13F-HR/A 1 v223229_13fhra.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, 2011 Check here if Amendment [X] Amendment Number: 1 This Amendment (Check only one.): [X] 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, 2011 ------------------------ ------------------------- ------------------------- (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: 29 Form 13F Information Table Value Total: 407,206 (thousands) List of Other Included Managers: 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 ---------------------------- ---------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ---- ABITIBIBOWATER INC COM NEW 003687209 63,963 2,380,478 SH SOLE 2,380,478 0 0 BANK OF AMERICA CORPORATION W EXP 01/16/201 060505146 32,214 4,200,000 SH SOLE 4,200,000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 23,807 190 SH SOLE 190 0 0 BP PLC SPONSORED ADR 055622104 441 10,000 SH SOLE 10,000 0 0 CHUNGHWA TELECOM CO LTD SPON ADR NEW11 17133Q106 4,116 132,088 SH SOLE 132,088 0 0 COMPUCREDIT HLDGS CORP NOTE 5.875%11/3 20478NAD2 5,616 11,150,000 PRN SOLE 11,150,000 0 0 CRYPTOLOGIC LIMITED SHS G3159C109 98 60,000 SH SOLE 60,000 0 0 FLAGSTONE REINSURANCE HOLDIN COM L3466T104 13,515 1,500,000 SH SOLE 1,500,000 0 0 GANNETT INC COM 364730101 4,920 323,035 SH SOLE 323,035 0 0 INTERNATIONAL COAL GRP INC N COM 45928H106 4,520 400,020 SH SOLE 400,020 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1 52729NBM1 51,032 39,000,000 PRN SOLE 39,000,000 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 6.500%10/0 52729NBR0 2,141 1,470,000 PRN SOLE 1,470,000 0 0 MANNKIND CORP NOTE 3.750%12/1 56400PAA0 5,433 10,800,000 PRN SOLE 10,800,000 0 0 MANNKIND CORP COM 56400P201 8,902 2,438,989 SH SOLE 2,438,989 0 0 MEDIA GEN INC CL A 584404107 6,530 949,082 SH SOLE 949,082 0 0 NOKIA CORP SPONSORED ADR 654902204 255 30,000 SH SOLE 30,000 0 0 OFFICE DEPOT INC COM 676220106 1,725 372,503 SH SOLE 372,503 0 0 OVERSTOCK COM INC DEL COM 690370101 34,894 2,219,709 SH SOLE 2,219,709 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 751 27,000 SH SOLE 27,000 0 0 SANOFI AVENTIS SPONSORED ADR 80105N105 14,440 410,000 SH SOLE 410,000 0 0 SEARS HLDGS CORP COM 812350106 27,580 333,700 SH SOLE 333,700 0 0 SK TELECOM LTD SPONSORED ADR 78440P108 3,198 170,000 SH SOLE 170,000 0 0 SPRINT NEXTEL CORP COM SER 1 852061100 28,412 6,123,200 SH SOLE 6,123,200 0 0 SYMETRA FINL CORP COM 87151Q106 2,366 174,000 SH SOLE 174,000 0 0 UTSTARCOM INC COM 918076100 2,931 1,247,051 SH SOLE 1,247,051 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 16,257 326,377 SH SOLE 326,377 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 288 10,000 SH SOLE 10,000 0 0 WATSON PHARMACEUTICALS INC COM 942683103 35,589 635,400 SH SOLE 635,400 0 0 WELLS FARGO & CO NEW W EXP 10/28/201 949746119 11,272 997,500 SH SOLE 997,500 0 0