13F-HR 1 d73109e13fvhr.txt FORM 13F-HR 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: 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 17, 2010 --------------------------------------------- ------------- ------------ (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: 30 Form 13F Information Table Value Total: 478,622 (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 ---------------------------- ---------------- --------- -------- ------------------- ---------- ---------- ---------------------- 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 ---------------------------- ---------------- --------- -------- ---------- --- ---- ---------- ---------- ---------- ------ ---- AMERICREDIT CORP NOTE 0.750% 9/1 03060RAP6 494 485,000 PRN SOLE 485,000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 23,142 190 SH SOLE 190 0 0 BIOVAIL CORP COM 09067J109 35,841 2,137,200 SH SOLE 2,137,200 0 0 CHUNGHWA TELECOM CO LTD SPON ADR NEW10 17133Q106 3,208 165,111 SH SOLE 165,111 0 0 CRYPTOLOGIC LIMITED SHS G3159C109 232 60,000 SH SOLE 60,000 0 0 EXPRESSJET HOLDINGS INC NOTE 11.250% 8/0 30218UAB4 1,996 2,017,000 PRN SOLE 2,017,000 0 0 FLAGSTONE REINSURANCE HLDGS SHS G3529T105 17,190 1,500,000 SH SOLE 1,500,000 0 0 GANNETT INC COM 364730101 5,337 323,035 SH SOLE 323,035 0 0 INTERNATIONAL COAL GRP INC N COM 45928H106 13,710 3,000,000 SH SOLE 3,000,000 0 0 KING PHARMACEUTICALS INC COM 495582108 80,296 6,827,900 SH SOLE 6,827,900 0 0 K-SWISS INC CL A 482686102 4,945 472,720 SH SOLE 472,720 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1 52729NBM1 62,140 47,800,000 PRN SOLE 47,800,000 0 0 MANNKIND CORP NOTE 3.750% 12/1 56400PAA0 2,587 4,000,000 PRN SOLE 4,000,000 0 0 MANNKIND CORP COM 56400P201 2,880 438,989 SH SOLE 438,989 0 0 MCCLATCHY CO CL A 579489105 8,578 1,747,001 SH SOLE 1,747,001 0 0 MEDIA GEN INC CL A 584404107 7,868 949,082 SH SOLE 949,082 0 0 NOKIA CORP SPONSORED ADR 654902204 233 15,000 SH SOLE 15,000 0 0 OFFICE DEPOT INC COM 676220106 9,357 1,172,503 SH SOLE 1,172,503 0 0 OVERSTOCK COM INC DEL COM 690370101 36,070 2,219,709 SH SOLE 2,219,709 0 0 OVERSTOCK COM INC DEL NOTE 3.750% 12/0 690370AB7 9,210 10,120,000 PRN SOLE 10,120,000 0 0 QWEST COMMUNICATIONS INTL IN COM 749121109 10,440 2,000,000 SH SOLE 2,000,000 0 0 RCN CORP COM NEW 749361200 25,649 1,700,884 SH SOLE 1,700,884 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 543 20,000 SH SOLE 20,000 0 0 SANOFI AVENTIS SPONSORED ADR 80105N105 19,054 510,000 SH SOLE 510,000 0 0 SEARS HLDGS CORP COM 812350106 36,183 333,700 SH SOLE 333,700 0 0 SK TELECOM LTD SPONSORED ADR 78440P108 23,268 170,000 SH SOLE 170,000 0 0 SPRINT NEXTEL CORP COM SER 1 852061100 2,934 6,123,200 SH SOLE 6,123,200 0 0 SYMETRA FINL CORP COM 87151Q106 2,293 174,000 SH SOLE 174,000 0 0 UTSTARCOM INC COM 918076100 3,479 1,247,051 SH SOLE 1,247,051 0 0 WATSON PHARMACEUTICALS INC COM 942683103 29,465 705,400 SH SOLE 705,400 0 0