13F-HR 1 fp0003718_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, 2011 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: 767 Fifth Avenue, 18th Floor New York, NY 10153 Form 13F File Number: 028-12232 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 9, 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).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 ----------- Form 13F Information Table Entry Total: 73 ----------- Form 13F Information Table Value Total: $ 273,902 ----------- (thousands) List of Other Included Managers: Provide a numbered list of the names(s) and Form 13F file numbers(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] 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 ------------------------------ ---------------- --------- ----------- ----------- --- ---- ---------- -------- --------- ------ ---- ACTIVISION BLIZZARD INC COM 00507V109 4,463 375,000 SH Other 1 375,000 ALLEGHANY CORP DEL COM 017175100 1,736 6,000 SH Other 1 6,000 ANCESTRY COM INC COM 032803108 2,585 110,000 SH Other 1 110,000 ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 4,903 92,540 SH Sole 92,540 APPLE INC COM 037833100 2,097 5,500 SH Other 1 5,500 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 2,302 100,000 SH Other 1 100,000 BANK OF AMERICA CORPORATION COM 060505104 2,509 410,000 SH CALL Sole 410,000 BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,388 13 SH Sole 13 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 17,999 253,350 SH Sole 253,350 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 16,503 232,300 SH CALL Sole 232,300 BIG LOTS INC COM 089302103 1,742 50,000 SH Other 1 50,000 BIGLARI HLDGS INC COM 08986R101 1,189 4,010 SH Other 1 4,010 CALAMOS ASSET MGMT INC CL A 12811R104 2,475 247,300 SH Other 1 247,300 CAPITAL SOUTHWEST CORP COM 140501107 1,090 14,730 SH Other 1 14,730 CHIMERA INVT CORP COM 16934Q109 2,078 750,000 SH Other 1 750,000 CISCO SYS INC COM 17275R102 2,713 175,000 SH Other 1 175,000 CIT GROUP INC COM NEW 125581801 215 7,078 SH Sole 7,078 CITIGROUP INC COM 172967424 7,029 274,424 SH Sole 274,424 COINSTAR INC COM 19259P300 3,120 78,000 SH Other 1 78,000 DAILY JOURNAL CORP COM 233912104 241 3,683 SH Sole 3,683 DELIA'S INC NEW COM 246911101 4,177 3,140,045 SH Sole 3,140,045 DELL INC COM 24702R101 5,232 370,000 SH Other 1 370,000 DELL INC COM 24702R101 9,936 702,712 SH Sole 702,712 DELL INC COM 24702R101 1,414 100,000 SH CALL Sole 100,000 DIAMOND OFFSHORE DRILLING IN COM 25271C102 1,915 35,000 SH Other 1 35,000 E M C CORP MASS COM 268648102 1,574 75,000 SH Other 1 75,000 E M C CORP MASS COM 268648102 16 768 SH Sole 768 FIFTH STREET FINANCE CORP COM 31678A103 1,862 200,000 SH Other 1 200,000 GAP INC DEL COM 364760108 1,299 80,000 SH Other 1 80,000 GOLDMAN SACHS GROUP INC COM 38141G104 5,451 57,656 SH Sole 57,656 GOLDMAN SACHS GROUP INC COM 38141G104 9,455 100,000 SH CALL Sole 100,000 HIMAX TECHNOLOGIES INC SPONSORED ADR 43289P106 411 370,700 SH Other 1 370,700 HOLOGIC INC COM 436440101 1,369 90,000 SH Other 1 90,000 HOWARD HUGHES CORP COM 44267D107 10,928 259,397 SH Sole 259,397 IDT CORP CL B NEW 448947507 3,665 180,000 SH Other 1 180,000 INTERACTIVE BROKERS GROUP IN COM 45841N107 2,925 210,000 SH Other 1 210,000 IRIDIUM COMMUNICATIONS INC COM 46269C102 1,962 316,419 SH Sole 316,419 IRIDIUM COMMUNICATIONS INC *W EXP 02/14/201 46269C110 11,465 6,783,891 SH Sole 6,783,891 ISHARES TR RUSSELL 2000 464287655 8,681 135,000 SH PUT Other 1 135,000 JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 1,263 135,700 SH Sole 135,700 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,104 20,000 SH Other 1 20,000 MEDTRONIC INC COM 585055106 607 18,250 SH Other 1 18,250 MICROSOFT CORP COM 594918104 5,527 222,067 SH Sole 222,067 MICROSOFT CORP COM 594918104 12,405 498,400 SH CALL Sole 498,400 MVC CAPITAL INC COM 553829102 1,208 115,000 SH Other 1 115,000 NELNET INC CL A 64031N108 5,639 300,255 SH Sole 300,255 P F CHANGS CHINA BISTRO INC COM 69333Y108 1,771 65,000 SH Other 1 65,000 PENNEY J C INC COM 708160106 7,385 275,767 SH Sole 275,767 PENNEY J C INC COM 708160106 24,605 918,800 SH CALL Sole 918,800 PEP BOYS MANNY MOE & JACK COM 713278109 5,283 535,169 SH Sole 535,169 PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 6,316 1,426,221 SH Sole 1,426,221 RESOURCE AMERICA INC CL A 761195205 4,892 1,084,622 SH Sole 1,084,622 SANDISK CORP COM 80004C101 1,614 40,000 SH Sole 40,000 SEAGATE TECHNOLOGY PLC SHS G7945M107 145 14,145 SH Sole 14,145 SPARK NETWORKS INC COM 84651P100 1,012 321,326 SH Sole 321,326 ST JOE CO COM 790148100 0 3 SH Sole 3 ST JOE CO COM 790148100 525 35,000 SH PUT Sole 35,000 TELULAR CORP COM NEW 87970T208 2,230 377,974 SH Other 1 377,974 TERRA NOVA RTY CORP COM 88102D103 3,806 525,000 SH Other 1 525,000 TRANSATLANTIC PETROLEUM LTD SHS G89982105 127 155,000 SH Other 1 155,000 TUCOWS INC COM 898697107 93 123,650 SH Sole 123,650 TWO HBRS INVT CORP COM 90187B101 320 36,195 SH Sole 36,195 TWO HBRS INVT CORP *W EXP 07/13/201 90187B119 985 4,982,476 SH Sole 4,982,476 U S GLOBAL INVS INC CL A 902952100 359 53,000 SH Other 1 53,000 WELLS FARGO & CO NEW COM 949746101 2 100 SH Sole 100 WELLS FARGO & CO NEW COM 949746101 5,475 227,000 SH CALL Sole 227,000 WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,820 366,250 SH Sole 366,250 WESTELL TECHNOLOGIES INC CL A 957541105 1,879 870,000 SH Other 1 870,000 WESTERN DIGITAL CORP COM 958102105 3,601 140,000 SH Other 1 140,000 WESTERN DIGITAL CORP COM 958102105 4,167 162,006 SH Sole 162,006 WEYCO GROUP INC COM 962149100 1,327 59,497 SH Sole 59,497 WINTHROP RLTY TR SH BEN INT NEW 976391300 860 99,000 SH Other 1 99,000 XEROX CORP COM 984121103 2,440 350,000 SH Other 1 350,000