13F-HR 1 fp0002541_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: December 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 February 14, 2011 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: 108 Form 13F Information Table Value Total: $ 321,803(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 NONE ------------------------------- ----------------- --------- --------- --------- ----- ---- ---------- -------- ------- ------ ----- ALLEGHANY CORP DEL COM 017175100 857 2,800 SH Other 1 2,800 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 1,609 110,000 SH Other 1 110,000 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 34 2,308 SH Sole 2,308 AMERICAN EXPRESS CO COM 025816109 5,337 124,344 SH Sole 124,344 ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 7,342 128,605 SH Sole 128,605 ARTIO GLOBAL INVS INC COM CL A 04315B107 968 65,637 SH Other 1 65,637 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 1,860 65,000 SH Other 1 65,000 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 1,431 50,000 SH Sole 50,000 ATLAS ENERGY INC COM 049298102 304 6,918 SH Sole 6,918 AUTOMATIC DATA PROCESSING IN COM 053015103 7,651 165,318 SH Sole 165,318 AUTOMATIC DATA PROCESSING IN COM 053015103 1,296 28,000 SH CALL Sole 28,000 BENEFICIAL MUTUAL BANCORP IN COM 08173R104 439 49,630 SH Sole 49,630 BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,566 13 SH Sole 13 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 9,533 118,995 SH Sole 118,995 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,238 52,900 SH CALL Sole 52,900 BEST BUY INC COM 086516101 1,286 37,500 SH Other 1 37,500 BLACKROCK KELSO CAPITAL CORP COM 092533108 310 28,043 SH Sole 28,043 BLUE COAT SYSTEMS INC COM NEW 09534T508 1,195 40,000 SH Other 1 40,000 BP PLC SPONSORED ADR 055622104 12,106 274,081 SH Sole 274,081 CALAMOS ASSET MGMT INC CL A 12811R104 1,680 120,000 SH Other 1 120,000 CAPITAL ONE FINL CORP COM 14040H105 2,554 60,000 SH PUT Sole 60,000 CAPITAL SOUTHWEST CORP COM 140501107 499 4,809 SH Other 1 4,809 CHICOS FAS INC COM 168615102 403 33,477 SH Sole 33,477 CHIMERA INVT CORP COM 16934Q109 1,233 300,000 SH Other 1 300,000 CISCO SYS INC COM 17275R102 2,428 120,000 SH Other 1 120,000 CIT GROUP INC COM NEW 125581801 11,274 239,363 SH Sole 239,363 CROSSTEX ENERGY L P COM 22765U102 439 30,511 SH Sole 30,511 CURRENCYSHS JAPANESE YEN TR JAPANESE YEN 23130A102 125 7,600 SH PUT Other 1 7,600 DAILY JOURNAL CORP COM 233912104 265 3,683 SH Sole 3,683 DELIA'S INC NEW COM 246911101 5,356 3,078,089 SH Sole 3,078,089 E M C CORP MASS COM 268648102 1,947 85,000 SH Other 1 85,000 E M C CORP MASS COM 268648102 18 768 SH Sole 768 EBAY INC COM 278642103 835 30,000 SH Other 1 30,000 EBAY INC COM 278642103 64 2,309 SH Sole 2,309 ECHOSTAR CORP CL A 278768106 1,765 70,698 SH Sole 70,698 FIRST LONG IS CORP COM 320734106 575 20,000 SH Sole 20,000 FOOT LOCKER INC COM 344849104 339 17,300 SH Other 1 17,300 GENERAL GROWTH PPTYS INC COM 370021107 1,392 89,933 SH Sole 89,933 GENERAL GROWTH PPTYS INC NEW COM 370023103 10,643 687,534 SH Sole 687,534 HELIX ENERGY SOLUTIONS GRP I COM 42330P107 271 22,309 SH Sole 22,309 HIMAX TECHNOLOGIES INC SPONSORED ADR 43289P106 1,298 550,000 SH Other 1 550,000 HOT TOPIC INC COM 441339108 239 37,999 SH Sole 37,999 HOWARD HUGHES CORP COM 44267D107 3,924 72,098 SH Sole 72,098 HUNTSMAN CORP COM 447011107 619 39,681 SH Sole 39,681 IDT CORP CL B NEW 448947507 1,026 40,000 SH Other 1 40,000 INTEL CORP COM 458140100 93 4,410 SH Sole 4,410 INTEL CORP COM 458140100 4,669 222,000 SH CALL Sole 222,000 INTEROIL CORP COM 460951106 1,650 22,900 SH PUT Sole 22,900 IRIDIUM COMMUNICATIONS INC COM 46269C102 8,856 1,073,493 SH Sole 1,073,493 IRIDIUM COMMUNICATIONS INC *W EXP 02/14/201 46269C110 8,369 3,388,193 SH Sole 3,388,193 IRIDIUM COMMUNICATIONS INC *W EXP 02/14/201 46269C128 26 19,176 SH Sole 19,176 ITT EDUCATIONAL SERVICES INC COM 45068B109 43,271 679,400 SH PUT Sole 679,400 JOHNSON & JOHNSON COM 478160104 69 1,110 SH Sole 1,110 JOHNSON & JOHNSON COM 478160104 6,853 110,800 SH CALL Sole 110,800 JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 1,268 87,800 SH Sole 87,800 KRAFT FOODS INC CL A 50075N104 807 25,600 SH Sole 25,600 KRAFT FOODS INC CL A 50075N104 10,931 346,900 SH CALL Sole 346,900 LABORATORY CORP AMER HLDGS COM NEW 50540R409 2,418 27,500 SH Other 1 27,500 LECG CORP COM 523234102 848 614,816 SH Sole 614,816 LENDER PROCESSING SVCS INC COM 52602E102 331 11,200 SH PUT Sole 11,200 LENNAR CORP CL B 526057302 876 56,293 SH Sole 56,293 LIBERTY MEDIA CORP NEW CAP COM SER A 53071M302 680 10,868 SH Sole 10,868 MADISON SQUARE GARDEN INC CL A 55826P100 1,418 55,000 SH Other 1 55,000 MAXYGEN INC COM 577776107 625 159,000 SH Other 1 159,000 MBIA INC COM 55262C100 480 40,000 SH PUT Sole 40,000 MEDALLION FINL CORP COM 583928106 697 85,000 SH Other 1 85,000 MICROSOFT CORP COM 594918104 1,116 40,000 SH Other 1 40,000 MICROSOFT CORP COM 594918104 10,253 367,358 SH Sole 367,358 MICROSOFT CORP COM 594918104 6,760 242,200 SH CALL Sole 242,200 MIND C T I LTD ORD M70240102 902 360,709 SH Other 1 360,709 MOODYS CORP COM 615369105 531 20,000 SH PUT Sole 20,000 MVC CAPITAL INC COM 553829102 1,168 80,000 SH Other 1 80,000 MVC CAPITAL INC COM 553829102 59 4,100 SH Sole 4,100 NCR CORP NEW COM 62886E108 303 19,698 SH Sole 19,698 NETFLIX INC COM 64110L106 12,000 68,300 SH PUT Sole 68,300 NORTHROP GRUMMAN CORP COM 666807102 1,198 18,500 SH Other 1 18,500 OCWEN FINL CORP COM NEW 675746309 332 36,641 SH Sole 36,641 OPENTABLE INC COM 68372A104 1,410 20,000 SH PUT Sole 20,000 PETSMART INC COM 716768106 597 15,000 SH Other 1 15,000 PREMIER EXIBITIONS INC COM 74051E102 1,118 570,319 SH Sole 570,319 PROMOTORA DE INFORMACIONES S ADR CL A SHS 74343G204 10,590 1,320,481 SH Sole 1,320,481 PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 8,867 929,475 SH Sole 929,475 RESOURCE AMERICA INC CL A 761195205 7,510 1,094,855 SH Sole 1,094,855 SAFETY INS GROUP INC COM 78648T100 954 20,000 SH Other 1 20,000 SALESFORCE COM INC COM 79466L302 4,792 36,300 SH PUT Sole 36,300 SEAGATE TECHNOLOGY PLC SHS G7945M107 10,238 681,180 SH Sole 681,180 SEARS HLDGS CORP COM 812350106 233 3,163 SH Sole 3,163 SIMON PPTY GROUP INC NEW COM 828806109 995 10,000 SH PUT Sole 10,000 SLM CORP COM 78442P106 234 18,557 SH Sole 18,557 SPARK NETWORKS INC COM 84651P100 1,105 371,863 SH Sole 371,863 SPDR SERIES TRUST SPDR KBW BK ETF 78464A797 1,296 50,000 SH PUT Other 1 50,000 ST JOE CO COM 790148100 9,192 420,700 SH PUT Sole 420,700 SUMMER INFANT INC COM 865646103 754 99,500 SH Sole 99,500 TELULAR CORP COM NEW 87970T208 937 140,000 SH Other 1 140,000 TERRA NOVA RTY CORP COM 88102D103 1,712 220,000 SH Other 1 220,000 TRAVELCENTERS OF AMERICA LLC COM 894174101 407 107,953 SH Sole 107,953 TUCOWS INC COM 898697107 90 123,650 SH Sole 123,650 TWO HBRS INVT CORP COM 90187B101 5,182 700,361 SH Sole 700,361 TWO HBRS INVT CORP *W EXP 07/13/201 90187B119 400 1,600,260 SH Sole 1,600,260 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 1,243 47,000 SH Other 1 47,000 WENDYS ARBYS GROUP INC COM 950587105 273 59,103 SH Sole 59,103 WESCO FINL CORP COM 950817106 5,968 16,197 SH Sole 16,197 WET SEAL INC CL A 961840105 483 130,436 SH Sole 130,436 WEYCO GROUP INC COM 962149100 1,518 61,997 SH Sole 61,997 WILMINGTON TRUST CORP COM 971807102 161 37,077 SH Sole 37,077 WINN DIXIE STORES INC COM NEW 974280307 2,424 337,619 SH Sole 337,619 WINTHROP RLTY TR SH BEN INT NEW 976391300 196 15,358 SH Sole 15,358 YAHOO INC COM 984332106 498 29,944 SH Sole 29,944