13F-HR 1 d53975e13fvhr.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: December 31, 2007 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: _____ 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 February 14, 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: 32 Form 13F Information Table Value Total: 467,298(thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE Berkshire Hathaway Inc Del CL A 084670108 55,275 390 SH SOLE 390 Biovail Corp COM 09067J109 34,919 2,587,200 SH SOLE 2,587,200 Chunghwa Telecom Co Ltd SPONSORED ADR 17133Q205 3,453 163,409 SH SOLE 163,409 Consolidated-Tomoka Ld Co COM 210226106 2,240 35,700 SH SOLE 35,700 EchoStar Communications New CL A 278762109 1,888 50,000 SH SOLE 50,000 Flagstone Reinsurance Hldgs SHS G3529T105 41,738 3,000,000 SH SOLE 3,000,000 Hutchison Telecomm Intl Ltd SPONSORED ADR 44841T107 453 20,000 SH SOLE 20,000 IDT Corp CL B 448947309 2,663 314,800 SH SOLE 314,800 International Coal Grp Inc N COM 45928H106 2,682 500,000 SH SOLE 500,000 King Pharmaceuticals Inc COM 495582108 80,059 7,811,100 SH SOLE 7,811,100 Level 3 Communications Inc NOTE 6.000% 3/1 52729NAS9 14,347 15,750,000 PRN SOLE 15,750,000 Level 3 Communications Inc NOTE 6.000% 9/1 52729NAG5 12,691 13,523,000 PRN SOLE 13,523,000 Magna Intl Inc CL A 559222401 1,087 13,400 SH SOLE 13,400 Mannkind Corp COM 56400P201 3,498 438,989 SH SOLE 438,989 Media Gen Inc CL A 584404107 24,818 1,166,817 SH SOLE 1,166,817 Natuzzi S P A ADR 63905A101 339 72,000 SH SOLE 72,000 Overstock Com Inc Del COM 690370101 34,504 2,219,709 SH SOLE 2,219,709 Overstock Com Inc Del NOTE 3.750%12/0 690370AB7 6,365 7,950,000 PRN SOLE 7,950,000 Penn Treaty Amern Corp COM NEW 707874400 650 100,000 SH SOLE 100,000 RCN Corp COM NEW 749361200 18,739 1,200,884 SH SOLE 1,200,884 Rewards Network Inc SDCV 3.250%10/1 761557AA5 3,542 3,750,000 PRN SOLE 3,750,000 Sanofi Aventis SPONSORED ADR 80105N105 684 15,000 SH SOLE 15,000 Sears Hldgs Corp COM 812350106 20,705 202,700 SH SOLE 202,700 Sprint Nextel Corp COM SER 1 852061100 9,588 729,544 SH SOLE 729,544 Sun-Times Media Group Inc COM 86688Q100 5,554 2,522,100 SH SOLE 2,522,100 Telecom Corp New Zealand Ltd SPONSORED ADR 879278208 1,892 113,777 SH SOLE 113,777 Thornburg Mtg Inc PFD CONV SER F 885218701 853 35,500 SH SOLE 35,500 Utah Med Prods Inc COM 917488108 1,817 61,070 SH SOLE 61,070 UTStarcom Inc COM 918076100 13,983 5,080,000 SH SOLE 5,080,000 UTStarcom Inc NOTE 10.875% 3/0 918076AB6 41,268 41,630,000 PRN SOLE 41,630,000 Watson Pharmaceuticals Inc COM 942683103 24,448 900,000 SH SOLE 900,000 Westwood One Inc COM 961815107 559 280,600 SH SOLE 280,600