13F-HR 1 form_13f-perry.txt ----------------------------------- OMB APPROVAL ----------------------------------- OMB Number: 3235-0006 Expires: December 31, 2009 Estimated average burden hours per response..........22.6 ----------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2007 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Perry Corp. 767 Fifth Avenue New York, NY 10153 Form 13F File Number: 028-4106 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Michael C. Neus Title: General Counsel Phone: 212-583-4000 Signature, Place, and Date of Signing:
/s/ Michael C. Neus NEW YORK, NY NOVEMBER 14, 2007 --------------------------- --------------------------- --------------------------- [Signature] [City, State] [Date]
Report Type (Check only one.): [ ] 13F HOLDINGS REPORT.(Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F Summary Page Report Summary: Number of Other Included Managers: 1 ------------------ Form 13F Information Table Entry Total: 165 ------------------ Form 13F Information Table Value Total: $10,858,128 ------------------ (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NO. NAME ----------- ------------------------- 1. Richard C. Perry.
Perry Corp Form 13F Information Table Quarter ended September 30, 2007 INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET VALUE SHARES OR TITLE OF CUSIP (IN PRINCIPAL SH/ PUT/ SHARED SHARED OTHER ISSUER CLASS NUMBER THOUSANDS) AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ ABX Air Inc. COMMON 00080S101 $20,160 2,847,443 SH Shared 1 2,847,443 ------------------------------------------------------------------------------------------------------------------------------------ ACA Capital Holdings Inc. COMMON 000833103 $22,076 3,625,000 SH Shared 1 3,625,000 ------------------------------------------------------------------------------------------------------------------------------------ Advance America Cash Advance Centers Inc. COMMON 00739W107 $22,841 2,140,700 SH Shared 1 2,140,700 ------------------------------------------------------------------------------------------------------------------------------------ Advance Auto Parts COMMON 00751Y106 $88,001 2,622,210 SH Shared 1 2,622,210 ------------------------------------------------------------------------------------------------------------------------------------ Aetna Inc. COMMON 00817Y108 $70,695 1,302,650 SH Shared 1 1,302,650 ------------------------------------------------------------------------------------------------------------------------------------ Alcan Aluminum COMMON 013716105 $60,128 600,800 SH Shared 1 600,800 ------------------------------------------------------------------------------------------------------------------------------------ Alcoa COMMON 013817101 $18,582 475,000 SH Shared 1 475,000 ------------------------------------------------------------------------------------------------------------------------------------ Allegheny Technologies Inc. COMMON 01741R102 $108,473 986,566 SH Shared 1 986,566 ------------------------------------------------------------------------------------------------------------------------------------ Alliance Imaging Inc. COMMON 018606202 $1,823 201,200 SH Shared 1 201,200 ------------------------------------------------------------------------------------------------------------------------------------ Allstate Corp COMMON 020002101 $141,518 2,474,525 SH Shared 1 2,474,525 ------------------------------------------------------------------------------------------------------------------------------------ American Express COMMON 025816109 $3,659 61,637 SH Shared 1 61,637 ------------------------------------------------------------------------------------------------------------------------------------ American Intl Group Inc. COMMON 026874107 $32,692 483,252 SH Shared 1 483,252 ------------------------------------------------------------------------------------------------------------------------------------ Amerigroup Corp COMMON 03073T102 $65,636 1,903,587 SH Shared 1 1,903,587 ------------------------------------------------------------------------------------------------------------------------------------ Ameriprise Financial Inc. COMMON 03076C106 $778 12,327 SH Shared 1 12,327 ------------------------------------------------------------------------------------------------------------------------------------ AMN Healthcare Services COMMON 001744101 $6,827 364,500 SH Shared 1 364,500 ------------------------------------------------------------------------------------------------------------------------------------ Andrew Corp COMMON 034425108 $105,953 7,650,000 SH Shared 1 7,650,000 ------------------------------------------------------------------------------------------------------------------------------------ Ann Taylor Stores COMMON 036115103 $75,755 2,392,000 SH Shared 1 2,392,000 ------------------------------------------------------------------------------------------------------------------------------------ Applebee's International, Inc. COMMON 037899101 $74,640 3,000,000 SH Shared 1 3,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Applera Corp COM AP BIO GRP 038020103 $27,163 784,150 SH Shared 1 784,150 ------------------------------------------------------------------------------------------------------------------------------------ Applied Materials Inc. COMMON 038222105 $62,100 3,000,000 SH PUT Shared 1 3,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Arch Coal Inc. COMMON 039380100 $90,171 2,672,540 SH Shared 1 2,672,540 ------------------------------------------------------------------------------------------------------------------------------------ Archstone-Smith Trust COMMON 039583109 $75,175 1,250,000 SH Shared 1 1,250,000 ------------------------------------------------------------------------------------------------------------------------------------ Argo Group International COMMON G0464B107 $18,922 434,881 SH Shared 1 434,881 ------------------------------------------------------------------------------------------------------------------------------------ Armstrong World Industries Inc. COMMON 04247X102 $30,219 744,502 SH Shared 1 744,502 ------------------------------------------------------------------------------------------------------------------------------------ Aspen Insurance Holdings Ltd. SHS G05384105 $55,330 1,982,442 SH Shared 1 1,982,442 ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET VALUE SHARES OR ISSUER TITLE OF CUSIP (IN PRINCIPAL SH/ PUT/ SHARED SHARED OTHER CLASS NUMBER THOUSANDS) AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ Berkley W R Corp COMMON 084423102 $27,261 920,046 SH Shared 1 920,046 ------------------------------------------------------------------------------------------------------------------------------------ Borg Warner Inc. COMMON 099724106 $19,129 208,990 SH Shared 1 208,990 ------------------------------------------------------------------------------------------------------------------------------------ BP PLC SPONSORED ADR 055622104 $13,656 196,914 SH Shared 1 196,914 ------------------------------------------------------------------------------------------------------------------------------------ Burger King Holdings Inc. COMMON 121208201 $9,941 390,000 SH Shared 1 390,000 ------------------------------------------------------------------------------------------------------------------------------------ Burlington Northern Santa Fe Corp COMMON 12189T104 $448,781 5,528,900 SH Shared 1 5,528,900 ------------------------------------------------------------------------------------------------------------------------------------ Cameron International Corp COMMON 13342B105 $1,921 20,818 SH Shared 1 20,818 ------------------------------------------------------------------------------------------------------------------------------------ Capital One Financial COMMON 14040H105 $286,180 4,308,000 SH Shared 1 4,308,000 ------------------------------------------------------------------------------------------------------------------------------------ Checkfree Corp New COMMON 162813109 $26,937 578,792 SH Shared 1 578,792 ------------------------------------------------------------------------------------------------------------------------------------ Chemed Corp COMMON 16359R103 $37,793 608,000 SH Shared 1 608,000 ------------------------------------------------------------------------------------------------------------------------------------ Cheniere Energy Inc. COMMON 16411R208 $143,648 3,667,304 SH Shared 1 3,667,304 ------------------------------------------------------------------------------------------------------------------------------------ China Medical SPONS ADR SHS 169483104 $141,207 3,300,000 SH Shared 1 3,300,000 ------------------------------------------------------------------------------------------------------------------------------------ Chipotle Mexican Grill CL B 169656204 $43,496 406,500 SH Shared 1 406,500 ------------------------------------------------------------------------------------------------------------------------------------ Cintas Corp. COMMON 172908105 $5,376 144,900 SH Shared 1 144,900 ------------------------------------------------------------------------------------------------------------------------------------ CIT Group Inc. COMMON 125581108 $88,440 2,200,000 SH Shared 1 2,200,000 ------------------------------------------------------------------------------------------------------------------------------------ CKX Inc. COMMON 12562M106 $30,791 2,501,287 SH Shared 1 2,501,287 ------------------------------------------------------------------------------------------------------------------------------------ Clear Channel Communications COMMON 184502102 $421,810 11,266,300 SH Shared 1 11,266,300 ------------------------------------------------------------------------------------------------------------------------------------ Cleveland-Cliffs Inc. COMMON 185896107 $19,266 219,003 SH Shared 1 219,003 ------------------------------------------------------------------------------------------------------------------------------------ Columbia Labs COMMON 197779101 $9,887 3,817,365 SH Shared 1 3,817,365 ------------------------------------------------------------------------------------------------------------------------------------ Community Health Systems Inc. COMMON 203668108 $34,348 1,092,500 SH Shared 1 1,092,500 ------------------------------------------------------------------------------------------------------------------------------------ CompuCredit Corp COMMON 20478N100 $21,700 1,000,000 SH Shared 1 1,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Conseco Inc. COMMON 208464883 $20,478 1,279,852 SH Shared 1 1,279,852 ------------------------------------------------------------------------------------------------------------------------------------ Constellation Energy Group COMMON 210371100 $102,948 1,200,000 SH Shared 1 1,200,000 ------------------------------------------------------------------------------------------------------------------------------------ Constellation Energy COM UNIT Partners LLC LLC B 21038E101 $15,407 380,714 SH Shared 1 380,714 ------------------------------------------------------------------------------------------------------------------------------------ CVS Caremark Corp COMMON 126650100 $65,761 1,659,376 SH Shared 1 1,659,376 ------------------------------------------------------------------------------------------------------------------------------------ Cypress Semiconductor Corp. COMMON 232806109 $94,357 3,230,300 SH Shared 1 3,230,300 ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET VALUE SHARES OR ISSUER TITLE OF CUSIP (IN PRINCIPAL SH/ PUT/ SHARED SHARED OTHER CLASS NUMBER THOUSANDS) AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ Cytyc Corp COMMON 232946103 $2,206 46,300 SH Shared 1 46,300 ------------------------------------------------------------------------------------------------------------------------------------ Digirad Corporation COMMON 253827109 $1,870 579,060 SH Shared 1 579,060 ------------------------------------------------------------------------------------------------------------------------------------ Dillard Dept Stores CL A 254067101 $14,189 650,000 SH Shared 1 650,000 ------------------------------------------------------------------------------------------------------------------------------------ DirecTV Group Inc. COMMON 25459L106 $6,070 250,000 SH Shared 1 250,000 ------------------------------------------------------------------------------------------------------------------------------------ DirecTV Group Inc. COMMON 25459L106 $8,209 338,100 SH PUT Shared 1 338,100 ------------------------------------------------------------------------------------------------------------------------------------ Domtar Corp COMMON 257559104 $24,248 2,957,110 SH Shared 1 2,957,110 ------------------------------------------------------------------------------------------------------------------------------------ Doral Financial Corp COMMON 25811P886 $2,745 125,000 SH Shared 1 125,000 ------------------------------------------------------------------------------------------------------------------------------------ DSP Group Inc. COMMON 23332B106 $18,166 1,147,595 SH Shared 1 1,147,595 ------------------------------------------------------------------------------------------------------------------------------------ Eagle Rock Energy Partners UNIT 26985R104 $27,069 1,357,466 SH Shared 1 1,357,466 ------------------------------------------------------------------------------------------------------------------------------------ EMC Corp COMMON 268648102 $54,334 2,612,200 SH Shared 1 2,612,200 ------------------------------------------------------------------------------------------------------------------------------------ Endurance Specialty Holdings SHS G30397106 $296,520 7,136,470 SH Shared 1 7,136,470 ------------------------------------------------------------------------------------------------------------------------------------ ETrade Financial Corp COMMON 269246104 $94,613 7,250,000 SH Shared 1 7,250,000 ------------------------------------------------------------------------------------------------------------------------------------ Exelon Corp COMMON 30161N101 $26,753 355,000 SH CALL Shared 1 355,000 ------------------------------------------------------------------------------------------------------------------------------------ Exelon Corp COMMON 30161N101 $25,999 345,000 SH Shared 1 345,000 ------------------------------------------------------------------------------------------------------------------------------------ Fidelity National Financial, Inc. CL A 31620R105 $44,961 2,572,121 SH Shared 1 2,572,121 ------------------------------------------------------------------------------------------------------------------------------------ Fidelity National Information Services, Inc. COMMON 31620M106 $160,665 3,621,037 SH Shared 1 3,621,037 ------------------------------------------------------------------------------------------------------------------------------------ Flagstone Reinsurance Holdings SHS G3529T105 $6,507 489,615 SH Shared 1 489,615 ------------------------------------------------------------------------------------------------------------------------------------ Florida Rock Inds Inc. COMMON 341140101 $76,550 1,225,000 SH Shared 1 1,225,000 ------------------------------------------------------------------------------------------------------------------------------------ General Dynamics COMMON 369550108 $30,582 362,042 SH Shared 1 362,042 ------------------------------------------------------------------------------------------------------------------------------------ General Motors COMMON 370442105 $47,710 1,300,000 SH Shared 1 1,300,000 ------------------------------------------------------------------------------------------------------------------------------------ Great Atlantic & Pac Tea COMMON 390064103 $6,445 211,586 SH Shared 1 211,586 ------------------------------------------------------------------------------------------------------------------------------------ Harman International Inds Inc. COMMON 413086109 $2,336 27,000 SH Shared 1 27,000 ------------------------------------------------------------------------------------------------------------------------------------ Harrah's Entertainment Inc. COMMON 413619107 $102,143 1,175,000 SH Shared 1 1,175,000 ------------------------------------------------------------------------------------------------------------------------------------ Healthspring COMMON 42224N101 $105,119 5,390,700 SH Shared 1 5,390,700 ------------------------------------------------------------------------------------------------------------------------------------ Hearst-Argyle Television Inc. COMMON 422317107 $5,356 206,300 SH Shared 1 206,300 ------------------------------------------------------------------------------------------------------------------------------------ Hess Corporation COMMON 42809H107 $48,243 725,134 SH Shared 1 725,134 ------------------------------------------------------------------------------------------------------------------------------------ Hilton Hotels COMMON 432848109 $20,130 433,000 SH Shared 1 433,000 ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET VALUE SHARES OR ISSUER TITLE OF CUSIP (IN PRINCIPAL SH/ PUT/ SHARED SHARED OTHER CLASS NUMBER THOUSANDS) AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ Ico Global Comm Hldg CL A 44930K108 $5,633 1,618,629 SH Shared 1 1,618,629 ------------------------------------------------------------------------------------------------------------------------------------ Integrated Device Technology COMMON 458118106 $239,123 15,447,254 SH Shared 1 15,447,254 ------------------------------------------------------------------------------------------------------------------------------------ Interactive Brokers COMMON 45841N107 $105,040 4,000,000 SH Shared 1 4,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Intercontinental Exchange Inc. COMMON 45865V100 $47,028 309,600 SH Shared 1 309,600 ------------------------------------------------------------------------------------------------------------------------------------ Interface Inc. CL A 458665106 $4,123 228,436 SH Shared 1 228,436 ------------------------------------------------------------------------------------------------------------------------------------ International Game Technology COMMON 459902102 $50,427 1,170,000 SH Shared 1 1,170,000 ------------------------------------------------------------------------------------------------------------------------------------ Invitrogen Corp COMMON 46185R100 $173,545 2,123,400 SH Shared 1 2,123,400 ------------------------------------------------------------------------------------------------------------------------------------ IPC Holdings Ltd. ORD G4933P101 $59,173 2,051,046 SH Shared 1 2,051,046 ------------------------------------------------------------------------------------------------------------------------------------ Ishares Tr Russell 2000 464287655 $160,120 2,000,000 SH PUT Shared 1 2,000,000 ------------------------------------------------------------------------------------------------------------------------------------ I-trax Inc. COMMON 45069D203 $5,268 1,368,374 SH Shared 1 1,368,374 ------------------------------------------------------------------------------------------------------------------------------------ Jamba Inc. COMMON 47023A101 $17,430 2,479,317 SH Shared 1 2,479,317 ------------------------------------------------------------------------------------------------------------------------------------ *W Exp Jamba Inc. 06/28/2009 47023A119 $5,097 725,000 SH Shared 1 725,000 ------------------------------------------------------------------------------------------------------------------------------------ Johnson & Johnson COMMON 478160104 $96,015 1,461,412 SH Shared 1 1,461,412 ------------------------------------------------------------------------------------------------------------------------------------ Kohls Corp COMMON 500255104 $9,172 159,991 SH Shared 1 159,991 ------------------------------------------------------------------------------------------------------------------------------------ Kraft Foods CL A 50075N104 $37,443 1,085,000 SH Shared 1 1,085,000 ------------------------------------------------------------------------------------------------------------------------------------ Laidlaw Intl Inc. COMMON 50730R102 $1,550 44,000 SH Shared 1 44,000 ------------------------------------------------------------------------------------------------------------------------------------ LandAmerica Financial Group COMMON 514936103 $45,412 1,165,000 SH Shared 1 1,165,000 ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media Hldg Corp CAP CO SER A 53071M302 $38,697 310,000 SH Shared 1 310,000 ------------------------------------------------------------------------------------------------------------------------------------ Lifepoint Hospitals Inc. COMMON 53219L109 $10,827 360,784 SH Shared 1 360,784 ------------------------------------------------------------------------------------------------------------------------------------ Limited Inc. COMMON 532716107 $73,697 3,219,625 SH Shared 1 3,219,625 ------------------------------------------------------------------------------------------------------------------------------------ Linn Energy LLC UNIT LTD LIAB 536020100 $11,812 390,000 SH Shared 1 390,000 ------------------------------------------------------------------------------------------------------------------------------------ Lyondell Chemical Co. COMMON 552078107 $73,738 1,590,900 SH Shared 1 1,590,900 ------------------------------------------------------------------------------------------------------------------------------------ Manor Care Inc. COMMON 564055101 $104,064 1,615,900 SH Shared 1 1,615,900 ------------------------------------------------------------------------------------------------------------------------------------ Maxim Integrated Prods Inc. COMMON 57772K101 $1,344 45,837 SH Shared 1 45,837 ------------------------------------------------------------------------------------------------------------------------------------ Mckesson Corp COMMON 58155Q103 $40,364 686,583 SH Shared 1 686,583 ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET VALUE SHARES OR ISSUER TITLE OF CUSIP (IN PRINCIPAL SH/ PUT/ SHARED SHARED OTHER CLASS NUMBER THOUSANDS) AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ Mellanox Technologies LTD SHS M51363113 $3,551 181,800 SH Shared 1 181,800 ------------------------------------------------------------------------------------------------------------------------------------ MF Global Ltd SHS G60642108 $29,000 1,000,000 SH Shared 1 1,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Mirant Corp COMMON 60467R100 $73,830 1,814,900 SH Shared 1 1,814,900 ------------------------------------------------------------------------------------------------------------------------------------ Montpelier RE Holdings LTD SHS G62185106 $58,992 3,332,896 SH Shared 1 3,332,896 ------------------------------------------------------------------------------------------------------------------------------------ MRU Holdings Inc. COMMON 55348A102 $10,548 1,800,000 SH Shared 1 1,800,000 ------------------------------------------------------------------------------------------------------------------------------------ Network Appliance Inc. COMMON 64120L104 $17,285 642,313 SH Shared 1 642,313 ------------------------------------------------------------------------------------------------------------------------------------ News Corp CL A 65248E104 $607,343 27,619,061 SH Shared 1 27,619,061 ------------------------------------------------------------------------------------------------------------------------------------ North American Energy Partners COMMON 656844107 $79,370 4,598,466 SH Shared 1 4,598,466 ------------------------------------------------------------------------------------------------------------------------------------ Northwest Airlines COMMON 667280408 $35,132 1,973,681 SH Shared 1 1,973,681 ------------------------------------------------------------------------------------------------------------------------------------ Occidental Petroleum Corp COMMON 674599105 $60,876 950,000 SH Shared 1 950,000 ------------------------------------------------------------------------------------------------------------------------------------ Ocwen Financial Corp COMMON 675746309 $34,079 3,613,888 SH Shared 1 3,613,888 ------------------------------------------------------------------------------------------------------------------------------------ Office Depot COMMON 676220106 $41,240 2,000,000 SH Shared 1 2,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Onebeacon Insurance Group LTD CL A G67742109 $11,085 514,394 SH Shared 1 514,394 ------------------------------------------------------------------------------------------------------------------------------------ Orbitz Worldwide Inc. COMMON 68557K109 $25,843 2,289,000 SH Shared 1 2,289,000 ------------------------------------------------------------------------------------------------------------------------------------ Partner Re LTD COMMON G6852T105 $26,541 336,003 SH Shared 1 336,003 ------------------------------------------------------------------------------------------------------------------------------------ Peabody Energy Group COMMON 704549104 $117,282 2,450,000 SH Shared 1 2,450,000 ------------------------------------------------------------------------------------------------------------------------------------ Pegasystems Inc. COMMON 705573103 $28,285 2,376,905 SH Shared 1 2,376,905 ------------------------------------------------------------------------------------------------------------------------------------ Platinum Underwriters Holdgs COMMON G7127P100 $117,564 3,269,294 SH Shared 1 3,269,294 ------------------------------------------------------------------------------------------------------------------------------------ PRA International COMMON 69353C101 $24,214 825,000 SH Shared 1 825,000 ------------------------------------------------------------------------------------------------------------------------------------ Progressive Corp COMMON 743315103 $6,196 319,193 SH Shared 1 319,193 ------------------------------------------------------------------------------------------------------------------------------------ Qualcomm Inc. COMMON 747525103 $361,298 8,549,409 SH Shared 1 8,549,409 ------------------------------------------------------------------------------------------------------------------------------------ Qualcomm Inc. COMMON 747525103 $84,520 2,000,000 SH CALL Shared 1 2,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Rite Aid Corp COMMON 767754104 $31,861 6,896,229 SH Shared 1 6,896,229 ------------------------------------------------------------------------------------------------------------------------------------ Rob Half Intl COMMON 770323103 $4,258 142,600 SH Shared 1 142,600 ------------------------------------------------------------------------------------------------------------------------------------ Sandisk Corp COMMON 80004C101 $5,510 100,000 SH PUT Shared 1 100,000 ------------------------------------------------------------------------------------------------------------------------------------ Sears Holdings Corp COMMON 812350106 $342,798 2,694,952 SH Shared 1 2,694,952 ------------------------------------------------------------------------------------------------------------------------------------ Security Capital Assurance COMMON G8018D107 $19,909 871,680 SH Shared 1 871,680 ------------------------------------------------------------------------------------------------------------------------------------ SEI Investments Company COMMON 784117103 $1,013 37,150 SH Shared 1 37,150 ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET VALUE SHARES OR ISSUER TITLE OF CUSIP (IN PRINCIPAL SH/ PUT/ SHARED SHARED OTHER CLASS NUMBER THOUSANDS) AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ SLM Corp COMMON 78442P106 $787,270 15,850,000 SH Shared 1 15,850,000 ------------------------------------------------------------------------------------------------------------------------------------ SLM Corp COMMON 78442P106 $40,481 815,000 SH CALL Shared 1 815,000 ------------------------------------------------------------------------------------------------------------------------------------ SPDR TR UNIT SER 1 78462F103 $36,314 238,000 SH Shared 1 238,000 ------------------------------------------------------------------------------------------------------------------------------------ Suncor Energy Inc. COMMON 867229106 $47,405 500,000 SH Shared 1 500,000 ------------------------------------------------------------------------------------------------------------------------------------ Sunpower Corp COM CL A 867652109 $4,141 50,000 SH Shared 1 50,000 ------------------------------------------------------------------------------------------------------------------------------------ Symantec Corp COMMON 871503108 $34,801 1,795,701 SH Shared 1 1,795,701 ------------------------------------------------------------------------------------------------------------------------------------ Targa Resources Partners LP COM UNIT 87611X105 $11,973 412,850 SH Shared 1 412,850 ------------------------------------------------------------------------------------------------------------------------------------ Thermo Fisher Scientific, Inc. COMMON 883556102 $19,521 338,200 SH Shared 1 338,200 ------------------------------------------------------------------------------------------------------------------------------------ Threshold Pharmaceuticals Inc. COMMON 885807107 $1,571 1,764,665 SH Shared 1 1,764,665 ------------------------------------------------------------------------------------------------------------------------------------ Time Warner Cable Inc. CL A 88732J108 $178,787 5,450,813 SH Shared 1 5,450,813 ------------------------------------------------------------------------------------------------------------------------------------ Time Warner Inc. COMMON 887317105 $4,322 235,400 SH Shared 1 235,400 ------------------------------------------------------------------------------------------------------------------------------------ TOUSA Inc. COMMON 872962105 $276 171,358 SH Shared 1 171,358 ------------------------------------------------------------------------------------------------------------------------------------ Transocean Inc. ORD G90078109 $50,872 450,000 SH Shared 1 450,000 ------------------------------------------------------------------------------------------------------------------------------------ Tribune Co. COMMON 896047107 $123,740 4,529,300 SH Shared 1 4,529,300 ------------------------------------------------------------------------------------------------------------------------------------ Trident Microsystems COMMON 895919108 $6,389 402,057 SH Shared 1 402,057 ------------------------------------------------------------------------------------------------------------------------------------ Trimas Corp COMMON 896215209 $10,345 779,614 SH Shared 1 779,614 ------------------------------------------------------------------------------------------------------------------------------------ TXU Corp COMMON 873168108 $84,095 1,228,200 SH PUT Shared 1 1,228,200 ------------------------------------------------------------------------------------------------------------------------------------ Union Pacific COMMON 907818108 $90,021 796,223 SH Shared 1 796,223 ------------------------------------------------------------------------------------------------------------------------------------ United Healthcare COMMON 91324P102 $193,793 4,001,502 SH Shared 1 4,001,502 ------------------------------------------------------------------------------------------------------------------------------------ Universal American Financial Corp. COMMON 913377107 $132,766 5,820,500 SH Shared 1 5,820,500 ------------------------------------------------------------------------------------------------------------------------------------ Valero Energy Corp COMMON 91913Y100 $36,277 540,000 SH Shared 1 540,000 ------------------------------------------------------------------------------------------------------------------------------------ Validus Holdings Limited COMMON G9319H102 $20,136 830,709 SH Shared 1 830,709 ------------------------------------------------------------------------------------------------------------------------------------ Verint Systems Inc. COMMON 92343X100 $11,150 428,842 SH Shared 1 428,842 ------------------------------------------------------------------------------------------------------------------------------------ Verisign Inc. COMMON 92343E102 $42,288 1,253,338 SH Shared 1 1,253,338 ------------------------------------------------------------------------------------------------------------------------------------ *W EXP Virgin Media Inc. 01/10/2011 92769L119 $1,241 51,118 SH Shared 1 51,118 ------------------------------------------------------------------------------------------------------------------------------------ Viropharma Inc. COMMON 928241108 $2,440 274,200 SH Shared 1 274,200 ------------------------------------------------------------------------------------------------------------------------------------ Vistacare Inc. CL A 92839Y109 $7,531 1,151,570 SH Shared 1 1,151,570 ------------------------------------------------------------------------------------------------------------------------------------ VM Ware Inc. CL A 928563402 $93,823 1,103,800 SH Shared 1 1,103,800 ------------------------------------------------------------------------------------------------------------------------------------ Washington Real Estate SH BEN INT 939653101 $3,318 100,000 SH Shared 1 100,000 ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET VALUE SHARES OR ISSUER TITLE OF CUSIP (IN PRINCIPAL SH/ PUT/ SHARED SHARED OTHER CLASS NUMBER THOUSANDS) AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ WellPoint Inc. COMMON 94973V107 $190,316 2,411,509 SH Shared 1 2,411,509 ------------------------------------------------------------------------------------------------------------------------------------ Wells Fargo & Company COMMON 949746101 $64,703 1,816,480 SH Shared 1 1,816,480 ------------------------------------------------------------------------------------------------------------------------------------ Wendy's International Inc COMMON 950590109 $41,019 1,175,000 SH Shared 1 1,175,000 ------------------------------------------------------------------------------------------------------------------------------------ Western Union Co. COMMON 959802109 $93,259 4,447,250 SH Shared 1 4,447,250 ------------------------------------------------------------------------------------------------------------------------------------ WuXi PharmaTech Cayman Inc. SPONS ADR SHS 929352102 $6,345 225,000 SH Shared 1 225,000 ------------------------------------------------------------------------------------------------------------------------------------ Yahoo Inc. COMMON 984332106 $40,260 1,500,000 SH Shared 1 1,500,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Fair Market Value $10,858,128 (in thousands)