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        <ExcessDistributionCyovYr1Amt>10295809</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>58116546</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>9870858</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>2088421</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>7782437</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>65898983</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>11467141</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>54431842</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>10398249</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>14184560</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>11770787</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>10295809</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>7782437</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>JACK NASH</ContributingManagerNm>
        <ShareholderManagerNm>NOT APPLICABLE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>SEE ATTACHMENT 12</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>VARIOUS US ADDRESSES</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10020</ZIPCode>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>TO AID THE DONEE ORGANIZATION IN CARRYING OUT THEIR EXEMPT FUNCTIONS</GrantOrContributionPurposeTxt>
          <Amt>9088760</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>9088760</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>6096</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>564907</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp>
          <ExclusionCd>16</ExclusionCd>
          <ExclusionAmt>-27946</ExclusionAmt>
        </NetRntlIncmReDebtFincdPropGrp>
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>4966418</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>OTHER REVENUE</Desc>
          <BusinessCd>900099</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>-199759</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>113898</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>-199759</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>5623373</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>5423614</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsLandSchedule2 documentId="InvLandSch2" />
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>OPPENHEIMER - SECURITIES</CategoryOrItemTxt>
        <BookValueAmt>10</BookValueAmt>
        <EOYFMVAmt>10</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INSTITUTIONAL DIVERSIFIED LTD</CategoryOrItemTxt>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STONEHILL INSTITU. PTNR. LP</CategoryOrItemTxt>
        <BookValueAmt>4543664</BookValueAmt>
        <EOYFMVAmt>4543664</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>REALTY FINANCIAL PARTNERS VI</CategoryOrItemTxt>
        <BookValueAmt>1644673</BookValueAmt>
        <EOYFMVAmt>1644673</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>DUNE CAPITAL INT'L</CategoryOrItemTxt>
        <BookValueAmt>38645</BookValueAmt>
        <EOYFMVAmt>38645</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CHESAPEAKE PARTNERS INTL</CategoryOrItemTxt>
        <BookValueAmt>6386317</BookValueAmt>
        <EOYFMVAmt>6386317</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ELLIOTT INTERNATIONAL LIMITED</CategoryOrItemTxt>
        <BookValueAmt>5616677</BookValueAmt>
        <EOYFMVAmt>5616677</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MILLENNIUM INTERNATIONAL</CategoryOrItemTxt>
        <BookValueAmt>5810697</BookValueAmt>
        <EOYFMVAmt>5810697</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LUMINUS ENERGY PARTNERS, LTD</CategoryOrItemTxt>
        <BookValueAmt>5987820</BookValueAmt>
        <EOYFMVAmt>5987820</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GOLDMAN SACHS</CategoryOrItemTxt>
        <BookValueAmt>1865</BookValueAmt>
        <EOYFMVAmt>1865</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MFP PARTNERS LP</CategoryOrItemTxt>
        <BookValueAmt>3419916</BookValueAmt>
        <EOYFMVAmt>3419916</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STEELHEAD PATHFINDER FUND LTD</CategoryOrItemTxt>
        <BookValueAmt>3986961</BookValueAmt>
        <EOYFMVAmt>3986961</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>VINIK OFFSHORE FUND LTD</CategoryOrItemTxt>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BAY POND - CLASS A - SERIES 1</CategoryOrItemTxt>
        <BookValueAmt>1133835</BookValueAmt>
        <EOYFMVAmt>1133835</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORRE OPPORTUNITIES FUND LTD</CategoryOrItemTxt>
        <BookValueAmt>2095208</BookValueAmt>
        <EOYFMVAmt>2095208</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>PORTFOLIO DEDUCTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>107234</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>107234</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PROFESSIONAL FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>109602</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>54801</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>54801</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CONSULTING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>185763</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>185763</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NYS FILING FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>1500</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1500</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TELEPHONE</Desc>
        <RevenueAndExpensesPerBooksAmt>3239</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1620</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1619</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>35632</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>17816</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>17816</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PAYROLL PROCESSING</Desc>
        <RevenueAndExpensesPerBooksAmt>3031</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3031</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CUSTODY FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>3000</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER DEDUCTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>1207</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1207</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FIDUCIARY FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>166548</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>166548</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>127</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>REALTY FINANCIAL PARTNERS VI, LP</Desc>
        <RevenueAndExpensesPerBooksAmt>-141242</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-141242</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>RENTAL LOSS FROM K-1S</Desc>
        <RevenueAndExpensesPerBooksAmt>-27946</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-27946</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>STONEHILL INSTITUTIONAL PARTNERS LP</Desc>
        <RevenueAndExpensesPerBooksAmt>51898</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>51898</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MFP PARTNERS LP</Desc>
        <RevenueAndExpensesPerBooksAmt>2651</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2651</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>2012 FEDERAL UBT REFUND</Desc>
        <RevenueAndExpensesPerBooksAmt>832</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Description>CHANGE IN UNREALIZED GAIN</Description>
        <Amount>1889603</Amount>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>NFF 457(B) PAYABLE</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>2058</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>2012 NYS TAXES</CategoryTxt>
        <Amt>250</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>250</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>508</Amt>
        <NetInvestmentIncomeAmt>508</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PAYROLL TAXES</CategoryTxt>
        <Amt>26</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>26</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>2012 FEDERAL TAX PAYMENTS</CategoryTxt>
        <Amt>60000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>60000</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>