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 1,042 200,000 SH   SOLE   200,000 0 0
AERCAP HOLDINGS NV SHS N00985106 337 8,800 SH   SOLE   8,800 0 0
AERCAP HOLDINGS NV SHS N00985106 5,221 136,523 SH   SOLE   136,523 0 0
AIRCASTLE LTD COM G0129K104 314 15,254 SH   SOLE   15,254 0 0
ALEXCO RESOURCE CORP COM 01535P106 101 251,914 SH   SOLE   251,914 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,611 115,000 SH   SOLE   115,000 0 0
AVALON HLDGS CORP CL A 05343P109 331 172,650 SH   SOLE   172,650 0 0
BARCLAYS BANK PLC ETN DJUBSCOFFE38 06739H297 886 45,000 SH   SOLE   45,000 0 0
BOULDER GROWTH & INCOME FD I COM 101507101 766 102,834 SH   SOLE   102,834 0 0
CHESAPEAKE ENERGY CORP COM 165167107 3,885 530,000 SH   SOLE   530,000 0 0
CHEVIOT FINL CORP NEW COM 16677X105 967 70,000 SH   SOLE   70,000 0 0
CIFC CORP COM 12547R105 2,070 289,516 SH   SOLE   289,516 0 0
CIPHER PHARMACEUTICALS INC COM 17253X105 1,659 447,800 SH   SOLE   447,800 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 989 87,941 SH   SOLE   87,941 0 0
COASTWAY BANCORP INC COM 190632109 1,954 177,000 SH   SOLE   177,000 0 0
CONSOL ENERGY INC COM 20854P109 2,705 276,000 SH   SOLE   276,000 0 0
ECLIPSE RES CORP COM 27890G100 78 40,000 SH   SOLE   40,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 1,610 500,000 SH   SOLE   500,000 0 0
EV ENERGY PARTNERS LP COM UNITS 26926V107 87 14,500 SH   SOLE   14,500 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 298 53,700 SH   SOLE   53,700 0 0
FARMERS NATL BANC CORP COM 309627107 696 84,627 SH   SOLE   84,627 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 864 65,433 SH   SOLE   65,433 0 0
GASTAR EXPL INC NEW COM 36729W202 1,067 927,582 SH   SOLE   927,582 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 230 4,469 SH   SOLE   4,469 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 457 8,939 SH   SOLE   8,939 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 639 17,878 SH   SOLE   17,878 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,232 35,756 SH   SOLE   35,756 0 0
MACKINAC FINL CORP COM 554571109 303 30,000 SH   SOLE   30,000 0 0
MAG SILVER CORP COM 55903Q104 3,084 433,100 SH   SOLE   433,100 0 0
MAYS J W INC COM 578473100 2,698 46,920 SH   SOLE   46,920 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 3,704 1,425,685 SH   SOLE   1,425,685 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 1,132 187,186 SH   SOLE   187,186 0 0
NAUGATUCK VY FINL CORP MD COM 63906P107 1,124 103,671 SH   SOLE   103,671 0 0
NEVSUN RES LTD COM 64156L101 2,111 727,800 SH   SOLE   727,800 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 2,041 126,900 SH   SOLE   126,900 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,435 6,239,200 SH   SOLE   6,239,200 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 2,372 97,300 SH   SOLE   97,300 0 0
POLONIA BACORP INC MD COM 73158Q109 910 70,000 SH   SOLE   70,000 0 0
POPULAR INC COM NEW 733174700 5,895 195,000 SH   SOLE   195,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 6,645 396,000 SH   SOLE   396,000 0 0
RANGE RES CORP COM 75281A109 1,445 45,000 SH   SOLE   45,000 0 0
RED LION HOTELS CORP COM 756764106 7,943 934,487 SH   SOLE   934,487 0 0
REIS INC COM 75936P105 4,082 180,209 SH   SOLE   180,209 0 0
SILVER WHEATON CORP COM 828336107 601 50,000 SH   SOLE   50,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 6,547 315,958 SH   SOLE   315,958 0 0
U S ENERGY CORP WYO COM 911805109 39 80,415 SH   SOLE   80,415 0 0
U S GLOBAL INVS INC CL A 902952100 60 36,118 SH   SOLE   36,118 0 0
UNITED BANCORP INC OHIO COM 909911109 136 15,000 SH   SOLE   15,000 0 0
VISHAY PRECISION GROUP INC COM 92835K103 277 23,865 SH   SOLE   23,865 0 0
WATERSTONE FINL INC MD COM 94188P101 403 29,900 SH   SOLE   29,900 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,175 94,005 SH   SOLE   94,005 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 1,916 105,900 SH   SOLE   105,900 0 0
WILLIS LEASE FINANCE CORP COM 970646105 637 39,169 SH   SOLE   39,169 0 0
WINDSTREAM HLDGS INC COM NEW 97382A200 307 50,000 SH   SOLE   50,000 0 0
WOLVERINE BANCORP INC COM 977880103 1,675 65,700 SH   SOLE   65,700 0 0
YAHOO INC COM 984332106 1,446 50,000 SH   SOLE   50,000 0 0