SEC FORM 13F-HR
The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete.
|
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
|
OMB APPROVAL |
OMB Number: | 3235-0006 |
Expires: | Oct 31, 2018 |
Estimated average burden |
hours per response: | 23.8 |
|
|
Report for the Calendar Year or Quarter Ended: | 12-31-2018 |
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: | Loews Corp |
Address: | 667 Madison Ave |
|
| New York,
NY
10065-8087 |
Form 13F File Number: | 028-00217 |
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: | Marc Alpert |
Title: | Senior Vice President & General Counsel |
Phone: | 212-521-2923 |
Signature, Place, and Date of Signing: |
Marc Alpert | New York,
NY | 02-07-2019 |
[Signature] | [City, State] | [Date] |
Loews Corporation (Loews), by virtue of its approximately 89% ownership of voting securities of CNA Financial Corporation whose business address is 151 North Franklin Street, Chicago, Illinois 60606 (CNA), may be deemed to have investment discretion regarding certain securities (the CNA Securities) as to which investment discretion is deemed to be exercised by CNA. CNA is reporting on behalf of Loews regarding the CNA Securities. |
Report Type (Check only one.): |
| 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).) |
X | 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 |
| | CNA Financial Corporation |
Form 13F Summary Page |
| Report Summary: |
| Number of Other Included Managers: | 0 | | |
| Form 13F Information Table Entry Total: | 148 |
| Form 13F Information Table Value Total: | 12,019,087 |
| (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. |
[If there are no entries in this list, state “NONE” and omit the
column headings and list entries.] |
NONE |
SEC FORM 13-F Information Table
The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete.
|
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F INFORMATION TABLE
|
OMB APPROVAL |
OMB Number: | 3235-0006 |
Expires: | Oct 31, 2018 |
Estimated average burden |
hours per response: | 23.8 |
|
|
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 OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
ADIENT PLC | COM | G0084W101 | 11,028 | 732,300 | SH | | SOLE | | 732,300 | 0 | 0 |
ADIENT PLC | COM | G0084W951 | 904 | 60,000 | SH | Put | SOLE | | 60,000 | 0 | 0 |
AERCAP HOLDINGS NV | COM | N00985106 | 5,148 | 130,000 | SH | | SOLE | | 130,000 | 0 | 0 |
AKAMAI TECHNOLOGIES INC | COM | 00971T951 | 2,443 | 40,000 | SH | Put | SOLE | | 40,000 | 0 | 0 |
ALAMOS GOLD INC NEW | COM | 011532108 | 4,615 | 1,281,836 | SH | | SOLE | | 1,281,836 | 0 | 0 |
ALIO GOLD INC | COM | 01627X108 | 110 | 130,891 | SH | | SOLE | | 130,891 | 0 | 0 |
ALPHABET INC | COM | 02079K305 | 11,596 | 11,097 | SH | | SOLE | | 11,097 | 0 | 0 |
ALPHABET INC | COM | 02079K107 | 570 | 550 | SH | | SOLE | | 550 | 0 | 0 |
AMERICAN AIRLS GROUP | COM | 02376R102 | 231 | 7,200 | SH | | SOLE | | 7,200 | 0 | 0 |
AMERICAN INTL GROUP | COM | 026874784 | 306 | 7,757 | SH | | SOLE | | 7,757 | 0 | 0 |
AMGEN INC | COM | 031162100 | 222 | 1,139 | SH | | SOLE | | 1,139 | 0 | 0 |
ANALOG DEVICES INC | COM | 032654105 | 472 | 5,500 | SH | | SOLE | | 5,500 | 0 | 0 |
ANTHEM INC | COM | 036752103 | 552 | 2,100 | SH | | SOLE | | 2,100 | 0 | 0 |
ASANKO GOLD INC | COM | 04341Y105 | 1,581 | 2,478,379 | SH | | SOLE | | 2,478,379 | 0 | 0 |
ATHENE HLDG LTD | COM | G0684D107 | 211 | 5,300 | SH | | SOLE | | 5,300 | 0 | 0 |
AUTOMATIC DATA PROCESSING IN | COM | 053015953 | 5,245 | 40,000 | SH | Put | SOLE | | 40,000 | 0 | 0 |
AVAYA HLDGS CORP | COM | 05351X101 | 6,916 | 475,000 | SH | | SOLE | | 475,000 | 0 | 0 |
AVNET INC | COM | 053807103 | 298 | 8,268 | SH | | SOLE | | 8,268 | 0 | 0 |
AXALTA COATING SYS L | COM | G0750C108 | 8,712 | 372,000 | SH | | SOLE | | 372,000 | 0 | 0 |
AXIS CAPITAL HOLDING | COM | G0692U109 | 250 | 4,843 | SH | | SOLE | | 4,843 | 0 | 0 |
BANK AMER CORP | COM | 060505104 | 259 | 10,528 | SH | | SOLE | | 10,528 | 0 | 0 |
BARRICK GOLD CORP | COM | 067901108 | 12,430 | 918,005 | SH | | SOLE | | 918,005 | 0 | 0 |
BARRICK GOLD CORP | COM | 067901908 | 1,354 | 100,000 | SH | Call | SOLE | | 100,000 | 0 | 0 |
BARRICK GOLD CORP | COM | 067901958 | 2,708 | 200,000 | SH | Put | SOLE | | 200,000 | 0 | 0 |
BRIGHTHOUSE FINL INC | COM | 10922N953 | 3,048 | 100,000 | SH | Put | SOLE | | 100,000 | 0 | 0 |
BRISTOL MYERS SQUIBB CO | COM | 110122958 | 3,119 | 60,000 | SH | Put | SOLE | | 60,000 | 0 | 0 |
BROOKDALE SR LIVING | COM | 112463104 | 90 | 13,377 | SH | | SOLE | | 13,377 | 0 | 0 |
CAPITAL ONE FINL COR | COM | 14040H105 | 255 | 3,370 | SH | | SOLE | | 3,370 | 0 | 0 |
CENOVUS ENERGY INC | COM | 15135U109 | 150 | 21,382 | SH | | SOLE | | 21,382 | 0 | 0 |
CHESAPEAKE ENERGY CO | COM | 165167107 | 59 | 27,950 | SH | | SOLE | | 27,950 | 0 | 0 |
CIGNA ORD | COM | 125523100 | 25,744 | 135,550 | SH | | SOLE | | 135,550 | 0 | 0 |
CISCO SYS INC | COM | 17275R102 | 20,538 | 474,000 | SH | | SOLE | | 474,000 | 0 | 0 |
CITIGROUP INC | COM | 172967424 | 2,113 | 40,584 | SH | | SOLE | | 40,584 | 0 | 0 |
CITIGROUP INC | COM | 172967954 | 4,165 | 80,000 | SH | Put | SOLE | | 80,000 | 0 | 0 |
CNA FINL CORP | COM | 126117100 | 10,712,987 | 242,649,773 | SH | | SOLE | | 242,649,773 | 0 | 0 |
CNO FINL GROUP INC | COM | 12621E103 | 151 | 10,125 | SH | | SOLE | | 10,125 | 0 | 0 |
COGNIZANT TECHNOLOGY | COM | 192446102 | 299 | 4,706 | SH | | SOLE | | 4,706 | 0 | 0 |
COLFAX CORP | COM | 194014106 | 6,061 | 290,000 | SH | | SOLE | | 290,000 | 0 | 0 |
COMCAST CORP NEW | COM | 20030N101 | 21,792 | 640,000 | SH | | SOLE | | 640,000 | 0 | 0 |
COMTECH TELECOMMUNIC | COM | 205826209 | 408 | 16,776 | SH | | SOLE | | 16,776 | 0 | 0 |
COOPER STD HLDGS INC | COM | 21676P103 | 336 | 5,402 | SH | | SOLE | | 5,402 | 0 | 0 |
CORNING INC | COM | 219350105 | 388 | 12,835 | SH | | SOLE | | 12,835 | 0 | 0 |
COVANTA HLDG CORP | COM | 22282E102 | 673 | 50,182 | SH | | SOLE | | 50,182 | 0 | 0 |
CSX CORP | COM | 126408103 | 702 | 11,300 | SH | | SOLE | | 11,300 | 0 | 0 |
CVS HEALTH CORP | COM | 126650100 | 283 | 4,320 | SH | | SOLE | | 4,320 | 0 | 0 |
D R HORTON INC | COM | 23331A959 | 3,466 | 100,000 | SH | Put | SOLE | | 100,000 | 0 | 0 |
DELTA AIR LINES INC | COM | 247361702 | 594 | 11,910 | SH | | SOLE | | 11,910 | 0 | 0 |
DIAMOND OFFSHORE DRI | COM | 25271C102 | 690,244 | 73,119,047 | SH | | SOLE | | 73,119,047 | 0 | 0 |
DISH NETWORK CORP | COM | 25470M109 | 250 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
DOWDUPONT INC | COM | 26078J100 | 20,856 | 389,985 | SH | | SOLE | | 389,985 | 0 | 0 |
DOWDUPONT INC | COM | 26078J950 | 5,348 | 100,000 | SH | Put | SOLE | | 100,000 | 0 | 0 |
EDISON INTL | COM | 281020107 | 232 | 4,090 | SH | | SOLE | | 4,090 | 0 | 0 |
ELDORADO GOLD ORD | COM | 284902509 | 290 | 98,701 | SH | | SOLE | | 98,701 | 0 | 0 |
EOG RES INC | COM | 26875P101 | 279 | 3,200 | SH | | SOLE | | 3,200 | 0 | 0 |
EXXON MOBIL CORP | COM | 30231G952 | 5,455 | 80,000 | SH | Put | SOLE | | 80,000 | 0 | 0 |
EZCORP INC | COM | 302301106 | 104 | 13,509 | SH | | SOLE | | 13,509 | 0 | 0 |
FEDEX CORP | COM | 31428X106 | 444 | 2,750 | SH | | SOLE | | 2,750 | 0 | 0 |
FIRST CTZNS BANCSHAR | COM | 31946M103 | 239 | 634 | SH | | SOLE | | 634 | 0 | 0 |
FIRST HORIZON NATL C | COM | 320517105 | 226 | 17,173 | SH | | SOLE | | 17,173 | 0 | 0 |
FLEX LTD | COM | Y2573F102 | 8,873 | 1,166,000 | SH | | SOLE | | 1,166,000 | 0 | 0 |
FORD MTR CO DEL | COM | 345370860 | 285 | 37,261 | SH | | SOLE | | 37,261 | 0 | 0 |
FUELCELL ENERGY INC | COM | 35952H502 | 37 | 67,825 | SH | | SOLE | | 67,825 | 0 | 0 |
GENERAL ELECTRIC CO | COM | 369604103 | 22,710 | 3,000,000 | SH | | SOLE | | 3,000,000 | 0 | 0 |
GENERAL MTRS CO | COM | 37045V100 | 12,813 | 383,055 | SH | | SOLE | | 383,055 | 0 | 0 |
GENERAL MTRS CO | COM | 37045V950 | 6,690 | 200,000 | SH | Put | SOLE | | 200,000 | 0 | 0 |
GOLDCORP INC NEW | COM | 380956409 | 980 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
GOLDMAN SACHS GROUP | COM | 38141G104 | 365 | 2,183 | SH | | SOLE | | 2,183 | 0 | 0 |
GOLDMAN SACHS GROUP INC | COM | 38141G954 | 10,023 | 60,000 | SH | Put | SOLE | | 60,000 | 0 | 0 |
GOVERNMENT PPTYS INC | COM | 38376A103 | 93 | 13,590 | SH | | SOLE | | 13,590 | 0 | 0 |
HAYMAKER ACQUISITION | COM | 420870206 | 10,550 | 1,000,000 | SH | | SOLE | | 1,000,000 | 0 | 0 |
HCA HEALTHCARE INC | COM | 40412C101 | 10,952 | 88,000 | SH | | SOLE | | 88,000 | 0 | 0 |
HCA HEALTHCARE INC | COM | 40412C951 | 9,956 | 80,000 | SH | Put | SOLE | | 80,000 | 0 | 0 |
HERTZ GLOBAL HLDGS I | COM | 42806J106 | 7,030 | 515,000 | SH | | SOLE | | 515,000 | 0 | 0 |
HESS CORP | COM | 42809H107 | 463 | 11,425 | SH | | SOLE | | 11,425 | 0 | 0 |
HEWLETT PACKARD ENTE | COM | 42824C109 | 6,540 | 495,112 | SH | | SOLE | | 495,112 | 0 | 0 |
HIGHPOINT RES CORP | COM | 43114K108 | 65 | 26,224 | SH | | SOLE | | 26,224 | 0 | 0 |
IAMGOLD CORP | COM | 450913108 | 2,552 | 694,759 | SH | | SOLE | | 694,759 | 0 | 0 |
INFINERA CORPORATION | COM | 45667G103 | 1,716 | 430,000 | SH | | SOLE | | 430,000 | 0 | 0 |
INNOSPEC INC | COM | 45768S105 | 208 | 3,364 | SH | | SOLE | | 3,364 | 0 | 0 |
INTL PAPER CO | COM | 460146103 | 309 | 7,655 | SH | | SOLE | | 7,655 | 0 | 0 |
INTL PAPER CO | COM | 460146953 | 2,422 | 60,000 | SH | Put | SOLE | | 60,000 | 0 | 0 |
JELD-WEN HLDG INC | COM | 47580P103 | 180 | 12,699 | SH | | SOLE | | 12,699 | 0 | 0 |
JOHNSON & JOHNSON | COM | 478160954 | 10,324 | 80,000 | SH | Put | SOLE | | 80,000 | 0 | 0 |
JPMORGAN CHASE & CO | COM | 46625H100 | 10,269 | 105,193 | SH | | SOLE | | 105,193 | 0 | 0 |
KBR INC | COM | 48242W106 | 377 | 24,808 | SH | | SOLE | | 24,808 | 0 | 0 |
KINDER MORGAN INC DE | COM | 49456B101 | 17,595 | 1,144,000 | SH | | SOLE | | 1,144,000 | 0 | 0 |
LAUREATE EDUCATION I | COM | 518613203 | 6,721 | 441,000 | SH | | SOLE | | 441,000 | 0 | 0 |
LEAR CORP | COM | 521865204 | 254 | 2,066 | SH | | SOLE | | 2,066 | 0 | 0 |
LENNAR CORP | COM | 526057104 | 239 | 6,106 | SH | | SOLE | | 6,106 | 0 | 0 |
LENNAR CORP | COM | 526057954 | 3,132 | 80,000 | SH | Put | SOLE | | 80,000 | 0 | 0 |
LINCOLN NATL CORP IN | COM | 534187109 | 580 | 11,300 | SH | | SOLE | | 11,300 | 0 | 0 |
LKQ CORP | COM | 501889208 | 13,882 | 585,000 | SH | | SOLE | | 585,000 | 0 | 0 |
LYONDELLBASELL INDUS | COM | N53745100 | 12,590 | 151,400 | SH | | SOLE | | 151,400 | 0 | 0 |
MAG SILVER CORP | COM | 55903Q104 | 1,631 | 222,362 | SH | | SOLE | | 222,362 | 0 | 0 |
MARATHON PETE CORP | COM | 56585A102 | 16,700 | 283,000 | SH | | SOLE | | 283,000 | 0 | 0 |
MCKESSON CORP | COM | 58155Q103 | 202 | 1,832 | SH | | SOLE | | 1,832 | 0 | 0 |
MEDTRONIC PLC | COM | G5960L953 | 7,277 | 80,000 | SH | Put | SOLE | | 80,000 | 0 | 0 |
METLIFE INC | COM | 59156R108 | 268 | 6,529 | SH | | SOLE | | 6,529 | 0 | 0 |
MICROSOFT CORP | COM | 594918104 | 12,717 | 125,200 | SH | | SOLE | | 125,200 | 0 | 0 |
MICROSOFT CORP | COM | 594918954 | 10,157 | 100,000 | SH | Put | SOLE | | 100,000 | 0 | 0 |
MORGAN STANLEY | COM | 617446448 | 224 | 5,653 | SH | | SOLE | | 5,653 | 0 | 0 |
MOTOROLA SOLUTIONS I | COM | 620076307 | 219 | 1,900 | SH | | SOLE | | 1,900 | 0 | 0 |
MYERS INDS INC | COM | 628464109 | 4,835 | 320,000 | SH | | SOLE | | 320,000 | 0 | 0 |
MYLAN N V | COM | N59465109 | 211 | 7,710 | SH | | SOLE | | 7,710 | 0 | 0 |
NETFLIX INC | COM | 64110L956 | 8,030 | 30,000 | SH | Put | SOLE | | 30,000 | 0 | 0 |
NEWELL BRANDS INC | COM | 651229106 | 193 | 10,370 | SH | | SOLE | | 10,370 | 0 | 0 |
NORTHERN TR CORP | COM | 665859104 | 669 | 8,000 | SH | | SOLE | | 8,000 | 0 | 0 |
NOVAGOLD RES INC | COM | 66987E206 | 237 | 60,092 | SH | | SOLE | | 60,092 | 0 | 0 |
NXP SEMICONDUCTORS N | COM | N6596X109 | 290 | 3,960 | SH | | SOLE | | 3,960 | 0 | 0 |
OMNICOM GROUP INC | COM | 681919106 | 286 | 3,900 | SH | | SOLE | | 3,900 | 0 | 0 |
ORACLE CORP | COM | 68389X105 | 899 | 19,912 | SH | | SOLE | | 19,912 | 0 | 0 |
PFIZER INC | COM | 717081103 | 727 | 16,655 | SH | | SOLE | | 16,655 | 0 | 0 |
PITNEY BOWES INC | COM | 724479100 | 154 | 26,060 | SH | | SOLE | | 26,060 | 0 | 0 |
PNC FINL SVCS GROUP INC | COM | 693475955 | 3,507 | 30,000 | SH | Put | SOLE | | 30,000 | 0 | 0 |
PRETIUM RES INC | COM | 74139C102 | 4,299 | 506,659 | SH | | SOLE | | 506,659 | 0 | 0 |
PROCTER AND GAMBLE C | COM | 742718109 | 919 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
ROYAL DUTCH SHELL PL | COM | 780259206 | 218 | 3,736 | SH | | SOLE | | 3,736 | 0 | 0 |
RYDER SYS INC | COM | 783549108 | 225 | 4,668 | SH | | SOLE | | 4,668 | 0 | 0 |
SCHLUMBERGER LTD | COM | 806857958 | 3,608 | 100,000 | SH | Put | SOLE | | 100,000 | 0 | 0 |
SNAP INC | COM | 83304A106 | 225 | 40,900 | SH | | SOLE | | 40,900 | 0 | 0 |
SNAP INC | COM | 83304A956 | 441 | 80,000 | SH | Put | SOLE | | 80,000 | 0 | 0 |
SPDR S&P 500 ETF TR | COM | 78462F103 | 32,989 | 132,000 | SH | | SOLE | | 132,000 | 0 | 0 |
SSR MNG INC | COM | 784730103 | 3,755 | 310,547 | SH | | SOLE | | 310,547 | 0 | 0 |
STATE STR CORP | COM | 857477953 | 3,784 | 60,000 | SH | Put | SOLE | | 60,000 | 0 | 0 |
T MOBILE US INC | COM | 872590104 | 267 | 4,200 | SH | | SOLE | | 4,200 | 0 | 0 |
TARGET CORP | COM | 87612E956 | 6,609 | 100,000 | SH | Put | SOLE | | 100,000 | 0 | 0 |
TEAM INC | COM | 878155AE0 | 9,941 | 10,000,000 | SH | | SOLE | | 10,000,000 | 0 | 0 |
TEEKAY TANKERS LTD | COM | Y8565N102 | 102 | 109,607 | SH | | SOLE | | 109,607 | 0 | 0 |
TETRA TECHNOLOGIES I | COM | 88162F105 | 19 | 11,221 | SH | | SOLE | | 11,221 | 0 | 0 |
TRACTOR SUPPLY CO | COM | 892356956 | 6,675 | 80,000 | SH | Put | SOLE | | 80,000 | 0 | 0 |
TWENTY FIRST CENTY F | COM | 90130A200 | 558 | 11,671 | SH | | SOLE | | 11,671 | 0 | 0 |
UBS GROUP AG | COM | H42097107 | 132 | 10,625 | SH | | SOLE | | 10,625 | 0 | 0 |
UNITED RENTALS INC | COM | 911363109 | 297 | 2,900 | SH | | SOLE | | 2,900 | 0 | 0 |
US FOODS HLDG CORP | COM | 912008109 | 14,459 | 457,000 | SH | | SOLE | | 457,000 | 0 | 0 |
VANECK VECTORS ETF TR | COM | 92189F951 | 3,026 | 100,000 | SH | Put | SOLE | | 100,000 | 0 | 0 |
VANECK VECTORS ETF TR | COM | 92189F956 | 3,164 | 150,000 | SH | Put | SOLE | | 150,000 | 0 | 0 |
VERISK ANALYTICS INC | COM | 92345Y106 | 5,452 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
VERIZON COMMUNICATIO | COM | 92343V104 | 392 | 6,980 | SH | | SOLE | | 6,980 | 0 | 0 |
VISTA GOLD CORP | COM | 927926303 | 1,682 | 3,203,217 | SH | | SOLE | | 3,203,217 | 0 | 0 |
VORNADO RLTY TR | COM | 929042109 | 373 | 6,012 | SH | | SOLE | | 6,012 | 0 | 0 |
VOYA FINL INC | COM | 929089100 | 205 | 5,097 | SH | | SOLE | | 5,097 | 0 | 0 |
WELLS FARGO CO NEW | COM | 949746101 | 207 | 4,501 | SH | | SOLE | | 4,501 | 0 | 0 |
WELLS FARGO CO NEW | COM | 949746951 | 6,451 | 140,000 | SH | Put | SOLE | | 140,000 | 0 | 0 |
WESTERN DIGITAL CORP | COM | 958102105 | 22,663 | 613,000 | SH | | SOLE | | 613,000 | 0 | 0 |
WILLIS TOWERS WATSON | COM | G96629103 | 13,819 | 91,000 | SH | | SOLE | | 91,000 | 0 | 0 |
WPX ENERGY INC | COM | 98212B103 | 283 | 24,900 | SH | | SOLE | | 24,900 | 0 | 0 |
XEROX CORP | COM | 984121608 | 236 | 11,967 | SH | | SOLE | | 11,967 | 0 | 0 |
ZOETIS INC | COM | 98978V103 | 855 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |