<SEC-DOCUMENT>0000950123-16-019376.txt : 20160811
<SEC-HEADER>0000950123-16-019376.hdr.sgml : 20160811
<ACCEPTANCE-DATETIME>20160811090521
ACCESSION NUMBER:		0000950123-16-019376
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160630
FILED AS OF DATE:		20160811
DATE AS OF CHANGE:		20160811
EFFECTIVENESS DATE:		20160811

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LOEWS CORP
		CENTRAL INDEX KEY:			0000060086
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				132646102
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-00217
		FILM NUMBER:		161823150

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065-8087
		BUSINESS PHONE:		212-521-2000

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065-8087
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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    <submissionType>13F-HR</submissionType>
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      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0000060086</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2016</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2016</reportCalendarOrQuarter>
      <filingManager>
        <name>LOEWS CORP</name>
        <address>
          <ns1:street1>667 Madison Ave</ns1:street1>
          <ns1:city>New York</ns1:city>
          <ns1:stateOrCountry>NY</ns1:stateOrCountry>
          <ns1:zipCode>10065-8087</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F COMBINATION REPORT</reportType>
      <form13FFileNumber>028-00217</form13FFileNumber>
      <otherManagersInfo>
        <otherManager>
          <form13FFileNumber>28-346</form13FFileNumber>
          <name>CNA Financial Corporation</name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>Loews Corporation (Loews), by virtue of its approximately 90% ownership of voting securities of CNA Financial Corporation whose business address is 333 South Wabash Avenue, Chicago, Illinois 60604 (CNA), may be deemed to have investment discretion regarding certain securities (the CNA Securities) as to which investment discretion is deemed to be exercised by CNA. CNA is reporting on behalf of Loews regarding the CNA Securities.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Marc Alpert</name>
      <title>Senior Vice President &amp; General Counsel</title>
      <phone>212-521-2923</phone>
      <signature>/s/ Marc Alpert</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>08-11-2016</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>158</tableEntryTotal>
      <tableValueTotal>12225609</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-15068</form13FFileNumber>
            <name>Loews MIP, Inc.</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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</TEXT>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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<DESCRIPTION>INFORMATION TABLE FOR FORM 13F
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   <infoTable>
       <nameOfIssuer>3M CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>88579Y951</cusip>
       <value>7005</value>
       <shrsOrPrnAmt>
           <sshPrnamt>40000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>40000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AECOM</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>00766T100</cusip>
       <value>202</value>
       <shrsOrPrnAmt>
           <sshPrnamt>6344</sshPrnamt>
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       <votingAuthority>
           <Sole>6344</Sole>
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           <None>0</None>
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   </infoTable>
   <infoTable>
       <nameOfIssuer>AERCAP HOLDINGS NV</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>N00985106</cusip>
       <value>10749</value>
       <shrsOrPrnAmt>
           <sshPrnamt>320000</sshPrnamt>
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       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>320000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AETNA INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>00817Y108</cusip>
       <value>684</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>5600</Sole>
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           <None>0</None>
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       <nameOfIssuer>ALAMOS GOLD INC-CLASS A</nameOfIssuer>
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       <value>7853</value>
       <shrsOrPrnAmt>
           <sshPrnamt>913634</sshPrnamt>
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       <votingAuthority>
           <Sole>913634</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ALLISON TRANSMISSION HOLDING</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>01973R101</cusip>
       <value>7058</value>
       <shrsOrPrnAmt>
           <sshPrnamt>250000</sshPrnamt>
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       <votingAuthority>
           <Sole>250000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMERICAN AIRLINES GROUP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>02376R102</cusip>
       <value>371</value>
       <shrsOrPrnAmt>
           <sshPrnamt>13100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>13100</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>025816109</cusip>
       <value>911</value>
       <shrsOrPrnAmt>
           <sshPrnamt>15000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>15000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>025816909</cusip>
       <value>911</value>
       <shrsOrPrnAmt>
           <sshPrnamt>15000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>15000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>025816959</cusip>
       <value>4861</value>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>026874784</cusip>
       <value>235</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4450</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>4450</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMKOR TECHNOLOGY INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>031652100</cusip>
       <value>575</value>
       <shrsOrPrnAmt>
           <sshPrnamt>100000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>100000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>032511107</cusip>
       <value>642</value>
       <shrsOrPrnAmt>
           <sshPrnamt>12050</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>12050</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ANTHEM INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>036752103</cusip>
       <value>506</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3850</sshPrnamt>
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       <votingAuthority>
           <Sole>3850</Sole>
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           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ARC DOCUMENT SOLUTIONS INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>00191G103</cusip>
       <value>64</value>
       <shrsOrPrnAmt>
           <sshPrnamt>16556</sshPrnamt>
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       <votingAuthority>
           <Sole>16556</Sole>
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           <None>0</None>
       </votingAuthority>
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       <nameOfIssuer>ASANKO GOLD INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>04341Y105</cusip>
       <value>8663</value>
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           <sshPrnamt>2266693</sshPrnamt>
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           <Sole>2266693</Sole>
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       <nameOfIssuer>AVNET INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>053807103</cusip>
       <value>246</value>
       <shrsOrPrnAmt>
           <sshPrnamt>6075</sshPrnamt>
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       <votingAuthority>
           <Sole>6075</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>AXALTA COATING SYSTEMS LTD</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>G0750c108</cusip>
       <value>8224</value>
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       <votingAuthority>
           <Sole>310000</Sole>
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           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>AXIS CAPITAL HOLDINGS LTD</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>G0692U109</cusip>
       <value>204</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3700</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>3700</Sole>
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           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>060505104</cusip>
       <value>263</value>
       <shrsOrPrnAmt>
           <sshPrnamt>19818</sshPrnamt>
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       <votingAuthority>
           <Sole>19818</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
       <titleOfClass>Warrant</titleOfClass>
       <cusip>060505153</cusip>
       <value>1659</value>
       <shrsOrPrnAmt>
           <sshPrnamt>125000</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>125000</Sole>
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           <None>0</None>
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       <nameOfIssuer>BANK OF NEW YORK MELLON CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>064058950</cusip>
       <value>3885</value>
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       <votingAuthority>
           <Sole>100000</Sole>
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           <None>0</None>
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   </infoTable>
   <infoTable>
       <nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>067901108</cusip>
       <value>8937</value>
       <shrsOrPrnAmt>
           <sshPrnamt>418600</sshPrnamt>
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       <votingAuthority>
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       <titleOfClass>Common</titleOfClass>
       <cusip>067901908</cusip>
       <value>10675</value>
       <shrsOrPrnAmt>
           <sshPrnamt>500000</sshPrnamt>
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       <putCall>Call</putCall>
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       <votingAuthority>
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           <None>0</None>
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       <nameOfIssuer>BP PLC-SPONS ADR</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>055622104</cusip>
       <value>268</value>
       <shrsOrPrnAmt>
           <sshPrnamt>7540</sshPrnamt>
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       <votingAuthority>
           <Sole>7540</Sole>
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       <nameOfIssuer>BROOKDALE SENIOR LIVING INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>112463104</cusip>
       <value>182</value>
       <shrsOrPrnAmt>
           <sshPrnamt>11770</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>11770</Sole>
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           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BWP COMMON UNITS</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>096627104</cusip>
       <value>2191478</value>
       <shrsOrPrnAmt>
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       <votingAuthority>
           <Sole>125586133</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
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       <nameOfIssuer>CALATLANTIC GROUP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>128195104</cusip>
       <value>477</value>
       <shrsOrPrnAmt>
           <sshPrnamt>13000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>13000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CAMECO CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>13321L108</cusip>
       <value>1316</value>
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           <sshPrnamt>120000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>120000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CAMECO CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>13321L958</cusip>
       <value>1316</value>
       <shrsOrPrnAmt>
           <sshPrnamt>120000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>120000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CARMAX INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>143130102</cusip>
       <value>12508</value>
       <shrsOrPrnAmt>
           <sshPrnamt>255100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>255100</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CARMAX INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>143130952</cusip>
       <value>4903</value>
       <shrsOrPrnAmt>
           <sshPrnamt>100000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>100000</Sole>
           <Shared>0</Shared>
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           <None>0</None>
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       <nameOfIssuer>CF INDUSTRIES HOLDINGS INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>125269100</cusip>
       <value>11207</value>
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       <votingAuthority>
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           <None>0</None>
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       <nameOfIssuer>CHEVRON CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>166764950</cusip>
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           <None>0</None>
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       <nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>17275R102</cusip>
       <value>14345</value>
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           <sshPrnamt>500000</sshPrnamt>
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           <None>0</None>
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       <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <value>689</value>
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       <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>172967954</cusip>
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       <nameOfIssuer>CLIFFS NATURAL RESOURCES INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>18683K101</cusip>
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       <cusip>18683K951</cusip>
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       <nameOfIssuer>CLOUD PEAK ENERGY INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <nameOfIssuer>COCA-COLA CO/THE</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>191216100</cusip>
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       <nameOfIssuer>COMSTOCK MINING INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <titleOfClass>Common</titleOfClass>
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       <value>589</value>
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           <None>0</None>
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       <nameOfIssuer>COVANTA HOLDING CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>22282E102</cusip>
       <value>282</value>
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           <sshPrnamt>17136</sshPrnamt>
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       <nameOfIssuer>CSX CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>126408103</cusip>
       <value>209</value>
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           <sshPrnamt>8000</sshPrnamt>
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       <votingAuthority>
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           <None>0</None>
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       <nameOfIssuer>DELTA AIR LINES INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>247361702</cusip>
       <value>529</value>
       <shrsOrPrnAmt>
           <sshPrnamt>14510</sshPrnamt>
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       <nameOfIssuer>DEVON ENERGY CORP</nameOfIssuer>
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       <cusip>25179M103</cusip>
       <value>373</value>
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       <nameOfIssuer>DIAMOND OFFSHORE DRILLING</nameOfIssuer>
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       <cusip>25271C102</cusip>
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       <nameOfIssuer>DOVER CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>260003108</cusip>
       <value>204</value>
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       <nameOfIssuer>DOW CHEMICAL CO/THE</nameOfIssuer>
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       <nameOfIssuer>DU PONT E.I. DE NEMOURS</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>263534109</cusip>
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       <nameOfIssuer>DU PONT E.I. DE NEMOURS</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <nameOfIssuer>EATON CORP PLC</nameOfIssuer>
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       <cusip>G29183103</cusip>
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       <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
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       <nameOfIssuer>EXETER RESOURCE CORP</nameOfIssuer>
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       <nameOfIssuer>EXPRESS SCRIPTS HOLDING CO</nameOfIssuer>
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       <cusip>30219G108</cusip>
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       <nameOfIssuer>EXPRESS SCRIPTS HOLDING CO</nameOfIssuer>
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       <cusip>30219G958</cusip>
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       <value>119</value>
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       <nameOfIssuer>FEDEX CORP</nameOfIssuer>
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       <cusip>31428X106</cusip>
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           <Sole>4750</Sole>
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       <nameOfIssuer>FIRST HORIZON NATIONAL CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>320517105</cusip>
       <value>194</value>
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           <sshPrnamt>14073</sshPrnamt>
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           <Sole>14073</Sole>
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       <nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>345370860</cusip>
       <value>187</value>
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           <sshPrnamt>14875</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
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       <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>354613101</cusip>
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           <sshPrnamt>6925</sshPrnamt>
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           <Sole>6925</Sole>
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           <None>0</None>
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       <nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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           <Sole>2000000</Sole>
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   <infoTable>
       <nameOfIssuer>GENERAL MOTORS CO.</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>37045V100</cusip>
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       <nameOfIssuer>GENERAL MOTORS CO.</nameOfIssuer>
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       <cusip>37045V126</cusip>
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       <votingAuthority>
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   <infoTable>
       <nameOfIssuer>GENERAL MOTORS CO.</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
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       <putCall>Put</putCall>
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   <infoTable>
       <nameOfIssuer>GOLAR LNG LTD</nameOfIssuer>
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       <investmentDiscretion>SOLE</investmentDiscretion>
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       <nameOfIssuer>GOLDCORP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>380956409</cusip>
       <value>1530</value>
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           <sshPrnamt>80000</sshPrnamt>
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       <votingAuthority>
           <Sole>80000</Sole>
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           <None>0</None>
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       <nameOfIssuer>GOLDCORP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>380956909</cusip>
       <value>4591</value>
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           <sshPrnamt>240000</sshPrnamt>
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       <putCall>Call</putCall>
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       <votingAuthority>
           <Sole>240000</Sole>
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           <None>0</None>
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       <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>38141G104</cusip>
       <value>435</value>
       <shrsOrPrnAmt>
           <sshPrnamt>2925</sshPrnamt>
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       <votingAuthority>
           <Sole>2925</Sole>
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           <None>0</None>
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       <nameOfIssuer>GOVERNMENT PROPERTIES INCOME</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>38376A103</cusip>
       <value>266</value>
       <shrsOrPrnAmt>
           <sshPrnamt>11526</sshPrnamt>
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       <votingAuthority>
           <Sole>11526</Sole>
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           <None>0</None>
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       <nameOfIssuer>GRANITE REAL ESTATE INVESTMENT</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>387437114</cusip>
       <value>270</value>
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           <sshPrnamt>8945</sshPrnamt>
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       <votingAuthority>
           <Sole>8945</Sole>
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           <None>0</None>
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       <nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>406216951</cusip>
       <value>4529</value>
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           <sshPrnamt>100000</sshPrnamt>
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       <putCall>Put</putCall>
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       <votingAuthority>
           <Sole>100000</Sole>
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           <None>0</None>
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       <nameOfIssuer>HARSCO CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>415864107</cusip>
       <value>87</value>
       <shrsOrPrnAmt>
           <sshPrnamt>13145</sshPrnamt>
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           <Sole>13145</Sole>
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           <None>0</None>
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       <nameOfIssuer>HCA HOLDINGS INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>40412C101</cusip>
       <value>23103</value>
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           <sshPrnamt>300000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>300000</Sole>
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           <None>0</None>
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       <nameOfIssuer>HERC HOLDINGS INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>42704L104</cusip>
       <value>145</value>
       <shrsOrPrnAmt>
           <sshPrnamt>13129</sshPrnamt>
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       <votingAuthority>
           <Sole>13129</Sole>
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           <None>0</None>
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       <nameOfIssuer>HEWLETT PACKARD ENTERPRIS</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>42824C109</cusip>
       <value>322</value>
       <shrsOrPrnAmt>
           <sshPrnamt>17620</sshPrnamt>
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       <votingAuthority>
           <Sole>17620</Sole>
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           <None>0</None>
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       <nameOfIssuer>HP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>40434L105</cusip>
       <value>3821</value>
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           <sshPrnamt>304470</sshPrnamt>
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       <votingAuthority>
           <Sole>304470</Sole>
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           <None>0</None>
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       <nameOfIssuer>ICONIX BRAND GROUP INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>451055107</cusip>
       <value>144</value>
       <shrsOrPrnAmt>
           <sshPrnamt>21228</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>21228</Sole>
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           <None>0</None>
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       <nameOfIssuer>ILLUMINA INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>452327959</cusip>
       <value>2808</value>
       <shrsOrPrnAmt>
           <sshPrnamt>20000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>20000</Sole>
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           <None>0</None>
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       <nameOfIssuer>INFINERA CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>45667G103</cusip>
       <value>5076</value>
       <shrsOrPrnAmt>
           <sshPrnamt>450000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>450000</Sole>
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           <None>0</None>
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       <nameOfIssuer>INFINERA CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>45667G953</cusip>
       <value>2256</value>
       <shrsOrPrnAmt>
           <sshPrnamt>200000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>200000</Sole>
           <Shared>0</Shared>
           <None>0</None>
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       <nameOfIssuer>INGERSOLL-RAND PLC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>G47791951</cusip>
       <value>2547</value>
       <shrsOrPrnAmt>
           <sshPrnamt>40000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>40000</Sole>
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           <None>0</None>
       </votingAuthority>
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       <nameOfIssuer>INNOSPEC INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>45768S105</cusip>
       <value>248</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5392</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>5392</Sole>
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           <None>0</None>
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       <nameOfIssuer>JIVE SOFTWARE INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>47760A108</cusip>
       <value>127</value>
       <shrsOrPrnAmt>
           <sshPrnamt>33673</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>33673</Sole>
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           <None>0</None>
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       <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>478160104</cusip>
       <value>24506</value>
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           <sshPrnamt>202025</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>202025</Sole>
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           <None>0</None>
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       <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>478160954</cusip>
       <value>12130</value>
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           <sshPrnamt>100000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Put</putCall>
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       <votingAuthority>
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           <None>0</None>
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       <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>46625H100</cusip>
       <value>780</value>
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           <sshPrnamt>12558</sshPrnamt>
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           <None>0</None>
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       <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>46625H950</cusip>
       <value>1864</value>
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           <sshPrnamt>30000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Put</putCall>
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       <votingAuthority>
           <Sole>30000</Sole>
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           <None>0</None>
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       <nameOfIssuer>KBR INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>48242W106</cusip>
       <value>330</value>
       <shrsOrPrnAmt>
           <sshPrnamt>24913</sshPrnamt>
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           <Sole>24913</Sole>
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           <None>0</None>
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       <nameOfIssuer>KEY ENERGY SERVICES INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>492914106</cusip>
       <value>6</value>
       <shrsOrPrnAmt>
           <sshPrnamt>27525</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
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           <Sole>27525</Sole>
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       <nameOfIssuer>KLONDEX MINES LTD</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>498696103</cusip>
       <value>12667</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3490780</sshPrnamt>
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       <votingAuthority>
           <Sole>3490780</Sole>
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           <None>0</None>
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       <nameOfIssuer>LAMAR ADVERTISING CO-A</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>512816109</cusip>
       <value>207</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3125</sshPrnamt>
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       <votingAuthority>
           <Sole>3125</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>LIBERTY INTERACTIVE CORP Q-A</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>53071M104</cusip>
       <value>13066</value>
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           <sshPrnamt>515000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>515000</Sole>
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           <None>0</None>
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       <nameOfIssuer>LINCOLN NATIONAL CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>534187109</cusip>
       <value>523</value>
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           <sshPrnamt>13500</sshPrnamt>
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           <Sole>13500</Sole>
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           <None>0</None>
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       <nameOfIssuer>LKQ CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>501889208</cusip>
       <value>9510</value>
       <shrsOrPrnAmt>
           <sshPrnamt>300000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>300000</Sole>
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           <None>0</None>
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       <nameOfIssuer>LYONDELLBASELL INDU-CL A</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>N53745100</cusip>
       <value>409</value>
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           <sshPrnamt>5500</sshPrnamt>
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       <votingAuthority>
           <Sole>5500</Sole>
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           <None>0</None>
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       <nameOfIssuer>MACY&apos;S INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>55616P954</cusip>
       <value>2017</value>
       <shrsOrPrnAmt>
           <sshPrnamt>60000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Put</putCall>
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           <Sole>60000</Sole>
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           <None>0</None>
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       <nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>55903Q104</cusip>
       <value>3556</value>
       <shrsOrPrnAmt>
           <sshPrnamt>282123</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>282123</Sole>
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           <None>0</None>
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       <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>594918104</cusip>
       <value>16396</value>
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           <sshPrnamt>320428</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>320428</Sole>
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           <None>0</None>
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       <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>617446448</cusip>
       <value>231</value>
       <shrsOrPrnAmt>
           <sshPrnamt>8904</sshPrnamt>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>8904</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>MTS SYSTEMS CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>553777103</cusip>
       <value>12056</value>
       <shrsOrPrnAmt>
           <sshPrnamt>275000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>275000</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>626717102</cusip>
       <value>349</value>
       <shrsOrPrnAmt>
           <sshPrnamt>11000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>11000</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>NEW SENIOR INVESTMENT GROUP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>648691103</cusip>
       <value>337</value>
       <shrsOrPrnAmt>
           <sshPrnamt>31562</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>31562</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>651639906</cusip>
       <value>3912</value>
       <shrsOrPrnAmt>
           <sshPrnamt>100000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>100000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>NOVAGOLD RESOURCES INC</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>66987E206</cusip>
       <value>81</value>
       <shrsOrPrnAmt>
           <sshPrnamt>13166</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
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       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>13166</Sole>
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           <None>0</None>
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   <infoTable>
       <nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
       <titleOfClass>Common</titleOfClass>
       <cusip>674599105</cusip>
       <value>386</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5108</sshPrnamt>
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       <nameOfIssuer>TEEKAY TANKERS LTD-CLASS A</nameOfIssuer>
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       <nameOfIssuer>VANECK VECTORS JUNIOR GOLD M</nameOfIssuer>
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       <nameOfIssuer>VIRTUS INVESTMENT PARTNERS</nameOfIssuer>
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       <nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
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</SEC-DOCUMENT>
