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
ADVANTAGE OIL & GAS LTD COM 00765F101 978 175,000 SH   SOLE   175,000 0 0
AERCAP HOLDINGS NV SHS N00985106 4,626 137,723 SH   SOLE   137,723 0 0
AIRCASTLE LTD COM G0129K104 272 13,900 SH   SOLE   13,900 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 4,300 500,000 SH   SOLE   500,000 0 0
ALLERGAN PLC SHS G0177J108 3,004 13,000 SH   SOLE   13,000 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 1,682 90,000 SH   SOLE   90,000 0 0
AVALON HLDGS CORP CL A 05343P109 391 167,650 SH   SOLE   167,650 0 0
BANK AMER CORP COM 060505104 796 60,000 SH   SOLE   60,000 0 0
BARCLAYS BANK PLC ETN DJUBSCOFFE38 06739H297 1,218 55,000 SH   SOLE   55,000 0 0
CIFC LLC COM UNIT 12547R105 4,140 585,587 SH   SOLE   585,587 0 0
CIPHER PHARMACEUTICALS INC COM 17253X105 2,338 447,800 SH   SOLE   447,800 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 675 72,941 SH   SOLE   72,941 0 0
COASTWAY BANCORP INC COM 190632109 2,204 177,000 SH   SOLE   177,000 0 0
CONSOL ENERGY INC COM 20854P109 3,057 190,000 SH   SOLE   190,000 0 0
DOMINION DIAMOND CORP COM 257287102 1,017 115,000 SH   SOLE   115,000 0 0
DYNEGY INC NEW DEL COM 26817R108 1,724 100,000 SH   SOLE   100,000 0 0
EARTHSTONE ENERGY INC COM NEW 27032D205 1,219 113,069 SH   SOLE   113,069 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 184 33,700 SH   SOLE   33,700 0 0
FARMERS NATL BANC CORP COM 309627107 376 42,727 SH   SOLE   42,727 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 1,721 173,350 SH   SOLE   173,350 0 0
GASTAR EXPL INC NEW COM 36729W202 661 600,564 SH   SOLE   600,564 0 0
HALCON RES CORP COM PAR 40537Q506 278 600,000 SH   SOLE   600,000 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 265 4,469 SH   SOLE   4,469 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 536 8,939 SH   SOLE   8,939 0 0
MACKINAC FINL CORP COM 554571109 1,042 94,600 SH   SOLE   94,600 0 0
MAG SILVER CORP COM 55903Q104 4,702 372,900 SH   SOLE   372,900 0 0
MAYS J W INC COM 578473100 2,236 44,939 SH   SOLE   44,939 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 5,427 1,179,825 SH   SOLE   1,179,825 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 1,191 187,186 SH   SOLE   187,186 0 0
NEVSUN RES LTD COM 64156L101 2,213 752,800 SH   SOLE   752,800 0 0
NRG ENERGY INC COM NEW 629377508 375 25,000 SH   SOLE   25,000 0 0
NUVECTRA CORP COM 67075N108 1,321 178,485 SH   SOLE   178,485 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,219 71,900 SH   SOLE   71,900 0 0
PLATINUM GROUP METALS LTD COM 72765Q601 1,870 551,745 SH   SOLE   551,745 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 1,869 107,300 SH   SOLE   107,300 0 0
POPULAR INC COM NEW 733174700 7,472 255,000 SH   SOLE   255,000 0 0
PROSHARES TR II ULTRASHRT NEW 74347W395 700 10,000 SH   SOLE   10,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 7,212 394,100 SH   SOLE   394,100 0 0
RED LION HOTELS CORP COM 756764106 5,365 738,926 SH   SOLE   738,926 0 0
REIS INC COM 75936P105 4,487 180,209 SH   SOLE   180,209 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 671 65,000 SH   SOLE   65,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 6,611 280,958 SH   SOLE   280,958 0 0
TERRAFORM PWR INC CL A COM 88104R100 109 10,000 SH   SOLE   10,000 0 0
U S GLOBAL INVS INC CL A 902952100 43 25,001 SH   SOLE   25,001 0 0
UNITED BANCORP INC OHIO COM 909911109 147 15,000 SH   SOLE   15,000 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,196 94,005 SH   SOLE   94,005 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 1,579 115,900 SH   SOLE   115,900 0 0
WOLVERINE BANCORP INC COM 977880103 1,677 65,700 SH   SOLE   65,700 0 0