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
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
ADVANTAGE OIL & GAS LTD COM 00765F101 1,016 200,000 SH   SOLE   200,000 0 0
AERCAP HOLDINGS NV SHS N00985106 5,081 117,723 SH   SOLE   117,723 0 0
AIRCASTLE LTD COM G0129K104 319 15,254 SH   SOLE   15,254 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,974 600,000 SH   SOLE   600,000 0 0
ALEXCO RESOURCE CORP COM 01535P106 86 251,914 SH   SOLE   251,914 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,138 90,000 SH   SOLE   90,000 0 0
AVALON HLDGS CORP CL A 05343P109 317 167,650 SH   SOLE   167,650 0 0
B2GOLD CORP COM 11777Q209 918 900,000 SH   SOLE   900,000 0 0
BARCLAYS BANK PLC DJUBSCOFFE38 ETN 06739H297 788 40,000 SH   SOLE   40,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 608 135,000 SH   SOLE   135,000 0 0
CIFC CORP COM 12547R105 2,062 369,516 SH   SOLE   369,516 0 0
CIPHER PHARMACEUTICALS INC COM 17253X105 2,096 447,800 SH   SOLE   447,800 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 815 87,941 SH   SOLE   87,941 0 0
COASTWAY BANCORP INC COM 190632109 2,315 177,000 SH   SOLE   177,000 0 0
CONSOL ENERGY INC COM 20854P109 1,620 205,000 SH   SOLE   205,000 0 0
DYNEGY INC NEW DEL COM 26817R108 335 25,000 SH   SOLE   25,000 0 0
EARTHSTONE ENERGY INC COM NEW 27032D205 572 42,993 SH   SOLE   42,993 0 0
ELDORADO GOLD CORP NEW COM 284902103 743 250,000 SH   SOLE   250,000 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 258 53,700 SH   SOLE   53,700 0 0
FARMERS NATL BANC CORP COM 309627107 453 52,727 SH   SOLE   52,727 0 0
GASTAR EXPL INC NEW COM 36729W202 645 492,582 SH   SOLE   492,582 0 0
HALCON RES CORP COM PAR 40537Q506 126 100,000 SH   SOLE   100,000 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 231 4,469 SH   SOLE   4,469 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 464 8,939 SH   SOLE   8,939 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 702 17,878 SH   SOLE   17,878 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,362 35,756 SH   SOLE   35,756 0 0
MACKINAC FINL CORP COM 554571109 345 30,000 SH   SOLE   30,000 0 0
MAG SILVER CORP COM 55903Q104 2,809 397,900 SH   SOLE   397,900 0 0
MAYS J W INC COM 578473100 2,727 46,920 SH   SOLE   46,920 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 3,679 1,290,975 SH   SOLE   1,290,975 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 1,104 187,186 SH   SOLE   187,186 0 0
NEVSUN RES LTD COM 64156L101 2,040 752,800 SH   SOLE   752,800 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,233 71,900 SH   SOLE   71,900 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 821 5,726,931 SH   SOLE   5,726,931 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 2,793 97,300 SH   SOLE   97,300 0 0
POPULAR INC COM NEW 733174700 5,810 205,000 SH   SOLE   205,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 7,480 396,000 SH   SOLE   396,000 0 0
RANGE RES CORP COM 75281A109 615 25,000 SH   SOLE   25,000 0 0
RED LION HOTELS CORP COM 756764106 5,180 738,926 SH   SOLE   738,926 0 0
REIS INC COM 75936P105 4,276 180,209 SH   SOLE   180,209 0 0
SOUTHERN MO BANCORP INC COM 843380106 7,551 315,958 SH   SOLE   315,958 0 0
TEEKAY CORPORATION COM Y8564W103 494 50,000 SH   SOLE   50,000 0 0
U S GLOBAL INVS INC CL A 902952100 34 29,118 SH   SOLE   29,118 0 0
UNITED BANCORP INC OHIO COM 909911109 144 15,000 SH   SOLE   15,000 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,242 94,005 SH   SOLE   94,005 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,170 105,900 SH   SOLE   105,900 0 0
WOLVERINE BANCORP INC COM 977880103 1,750 65,700 SH   SOLE   65,700 0 0