13F-HR 1 d56873e13fvhr.txt FORM 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ] Amendment Number: ___________ This Amendment (Check only one.): [ ] is a restatement [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Chou Associates Management Inc. Address: 110 Sheppard Avenue East Suite 301, Box 18 Toronto ON M2N 6Y8 Form 13F File Number: 028-12878 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Francis S.M. Chou Title: CEO Phone: (416) 214-0675 Signature, Place, and Date of Signing: /s/ Francis S.M. Chou Toronto, ON May 15, 2008 ------------------------------- -------------------- ----------------------- (Signature) (City, State) (Date) Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 37 Form 13F Information Table Value Total: 412,799 (thousands) List of Other Included Managers: NONE FORM 13F INFORMATION TABLE

COLUMN 8 COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 ---------------------- -------- --------------- --------- -------- ------------------- ---------- -------- VOTING AUTHORITY VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ---------------------- NAME OF ISSUER TITLE CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- --------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ---- Berkshire Hathaway Inc Del CL A 084670108 28,021 210 SH SOLE 210 Biovail Corp COM 09067J109 30,890 2,887,200 SH SOLE 2,887,200 Chunghwa Telecom Co Ltd SPON ADR NEW 17133Q304 4,253 163,409 SH SOLE 163,409 Consolidated Tomoka Ld Co COM 210226106 976 17,400 SH SOLE 17,400 Cryptologic Limited SHS G3159C109 397 25,000 SH SOLE 25,000 Dish Network Corp CL A 25470M109 1,437 50,000 SH SOLE 50,000 Flagstone Reinsurance Hldgs SHS G3529T105 36,309 3,000,000 SH SOLE 3,000,000 Gannett Inc COM 364730101 5,811 200,000 SH SOLE 200,000 Hutchison Telecomm Intl Ltd SPONSORED ADR 44841T107 430 20,000 SH SOLE 20,000 IDT Corp CL B 448947309 1,219 314,800 SH SOLE 314,800 King Pharmaceuticals Inc COM 495582108 67,974 7,811,100 SH SOLE 7,811,100 K-Swiss Inc CL A 482686102 7,480 472,720 SH SOLE 472,720 Level 3 Communications Inc NOTE 2.875% 7/1 52729NBA7 1,386 1,950,000 PRN SOLE 1,950,000 Level 3 Communications Inc NOTE 6.000% 3/1 52729NAS9 24,473 30,300,000 PRN SOLE 30,300,000 Level 3 Communications Inc NOTE 6.000% 9/1 52729NAG5 12,039 13,523,000 PRN SOLE 13,523,000 Magna Intl Inc CL A 559222401 973 13,400 SH SOLE 13,400 Mannkind Corp COM 56400P201 2,621 438,989 SH SOLE 438,989 Media Gen Inc CL A 584404107 20,642 1,471,932 SH SOLE 1,471,932 Natuzzi S P A ADR 63905A101 266 72,000 SH SOLE 72,000 Office Depot Inc COM 676220106 10,744 972,053 SH SOLE 972,053 Overstock Com Inc Del COM 690370101 26,443 2,219,709 SH SOLE 2,219,709 Overstock Com Inc Del NOTE 3.750%12/0 690370AB7 6,428 7,950,000 PRN SOLE 7,950,000 Penn Treaty Amern Corp COM NEW 707874400 645 100,000 SH SOLE 100,000 RCN Corp COM NEW 749361200 19,021 1,700,884 SH SOLE 1,700,884 Rewards Network Inc SDCV 3.250%10/1 761557AA5 3,477 3,750,000 PRN SOLE 3,750,000 Sanofi Aventis SPONSORED ADR 80105N105 12,016 320,000 SH SOLE 320,000 Sears Hldgs Corp COM 812350106 25,805 252,700 SH SOLE 252,700 SK Telecom Ltd SPONSORED ADR 78440P108 1,513 70,000 SH SOLE 70,000 Sprint Nextel Corp COM SER 1 852061100 4,882 729,544 SH SOLE 729,544 Sun-Times Media Group Inc COM 86688Q100 1,816 2,522,100 SH SOLE 2,522,100 Telecom Corp New Zealand Ltd SPONSORED ADR 879278208 1,692 113,777 SH SOLE 113,777 McClatchy Co CL A 579489105 7,182 671,077 SH SOLE 671,077 Thornburg Mtg Inc PFD CONV SER F 885218701 151 35,500 SH SOLE 35,500 Utah Med Prods Inc COM 917488108 1,812 61,070 SH SOLE 61,070 UTStarcom Inc COM 918076100 14,431 5,080,000 SH SOLE 5,080,000 Watson Pharmaceuticals Inc COM 942683103 26,553 905,400 SH SOLE 905,400 Westwood One Inc COM 961815107 589 280,600 SH SOLE 280,600