<SEC-DOCUMENT>0000021175-14-000014.txt : 20140214
<SEC-HEADER>0000021175-14-000014.hdr.sgml : 20140214
<ACCEPTANCE-DATETIME>20140214113050
ACCESSION NUMBER:		0000021175-14-000014
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131231
FILED AS OF DATE:		20140214
DATE AS OF CHANGE:		20140214
EFFECTIVENESS DATE:		20140214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CNA FINANCIAL CORP
		CENTRAL INDEX KEY:			0000021175
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				366169860
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-00346
		FILM NUMBER:		14612744

	BUSINESS ADDRESS:	
		STREET 1:		CNA
		STREET 2:		333 S. WABASH
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60604
		BUSINESS PHONE:		3128225000

	MAIL ADDRESS:	
		STREET 1:		CNA
		STREET 2:		333 S. WABASH
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60604
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/thirteenffiler">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0000021175</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2013</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2013</reportCalendarOrQuarter>
      <filingManager>
        <name>CNA FINANCIAL CORP</name>
        <address>
          <com:street1>CNA</com:street1>
          <com:street2>333 S. Wabash</com:street2>
          <com:city>Chicago</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60604</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-00346</form13FFileNumber>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>Assets reported herein are described as having shared investment discretion among Loews Corporation, CNA Financial Corporation, The Continental Corporation and Continental Casualty Company. Each of the foregoing entities specifically disclaims ownership of any securities in this report which are not beneficially owned by that entity and states that such assets are solely under the control of its board of directors. The characterization of shared investment discretion with parent holding companies is made solely as a consequence of SEC interpretations regarding control of the subsidiary through share ownership. Loews Corporation owns approximately 90% of the outstanding shares of CNA Financial Corporation; CNA Financial Corporation owns 100% of the outstanding shares of The Continental Corporation; and The Continental Corporation owns 100% of the outstanding shares of Continental Casualty Company. Loews Corporation will report separately on securities over which it has investment discretion which are not part of this report.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Lawrence J. Boysen</name>
      <title>Senior Vice President and Corporate Controller</title>
      <phone>312-822-5653</phone>
      <signature>/s/ Lawrence J. Boysen</signature>
      <city>Chicago</city>
      <stateOrCountry>IL</stateOrCountry>
      <signatureDate>02-14-2014</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>3</otherIncludedManagersCount>
      <tableEntryTotal>186</tableEntryTotal>
      <tableValueTotal>511443</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-217</form13FFileNumber>
            <name>Loews Corporation</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-172</form13FFileNumber>
            <name>The Continental Corporation</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>3</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-387</form13FFileNumber>
            <name>Continental Casualty Company</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
    </summaryPage>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>q413form13fhrinformation.xml
<DESCRIPTION>INFORMATION TABLE
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    <nameOfIssuer>ARC DOCUMENT SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00191G103</cusip>
    <value>974</value>
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      <sshPrnamt>118475</sshPrnamt>
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    <nameOfIssuer>BOEING COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>097023105</cusip>
    <value>5460</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>40000</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BRADY CORPORATION - CL A</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>104674106</cusip>
    <value>1124</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>36350</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CIGNA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125509109</cusip>
    <value>2699</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>30850</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CNO FINANCIAL GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12621E103</cusip>
    <value>2344</value>
    <shrsOrPrnAmt>
      <sshPrnamt>132500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>132500</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CVR PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126633106</cusip>
    <value>3985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>242100</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAL DIVE INTERNATIONAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12802T101</cusip>
    <value>607</value>
    <shrsOrPrnAmt>
      <sshPrnamt>301800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>301800</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CALLAWAY GOLF COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>131193104</cusip>
    <value>325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>38600</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CARPENTER TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>144285103</cusip>
    <value>964</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>15500</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CASH AMERICA INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14754D100</cusip>
    <value>280</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>7300</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CASTLE (A.M.) &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>148411101</cusip>
    <value>663</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>44900</Shared>
      <None>0</None>
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    <nameOfIssuer>CHEMED CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16359R103</cusip>
    <value>1295</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>16900</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>1570</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>70000</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>172967424</cusip>
    <value>6112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117291</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>117291</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>COCA COLA CO                            COMMON STOCK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>191216100</cusip>
    <value>686</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>16600</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>COLUMBUS MCKINNON CORP/NY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>199333105</cusip>
    <value>887</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32665</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>32665</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>COMCAST CORP CL A SPL</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>20030N200</cusip>
    <value>6584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>132000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>132000</Shared>
      <None>0</None>
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    <nameOfIssuer>CON-WAY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>205944101</cusip>
    <value>1257</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>31650</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>COVANTA HOLDING CORP</nameOfIssuer>
    <titleOfClass>NOTE 3.250% 6/0</titleOfClass>
    <cusip>22282EAC6</cusip>
    <value>2555</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2180000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>2180000</Shared>
      <None>0</None>
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    <nameOfIssuer>CRAY INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>225223304</cusip>
    <value>2771</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100908</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>100908</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DANA HOLDING CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>235825205</cusip>
    <value>1841</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93824</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>93824</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DEERE &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>244199105</cusip>
    <value>5480</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>60000</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DELTA AIR LINES INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>247361702</cusip>
    <value>7029</value>
    <shrsOrPrnAmt>
      <sshPrnamt>255890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>255890</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DENBURY RESOURCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>247916208</cusip>
    <value>2547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>155000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>155000</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DEVON ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25179M103</cusip>
    <value>3681</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>59500</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DIAMONDROCK HOSPITALITY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>252784301</cusip>
    <value>1222</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105771</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>105771</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DIODES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254543101</cusip>
    <value>1448</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>61450</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>EMC CORPORATION                         COMMON STOCK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>268648102</cusip>
    <value>1509</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>60000</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ENBRIDGE ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29250R106</cusip>
    <value>6571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>220000</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ENDO HEALTH SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29264F205</cusip>
    <value>742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>11000</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ENGILITY HOLDINGS INC - W/I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29285W104</cusip>
    <value>1359</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40680</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>40680</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EZCORP INC-CL A</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>302301106</cusip>
    <value>660</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>56500</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>1806</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>17850</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FEDEX CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31428X106</cusip>
    <value>11502</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>80000</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST CITIZENS BCSHS  -CL A</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>31946M103</cusip>
    <value>656</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2945</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
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      <Sole>0</Sole>
      <Shared>2945</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST MIDWEST BANCORP INC/IL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320867104</cusip>
    <value>819</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>46700</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENREAL MOTORS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
    <value>2200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53825</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>53825</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL MOTORS-CW16</nameOfIssuer>
    <titleOfClass>WARRANT</titleOfClass>
    <cusip>37045V118</cusip>
    <value>1699</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54576</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>54576</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GENTIVA HEALTH SERVICES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GLOBAL CASH ACCESS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>378967103</cusip>
    <value>1257</value>
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      <sshPrnamt>125816</sshPrnamt>
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    <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38141G104</cusip>
    <value>2672</value>
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    <nameOfIssuer>GOOGLE INC-CL A</nameOfIssuer>
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    <cusip>38259P508</cusip>
    <value>2438</value>
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    <nameOfIssuer>GOVERNMENT PROPERTIES INCOME</nameOfIssuer>
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    <cusip>38376A103</cusip>
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    <nameOfIssuer>GRANITE REAL ESTATE INVESTMENT TRST</nameOfIssuer>
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    <value>1419</value>
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    <nameOfIssuer>GREAT PLAINS ENERGY INC</nameOfIssuer>
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    <nameOfIssuer>GRIFFON CORPORATION</nameOfIssuer>
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    <nameOfIssuer>HARSCO CORP</nameOfIssuer>
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    <cusip>415864107</cusip>
    <value>746</value>
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      <sshPrnamt>26600</sshPrnamt>
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    <nameOfIssuer>HARTE-HANKS INC</nameOfIssuer>
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    <nameOfIssuer>HEALTH MGMT ASSOCIATES INC-A</nameOfIssuer>
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    <value>2907</value>
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    <nameOfIssuer>HEALTH INSURANCE INNOVATIO-A</nameOfIssuer>
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    <nameOfIssuer>HESS CORP</nameOfIssuer>
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    <nameOfIssuer>HEWLETT-PACKARED CO                     COMMON STOCK</nameOfIssuer>
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    <cusip>428236103</cusip>
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    <nameOfIssuer>HOSPITALITY PROPERTIES TRUST</nameOfIssuer>
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    <cusip>44106M102</cusip>
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    <nameOfIssuer>ICONIX BRAND GROUP INC</nameOfIssuer>
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    <value>1036</value>
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    <nameOfIssuer>ING US INC</nameOfIssuer>
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    <nameOfIssuer>INGRAM MICRO INC-CL A</nameOfIssuer>
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    <value>1645</value>
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    <nameOfIssuer>INSIGHT ENTERPRISES INC</nameOfIssuer>
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    <nameOfIssuer>Inorg Chem Nec</nameOfIssuer>
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    <nameOfIssuer>INTERNATIONAL BUSINESS MACHINE          COMMON STOCK</nameOfIssuer>
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    <nameOfIssuer>INTERVAL LEISURE GROUP</nameOfIssuer>
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    <nameOfIssuer>JPMORGAN CHASE &amp; COMPANY</nameOfIssuer>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON                       COMMON STOCK</nameOfIssuer>
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    <nameOfIssuer>THE JONES GROUP INC</nameOfIssuer>
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    <nameOfIssuer>KAPSTONE PAPER AND PACKAGING</nameOfIssuer>
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    <nameOfIssuer>LABORATORY CRP OF AMER HLDGS</nameOfIssuer>
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    <value>768</value>
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    <nameOfIssuer>MASONITE INTERNATIONAL CORP</nameOfIssuer>
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    <nameOfIssuer>MATTHEWS INTL CORP-CLASS A</nameOfIssuer>
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    <nameOfIssuer>MERCK &amp; CO. INC.</nameOfIssuer>
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    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>16434</value>
    <shrsOrPrnAmt>
      <sshPrnamt>439281</sshPrnamt>
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      <Shared>439281</Shared>
      <None>0</None>
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    <nameOfIssuer>HERMAN MILLER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>600544100</cusip>
    <value>799</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27075</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>MILLER INDUSTRIES INC/TENN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>600551204</cusip>
    <value>303</value>
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    <nameOfIssuer>MONSTER WORLDWIDE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>611742107</cusip>
    <value>1146</value>
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      <sshPrnamt>160675</sshPrnamt>
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    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>617446448</cusip>
    <value>2275</value>
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      <sshPrnamt>72550</sshPrnamt>
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    <nameOfIssuer>MUELLER WATER PRODUCTS INC-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>624758108</cusip>
    <value>1350</value>
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      <sshPrnamt>144125</sshPrnamt>
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    <nameOfIssuer>MURPHY USA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>626755102</cusip>
    <value>1740</value>
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      <sshPrnamt>41875</sshPrnamt>
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    <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>629377508</cusip>
    <value>989</value>
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      <sshPrnamt>34446</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>NATL PENN BCSHS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637138108</cusip>
    <value>1433</value>
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      <sshPrnamt>126475</sshPrnamt>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>NELNET INC-CL A</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>64031N108</cusip>
    <value>362</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8600</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>NEWS CORP - CLASS A</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>65249B109</cusip>
    <value>5519</value>
    <shrsOrPrnAmt>
      <sshPrnamt>306255</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>NEWS CORP - CLASS B</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>65249B208</cusip>
    <value>2064</value>
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      <sshPrnamt>115750</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>NOVAGOLD RESOURCES INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>66987E206</cusip>
    <value>850</value>
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      <sshPrnamt>334744</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>OCI PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM UNIT REP LP</titleOfClass>
    <cusip>67091N108</cusip>
    <value>1380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
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    <nameOfIssuer>OCCIDENTAL PETROLEUM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674599105</cusip>
    <value>10194</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107195</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>OMNICOM GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>681919106</cusip>
    <value>2434</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32725</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>ON SEMICONDUCTOR CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682189105</cusip>
    <value>590</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71615</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>ORACLE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>20228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>528695</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>OWENS CORNING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>690742101</cusip>
    <value>2588</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63550</sshPrnamt>
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    <nameOfIssuer>PG&amp;E CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69331C108</cusip>
    <value>3784</value>
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    <nameOfIssuer>PHH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693320202</cusip>
    <value>1057</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43425</sshPrnamt>
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    <nameOfIssuer>PNC FINANCIAL SERVICES GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693475105</cusip>
    <value>2533</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32644</sshPrnamt>
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    <nameOfIssuer>PARK STERLING CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70086Y105</cusip>
    <value>656</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91866</sshPrnamt>
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    <nameOfIssuer>PARKER HANNIFIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>701094104</cusip>
    <value>2460</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19125</sshPrnamt>
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    <nameOfIssuer>PETROLOGISTICS LP</nameOfIssuer>
    <titleOfClass>UNIT LTD PTH INT</titleOfClass>
    <cusip>71672U101</cusip>
    <value>3786</value>
    <shrsOrPrnAmt>
      <sshPrnamt>325000</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>PFIZER INC                              COMMON STOCK</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>10324</value>
    <shrsOrPrnAmt>
      <sshPrnamt>337071</sshPrnamt>
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    <nameOfIssuer>PHOTOMEDEX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>719358301</cusip>
    <value>1357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104770</sshPrnamt>
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    <nameOfIssuer>PIONEER NATURAL RESOURCES CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>723787107</cusip>
    <value>6627</value>
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      <sshPrnamt>36000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>PIPER JAFFRAY COS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>724078100</cusip>
    <value>1221</value>
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      <sshPrnamt>30870</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>PORTLAND GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>736508847</cusip>
    <value>317</value>
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      <sshPrnamt>10500</sshPrnamt>
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    <nameOfIssuer>PRIMERICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74164M108</cusip>
    <value>1174</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27356</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>PROTECTIVE LIFE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743674103</cusip>
    <value>300</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5929</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>PULTE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>745867101</cusip>
    <value>4991</value>
    <shrsOrPrnAmt>
      <sshPrnamt>245000</sshPrnamt>
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    <nameOfIssuer>QEP MIDSTREAM PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM UNIT RP LTD</titleOfClass>
    <cusip>74735R115</cusip>
    <value>1858</value>
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      <sshPrnamt>80000</sshPrnamt>
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    <nameOfIssuer>REINSURANCE GROUP OF AMERICA</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>759351604</cusip>
    <value>1858</value>
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      <sshPrnamt>24000</sshPrnamt>
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      <Sole>0</Sole>
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  <infoTable>
    <nameOfIssuer>RENT-A-CENTER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76009N100</cusip>
    <value>2455</value>
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      <sshPrnamt>73650</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>RENTECH NITROGEN PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760113100</cusip>
    <value>7148</value>
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      <sshPrnamt>406148</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>406148</Shared>
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    <nameOfIssuer>TEVA PHARMACEUTICAL-SP ADR</nameOfIssuer>
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    <nameOfIssuer>EATON CORP PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G29183103</cusip>
    <value>3682</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48370</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>48370</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENSCO INTERNATIONAL PLC</nameOfIssuer>
    <titleOfClass>SHS CL A</titleOfClass>
    <cusip>G3157S106</cusip>
    <value>3431</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>60000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INVESCO LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G491BT108</cusip>
    <value>2086</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>57300</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARTNERRE LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G6852T105</cusip>
    <value>2146</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>20350</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROWAN COS INC                           (FORMERLY ROWAN DRILLING)</nameOfIssuer>
    <titleOfClass>SHS CL A</titleOfClass>
    <cusip>G7665A101</cusip>
    <value>2475</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>70000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XL GROUP PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G98290102</cusip>
    <value>484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>15200</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TE CONNECTIVITY LTD.</nameOfIssuer>
    <titleOfClass>REG SHS</titleOfClass>
    <cusip>H84989104</cusip>
    <value>1826</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>33125</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAPITAL PRODUCT PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM UNIT</titleOfClass>
    <cusip>Y11082107</cusip>
    <value>628</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>60000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OCEAN RIG UDW INC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>Y64354205</cusip>
    <value>754</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39144</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2,3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>39144</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
