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
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 637 85,215 SH   DFND 1, 2, 3, 4 0 0 85,215
AMERICAN NATIONAL INSURANCE COM 028591105 7,587 67,053 SH   DFND 1, 2, 3, 4 67,053 0 0
AMKOR TECHNOLOGY INC COM 031652100 2,928 509,157 SH   DFND 1, 2, 3, 4 509,157 0 0
AMREP CORP COM 032159105 556 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
APACHE CORP COM 037411105 278 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 227 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
ATLANTIC COAST FINANCIAL COR COM 048426100 2,632 440,102 SH   DFND 1, 2, 3, 4 440,102 0 0
BANK OF COMMERCE HOLDINGS COM 06424J103 355 53,740 SH   DFND 1, 2, 3, 4 53,740 0 0
BAY BANCORP INC COM 07203T106 532 104,879 SH   DFND 1, 2, 3, 4 104,879 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 491 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,470 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
BROCADE COMMUNICATIONS SYS COM 111621306 711 77,500 SH Call DFND 1, 2, 3, 4 0 0 77,500
CITIGROUP INC COM 172967424 5,129 121,000 SH   DFND 1, 2, 3, 4 121,000 0 0
CITIGROUP INC COM 172967424 32,852 775,000 SH Call DFND 1, 2, 3, 4 0 0 775,000
CAL-MAINE FOODS INC COM 128030202 7,978 180,000 SH Put DFND 1, 2, 3, 4 0 0 180,000
CAPITAL SENIOR LIVING CORP COM 140475104 47,078 2,664,300 SH   DFND 1, 2, 3, 4 2,664,300 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 13,159 380,000 SH   DFND 1, 2, 3, 4 380,000 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 22,856 660,000 SH Call DFND 1, 2, 3, 4 0 0 660,000
CBL & ASSOCIATES PROPERTIES COM 124830100 93 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,255 121,103 SH   DFND 1, 2, 3, 4 121,103 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 311 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
COMMUNITY BANKERS TRUST CORP COM 203612106 58 11,228 SH   DFND 1, 2, 3, 4 11,228 0 0
COWEN GROUP INC-CLASS A COM 223622101 10,586 3,576,430 SH   DFND 1, 2, 3, 4 3,576,430 0 0
DATARAM CORP COM 238108401 23 37,425 SH   DFND 1, 2, 3, 4 37,425 0 0
DEVON ENERGY CORP COM 25179M103 3,099 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
DEVON ENERGY CORP COM 25179M103 7,250 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
EBAY INC COM 278642103 9,926 424,000 SH   DFND 1, 2, 3, 4 424,000 0 0
ELDORADO GOLD CORP COM 284902103 69 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EQUITABLE FINANCIAL CORP COM 29448T105 1,343 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 904 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESSA BANCORP INC COM 29667D104 3,534 263,730 SH   DFND 1, 2, 3, 4 263,730 0 0
EXTREME NETWORKS INC COM 30226D106 12,471 3,678,863 SH   DFND 1, 2, 3, 4 3,678,863 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 14,724 56,870 SH   DFND 1, 2, 3, 4 56,870 0 0
FIRST NORTHWEST BANCORP COM 335834107 2,748 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
FORTRESS INVESTMENT GRP-CL A COM 34958B106 44 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
GILEAD SCIENCES INC COM 375558103 1,667 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
SPDR GOLD SHARES COM 78463V107 44,897 355,000 SH Call DFND 1, 2, 3, 4 0 0 355,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 818 40,600 SH   DFND 1, 2, 3, 4 40,600 0 0
GREIF INC-CL B COM 397624206 46,056 841,199 SH   DFND 1, 2, 3, 4 841,199 0 0
HAMILTON BANCORP INC/MD COM 407015106 166 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 334 9,993 SH   DFND 1, 2, 3, 4 9,993 0 0
HOPFED BANCORP INC COM 439734104 1,093 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
INTELSAT SA COM L5140P101 13,963 5,411,875 SH   DFND 1, 2, 3, 4 5,411,875 0 0
INTERNATIONAL PAPER CO COM 460146103 4,238 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
ISHARES RUSSELL 2000 ETF COM 464287655 194,224 1,689,200 SH Put DFND 1, 2, 3, 4 0 0 1,689,200
JMP GROUP LLC COM 46629U107 110 20,200 SH   DFND 1, 2, 3, 4 20,200 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 639 77,978 SH   DFND 1, 2, 3, 4 77,978 0 0
KKR & CO LP COM 48248M102 123 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
KOPPERS HOLDINGS INC COM 50060P106 751 24,428 SH   DFND 1, 2, 3, 4 24,428 0 0
KORN/FERRY INTERNATIONAL COM 500643200 1,026 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
LAKE SHORE BANCORP INC COM 510700107 2,617 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LAPORTE BANCORP INC COM 516651106 259 15,851 SH   DFND 1, 2, 3, 4 15,851 0 0
LENNAR CORP - B SHS COM 526057302 13,726 368,491 SH   DFND 1, 2, 3, 4 368,491 0 0
LIBERTY INTERACTIVE CORP Q-A COM 53071M104 4,673 184,200 SH   DFND 1, 2, 3, 4 184,200 0 0
LIBERTY VENTURES - SER A COM 53071M880 444 11,969 SH   DFND 1, 2, 3, 4 11,969 0 0
LIMONEIRA CO COM 532746104 223 12,668 SH   DFND 1, 2, 3, 4 12,668 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 753 62,622 SH   DFND 1, 2, 3, 4 62,622 0 0
MCKESSON CORP COM 58155Q103 560 3,000 SH   DFND 1, 2, 3, 4 3,000 0 0
MCKESSON CORP COM 58155Q103 12,692 68,000 SH Call DFND 1, 2, 3, 4 0 0 68,000
METLIFE INC COM 59156R108 3,983 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
MICRON TECHNOLOGY INC COM 595112103 10,492 762,500 SH   DFND 1, 2, 3, 4 762,500 0 0
MVC CAPITAL INC COM 553829102 1,534 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 266 1,362 SH   DFND 1, 2, 3, 4 1,362 0 0
NOBLE ENERGY INC COM 655044105 350 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 589 1,890,263 SH   DFND 1, 2, 3, 4 1,890,263 0 0
OCH-ZIFF CAPITAL MANAGEMEN-A COM 67551U105 38 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 849 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OFFICE DEPOT INC COM 676220106 1,290 389,700 SH   DFND 1, 2, 3, 4 389,700 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 3,814 246,675 SH   DFND 1, 2, 3, 4 246,675 0 0
PB BANCORP INC COM 70454T100 1,680 199,492 SH   DFND 1, 2, 3, 4 199,492 0 0
PEOPLES BANCORP OF NC COM 710577107 506 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 4,340 592,023 SH   DFND 1, 2, 3, 4 592,023 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 207 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 52,152 344,900 SH Call DFND 1, 2, 3, 4 0 0 344,900
SALEM MEDIA GROUP INC COM 794093104 597 82,697 SH   DFND 1, 2, 3, 4 82,697 0 0
SEALED AIR CORP COM 81211K100 1,550 33,708 SH   DFND 1, 2, 3, 4 33,708 0 0
SENECA FOODS CORP - CL A COM 817070501 335 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 276 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SEARS HOLDINGS CORP COM 812350106 708 52,000 SH Put DFND 1, 2, 3, 4 0 0 52,000
SPARK NETWORKS INC COM 84651P100 183 115,525 SH   DFND 1, 2, 3, 4 115,525 0 0
SPROTT FOCUS TRUST INC COM 85208J109 79 12,317 SH   DFND 1, 2, 3, 4 12,317 0 0
STAPLES INC COM 855030102 2,783 323,000 SH   DFND 1, 2, 3, 4 323,000 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 19,327 114,598 SH   DFND 1, 2, 3, 4 114,598 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 791 67,500 SH   DFND 1, 2, 3, 4 67,500 0 0
TESLA MOTORS INC COM 88160R101 87,374 411,600 SH Put DFND 1, 2, 3, 4 0 0 411,600
U.S. GLOBAL INVESTORS INC-A COM 902952100 97 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 787 44,236 SH   DFND 1, 2, 3, 4 44,236 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06742E711 14,615 1,058,300 SH Put DFND 1, 2, 3, 4 0 0 1,058,300
WMIH CORP COM 92936P100 37 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 569 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0