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 2,864 221,674 SH   SOLE   221,674 0 0
ARQULE INC COM 04269E107 12,821 5,908,122 SH   SOLE   5,908,122 0 0
BANCORP INC DEL COM 05969A105 9,719 1,525,787 SH   SOLE   1,525,787 0 0
BRIDGEPOINT ED INC COM 10807M105 16,474 2,164,843 SH   SOLE   2,164,843 0 0
BRIGHTCOVE INC COM 10921T101 4,950 798,334 SH   SOLE   798,334 0 0
CASH AMER INTL INC COM 14754D100 11,363 379,406 SH   SOLE   379,406 0 0
CASTLE A M & CO COM 148411101 338 212,575 SH   SOLE   212,575 0 0
CASTLE A M & CO NOTE 7.000/1 148411AF8 1,463 3,800,000 PRN   SOLE   3,800,000 0 0
CENVEO INC COM 15670S105 1,335 1,458,666 SH   SOLE   1,458,666 0 0
CITI TRENDS INC COM 17306X102 16,201 762,409 SH   SOLE   762,409 0 0
CODEXIS INC COM 192005106 20,351 4,811,222 SH   SOLE   4,811,222 0 0
COGENTIX MED INC COM 19243A104 3,347 2,594,766 SH   SOLE   2,594,766 0 0
CROCS INC COM 227046109 11,319 1,105,357 SH   SOLE   1,105,357 0 0
CROCS INC COM 227046109 5,907 576,900 SH Call SOLE   576,900 0 0
CROWN MEDIA HLDGS INC CL A 228411104 12,827 2,286,479 SH   SOLE   2,286,479 0 0
DIAMOND RESORTS INTL INC COM 25272T104 43,926 1,721,908 SH   SOLE   1,721,908 0 0
DOLBY LABORATORIES INC COM 25659T107 30,270 899,543 SH   SOLE   899,543 0 0
DOVER DOWNS GAMING & ENTMT I COM 260095104 193 198,636 SH   SOLE   198,636 0 0
DOVER MOTORSPORTS INC COM 260174107 2,998 1,286,751 SH   SOLE   1,286,751 0 0
DYAX CORP COM 26746E103 1,839 48,873 SH   SOLE   48,873 0 0
DYAX CORP COM 26746E103 1,919 51,000 SH Put SOLE   51,000 0 0
EMERGENT CAP INC COM 29102N105 8,206 2,223,924 SH   SOLE   2,223,924 0 0
EMMIS COMMUNICATIONS CORP CL A 291525103 776 1,211,907 SH   SOLE   1,211,907 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 4,463 927,784 SH   SOLE   927,784 0 0
FALCONSTOR SOFTWARE INC COM 306137100 8,780 4,670,085 SH   SOLE   4,670,085 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 10,949 782,600 SH   SOLE   782,600 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 16,788 1,200,000 SH Call SOLE   1,200,000 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 13,990 1,000,000 SH Call SOLE   1,000,000 0 0
FINTECH ACQUISITION CORP* UNIT 99/99/9999 31809H209 6,066 600,000 SH   SOLE   600,000 0 0
FIRST CASH FINL SVCS INC COM 31942D107 27,063 723,020 SH   SOLE   723,020 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 7,890 560,000 SH Put SOLE   560,000 0 0
GAMESTOP CORP NEW CL A 36467W109 1,402 50,000 SH Put SOLE   50,000 0 0
GENERAL MTRS CO COM 37045V100 5,782 170,000 SH Put SOLE   170,000 0 0
GOLDEN ENTMT INC COM 381013101 9,786 956,558 SH   SOLE   956,558 0 0
IMPERIAL HLDGS INC NOTE 8.500% 2/1 452834AE4 13,010 14,770,000 PRN   SOLE   14,770,000 0 0
INCYTE CORP COM 45337C102 3,362 31,000 SH Call SOLE   31,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 11,262 100,000 SH Put SOLE   100,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 28,155 250,000 SH Put SOLE   250,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,631 50,000 SH Put SOLE   50,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 22,524 200,000 SH Put SOLE   200,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 16,893 150,000 SH Put SOLE   150,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 33,786 300,000 SH Put SOLE   300,000 0 0
ISIS PHARMACEUTICALS INC DEL NOTE 2.750/0 464337AG9 9,372 2,500,000 PRN   SOLE   2,500,000 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 9,530 2,555,084 SH   SOLE   2,555,084 0 0
LINCOLN EDL SVCS CORP COM 533535100 4,041 2,030,645 SH   SOLE   2,030,645 0 0
LUXFER HLDGS PLC SPONSORED ADR 550678106 6,774 688,426 SH   SOLE   688,426 0 0
META FINL GROUP INC COM 59100U108 20,177 439,308 SH   SOLE   439,308 0 0
MFC INDL LTD COM 55278T105 297 152,470 SH   SOLE   152,470 0 0
NATIONAL RESH CORP CL A 637372202 2,285 142,454 SH   SOLE   142,454 0 0
OCWEN FINL CORP COM NEW 675746309 1,352 194,000 SH Call SOLE   194,000 0 0
OWENS RLTY MTG INC COM 690828108 14,246 1,060,724 SH   SOLE   1,060,724 0 0
PAIN THERAPEUTICS INC COM 69562K100 10,170 5,811,557 SH   SOLE   5,811,557 0 0
PHARMATHENE INC COM 71714G102 6,440 3,389,364 SH   SOLE   3,389,364 0 0
PHOTOMEDEX INC COM PAR $0.01 719358301 298 661,455 SH   SOLE   661,455 0 0
QAD INC CL A 74727D306 9,693 472,360 SH   SOLE   472,360 0 0
QAD INC CL B 74727D207 4,761 258,737 SH   SOLE   258,737 0 0
RADIANT LOGISTICS INC COM 75025X100 8,833 2,575,172 SH   SOLE   2,575,172 0 0
REGIONAL MGMT CORP COM 75902K106 9,707 627,493 SH   SOLE   627,493 0 0
REPUBLIC BANCORP KY CL A 760281204 7,575 286,837 SH   SOLE   286,837 0 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 5,261 571,887 SH   SOLE   571,887 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 30,120 3,357,880 SH   SOLE   3,357,880 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 8,073 900,000 SH Call SOLE   900,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 36,312 4,048,200 SH Call SOLE   4,048,200 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 8,144 410,902 SH   SOLE   410,902 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 21,284 1,304,977 SH   SOLE   1,304,977 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 1,060 65,000 SH Call SOLE   65,000 0 0
SUNCOKE ENERGY INC COM 86722A103 3,325 958,182 SH   SOLE   958,182 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 1,396 187,375 SH   SOLE   187,375 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 8,228 2,298,270 SH   SOLE   2,298,270 0 0
UNITED RENTALS INC COM 911363109 3,932 54,200 SH Call SOLE   54,200 0 0
UNIVERSAL TECHNICAL INST INC COM 913915104 900 193,084 SH   SOLE   193,084 0 0
USA TRUCK INC COM 902925106 4,995 286,242 SH   SOLE   286,242 0 0
WHITEHORSE FIN INC COM 96524V106 2,277 198,322 SH   SOLE   198,322 0 0
YAHOO INC COM 984332106 36,702 1,103,500 SH   SOLE   1,103,500 0 0