13F-HR 1 fp0001122_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2009 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: T2 Partners Management, L.P. Address: 145 East 57th Street, 10th Floor New York, NY 10022 13F File Number: 28-12232 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: Glenn Tongue Title: Managing Partner Phone: 212-386-7161 Signature, Place, and Date of Signing: /s/ Glenn Tongue New York, NY November 10, 2009 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 77 Form 13F Information Table Value Total: $125,222 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name --- -------------------- ---- 1 028-13305 Centaur Capital Management LP

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------- ----------------- --------- --------- -------------------- ---------- -------- -------------------- VOTING AUTHORITY TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER -------------------- NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED OTHER ------------------------------- ----------------- --------- --------- --------- ----- ---- ---------- -------- ------- ------ ----- ALLEGHANY CORP COM 017175100 466 1,800 SH OTHER 1 1,800 ALLIANCEBERNSTEIN HOLDING LP COM 01881G106 360 13,200 SH OTHER 1 13,200 ALTRIA GROUP, INC. COM 02209S103 517 29,000 SH SOLE 29,000 AMBASSADORS INTERNATIONAL, INC. COM 023178106 634 615,583 SH SOLE 615,583 AMERICAN EXPRESS COMPANY COM 025816109 5,568 164,244 SH SOLE 164,244 ANNALY MORTGAGE MANAGEMENT INC. COM 035710409 408 22,500 SH OTHER 1 22,500 ATLAS AMERICA, INC. COM 049167109 2,301 85,000 SH SOLE 85,000 BARNES & NOBLE, INC. COM 067774109 467 21,000 SH OTHER 1 21,000 BARNES & NOBLE, INC. COM 067774109 51 2,297 SH SOLE 2,297 BERKSHIRE HATHAWAY INC CL A 084670108 1,313 13 SH SOLE 13 BERKSHIRE HATHAWAY INC. CL B 084670207 10,843 3,263 SH SOLE 3,263 BLOCKBUSTER INC CL B 093679207 355 592,016 SH SOLE 592,016 BORDERS GROUP INC COM 099709107 2,054 660,355 SH SOLE 660,355 BROADRIDGE FINANCIAL SOLUTIONS IN COM 11133T103 1,025 50,985 SH SOLE 50,985 CAPITAL ONE FINL CORP. COM 14040H105 1,528 2,472 SH PUT SOLE CAPITAL SOUTHWEST CORP COM 140501107 261 3,400 SH OTHER 1 3,400 CHESAPEAKE ENERGY CORP COM 165167107 346 12,200 SH OTHER 1 12,200 CHIPOTLE MEXICAN GRILL, INC. COM 169656204 316 3,800 SH OTHER 1 3,800 CISCO SYSTEMS, INC. COM 17275R102 391 16,600 SH OTHER 1 16,600 CONTANGO OIL & GAS COMPANY COM 21075N204 3,662 71,724 SH SOLE 71,724 CROSSTEX ENERGY LP COM 22765U102 1,670 316,843 SH SOLE 316,843 CROSSTEX ENERGY, INC. COM 22765Y104 1,093 206,982 SH SOLE 206,982 DAILY JOURNAL CORP COM 233912104 213 3,683 SH SOLE 3,683 DELIAS INC COM 246911101 6,205 2,886,097 SH SOLE 2,886,097 DOW CHEMICAL CO. COM 260543103 464 1,985 SH PUT SOLE EBAY INC. COM 278642103 151 6,400 SH SOLE 6,400 ECHOSTAR CORP COM 278768106 2,435 131,946 SH SOLE 131,946 EMC CORP COM 268648102 417 24,500 SH OTHER 1 24,500 EXXON MOBIL CORP COM 30231G102 391 5,700 SH OTHER 1 5,700 EXXON MOBIL CORP COM 30231G102 103 1,500 SH SOLE 1,500 FAIRFAX FINANCIAL HLDGS LTD COM 303901102 4,331 11,682 SH SOLE 11,682 FANNIE MAE COM 313586109 228 150,000 SH SOLE 150,000 FIRST LONG IS CORP COM 320734106 532 20,000 SH SOLE 20,000 FOOT LOCKER, INC. COM 344849104 137 11,500 SH OTHER 1 11,500 FOOTSTAR INC. COM 344912209 43 57,479 SH SOLE 57,479 GENERAL ELECTRIC CO COM 369604103 2,643 161,000 SH SOLE 161,000 GENERAL GROWTH PROPERTIES, INC. COM 370021107 410 84,444 SH SOLE 84,444 GHL ACQUISITION CORP *W EXP 2/14/2013 36172H116 8,324 1,779,506 SH SOLE 1,779,506 GHL ACQUISITION CORP COM 36172H108 392 34,764 SH SOLE 34,764 GLG PARTNERS, INC *W EXP 12/28/2011 37929X115 900 82,700 SH SOLE 82,700 HECKMANN CORP COM 422680108 135 29,500 SH OTHER 1 29,500 HELIX ENERGY SOLUTNS GROUP INC COM 42330P107 1,729 115,409 SH SOLE 115,409 HUNTSMAN CORP COM 447011107 6,250 686,021 SH SOLE 686,021 ISHARES DOW JONES HOME CONSTRUCTION COM 464288752 798 2,232 SH PUT SOLE ISHARES RUSSELL 2000 COM 464287105 212 315 SH PUT OTHER 1 KRAFT FOODS INC COM 50075N104 5,756 2,191 SH CALL SOLE LABORATORY CORP OF AMER HLDGS COM 50540R409 650 9,900 SH OTHER 1 9,900 LENNAR CORP CL B 526057302 841 74,400 SH SOLE 74,400 LIBERTY ACQUISITION HOLDINGS WARRANT *W EXP 12/12/201 53015Y115 740 1,214,172 SH SOLE 1,214,172 MICROSOFT CORP COM 594918104 4,435 172,394 SH SOLE 172,394 MONTEREY GOURMET FOODS CO COM 612570101 28 14,274 SH SOLE 14,274 MVC CAPITAL INC. COM 553829102 312 35,500 SH OTHER 1 35,500 NORTHROP GRUMMAN CORP COM 666807102 445 8,600 SH OTHER 1 8,600 OCWEN FINANCIAL CORP COM NEW 675746309 1,798 158,865 SH SOLE 158,865 ODYSSEY RE HOLDINGS CORP. COM 67612W108 876 13,517 SH SOLE 13,517 P.F. CHANG'S CHINA BISTRO, INC. COM 69333Y108 180 5,300 SH OTHER 1 5,300 PETSMART, INC. COM 716768106 265 12,200 SH OTHER 1 12,200 PFIZER INC. COM 717081103 5,235 316,287 SH SOLE 316,287 PREMIER EXHIBITIONS INC COM 74051E102 17 16,000 SH SOLE 16,000 RESOURCE AMERICA, INC CL A 761195205 5,300 1,101,845 SH SOLE 1,101,845 SEABRIDGE GOLD INC. COM 811916105 380 13,300 SH OTHER 1 13,300 SECTOR SPDR-FINANCIALS COM 81369Y605 342 1,647 SH PUT SOLE SIMON PPTY GROUP, INC. COM 828806109 712 658 SH PUT SOLE SPDR GOLD TRUST GOLD SHS 78463V107 435 4,400 SH OTHER 1 4,400 SUMMER INFANT INC COM 865646103 494 99,500 SH SOLE 99,500 SUN MICROSYSTEMS, INC. COM 866810203 273 30,000 SH SOLE 30,000 TARGET CORP COM 87612E106 256 5,492 SH SOLE 5,492 TRAVELCENTERS OF AMERICA LLC COM 894174101 1,090 194,984 SH SOLE 194,984 TRIAN ACQUISITION I CORP WARRANT *W EXP 2/14/2013 89582E116 410 912,500 SH SOLE 912,500 WELLS FARGO & CO COM 949746101 2,057 73,010 SH SOLE 73,010 WENDY'S/ARBY'S GROUP, INC. CLASS A 950587105 4,293 907,598 SH SOLE 907,598 WESCO FINANCIAL CORP COM 950817106 2,208 6,783 SH SOLE 6,783 WEYCO GROUP INC COM 962149100 1,420 61,997 SH SOLE 61,997 WINN-DIXIE STORES, INC. CLASS COM 974280307 5,022 382,777 SH SOLE 382,777 WINTHROP REALTY TRUST INC SH BEN INT 976391300 442 45,358 SH SOLE 45,358 YAHOO! INC. COM 984332106 183 10,300 SH OTHER 1 10,300 YAHOO! INC. COM 984332106 5,255 295,049 SH SOLE 295,049