13F-HR 1 v240562_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: 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 November 14, 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: 36 --------------- Form 13F Information Table Value Total: 382,930 (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 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 40,403 2,693,549 SH SOLE 2,693,549 0 0 BANK OF AMERICA CORPORATION W EXP 01/16/201 060505146 17,344 6,400,000 SH SOLE 6,400,000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 32,040 300 SH SOLE 300 0 0 BP PLC SPONSORED ADR 055622104 361 10,000 SH SOLE 10,000 0 0 CHINA YUCHAI INTL LTD COM G21082105 371 25,426 SH SOLE 25,426 0 0 CHUNGHWA TELECOM CO LTD SPON ADR NEW11 17133Q502 4,359 132,088 SH SOLE 132,088 0 0 CITIGROUP INC COM NEW 172967424 5,513 215,191 SH SOLE 215,191 0 0 COMPUCREDIT HLDGS CORP NOTE 5.875%11/3 20478NAD2 5,776 13,150,000 PRN SOLE 13,150,000 0 0 CRYPTOLOGIC LIMITED SHS G3159C109 50 45,100 SH SOLE 45,100 0 0 FLAGSTONE REINSURANCE HOLDIN COM L3466T104 11,625 1,500,000 SH SOLE 1,500,000 0 0 GANNETT INC COM 364730101 3,079 323,035 SH SOLE 323,035 0 0 GAP INC DEL COM 364760108 6,098 375,490 SH SOLE 375,490 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 15,601 165,000 SH SOLE 165,000 0 0 JPMORGAN CHASE & CO W EXP 10/28/201 46634E114 11,911 1,279,423 SH SOLE 1,279,423 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1 52729NBM1 45,002 35,250,000 PRN SOLE 35,250,000 0 0 LEVEL 3 COMMUNICATIONS INC NOTE 6.500%10/0 52729NBR0 2,131 1,470,000 PRN SOLE 1,470,000 0 0 MANNKIND CORP NOTE 3.750%12/1 56400PAA0 4,971 8,900,000 PRN SOLE 8,900,000 0 0 MANNKIND CORP COM 56400P201 9,244 2,438,989 SH SOLE 2,438,989 0 0 MEDIA GEN INC CL A 584404107 1,813 949,082 SH SOLE 949,082 0 0 NOKIA CORP SPONSORED ADR 654902204 170 30,000 SH SOLE 30,000 0 0 OFFICE DEPOT INC COM 676220106 4,838 2,348,501 SH SOLE 2,348,501 0 0 OVERSTOCK COM INC DEL COM 690370101 21,416 2,310,209 SH SOLE 2,310,209 0 0 PRIMUS TELECOMMUNICATIONS GR COM 741929301 4,794 451,022 SH SOLE 451,022 0 0 QIAO XING MOBILE COMM CO LTD SHS G73031109 733 732,633 SH SOLE 732,633 0 0 RADIOSHACK CORP COM 750438103 11,620 1,000,000 SH SOLE 1,000,000 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 695 27,000 SH SOLE 27,000 0 0 SANOFI SPONSORED ADR 80105N105 13,448 410,000 SH SOLE 410,000 0 0 SEARS HLDGS CORP COM 812350106 27,822 483,700 SH SOLE 483,700 0 0 SK TELECOM LTD SPONSORED ADR 78440P108 2,392 170,000 SH SOLE 170,000 0 0 SPRINT NEXTEL CORP COM SER 1 852061100 18,615 6,123,200 SH SOLE 6,123,200 0 0 SYMETRA FINL CORP COM 87151Q106 1,418 174,000 SH SOLE 174,000 0 0 UTSTARCOM INC COM 918076100 1,272 1,247,051 SH SOLE 1,247,051 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 4,691 126,377 SH SOLE 126,377 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 257 10,000 SH SOLE 10,000 0 0 WATSON PHARMACEUTICALS INC COM 942683103 43,366 635,400 SH SOLE 635,400 0 0 WELLS FARGO & CO NEW W EXP 10/28/201 949746119 7,691 997,500 SH SOLE 997,500 0 0