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
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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
Acacia Research COM 3881307 497 28,000 SH   SOLE   28,000 0 0
American Express Co COM 25816109 237 2,500 SH   SOLE   2,500 0 0
American International Group COM 26874784 398 7,300 SH   SOLE   7,300 0 0
American Vanguard Corp. COM 30371108 416 31,500 SH   SOLE   31,500 0 0
Apple Computer Inc COM 37833100 1,301 14,000 SH   SOLE   14,000 0 0
Bankunited Inc COM 06652K103 1,105 33,000 SH   SOLE   33,000 0 0
Berkshire Hathaway Inc. Del CL A 84670108 9,495 50 SH   SOLE   50 0 0
Berkshire Hathaway Inc. Del CL B 84670702 11,239 88,800 SH   SOLE   88,800 0 0
BP PLC-SPONS ADR ADRS 55622104 1,308 24,800 SH   SOLE   24,800 0 0
Cadiz Inc. COM 127537207 4,598 552,000 SH   SOLE   552,000 0 0
Citigoup Inc. COM 172967424 556 11,800 SH   SOLE   11,800 0 0
CME Group Inc. COM 12572Q105 2,313 32,600 SH   SOLE   32,600 0 0
Cons Tomoka Land Co-Florida COM 210226106 2,005 43,675 SH   SOLE   43,675 0 0
Crexendo Inc COM 226552107 168 52,650 SH   SOLE   52,650 0 0
Diamond Offshore Drilling COM 25271C102 779 15,700 SH   SOLE   15,700 0 0
Dow Chem Co. COM 260543103 669 13,000 SH   SOLE   13,000 0 0
Enerplus Resources Fund UNIT 292766102 1,400 55,600 SH   SOLE   55,600 0 0
Frontier Communications Corp COM 35906A108 882 151,000 SH   SOLE   151,000 0 0
Fuel Tech Inc. COM 359523107 176 31,200 SH   SOLE   31,200 0 0
General Electric Co COM 369604103 1,059 40,300 SH   SOLE   40,300 0 0
Goldman Sachs Group Inc COM 38141G104 820 4,900 SH   SOLE   4,900 0 0
Google Inc CL A 38259P508 678 1,160 SH   SOLE   1,160 0 0
Google Inc CL C 38259P706 667 1,160 SH   SOLE   1,160 0 0
Innodata Isogen Inc COM 457642205 249 77,400 SH   SOLE   77,400 0 0
IPATH S&P 500 VIX ETF 06740C188 440 15,400 SH   SOLE   15,400 0 0
JPMorgan Chase & Co. COM 46625H100 375 6,500 SH   SOLE   6,500 0 0
Kennedy-Wilson Hldgs COM 489398107 98,977 3,690,400 SH   SOLE   3,690,400 0 0
KKR & Co LP LTDP 48248M102 1,521 62,500 SH   SOLE   62,500 0 0
Leucadia National Corp COM 527288104 524 20,000 SH   SOLE   20,000 0 0
Microsoft Corp COM 594918104 480 11,500 SH   SOLE   11,500 0 0
Nucor Corp. COM 670346105 734 14,900 SH   SOLE   14,900 0 0
Orbit International Corp. COM 685559304 3,289 1,115,000 SH   SOLE   1,115,000 0 0
Penn West Petroleum Trust UNIT 707887105 1,273 130,449 SH   SOLE   130,449 0 0
Perma-Fix Environmental Svcs COM 714157104 370 80,500 SH   SOLE   80,500 0 0
Polymet Mining Corp. COM 731916102 402 372,000 SH   SOLE   372,000 0 0
Proshares Short 20+ Treasury ETF 74347X849 325 11,268 SH   SOLE   11,268 0 0
Proshares Short Dow 30 ETF 74347R701 865 34,300 SH   SOLE   34,300 0 0
Proshares Short S&P 500 ETF 74347R503 1,063 45,500 SH   SOLE   45,500 0 0
Reading International Inc CL A 755408101 495 58,000 SH   SOLE   58,000 0 0
Sandridge Energy Inc COM 80007P307 340 47,500 SH   SOLE   47,500 0 0
SPDR Gold Trust ETF 78463V107 243 1,900 SH   SOLE   1,900 0 0
Taylor Devices Inc COM 877163105 400 45,500 SH   SOLE   45,500 0 0
Ultra Petroleum Corp COM 903914109 2,850 96,000 SH   SOLE   96,000 0 0
Vivus Inc. COM 928551100 133 25,000 SH   SOLE   25,000 0 0
Westport Innovations Inc COM 960908309 209 11,600 SH   SOLE   11,600 0 0
White Mtns Ins Group Ltd COM G9618E107 18,786 30,875 SH   SOLE   30,875 0 0