13F-HR 1 fp0001693_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: March 31, 2010 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 May 14, 2010 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: 81 Form 13F Information Table Value Total: $207,744 (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 CORPORATION COM 017175100 598 2,056 SH OTHER 1 2,056 ALLIANCEBERNSTEIN HOLDING LP COM 01881G106 307 10,000 SH OTHER 1 10,000 ALTRIA GROUP, INC. COM 02209S103 595 29,000 SH SOLE 29,000 AMBASSADORS INTERNATIONAL, INC. COM 023178106 313 600,733 SH SOLE 600,733 AMERICAN EXPRESS COMPANY COM 025816109 5,073 122,944 SH SOLE 122,944 ANNALY MORTGAGE MANAGEMENT INC. COM 035710409 275 16,000 SH OTHER 1 16,000 ATLAS ENERGY INC COM 049298102 209 6,718 SH SOLE 6,718 BENEFICIAL MUTUAL BANCORP, INC. COM 08173R104 375 39,630 SH SOLE 39,630 BERKSHIRE HATHAWAY INC CL A 084670108 1,583 13 SH SOLE 13 BERKSHIRE HATHAWAY INC CL B 084670702 16,502 203,050 SH SOLE 203,050 BERKSHIRE HATHAWAY INC CL B 084670702 24,008 295,400 SH CALL SOLE BLACKROCK KELSO CAPITAL COM 092533108 277 27,795 SH SOLE 27,795 BLOCKBUSTER INC. CL B 093679207 112 592,016 SH SOLE 592,016 BORDERS GROUP, INC COM 099709107 2,182 1,268,432 SH SOLE 1,268,432 BOSTON SCIENTIFIC CORPORATION COM 101137107 6,917 958,000 SH SOLE 958,000 BROADRIDGE FINANCIAL SOLUTIONS COM 11133T103 234 10,985 SH SOLE 10,985 CAPITAL SOUTHWEST CORPORATION COM 140501107 309 3,400 SH OTHER 1 3,400 CHIPOTLE MEXICAN GRILL, INC. COM 169656105 270 2,400 SH OTHER 1 2,400 CKE RESTAURANTS, INC COM 12561E105 5,947 537,187 SH SOLE 537,187 CONTANGO OIL & GAS COMPANY COM 21075N204 3,669 71,724 SH SOLE 71,724 CROSSTEX ENERGY LP COM 22765U102 1,509 140,438 SH SOLE 140,438 CROSSTEX ENERGY, INC. COM 22765Y104 511 58,797 SH SOLE 58,797 DAILY JOURNAL CORPORATION COM 233912104 246 3,683 SH SOLE 3,683 DELIAS INC COM 246911101 5,165 2,985,597 SH SOLE 2,985,597 DIAMOND HILL INVESTMENT GROUP COM NEW 25264R207 247 3,600 SH OTHER 1 3,600 EBAY INC. COM 278642103 377 14,000 SH OTHER 1 14,000 EBAY INC. COM 278642103 172 6,400 SH SOLE 6,400 ECHOSTAR CORPORATION COM 278768106 2,878 141,946 SH SOLE 141,946 EMC CORPORATION COM 268648102 595 33,000 SH OTHER 1 33,000 EMC CORPORATION MASS COM 268648102 14 768 SH SOLE 768 EXXON MOBIL CORPORATION COM 30231G102 234 3,500 SH OTHER 1 3,500 EXXON MOBIL CORPORATION COM 30231G102 100 1,500 SH SOLE 1,500 FANNIE MAE COMMON STOCK COM 313586109 158 150,000 SH SOLE 150,000 FIDELITY NATIONAL FINL CL A 31620R105 574 38,700 SH OTHER 1 38,700 FIDELITY NATIONAL FINL CL A 31620R105 404 27,300 SH SOLE 27,300 FIRST OF LONG ISLAND CORP COM 320734106 436 18,084 SH SOLE 18,084 GAMESTOP CORPORATION CL A 36467W109 123 5,600 SH OTHER 1 5,600 GENERAL ELECTRIC COMPANY COM 369604103 291 16,000 SH SOLE 16,000 GENERAL GROWTH PROPERTIES, INC. COM 370021107 30,613 1,902,560 SH SOLE 1,902,560 GLG PARTNERS, INC. *W EXP 12/28/201 37929X115 10 77,500 SH SOLE 77,500 HELIX ENERGY SOLUTNS GROUP INC COM 42330P107 1,504 115,409 SH SOLE 115,409 HUNTSMAN CORPORATION COM 447011107 2,291 190,081 SH SOLE 190,081 IRIDIUM COMMUNICATIONS INC *W EXP 02/14/201 46269C128 8 6,101 SH SOLE 6,101 IRIDIUM COMMUNICATIONS INC *W EXP 02/14/201 46269C110 6,771 2,379,563 SH SOLE 1,996,737 IRIDIUM COMMUNICATIONS INC COM 46269C102 12,607 1,565,602 SH SOLE 1,292,097 JP MORGAN CHASE & CO *W EXP 10/28/201 46634E114 735 47,800 SH SOLE 47,800 KRAFT FOODS INC. CL A 50075N104 12,150 401,800 SH CALL SOLE LABORATORY CORP OF AMER HLDGS COM 50540R409 606 8,000 SH OTHER 1 8,000 LENNAR CORP CL B 526057302 1,038 74,400 SH SOLE 74,400 LIBERTY ACQUISITION HOLDINGS *W EXP 12/12/201 53015Y115 5,862 6,624,267 SH SOLE 5,086,447 LIBERTY MEDIA HOLDING CORP CAP COM SER A 53071M302 1,199 32,968 SH SOLE 32,968 MICROSOFT CORPORATION COM 594918104 1,446 49,384 SH SOLE 49,384 MIND C.T.I. LTD. ORD M70240102 451 257,867 SH OTHER 1 257,867 MVC CAPITAL INC. COM 553829102 543 40,000 SH OTHER 1 40,000 NORTHROP GRUMMAN CORPORATION COM 666807102 498 7,600 SH OTHER 1 7,600 OCWEN FINANCIAL CORPORATION COM NEW 675746309 665 59,965 SH SOLE 59,965 OSTEOTECH, INC. COM 688582105 576 146,876 SH SOLE 146,876 PETSMART, INC. COM 716768106 390 12,200 SH OTHER 1 12,200 PFIZER INC. COM 717081103 3,282 191,387 SH SOLE 191,387 PREMIER EXHIBITIONS, INC COM 74051E102 25 16,000 SH SOLE 16,000 RESOURCE AMERICA INC CL A 761195205 5,336 1,111,745 SH SOLE 1,111,745 SAFETY INSURANCE GROUP, INC. COM 78648T100 294 7,800 SH OTHER 1 7,800 SIMON PROPERTY GROUP INC COM 828806109 17,879 213,100 SH PUT SOLE SPARK NETWORKS, INC. COM 84651P100 1,301 365,263 SH SOLE 365,263 STAPLES, INC. COM 855030102 292 12,500 SH OTHER 1 12,500 SUMMER INFANT INC COM 865646103 655 99,500 SH SOLE 99,500 FIRST OF LONG ISLAND COM 320734106 46 1,916 SH SOLE 1,916 STEAK N SHAKE COMPANY COM NEW 857873202 267 700 SH OTHER 1 700 TRAVELCENTERS OF AMERICA LLC COM 894174101 521 147,182 SH SOLE 147,182 TUCOWS INC. COM 898697107 21 28,942 SH SOLE 28,942 TWO HARBORS INVESTMENT CORP *W EXP 07/13/201 90187B119 380 1,357,772 SH SOLE 1,154,512 TWO HARBORS INVESTMENT CORP COM 90187B101 1,772 193,936 SH SOLE 192,316 UNIVERSAL STAINLESS & ALLOY COM 913837100 142 5,900 SH SOLE 5,900 VODAFONE GROUP PLC SPONS ADR NEW 92857W209 582 25,000 SH OTHER 1 25,000 WAL MART STORES INC COM 931142103 556 10,000 SH SOLE 10,000 WENDY'S/ARBY'S GROUP, INC. CL A 950587105 4,032 806,395 SH SOLE 806,395 WESCO FINANCIAL CORPORATION COM 950817106 1,458 3,783 SH SOLE 3,783 WEYCO GROUP INC COM 962149100 1,458 61,997 SH SOLE 61,997 WINN-DIXIE STORES, INC. COM NEW 974280307 5,745 459,940 SH SOLE 459,940 WINTHROP REALTY TRUST INC SH BEN INT 976391300 546 45,358 SH SOLE 45,358 YAHOO! INC. COM 984332106 2,054 124,244 SH SOLE 124,244