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
ADEPT TECHNOLOGY INC COM NEW 006854202 8,985 693,296 SH   SOLE   693,296 0 0
ARQULE INC COM 04269E107 8,013 4,285,020 SH   SOLE   4,285,020 0 0
BANCORP INC DEL COM 05969A105 11,075 1,453,355 SH   SOLE   1,453,355 0 0
BRIDGEPOINT ED INC COM 10807M105 14,554 1,909,964 SH   SOLE   1,909,964 0 0
BRIGHTCOVE INC COM 10921T101 4,891 994,064 SH   SOLE   994,064 0 0
CASH AMER INTL INC COM 14754D100 17,663 631,511 SH   SOLE   631,511 0 0
CASTLE A M & CO COM 148411101 699 314,968 SH   SOLE   314,968 0 0
CASTLE A M & CO NOTE 7.000/1 148411AF8 2,078 3,800,000 PRN   SOLE   3,800,000 0 0
CENVEO INC COM 15670S105 4,111 2,186,619 SH   SOLE   2,186,619 0 0
CITI TRENDS INC COM 17306X102 10,281 439,745 SH   SOLE   439,745 0 0
CODEXIS INC COM 192005106 13,407 3,954,762 SH   SOLE   3,954,762 0 0
COGENTIX MED INC COM 19243A104 1,524 1,285,790 SH   SOLE   1,285,790 0 0
CROCS INC COM 227046109 11,334 876,906 SH   SOLE   876,906 0 0
CROCS INC COM 227046109 7,459 576,900 SH Call SOLE   576,900 0 0
CROWN MEDIA HLDGS INC CL A 228411104 11,938 2,231,360 SH   SOLE   2,231,360 0 0
DIAMOND RESORTS INTL INC COM 25272T104 32,733 1,399,434 SH   SOLE   1,399,434 0 0
DOLBY LABORATORIES INC COM 25659T107 28,504 874,343 SH   SOLE   874,343 0 0
DOVER DOWNS GAMING & ENTMT I COM 260095104 199 198,636 SH   SOLE   198,636 0 0
DOVER MOTORSPORTS INC COM 260174107 2,965 1,286,331 SH   SOLE   1,286,331 0 0
EMERGENT CAP INC COM 29102N105 10,856 2,061,824 SH   SOLE   2,061,824 0 0
EMMIS COMMUNICATIONS CORP CL A 291525103 1,383 1,115,307 SH   SOLE   1,115,307 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 5,991 1,042,785 SH   SOLE   1,042,785 0 0
FALCONSTOR SOFTWARE INC COM 306137100 7,504 3,771,043 SH   SOLE   3,771,043 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 9,917 750,700 SH   SOLE   750,700 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 15,852 1,200,000 SH Call SOLE   1,200,000 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 13,210 1,000,000 SH Call SOLE   1,000,000 0 0
FINTECH ACQUISITION CORP* UNIT 99/99/9999 31809H209 6,633 650,000 SH   SOLE   650,000 0 0
FINTECH ACQUISITION CORP** COM 31809H100 2,551 250,000 SH   SOLE   250,000 0 0
FIRST CASH FINL SVCS INC COM 31942D107 28,243 705,020 SH   SOLE   705,020 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 7,599 560,000 SH Put SOLE   560,000 0 0
GENERAL MTRS CO COM 37045V100 5,103 170,000 SH Put SOLE   170,000 0 0
GOLDEN ENTMT INC COM 381013101 6,221 688,117 SH   SOLE   688,117 0 0
ICONIX BRAND GROUP INC COM 451055107 1,856 137,300 SH   SOLE   137,300 0 0
IMPERIAL HLDGS INC NOTE 8.500% 2/1 452834AE4 16,075 14,770,000 PRN   SOLE   14,770,000 0 0
INCYTE CORP COM 45337C102 3,420 31,000 SH Call SOLE   31,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,460 50,000 SH Put SOLE   50,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 6,552 60,000 SH Put SOLE   60,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,460 50,000 SH Put SOLE   50,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 10,920 100,000 SH Put SOLE   100,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,460 50,000 SH Put SOLE   50,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,460 50,000 SH Put SOLE   50,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 16,380 150,000 SH Put SOLE   150,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 32,760 300,000 SH Put SOLE   300,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 21,840 200,000 SH Put SOLE   200,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 16,380 150,000 SH Put SOLE   150,000 0 0
ISIS PHARMACEUTICALS INC DEL NOTE 2.750/0 464337AG9 6,166 2,500,000 PRN   SOLE   2,500,000 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 7,933 2,312,943 SH   SOLE   2,312,943 0 0
LINCOLN EDL SVCS CORP COM 533535100 1,187 2,327,545 SH   SOLE   2,327,545 0 0
LUXFER HLDGS PLC SPONSORED ADR 550678106 6,228 577,239 SH   SOLE   577,239 0 0
META FINL GROUP INC COM 59100U108 12,339 295,403 SH   SOLE   295,403 0 0
NATIONAL RESH CORP CL A 637372202 2,298 192,454 SH   SOLE   192,454 0 0
NEWS CORP NEW CL A 65249B109 23,790 1,885,130 SH   SOLE   1,885,130 0 0
OCWEN FINL CORP COM NEW 675746309 1,007 150,000 SH Call SOLE   150,000 0 0
OWENS RLTY MTG INC COM 690828108 13,522 982,013 SH   SOLE   982,013 0 0
PAIN THERAPEUTICS INC COM 69562K100 8,304 4,537,705 SH   SOLE   4,537,705 0 0
PHARMATHENE INC COM 71714G102 3,812 2,865,823 SH   SOLE   2,865,823 0 0
QAD INC CL A 74727D306 10,477 409,267 SH   SOLE   409,267 0 0
QAD INC CL B 74727D207 5,389 251,237 SH   SOLE   251,237 0 0
RADIANT LOGISTICS INC COM 75025X100 6,346 1,422,803 SH   SOLE   1,422,803 0 0
REGIONAL MGMT CORP COM 75902K106 8,861 571,677 SH   SOLE   571,677 0 0
REPUBLIC BANCORP KY CL A 760281204 6,715 273,537 SH   SOLE   273,537 0 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 1,181 170,218 SH   SOLE   170,218 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 34,353 3,287,380 SH   SOLE   3,287,380 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 9,405 900,000 SH Call SOLE   900,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 16,179 1,548,200 SH Call SOLE   1,548,200 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 7,418 390,202 SH   SOLE   390,202 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 15,299 1,111,816 SH   SOLE   1,111,816 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 894 65,000 SH Call SOLE   65,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 19,163 100,000 SH Call SOLE   100,000 0 0
SUNCOKE ENERGY INC COM 86722A103 4,993 641,767 SH   SOLE   641,767 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 2,070 187,375 SH   SOLE   187,375 0 0
SYNERGETICS USA INC COM 87160G107 16,644 2,533,260 SH   SOLE   2,533,260 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 8,381 2,222,966 SH   SOLE   2,222,966 0 0
UNITED RENTALS INC COM 911363109 3,255 54,200 SH Call SOLE   54,200 0 0
UNIVERSAL TECHNICAL INST INC COM 913915104 559 159,216 SH   SOLE   159,216 0 0
USA TRUCK INC COM 902925106 5,233 303,727 SH   SOLE   303,727 0 0
WHITEHORSE FIN INC COM 96524V106 2,308 198,322 SH   SOLE   198,322 0 0
YAHOO INC COM 984332106 3,469 120,000 SH   SOLE   120,000 0 0