5,213 5,111 SH   DFND 2,3,4,8,9 5,111 0 0
CHEVRON CORPORATION Com 166764100 1,928 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,443 68,399 SH   DFND   68,399 0 0
COBANK ACB Pref 19075Q862 2,413 23,199 SH   DFND 1,2 23,199 0 0
COBANK ACB Pref 19075Q805 609 5,799 SH   DFND 9 5,799 0 0
COCA COLA COM Com 191216100 830 15,000 SH   DFND 8 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 1,000 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 10,694 367,350 SH   DFND   367,350 0 0
CORSA COAL CORP Com 22041E609 577 2,226,000 SH   DFND   2,226,000 0 0
DCP MIDSTREAM LP-CALLABLE Pref 23311P209 1,438 60,000 SH   DFND 1,8 60,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,741 77,797 SH   DFND 3,4 77,797 0 0
DISNEY WALT CO Com 254687106 6,145 42,488 SH   DFND   42,488 0 0
EMERSON ELEC CO Com 291011104 6,787 89,000 SH   DFND 2,8,10 89,000 0 0
EXXON MOBIL CORP Com 30231G102 2,442 35,000 SH   DFND   35,000 0 0
FARM CREDIT BK OF TEXAS - CALLABLE Pref 30767E307 1,033 1,000 SH   DFND 10 1,000 0 0
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406 428 4,000 SH   DFND 9 4,000 0 0
FOX CORP CLASS B Com 35137L204 911 25,027 SH   DFND   25,027 0 0
GENERAL ELECTRIC CO Com 369604103 1,350 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS COMPANY Com 37045V100 87 2,373 SH   DFND   2,373 0 0
GENUINE PARTS CO COM Com 372460105 0 2 SH   DFND   2 0 0
GLOBAL INDEMNITY LTD Pref G3933F139 542 20,000 SH   DFND 10 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 25,637 111,500 SH   DFND 2,11,8 111,500 0 0
HALLIBURTON CO HOLDING CO Com 406216101 3,903 159,500 SH   DFND 1,2 159,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 13,869 300,000 SH   DFND 4,10 300,000 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204 1,613 60,000 SH   DFND 4,11 60,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 653 4,874 SH   DFND 1 4,874 0 0
JACOBS ENGINEERING GROUP INC Com 469814107 3,324 37,000 SH   DFND   37,000 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 10,917 510,872 SH   DFND 4,7,9,10 510,872 0 0
JOHNSON CTLS INTL PLC Com G51502105 972 23,874 SH   DFND 9 23,874 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 8 70 SH   DFND 10 70 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 905 47,000 SH   DFND 3,9 47,000 0 0
LEGG MASON INC COM Com 524901105 2,406 67,000 SH   DFND 2,4,7,9,10 67,000 0 0
MCDONALDS CORP Com 580135101 1,235 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 672 40,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 702 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 202,704 16,480,000 SH   DFND 1,2,4,11,7,9,10 16,480,000 0 0
MERCK & CO, INC. Com 58933Y105 135 1,487 SH   DFND   1,487 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 7 744 SH   DFND 8,10 744 0 0
MYMETICS CORP Com 62856A102 87 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 49,721 5,774,800 SH   DFND 1,2,3,4,11,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 697 13,000 SH   DFND 4 13,000 0 0
NOW INC DE Com 67011P100 12 1,100 SH   DFND 2 1,100 0 0
PFSWEB INC Com 717098206 2,865 750,000 SH   DFND 2,10 750,000 0 0
PHI GROUP INC Com 69360B104 0 39,712 SH   DFND 4,10 39,712 0 0
PHI INC Com 6933ESCA5 0 1,000,000 SH   DFND 4,10 1,000,000 0 0
PRIORITY INCOME FUND INC - CALLABL Pref 74274W103 495 20,000 SH   DFND 1 20,000 0 0
PRIORITY INCOME FUND INC-CALLABLE Pref 74274W400 515 20,000 SH   DFND 9 20,000 0 0
PROCTER & GAMBLE CO Com 742718109 3,197 25,600 SH   DFND   25,600 0 0
RAYMOND JAMES FNCL INC Com 754730109 17,780 198,750 SH   DFND 4,9 198,750 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SACHEM CAPITAL CORP - CALLABLE Pref 78590A307 251 10,000 SH   DFND 3 10,000 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,189 25,000 SH   DFND   25,000 0 0
SCULLY ROYALTY LTD Com G7T96K107 33,883 2,732,477 SH   DFND 1,2,4,11,7,9,10 2,732,477 0 0
SELECTIVE INS GROUP INC Com 816300107 13,038 200,000 SH   DFND 10 200,000 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 823 12,799 SH   DFND 4,7,9,10 12,799 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,198 12,500 SH   DFND   12,500 0 0
TIDEWATER INC NEW Com 88642R109 11 557 SH   DFND   557 0 0
TIDEWATER INC WTS SERIES B 7/31/23 Com 88642R125 1 976 SH   DFND   976 0 0
TIDWATER INC WTS SERIES A 7/31/23 Com 88642R117 1 903 SH   DFND   903 0 0
TRAVELERS COS INC Com 89417E109 2,876 21,000 SH   DFND   21,000 0 0
UNITED PARCEL SERVICE, INC-CLASS B Com 911312106 2,341 20,000 SH   DFND   20,000 0 0
US BANKCORP DEL COM NEW Com 902973304 1,204 20,300 SH   DFND   20,300 0 0
VAIL RESORTS INC. Com 91879Q109 20,146 84,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128 73 33,717 SH   DFND 4,9,10 33,717 0 0
VOLKSWAGEN AG Com 928CNV760 6,418 33,000 SH   DFND   33,000 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 682 35,000 SH   DFND 2,10 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 2,690 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
WESTERN ALLIANCE BANCORP - CALL Pref 957638208 647 25,000 SH   DFND 3 25,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 50 647 SH   DFND 1,2,3,9 647 0 0
XILINX INC Com 983919101 3,911 40,000 SH   DFND 2 40,000 0 0
ZIEGLER COS INC THE Com 989506308 1,469 48,972 SH   DFND   48,972 0 0