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
AERCAP HOLDINGS NV COM N00985106 4,070 105,000 SH   DFND 1, 2, 3, 4 105,000 0 0
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 924 131,946 SH   DFND 1, 2, 3, 4 0 0 131,946
AMERICAN NATIONAL INSURANCE COM 028591105 9,835 85,153 SH   DFND 1, 2, 3, 4 85,153 0 0
AMKOR TECHNOLOGY INC COM 031652100 14,991 2,545,156 SH   DFND 1, 2, 3, 4 2,545,156 0 0
AMKOR TECHNOLOGY INC COM 031652100 589 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMREP CORP COM 032159105 498 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,490 319,638 SH   DFND 1, 2, 3, 4 319,638 0 0
APACHE CORP COM 037411105 244 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 257 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
ASB BANCORP INC COM 00213T109 421 17,348 SH   DFND 1, 2, 3, 4 17,348 0 0
DEUTSCHE X-TRACKERS HARVEST COM 233051879 2,489 101,400 SH Put DFND 1, 2, 3, 4 0 0 101,400
ATLANTIC COAST FINANCIAL COR COM 048426100 4,000 662,170 SH   DFND 1, 2, 3, 4 662,170 0 0
BANK OF COMMERCE HOLDINGS COM 06424J103 341 53,740 SH   DFND 1, 2, 3, 4 53,740 0 0
BAY BANCORP INC COM 07203T106 506 104,879 SH   DFND 1, 2, 3, 4 104,879 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 561 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,362 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
BROCADE COMMUNICATIONS SYS COM 111621306 820 77,500 SH Call DFND 1, 2, 3, 4 0 0 77,500
CITIGROUP INC COM 172967424 4,968 119,000 SH   DFND 1, 2, 3, 4 119,000 0 0
CITIGROUP INC COM 172967424 32,356 775,000 SH Call DFND 1, 2, 3, 4 0 0 775,000
CAPITAL SENIOR LIVING CORP COM 140475104 49,111 2,651,800 SH   DFND 1, 2, 3, 4 2,651,800 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 1,830 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 18,295 500,000 SH Call DFND 1, 2, 3, 4 0 0 500,000
CBL & ASSOCIATES PROPERTIES COM 124830100 119 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,084 121,103 SH   DFND 1, 2, 3, 4 121,103 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 235 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
COMMUNITY BANKERS TRUST CORP COM 203612106 56 11,228 SH   DFND 1, 2, 3, 4 11,228 0 0
COWEN GROUP INC-CLASS A COM 223622101 6,274 1,646,764 SH   DFND 1, 2, 3, 4 1,646,764 0 0
WISDOMTREE CHINESE YUAN STRA COM 97717W182 6,525 261,000 SH Put DFND 1, 2, 3, 4 0 0 261,000
DATARAM CORP COM 238108302 27 37,425 SH   DFND 1, 2, 3, 4 37,425 0 0
DEVON ENERGY CORP COM 25179M103 2,346 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
EASTERN VIRGINIA BANKSHARES COM 277196101 320 47,787 SH   DFND 1, 2, 3, 4 47,787 0 0
EBAY INC COM 278642103 10,117 424,000 SH   DFND 1, 2, 3, 4 424,000 0 0
ELDORADO GOLD CORP COM 284902103 48 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EMERSON ELECTRIC CO COM 291011104 10,876 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
EQUITABLE FINANCIAL CORP COM 29448T105 1,333 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 846 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESSA BANCORP INC COM 29667D104 3,696 273,953 SH   DFND 1, 2, 3, 4 273,953 0 0
EXTREME NETWORKS INC COM 30226D106 12,525 4,027,252 SH   DFND 1, 2, 3, 4 4,027,252 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 14,278 56,870 SH   DFND 1, 2, 3, 4 56,870 0 0
FIRST NORTHWEST BANCORP COM 335834107 2,776 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
FORTRESS INVESTMENT GRP-CL A COM 34958B106 48 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 885 40,600 SH   DFND 1, 2, 3, 4 40,600 0 0
GREIF INC-CL B COM 397624206 41,044 877,004 SH   DFND 1, 2, 3, 4 877,004 0 0
HAMILTON BANCORP INC/MD COM 407015106 159 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 347 12,993 SH   DFND 1, 2, 3, 4 12,993 0 0
HOPFED BANCORP INC COM 439734104 1,080 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
IMPERIAL OIL LTD COM 453038408 200 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
INTELSAT SA COM L5140P101 12,666 5,026,247 SH   DFND 1, 2, 3, 4 5,026,247 0 0
INTERNATIONAL PAPER CO COM 460146103 4,104 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
JMP GROUP LLC COM 46629U107 106 20,200 SH   DFND 1, 2, 3, 4 20,200 0 0
JOHNSON & JOHNSON COM 478160104 5,410 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
KEARNY FINANCIAL CORP/MD COM 48716P108 5,323 431,035 SH   DFND 1, 2, 3, 4 431,035 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 682 77,978 SH   DFND 1, 2, 3, 4 77,978 0 0
KKR & CO LP COM 48248M102 147 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
KOPPERS HOLDINGS INC COM 50060P106 4,457 198,368 SH   DFND 1, 2, 3, 4 198,368 0 0
LAKE SHORE BANCORP INC COM 510700107 2,670 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LAPORTE BANCORP INC COM 516651106 250 15,851 SH   DFND 1, 2, 3, 4 15,851 0 0
LENNAR CORP - B SHS COM 526057302 15,376 397,198 SH   DFND 1, 2, 3, 4 397,198 0 0
LIBERTY INTERACTIVE CORP Q-A COM 53071M104 14,612 578,700 SH   DFND 1, 2, 3, 4 578,700 0 0
LIBERTY VENTURES - SER A COM 53071M880 468 11,969 SH   DFND 1, 2, 3, 4 11,969 0 0
LIMONEIRA CO COM 532746104 193 12,668 SH   DFND 1, 2, 3, 4 12,668 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 1,783 168,095 SH   DFND 1, 2, 3, 4 168,095 0 0
MCKESSON CORP COM 58155Q103 472 3,000 SH   DFND 1, 2, 3, 4 3,000 0 0
MCKESSON CORP COM 58155Q103 10,693 68,000 SH Call DFND 1, 2, 3, 4 0 0 68,000
METLIFE INC COM 59156R108 4,394 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
MICRON TECHNOLOGY INC COM 595112103 15,024 1,435,000 SH   DFND 1, 2, 3, 4 1,435,000 0 0
MONSANTO CO COM 61166W101 7,019 80,000 SH Call DFND 1, 2, 3, 4 0 0 80,000
MVC CAPITAL INC COM 553829102 1,424 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 314 1,362 SH   DFND 1, 2, 3, 4 1,362 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 139 13,486 SH   DFND 1, 2, 3, 4 13,486 0 0
NOBLE ENERGY INC COM 655044105 306 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 281 873,348 SH   DFND 1, 2, 3, 4 873,348 0 0
OCH-ZIFF CAPITAL MANAGEMEN-A COM 67551U105 44 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 804 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 5,445 345,049 SH   DFND 1, 2, 3, 4 345,049 0 0
PB BANCORP INC COM 70454T100 1,676 199,492 SH   DFND 1, 2, 3, 4 199,492 0 0
PEOPLES BANCORP OF NC COM 710577107 480 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 6,413 1,041,000 SH   DFND 1, 2, 3, 4 1,041,000 0 0
PFIZER INC COM 717081103 17,784 600,000 SH Call DFND 1, 2, 3, 4 0 0 600,000
PREMIER FINANCIAL BANCORP COM 74050M105 194 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
RACKSPACE HOSTING INC COM 750086100 216 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
SALEM MEDIA GROUP INC COM 794093104 476 82,697 SH   DFND 1, 2, 3, 4 82,697 0 0
SEALED AIR CORP COM 81211K100 1,618 33,708 SH   DFND 1, 2, 3, 4 33,708 0 0
SENECA FOODS CORP - CL A COM 817070501 321 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 287 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SEARS HOLDINGS CORP COM 812350106 2,863 187,000 SH Put DFND 1, 2, 3, 4 0 0 187,000
SHORE BANCSHARES INC COM 825107105 475 39,684 SH   DFND 1, 2, 3, 4 39,684 0 0
SPARK NETWORKS INC COM 84651P100 256 115,525 SH   DFND 1, 2, 3, 4 115,525 0 0
SPROTT FOCUS TRUST INC COM 85208J109 75 12,317 SH   DFND 1, 2, 3, 4 12,317 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 205 35,782 SH   DFND 1, 2, 3, 4 35,782 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 16,675 114,598 SH   DFND 1, 2, 3, 4 114,598 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 631 55,500 SH   DFND 1, 2, 3, 4 55,500 0 0
TESLA MOTORS INC COM 88160R101 78,650 342,300 SH Put DFND 1, 2, 3, 4 0 0 342,300
TUTOR PERINI CORP COM 901109108 3,046 196,020 SH   DFND 1, 2, 3, 4 196,020 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 98 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 823 44,236 SH   DFND 1, 2, 3, 4 44,236 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06742E711 18,647 1,058,300 SH Put DFND 1, 2, 3, 4 0 0 1,058,300
WMIH CORP COM 92936P100 39 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
WOLVERINE BANCORP INC COM 977880103 356 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
XEROX CORP COM 984121103 670 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0