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
AKEBIA THERAPEUTICS INC COM 00972D105 12,139 1,347,326 SH   SOLE   1,347,326 0 0
ARQULE INC COM 04269E107 13,670 8,543,652 SH   SOLE   8,543,652 0 0
BANCORP INC DEL COM 05969A105 8,728 1,525,787 SH   SOLE   1,525,787 0 0
BRIDGEPOINT ED INC COM 10807M105 22,196 2,201,945 SH   SOLE   2,201,945 0 0
BRIGHTCOVE INC COM 10921T101 4,006 641,972 SH   SOLE   641,972 0 0
CASH AMER INTL INC COM 14754D100 8,820 228,262 SH   SOLE   228,262 0 0
CASTLE A M & CO COM 148411101 364 134,764 SH   SOLE   134,764 0 0
CASTLE A M & CO NOTE 7.000/1 148411AF8 1,777 3,623,000 PRN   SOLE   3,623,000 0 0
CENVEO INC COM 15670S105 564 1,247,162 SH   SOLE   1,247,162 0 0
CITI TRENDS INC COM 17306X102 17,876 1,002,603 SH   SOLE   1,002,603 0 0
CODEXIS INC COM 192005106 15,595 5,014,509 SH   SOLE   5,014,509 0 0
COGENTIX MED INC COM 19243A104 2,740 2,491,304 SH   SOLE   2,491,304 0 0
COLONY STARWOOD HOMES COM 19625X102 5,691 229,951 SH   SOLE   229,951 0 0
CROCS INC COM 227046109 14,969 1,555,996 SH   SOLE   1,555,996 0 0
CROWN MEDIA HLDGS INC CL A 228411104 11,558 2,275,217 SH   SOLE   2,275,217 0 0
DIAMOND RESORTS INTL INC COM 25272T104 44,909 1,848,127 SH   SOLE   1,848,127 0 0
DIAMOND RESORTS INTL INC COM 25272T104 34,020 1,400,000 SH Call SOLE   1,400,000 0 0
DOLBY LABORATORIES INC COM 25659T107 36,498 839,807 SH   SOLE   839,807 0 0
DOVER DOWNS GAMING & ENTMT I COM 260095104 201 187,970 SH   SOLE   187,970 0 0
DOVER MOTORSPORTS INC COM 260174107 2,835 1,248,903 SH   SOLE   1,248,903 0 0
EMERGENT CAP INC COM 29102N105 7,789 1,937,560 SH   SOLE   1,937,560 0 0
EMMIS COMMUNICATIONS CORP CL A 291525103 720 1,237,562 SH   SOLE   1,237,562 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 5,039 1,036,786 SH   SOLE   1,036,786 0 0
EZCORP INC CL A NON VTG 302301106 1,675 563,813 SH   SOLE   563,813 0 0
FALCONSTOR SOFTWARE INC COM 306137100 5,696 4,250,690 SH   SOLE   4,250,690 0 0
FERRARI N V COM N3167Y103 8,969 215,082 SH   SOLE   215,082 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 4,739 587,952 SH   SOLE   587,952 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 8,060 1,000,000 SH Call SOLE   1,000,000 0 0
FINTECH ACQUISITION CORP* UNIT 99/99/9999 31809H209 4,871 450,000 SH   SOLE   450,000 0 0
FIRST CASH FINL SVCS INC COM 31942D107 22,556 489,713 SH   SOLE   489,713 0 0
GAMESTOP CORP NEW CL A 36467W109 1,514 47,700 SH Put SOLE   47,700 0 0
GOLDEN ENTMT INC COM 381013101 10,083 930,205 SH   SOLE   930,205 0 0
IMPERIAL HLDS INC NOTE 8.500% 2/1 452834AE4 12,472 13,970,000 PRN   SOLE   13,970,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 21,108 190,800 SH Call SOLE   190,800 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 33,189 300,000 SH Put SOLE   300,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 22,126 200,000 SH Put SOLE   200,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 13,276 120,000 SH Put SOLE   120,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 16,595 150,000 SH Put SOLE   150,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 27,658 250,000 SH Put SOLE   250,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 24,339 220,000 SH Call SOLE   220,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 44,252 400,000 SH Put SOLE   400,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 33,189 300,000 SH Put SOLE   300,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 44,252 400,000 SH Put SOLE   400,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 2,213 20,000 SH Put SOLE   20,000 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 8,712 2,819,288 SH   SOLE   2,819,288 0 0
LINCOLN EDL SVCS CORP COM 533535100 5,335 2,151,049 SH   SOLE   2,151,049 0 0
LUXFER HLDGS PLC SPONSORED ADR 550678106 8,394 791,155 SH   SOLE   791,155 0 0
MACYS INC COM 55616P104 14,070 319,112 SH   SOLE   319,112 0 0
META FINL GROUP INC COM 59100U108 21,487 471,198 SH   SOLE   471,198 0 0
MFC BANCORP LTD COM 55278T105 768 387,978 SH   SOLE   387,978 0 0
OCWEN FINL CORP COM NEW 675746309 459 186,000 SH Call SOLE   186,000 0 0
OWENS RLTY MTG INC COM 690828108 15,074 943,890 SH   SOLE   943,890 0 0
PAIN THERAPEUTICS INC COM 69562K100 14,349 6,434,498 SH   SOLE   6,434,498 0 0
PHARMATHENE INC COM 71714G102 6,390 3,251,838 SH   SOLE   3,251,838 0 0
PHOTOMEDEX INC COM PAR $0.01 719358301 748 1,384,777 SH   SOLE   1,384,777 0 0
QAD INC CL A 74727D306 10,297 484,560 SH   SOLE   484,560 0 0
QAD INC CL B 74727D207 4,355 245,765 SH   SOLE   245,765 0 0
RADIANT LOGISTICS INC COM 75025X100 9,812 2,748,540 SH   SOLE   2,748,540 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 1,697 178,651 SH   SOLE   178,651 0 0
REGIONAL MGMT CORP COM 75902K106 9,873 577,024 SH   SOLE   577,024 0 0
REPUBLIC BANCORP KY CL A 760281204 5,466 211,624 SH   SOLE   211,624 0 0
RESOURCE AMERICA INC CL A 761195205 3,987 691,032 SH   SOLE   691,032 0 0
RYERSON HLDG CORP COM 783754104 2,242 403,226 SH   SOLE   403,226 0 0
SAREPTA THERAPEUTICS INC COM 803607100 3,904 200,000 SH Call SOLE   200,000 0 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 22,277 2,025,150 SH   SOLE   2,025,150 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 33,815 3,585,901 SH   SOLE   3,585,901 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 6,601 700,000 SH Call SOLE   700,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 36,760 3,898,200 SH Call SOLE   3,898,200 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 8,424 365,457 SH   SOLE   365,457 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 19,864 1,410,806 SH   SOLE   1,410,806 0 0
SUNCOKE ENERGY INC COM 86722A103 5,693 875,782 SH   SOLE   875,782 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 1,385 187,375 SH   SOLE   187,375 0 0
SYNERGY PHARMACEUTICALS DEL COM NEW 871639308 828 300,000 SH   SOLE   300,000 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 7,638 2,034,034 SH   SOLE   2,034,034 0 0
UNIVERSAL TECHNICAL INST INC COM 913915104 867 201,187 SH   SOLE   201,187 0 0
USA TRUCK INC COM 902925106 2,920 154,996 SH   SOLE   154,996 0 0
WHITEHORSE FIN INC COM 96524V106 2,446 235,669 SH   SOLE   235,669 0 0
YAHOO INC COM 984332106 39,602 1,075,850 SH   SOLE   1,075,850 0 0