| Quarter Ending 12/31/2009 | Back to the Enlightened American Website | ||||||||
| Martin Whitman's Third Ave | |||||||||
| ***** NEW POSITIONS TAKEN | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| N/A | N/A | CENOVUS ENERGY INC. | 2,862,282 | $25.20 | $72,129,000 | ||||
| N/A | N/A | KEYCORP | 10,970,000 | $5.55 | $60,884,000 | ||||
| N/A | N/A | LEXMARK INTERNATIONAL INC. CL A | 1,550,190 | $25.98 | $40,274,000 | ||||
| N/A | N/A | SYCAMORE NETWORKS, INC. | 5,289,002 | $20.91 | $110,593,000 | ||||
| ***** SOLD OFF | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| N/A | N/A | CIT GROUP INC. | 523,038 | $0.72 | $377,000 | ||||
| N/A | N/A | LEXMARK INTERNATIONAL INC. CL A | 1,910,034 | $21.54 | $41,142,000 | ||||
| N/A | N/A | KIMCO REALTY CORP | 1,353,800 | $13.04 | $17,654,000 | ||||
| N/A | N/A | PRECISION DRILLING TRUST | 418,319 | $6.63 | $2,773,000 | ||||
| N/A | N/A | ST. MARY LAND & EXPLORATION | 535,282 | $32.46 | $17,375,000 | ||||
| N/A | N/A | SYCAMORE NETWORKS, INC. | 45,658,033 | $3.02 | $137,887,000 | ||||
| N/A | N/A | UNITED REFINING ENERGY CORP WTS | 500,000 | $0.25 | $125,000 | ||||
| ***** HOLD POSITIONS | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| 0.00% | 11.87% | ACADIA REALTY TRUST | 40,799 | 40,799 | $16.86 | $15.07 | $688,000 | $615,000 | |
| 0.00% | 23.52% | AGRIUM, INC. | 70,779 | 70,779 | $61.50 | $49.79 | $4,353,000 | $3,524,000 | |
| 0.00% | -3.17% | ALICO, INC. | 269,164 | 269,164 | $28.46 | $29.39 | $7,660,000 | $7,911,000 | |
| 0.00% | 37.07% | ALTO PALERMO S.A. | 99,144 | 99,144 | $9.25 | $6.75 | $917,000 | $669,000 | |
| 0.00% | 13.33% | BARCLAYS BANK PLC ETN AGRI37 | 132,472 | 132,472 | $45.57 | $40.21 | $6,037,000 | $5,327,000 | |
| 0.00% | 12.92% | BEL FUSE INC. CL B | 1,116,474 | 1,116,474 | $21.49 | $19.03 | $23,993,000 | $21,247,000 | |
| 0.00% | 2.61% | BRANDYWINE OPER PART NT 3.875% | 16,500,000 | 16,500,000 | $0.98 | $0.96 | $16,191,000 | $15,779,000 | |
| 0.00% | -17.70% | BROOKLYN FEDERAL BANCORP INC. | 637,122 | 637,122 | $10.04 | $12.20 | $6,397,000 | $7,773,000 | |
| 0.00% | 2.67% | CAPITAL SOUTHWEST | 119,194 | 119,194 | $78.80 | $76.75 | $9,392,000 | $9,148,000 | |
| 0.00% | 43.36% | CARVER BANCORP, INC. | 218,500 | 218,500 | $9.05 | $6.31 | $1,977,000 | $1,379,000 | |
| 0.00% | 0.82% | COLONIAL BANKSHARES INC. | 50,920 | 50,920 | $7.25 | $7.19 | $369,000 | $366,000 | |
| 0.00% | 6.41% | COVANTA HOLDING CORPORATION | 9,261,289 | 9,261,289 | $18.09 | $17.00 | $167,537,000 | $157,442,000 | |
| 0.00% | 16.90% | PROVIDENT ENERGY TRUST | 700,566 | 700,566 | $6.75 | $5.78 | $4,731,000 | $4,047,000 | |
| 0.00% | 0.17% | EASTGROUP PROPERTIES INC. | 15,500 | 15,500 | $38.26 | $38.19 | $593,000 | $592,000 | |
| 0.00% | -5.68% | ENCORE WIRE CORPORATION | 2,200,985 | 2,200,985 | $21.07 | $22.34 | $46,375,000 | $49,170,000 | |
| 0.00% | -16.87% | FEDFIRST FINANCIAL CORPORATION | 490,036 | 490,036 | $3.50 | $4.21 | $1,715,000 | $2,063,000 | |
| 0.00% | 8.85% | FIRST POTOMAC REALTY TRUST | 32,300 | 32,300 | $12.57 | $11.55 | $406,000 | $373,000 | |
| 0.00% | -13.52% | FOREST CITY ENT. CL B CONV | 25,800 | 25,800 | $11.90 | $13.76 | $307,000 | $355,000 | |
| 0.00% | 18.37% | HKN INC. | 47,478 | 47,478 | $3.66 | $3.10 | $174,000 | $147,000 | |
| 0.00% | 3.56% | INGRAM MICRO INC. CL A | 505,450 | 505,450 | $17.45 | $16.85 | $8,820,000 | $8,517,000 | |
| 0.00% | 4.24% | INTEL CORPORATION | 575,000 | 575,000 | $20.40 | $19.57 | $11,730,000 | $11,253,000 | |
| 0.00% | -3.25% | KEARNY FINANCIAL CORP. | 660,494 | 660,494 | $10.08 | $10.42 | $6,658,000 | $6,882,000 | |
| 0.00% | -16.53% | OMEGA FLEX INC. | 360,100 | 360,100 | $14.00 | $16.77 | $5,041,000 | $6,039,000 | |
| 0.00% | 12.13% | PARK ELECTROCHEMICAL CORPORATIO | 1,466,505 | 1,466,505 | $27.64 | $24.65 | $40,534,000 | $36,149,000 | |
| 0.00% | 2.91% | PROLOGIS NOTE 2.25% | 14,000,000 | 14,000,000 | $0.93 | $0.90 | $12,985,000 | $12,618,000 | |
| 0.00% | 3.66% | PROLOGIS NOTE 1.88% | 19,929,000 | 19,929,000 | $0.88 | $0.85 | $17,637,000 | $17,015,000 | |
| 0.00% | 4.38% | PROLOGIS NOTE 2.63% | 5,000,000 | 5,000,000 | $0.90 | $0.86 | $4,482,000 | $4,294,000 | |
| 0.00% | N/A | STONELEIGH PARTNERS ACQUIS WTS | 875,000 | 875,000 | $0.00 | $0.00 | $0 | $0 | |
| 0.00% | 5.94% | ARCH CAPITAL GROUP LTD. | 293,590 | 293,590 | $71.55 | $67.54 | $21,006,000 | $19,829,000 | |
| 0.00% | -3.85% | ASPEN INSURANCE HOLDINGS LTD | 312,991 | 312,991 | $25.45 | $26.47 | $7,966,000 | $8,285,000 | |
| 0.00% | 1.89% | BROOKFIELD INFRASTRUCTURE PARTN | 466,843 | 466,843 | $16.77 | $16.46 | $7,829,000 | $7,684,000 | |
| ***** AUGMENTED POSITIONS | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| 0.76% | 6.20% | 97,938 | AVX CORPORATION | 12,930,302 | 12,832,364 | $12.67 | $11.93 | $163,827,000 | $153,090,000 |
| 0.33% | 6.67% | 9,025 | ALEXANDER & BALDWIN, INC. | 2,733,211 | 2,724,186 | $34.23 | $32.09 | $93,558,000 | $87,419,000 |
| 7.01% | -3.52% | 652,650 | BANK OF NEW YORK MELLON CORP. | 9,963,461 | 9,310,811 | $27.97 | $28.99 | $278,678,000 | $269,920,000 |
| 0.19% | -16.12% | 40,544 | BROOKFIELD ASSET MGMT. CL A | 21,012,352 | 20,971,808 | $22.18 | $26.44 | $466,054,000 | $554,541,000 |
| 1.55% | 1.18% | 12,684 | CAVCO INDUSTRIES, INC. | 831,181 | 818,497 | $35.92 | $35.50 | $29,856,000 | $29,057,000 |
| 0.47% | 6.44% | 29,570 | CROSS COUNTRY HEALTHCARE INC. | 6,373,482 | 6,343,912 | $9.91 | $9.31 | $63,161,000 | $59,062,000 |
| 17.91% | -43.78% | 541,460 | ENCANA CORPORATION | 3,564,993 | 3,023,533 | $32.39 | $57.61 | $115,470,000 | $174,186,000 |
| 58.14% | 2.27% | 204,024 | HCC INSURANCE HOLDINGS | 554,919 | 350,895 | $27.97 | $27.35 | $15,521,000 | $9,597,000 |
| 0.03% | -5.94% | 200 | IMATION CORP. | 707,709 | 707,509 | $8.72 | $9.27 | $6,171,000 | $6,559,000 |
| 20.78% | -29.44% | 696,016 | INVESTMENT TECHNOLOGY GROUP | 4,045,613 | 3,349,597 | $19.70 | $27.92 | $79,699,000 | $93,521,000 |
| 8.23% | -15.36% | 123,400 | JAKKS PACIFIC, INC. | 1,621,960 | 1,498,560 | $12.12 | $14.32 | $19,658,000 | $21,459,000 |
| 1.37% | 13.08% | 60,671 | K-SWISS INC., CL A | 4,473,780 | 4,413,109 | $9.94 | $8.79 | $44,469,000 | $38,791,000 |
| 0.08% | -3.76% | 3,139 | LEUCADIA NATIONAL CORPORATION | 3,891,631 | 3,888,492 | $23.79 | $24.72 | $92,582,000 | $96,124,000 |
| 0.83% | -10.65% | 13,425 | MDC HOLDINGS INC. | 1,622,862 | 1,609,437 | $31.04 | $34.74 | $50,374,000 | $55,912,000 |
| 47.00% | 14.84% | 516,100 | PROLOGIS TRUST | 1,614,227 | 1,098,127 | $13.69 | $11.92 | $22,098,000 | $13,090,000 |
| 0.30% | -0.79% | 6,882 | THE ST. JOE COMPANY | 2,325,999 | 2,319,117 | $28.89 | $29.12 | $67,198,000 | $67,533,000 |
| 1.07% | -18.44% | 14,985 | SKYLINE CORPORATION | 1,415,574 | 1,400,589 | $18.40 | $22.56 | $26,047,000 | $31,597,000 |
| 0.11% | -2.12% | 2,649 | STANLEY FURNITURE COMPANY, INC. | 2,443,437 | 2,440,788 | $10.15 | $10.37 | $24,801,000 | $25,311,000 |
| 0.20% | 13.78% | 9,896 | TEJON RANCH CO. | 4,947,786 | 4,937,890 | $29.22 | $25.68 | $144,574,000 | $126,805,000 |
| 2.23% | -17.92% | 538,750 | TELLABS, INC. | 24,693,229 | 24,154,479 | $5.68 | $6.92 | $140,258,000 | $167,149,000 |
| 182.62% | 2.42% | 5,151,200 | THOMAS PROPERTIES GROUP INC. | 7,971,973 | 2,820,773 | $2.96 | $2.89 | $23,597,000 | $8,152,000 |
| 2.94% | 1.83% | 33,000 | TIDEWATER INC. | 1,153,578 | 1,120,578 | $47.95 | $47.09 | $55,314,000 | $52,768,000 |
| 0.59% | 8.59% | 5,343 | VORNADO REALTY TRUST | 906,265 | 900,922 | $69.94 | $64.41 | $63,384,000 | $58,028,000 |
| 0.99% | 4.72% | 4,800 | WESTWOOD HOLDINGS GROUP INC. | 492,087 | 487,287 | $36.34 | $34.70 | $17,882,000 | $16,909,000 |
| 11.86% | 17.71% | 104,149 | WEYERHAEUSER COMPANY | 982,197 | 878,048 | $43.14 | $36.65 | $42,372,000 | $32,180,000 |
| 10.58% | 6.13% | 471,025 | MONTPELIER RE HOLDINGS LTD. | 4,924,355 | 4,453,330 | $17.32 | $16.32 | $85,290,000 | $72,678,000 |
| 0.12% | 4.74% | 15,000 | NABORS INDUSTRIES | 12,108,000 | 12,093,000 | $21.89 | $20.90 | $265,044,000 | $252,744,000 |
| ***** REDUCED POSITIONS | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| -3.69% | 8.54% | -44,772 | ALAMO GROUP, INC. | 1,169,949 | 1,214,721 | $17.15 | $15.80 | $20,065,000 | $19,193,000 |
| -10.74% | -50.60% | -2,877,027 | AMBAC FINANCIAL GROUP | 23,905,335 | 26,782,362 | $0.83 | $1.68 | $19,841,000 | $44,994,000 |
| -2.69% | 4.03% | -72,573 | APPLIED MATERIALS, INC. | 2,629,429 | 2,702,002 | $13.94 | $13.40 | $36,654,000 | $36,207,000 |
| -2.85% | 29.51% | -64,201 | BRISTOW GROUP INC. | 2,191,514 | 2,255,715 | $38.45 | $29.69 | $84,264,000 | $66,972,000 |
| -1.96% | -22.60% | -112,457 | BRONCO DRILLING CO. INC. | 5,628,487 | 5,740,944 | $5.07 | $6.55 | $28,536,000 | $37,603,000 |
| -23.53% | 7.67% | -42,120 | BROOKFIELD PROPERTIES | 136,850 | 178,970 | $12.12 | $11.26 | $1,659,000 | $2,015,000 |
| -4.79% | 22.28% | -271,275 | CIMAREX ENERGY CO. | 5,391,049 | 5,662,324 | $52.97 | $43.32 | $285,563,000 | $245,292,000 |
| -23.81% | 27.49% | -102,728 | COHERENT INC. | 328,803 | 431,531 | $29.73 | $23.32 | $9,775,000 | $10,063,000 |
| -6.16% | 13.10% | -5,870 | CONOCOPHILLIPS | 89,462 | 95,332 | $51.07 | $45.16 | $4,569,000 | $4,305,000 |
| -0.02% | -8.77% | -100 | CONSOLIDATED TOMOKA LAND CO. | 510,182 | 510,282 | $34.94 | $38.30 | $17,826,000 | $19,544,000 |
| -0.15% | -19.19% | -5,875 | ELECTRO SCIENTIFIC INDUSTRIES, | 3,804,924 | 3,810,799 | $10.82 | $13.39 | $41,169,000 | $51,027,000 |
| -1.46% | 15.44% | -62,425 | ELECTRONICS FOR IMAGING INC. | 4,211,440 | 4,273,865 | $13.01 | $11.27 | $54,791,000 | $48,166,000 |
| -1.41% | -11.89% | -386,936 | FOREST CITY ENTERPRISES CL A | 27,119,135 | 27,506,071 | $11.78 | $13.37 | $319,463,000 | $367,756,000 |
| -53.54% | 7.66% | -118,072 | GENESEE & WYOMING INC. CL A | 102,441 | 220,513 | $32.64 | $30.32 | $3,344,000 | $6,686,000 |
| -0.17% | 5.84% | -4,900 | GLATFELTER P. H. CO. | 2,937,883 | 2,942,783 | $12.15 | $11.48 | $35,695,000 | $33,783,000 |
| -15.24% | 16.26% | -427,194 | HAVERTY FURNITURE COMPANIES INC | 2,375,849 | 2,803,043 | $13.73 | $11.81 | $32,620,000 | $33,104,000 |
| -0.25% | 6.44% | -3,252 | HERLEY INDUSTRIES, INC. | 1,313,717 | 1,316,969 | $13.89 | $13.05 | $18,248,000 | $17,186,000 |
| -1.14% | 8.78% | -12,276 | INSTEEL INDUSTRIES INC. | 1,068,787 | 1,081,063 | $13.00 | $11.95 | $13,894,000 | $12,919,000 |
| -49.62% | 5.71% | -1,437,716 | JOURNAL COMMUNICATIONS INC.CL A | 1,459,559 | 2,897,275 | $3.89 | $3.68 | $5,678,000 | $10,662,000 |
| -0.02% | 14.47% | -158 | KAISER ALUMINUM CORP. | 836,979 | 837,137 | $41.62 | $36.36 | $34,835,000 | $30,438,000 |
| -1.86% | -29.36% | -5,800 | KID BRANDS, INC. | 306,037 | 311,837 | $4.38 | $6.20 | $1,340,000 | $1,933,000 |
| -86.34% | 4.64% | -3,075,450 | LOUISIANA PACIFIC CORP. | 486,575 | 3,562,025 | $6.98 | $6.67 | $3,396,000 | $23,759,000 |
| -69.65% | -48.71% | -12,583,782 | MBIA INC. | 5,484,555 | 18,068,337 | $3.98 | $7.76 | $21,829,000 | $140,210,000 |
| -1.41% | -1.34% | -4,598 | NATIONAL WESTERN LIFE INSU CL A | 321,033 | 325,631 | $173.62 | $175.98 | $55,738,000 | $57,305,000 |
| -18.58% | 12.24% | -103,650 | NEWALLIANCE BANCSHARES, INC. | 454,286 | 557,936 | $12.01 | $10.70 | $5,456,000 | $5,970,000 |
| -0.97% | 7.47% | -7,604 | NEWMONT MINING CORPORATION | 777,142 | 784,746 | $47.31 | $44.02 | $36,767,000 | $34,545,000 |
| -0.50% | 26.13% | -21,800 | POSCO | 4,347,779 | 4,369,579 | $131.10 | $103.94 | $569,994,000 | $454,174,000 |
| -12.63% | 6.84% | -460,975 | PHARMACEUTICAL PRODUCT DEVELOPM | 3,187,836 | 3,648,811 | $23.44 | $21.94 | $74,723,000 | $80,055,000 |
| -16.63% | 7.63% | -766,377 | PIONEER DRILLING CO. | 3,840,896 | 4,607,273 | $7.90 | $7.34 | $30,343,000 | $33,817,000 |
| -8.05% | 7.75% | -249,478 | SUPERIOR INDUSTRIES INT'L, INC. | 2,849,785 | 3,099,263 | $15.30 | $14.20 | $43,602,000 | $44,010,000 |
| -1.83% | -0.62% | -40,600 | SYNOPSYS INC. | 2,176,796 | 2,217,396 | $22.28 | $22.42 | $48,499,000 | $49,714,000 |
| -16.42% | 2.17% | -59,774 | UNITED MICROELECTRONICS CORP. | 304,303 | 364,077 | $3.88 | $3.80 | $1,181,000 | $1,383,000 |
| -15.38% | 12.70% | -251,238 | VAIL RESORTS INC. | 1,382,432 | 1,633,670 | $37.80 | $33.54 | $52,256,000 | $54,793,000 |
| -7.19% | -3.00% | -136,396 | WESTLAKE CHEMICAL CORP. | 1,761,737 | 1,898,133 | $24.93 | $25.70 | $43,920,000 | $48,782,000 |
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