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 4,830 670,796 SH   SOLE   670,796 0 0
ARQULE INC COM 04269E107 3,735 2,334,321 SH   SOLE   2,334,321 0 0
BANCORP INC DEL COM 05969A105 12,052 1,298,755 SH   SOLE   1,298,755 0 0
BRIDGEPOINT ED INC COM 10807M105 11,061 1,156,984 SH   SOLE   1,156,984 0 0
BRIDGEPOINT ED INC COM 10807M105 621 65,000 SH Call SOLE   65,000 0 0
BRIGHTCOVE INC COM 10921T101 5,460 795,982 SH   SOLE   795,982 0 0
CASH AMER INTL INC COM 14754D100 11,268 430,224 SH   SOLE   430,224 0 0
CASTLE A M & CO NOTE 7.000%12/1 148411AF8 2,608 3,000,000 PRN   SOLE   3,000,000 0 0
CENVEO INC COM 15670S105 3,396 1,602,019 SH   SOLE   1,602,019 0 0
CITI TRENDS INC COM 17306X102 9,258 382,545 SH   SOLE   382,545 0 0
CODEXIS INC COM 192005106 15,223 3,913,385 SH   SOLE   3,913,385 0 0
COGENTIX MED INC COM 19243A104 1,306 805,947 SH   SOLE   805,947 0 0
CROCS INC COM 227046109 13,694 930,910 SH   SOLE   930,910 0 0
CROCS INC COM 227046109 7,015 476,900 SH Call SOLE   476,900 0 0
CROWN MEDIA HLDGS INC CL A 228411104 9,271 2,051,145 SH   SOLE   2,051,145 0 0
DIAMOND RESORTS INTL INC COM 25272T104 37,617 1,192,295 SH   SOLE   1,192,295 0 0
DOLBY LABORATORIES INC COM 25659T107 9,780 246,472 SH   SOLE   246,472 0 0
DOVER DOWNS GAMING & ENTMT I COM 260095104 185 198,636 SH   SOLE   198,636 0 0
DOVER MOTORSPORTS INC COM 260174107 2,357 1,066,476 SH   SOLE   1,066,476 0 0
EMMIS COMMUNICATIONS CORP CL A 291525103 849 848,570 SH   SOLE   848,570 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 5,833 885,178 SH   SOLE   885,178 0 0
FALCONSTOR SOFTWARE INC COM 306137100 5,982 3,762,243 SH   SOLE   3,762,243 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 10,283 707,700 SH   SOLE   707,700 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 10,171 700,000 SH Call SOLE   700,000 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 7,265 500,000 SH Call SOLE   500,000 0 0
FINTECH ACQUISITION CORP* UNIT 99/99/9999 31809H209 6,617 650,000 SH   SOLE   650,000 0 0
FINTECH ACQUISITION CORP** COM 31809H100 2,545 250,000 SH   SOLE   250,000 0 0
FIRST CASH FINL SVCS INC COM 31942D107 9,898 217,100 SH   SOLE   217,100 0 0
FULL CIRCLE CAP CORP COM 359671104 532 149,055 SH   SOLE   149,055 0 0
IMPERIAL HLDGS INC COM 452834104 11,185 1,931,823 SH   SOLE   1,931,823 0 0
IMPERIAL HLDGS INC NOTE 8.500% 2/1 452834AE4 16,731 14,770,000 PRN   SOLE   14,770,000 0 0
INCYTE CORP COM 45337C102 2,605 25,000 SH Call SOLE   25,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 14,509 116,200 SH Put SOLE   116,200 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 14,509 116,200 SH Put SOLE   116,200 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 4,994 40,000 SH Put SOLE   40,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 14,983 120,000 SH Put SOLE   120,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 19,978 160,000 SH Put SOLE   160,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 14,983 120,000 SH Put SOLE   120,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 31,215 250,000 SH Put SOLE   250,000 0 0
ISIS PHARMACEUTICALS INC DEL NOTE 2.750%10/0 464337AG9 8,713 2,500,000 PRN   SOLE   2,500,000 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 6,255 1,575,519 SH   SOLE   1,575,519 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 397 100,000 SH Call SOLE   100,000 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 7,043 40,000 SH Put SOLE   40,000 0 0
LAKES ENTMNT INC COM NEW 51206P208 5,168 569,144 SH   SOLE   569,144 0 0
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 7,541 192,035 SH   SOLE   192,035 0 0
LINCOLN EDL SVCS CORP COM 533535100 4,590 2,272,144 SH   SOLE   2,272,144 0 0
LUMBER LIQUIDATORS HLDGS INC COM 55003T107 953 46,000 SH Call SOLE   46,000 0 0
META FINL GROUP INC COM 59100U108 8,721 203,184 SH   SOLE   203,184 0 0
NATIONAL RESH CORP CL A 637372202 2,732 192,254 SH   SOLE   192,254 0 0
NEWS CORP NEW CL A 65249B109 14,024 961,200 SH   SOLE   961,200 0 0
OCWEN FINL CORP COM NEW 675746309 1,530 150,000 SH Call SOLE   150,000 0 0
OWENS RLTY MTG INC COM 690828108 14,510 966,032 SH   SOLE   966,032 0 0
PACIRA PHARMACEUTICALS INC NOTE 3.250% 2/0 695127AB6 14,626 5,100,000 PRN   SOLE   5,100,000 0 0
PAIN THERAPEUTICS INC COM 69562K100 7,812 4,515,605 SH   SOLE   4,515,605 0 0
PHARMATHENE INC COM 71714G102 4,521 2,511,934 SH   SOLE   2,511,934 0 0
PHOTOMEDEX INC COM PAR $0.01 719358301 143 105,090 SH   SOLE   105,090 0 0
QAD INC CL A 74727D306 11,493 434,844 SH   SOLE   434,844 0 0
QAD INC CL B 74727D207 4,212 200,096 SH   SOLE   200,096 0 0
RADIANT LOGISTICS INC COM 75025X100 7,626 1,043,188 SH   SOLE   1,043,188 0 0
RED LION HOTELS CORP COM 756764106 2,487 324,647 SH   SOLE   324,647 0 0
REGIONAL MGMT CORP COM 75902K106 10,994 615,549 SH   SOLE   615,549 0 0
REPUBLIC BANCORP KY CL A 760281204 5,976 232,537 SH   SOLE   232,537 0 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 10,444 1,063,520 SH   SOLE   1,063,520 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 35,852 2,307,089 SH   SOLE   2,307,089 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 10,878 700,000 SH Call SOLE   700,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 20,202 1,300,000 SH Call SOLE   1,300,000 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 15,712 743,600 SH   SOLE   743,600 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 1,373 65,000 SH Call SOLE   65,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 5,146 25,000 SH Put SOLE   25,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 10,293 50,000 SH Put SOLE   50,000 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 7,567 30,000 SH Call SOLE   30,000 0 0
SUNCOKE ENERGY INC COM 86722A103 6,468 497,542 SH   SOLE   497,542 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 1,368 80,000 SH   SOLE   80,000 0 0
SYNERGETICS USA INC COM 87160G107 6,087 1,295,085 SH   SOLE   1,295,085 0 0
TFS FINL CORP COM 87240R107 2,104 125,087 SH   SOLE   125,087 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 7,841 2,142,248 SH   SOLE   2,142,248 0 0
UNITED RENTALS INC COM 911363109 4,749 54,200 SH Call SOLE   54,200 0 0
UNIVERSAL TECHNICAL INST INC COM 913915104 1,016 118,116 SH   SOLE   118,116 0 0
USA TRUCK INC COM 902925106 5,584 263,027 SH   SOLE   263,027 0 0
WHITEHORSE FIN INC COM 96524V106 2,918 230,515 SH   SOLE   230,515 0 0
WORLD ACCEP CORP DEL COM 981419104 7,098 115,400 SH Call SOLE   115,400 0 0
WORLD ACCEP CORP DEL COM 981419104 431 7,000 SH Call SOLE   7,000 0 0