The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| BCE INC. | COM NEW | 05534B760 | 10,966 | 268,300 | SH | DFND | 01,02 | 268,300 | 0 | 0 | |
| BALDWIN & LYONS INC | CL B | 057755209 | 23,461 | 969,875 | SH | DFND | 01,02 | 969,875 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC. | CL A | 084670108 | 1,008 | 6 | SH | DFND | 01,02 | 6 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC. | CL B NEW | 084670702 | 2,360 | 21,100 | SH | DFND | 01,02 | 21,100 | 0 | 0 | |
| CFS BANCORP INC. | COM | 12525D102 | 107 | 10,000 | SH | DFND | 01,02 | 10,000 | 0 | 0 | |
| CITIGROUP INC | COM NEW | 172967424 | 959 | 20,000 | SH | DFND | 01,02 | 20,000 | 0 | 0 | |
| CNINSURE INC | SPONSORED ADR | 18976M103 | 270 | 45,000 | SH | DFND | 01,02 | 45,000 | 0 | 0 | |
| COOPER TIRE & RUBBER CO. | COM | 216831107 | 232 | 7,000 | SH | DFND | 01,02 | 7,000 | 0 | 0 | |
| CRESUD S A C I F Y A | SPONSORED ADR | 226406106 | 5,365 | 723,012 | SH | DFND | 01,02 | 723,012 | 0 | 0 | |
| DELL INC | COM | 24702R101 | 119,568 | 8,976,589 | SH | DFND | 01,02 | 8,976,589 | 0 | 0 | |
| DEX MEDIA INC NEW | COM | 25213A107 | 2,810 | 159,198 | SH | DFND | 01,02 | 159,198 | 0 | 0 | |
| EXCO RESOURCES INC | COM | 269279402 | 82,605 | 10,812,200 | SH | DFND | 01,02 | 10,812,200 | 0 | 0 | |
| HEWLETT-PACK CO | COM | 428236103 | 233 | 9,400 | SH | DFND | 01,02 | 9,400 | 0 | 0 | |
| HOLOGIC INC | COM | 436440101 | 386 | 20,000 | SH | DFND | 01,02 | 20,000 | 0 | 0 | |
| INTEL CORP | SDCV | 458140AD2 | 12,513 | 11,500,000 | PRN | DFND | 01,02 | 11,500,000 | 0 | 0 | |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | 229 | 1,200 | SH | DFND | 01,02 | 1,200 | 0 | 0 | |
| JOHNSON & JOHNSON | COM | 478160104 | 507,931 | 5,915,800 | SH | DFND | 01,02 | 5,915,800 | 0 | 0 | |
| KENNEDY-WILSON HLDGS INC | COM | 489398107 | 6,656 | 400,000 | SH | DFND | 01,02 | 400,000 | 0 | 0 | |
| LEVEL 3 COMMUNICATIONS INC | COM NEW | 52729N308 | 254,594 | 12,071,803 | SH | DFND | 01,02 | 12,071,803 | 0 | 0 | |
| LEVEL 3 COMMUNICATIONS INC | NOTE | 52729NBP4 | 87,281 | 75,000,000 | PRN | DFND | 01,02 | 75,000,000 | 0 | 0 | |
| MBIA INC | COM | 55262C100 | 399 | 30,000 | SH | DFND | 01,02 | 30,000 | 0 | 0 | |
| MERCK & CO. INC. | COM | 58933Y105 | 557 | 12,000 | SH | DFND | 01,02 | 12,000 | 0 | 0 | |
| NAM TAI ELECTRS INC | COM PAR $0.02 | 629865205 | 196 | 35,000 | SH | DFND | 01,02 | 35,000 | 0 | 0 | |
| NEW ORIENTAL ED & TECH GRP INC | SPONSORED ADR | 647581107 | 246 | 11,100 | SH | DFND | 01,02 | 11,100 | 0 | 0 | |
| NEW YORK COMMUNITY BANCORP INC | COM | 649445103 | 559 | 40,000 | SH | DFND | 01,02 | 40,000 | 0 | 0 | |
| NEW YORK TIMES CO | CL A | 650111107 | 773 | 70,000 | SH | DFND | 01,02 | 70,000 | 0 | 0 | |
| OLD REPUBLIC INTL CORPORATION | COM | 680223104 | 578 | 45,000 | SH | DFND | 01,02 | 45,000 | 0 | 0 | |
| OVERSTOCK.COM INC | COM | 690370101 | 89,681 | 3,184,677 | SH | DFND | 01,02 | 3,184,677 | 0 | 0 | |
| PATTERSON UTI ENERGY INC | COM | 703481101 | 368 | 19,000 | SH | DFND | 01,02 | 19,000 | 0 | 0 | |
| PFIZER INC | COM | 717081103 | 6,592 | 235,000 | SH | DFND | 01,02 | 235,000 | 0 | 0 | |
| PROVIDENT NEW YORK BANCORP | COM | 744028101 | 233 | 25,000 | SH | DFND | 01,02 | 25,000 | 0 | 0 | |
| RESEARCH IN MOTION LTD. | COM | 760975102 | 541,486 | 51,854,700 | SH | DFND | 01,02 | 51,854,700 | 0 | 0 | |
| RESOLUTE FOREST PRODUCTS | COM | 76117W109 | 381,078 | 28,957,327 | SH | DFND | 01,02 | 28,957,327 | 0 | 0 | |
| RYANAIR HLDGS PLC | SPONSORED ADR | 783513104 | 9,770 | 189,900 | SH | DFND | 01,02 | 189,900 | 0 | 0 | |
| SLM CORP | COM | 78442P106 | 457 | 20,000 | SH | DFND | 01,02 | 20,000 | 0 | 0 | |
| SANDRIDGE ENERGY INC | COM | 80007P307 | 154,200 | 32,463,200 | SH | DFND | 01,02 | 32,463,200 | 0 | 0 | |
| US BANCORP DEL | COM NEW | 902973304 | 105,141 | 2,909,279 | SH | DFND | 01,02 | 2,909,279 | 0 | 0 | |
| U S G CORP | COM NEW | 903293405 | 987 | 42,800 | SH | DFND | 01,02 | 42,800 | 0 | 0 | |
| ULTRA PETROLEUM CORP | COM | 903914109 | 265 | 13,400 | SH | DFND | 01,02 | 13,400 | 0 | 0 | |
| WAL-MART STORES INC | COM | 931142103 | 16,388 | 220,000 | SH | DFND | 01,02 | 220,000 | 0 | 0 | |
| WELLS FARGO & CO. NEW | COM | 949746101 | 54,614 | 1,323,663 | SH | DFND | 01,02 | 1,323,663 | 0 | 0 | |