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 961 175,000 SH   SOLE   175,000 0 0
AERCAP HOLDINGS NV SHS N00985106 4,563 117,723 SH   SOLE   117,723 0 0
AIRCASTLE LTD COM G0129K104 309 13,900 SH   SOLE   13,900 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 2,645 500,000 SH   SOLE   500,000 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 1,683 90,000 SH   SOLE   90,000 0 0
AVALON HLDGS CORP CL A 05343P109 315 167,650 SH   SOLE   167,650 0 0
BANK AMER CORP COM 060505104 676 50,000 SH   SOLE   50,000 0 0
BARCLAYS BANK PLC ETN DJUBSCOFFE38 06739H297 983 50,000 SH   SOLE   50,000 0 0
CIFC CORP COM 12547R105 3,625 510,532 SH   SOLE   510,532 0 0
CIPHER PHARMACEUTICALS INC COM 17253X105 2,125 447,800 SH   SOLE   447,800 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 524 72,941 SH   SOLE   72,941 0 0
COASTWAY BANCORP INC COM 190632109 2,218 177,000 SH   SOLE   177,000 0 0
CONSOL ENERGY INC COM 20854P109 2,145 190,000 SH   SOLE   190,000 0 0
DYNEGY INC NEW DEL COM 26817R108 1,437 100,000 SH   SOLE   100,000 0 0
EARTHSTONE ENERGY INC COM NEW 27032D205 518 42,793 SH   SOLE   42,793 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 139 28,700 SH   SOLE   28,700 0 0
FARMERS NATL BANC CORP COM 309627107 381 42,727 SH   SOLE   42,727 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 508 40,000 SH   SOLE   40,000 0 0
GASTAR EXPL INC NEW COM 36729W202 661 600,564 SH   SOLE   600,564 0 0
HALCON RES CORP COM PAR 40537Q506 96 100,000 SH   SOLE   100,000 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 260 4,469 SH   SOLE   4,469 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 518 8,939 SH   SOLE   8,939 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 691 17,878 SH   SOLE   17,878 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,362 35,756 SH   SOLE   35,756 0 0
MACKINAC FINL CORP COM 554571109 820 80,000 SH   SOLE   80,000 0 0
MAG SILVER CORP COM 55903Q104 3,520 372,900 SH   SOLE   372,900 0 0
MAYS J W INC COM 578473100 2,487 46,920 SH   SOLE   46,920 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 4,819 1,285,075 SH   SOLE   1,285,075 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 1,170 187,186 SH   SOLE   187,186 0 0
NEVSUN RES LTD COM 64156L101 2,439 752,800 SH   SOLE   752,800 0 0
NRG ENERGY INC COM NEW 629377508 325 25,000 SH   SOLE   25,000 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,260 71,900 SH   SOLE   71,900 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 1,976 97,300 SH   SOLE   97,300 0 0
POPULAR INC COM NEW 733174700 6,723 235,000 SH   SOLE   235,000 0 0
PROSHARES TR II ULTRASHRT NEW 74347W395 830 10,000 SH   SOLE   10,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 6,719 394,100 SH   SOLE   394,100 0 0
RED LION HOTELS CORP COM 756764106 6,229 738,926 SH   SOLE   738,926 0 0
REIS INC COM 75936P105 4,244 180,209 SH   SOLE   180,209 0 0
SOUTHERN MO BANCORP INC COM 843380106 6,749 280,958 SH   SOLE   280,958 0 0
TERRAFORM PWR INC CL A COM 88104R100 1,081 125,000 SH   SOLE   125,000 0 0
U S GLOBAL INVS INC CL A 902952100 50 29,118 SH   SOLE   29,118 0 0
UNITED BANCORP INC OHIO COM 909911109 136 15,000 SH   SOLE   15,000 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,161 94,005 SH   SOLE   94,005 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 1,814 115,900 SH   SOLE   115,900 0 0
WOLVERINE BANCORP INC COM 977880103 1,675 65,700 SH   SOLE   65,700 0 0