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 1,264 200,000 SH   SOLE   200,000 0 0
AERCAP HOLDINGS NV SHS N00985106 6,251 136,523 SH   SOLE   136,523 0 0
AIRCASTLE LTD COM G0129K104 346 15,254 SH   SOLE   15,254 0 0
ALAMOS GOLD INC COM 011527108 3,396 600,000 SH   SOLE   600,000 0 0
ALEXCO RESOURCE CORP COM 01535P106 86 251,914 SH   SOLE   251,914 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 459 25,000 SH   SOLE   25,000 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 3,187 115,000 SH   SOLE   115,000 0 0
AVALON HLDGS CORP CL A 05343P109 414 172,650 SH   SOLE   172,650 0 0
BARCLAYS BANK PLC ETN DJUBSCOFFE38 06739H297 1,188 54,000 SH   SOLE   54,000 0 0
BOULDER GROWTH & INCOME FD I COM 101507101 868 102,834 SH   SOLE   102,834 0 0
CHESAPEAKE ENERGY CORP COM 165167107 3,128 280,000 SH   SOLE   280,000 0 0
CHEVIOT FINL CORP NEW COM 16677X105 1,035 70,000 SH   SOLE   70,000 0 0
CIFC CORP COM 12547R105 2,296 289,516 SH   SOLE   289,516 0 0
CIPHER PHARMACEUTICALS INC COM 17253X105 3,833 447,800 SH   SOLE   447,800 0 0
COASTWAY BANCORP INC COM 190632109 1,995 177,000 SH   SOLE   177,000 0 0
CONSOL ENERGY INC COM 20854P109 1,217 56,000 SH   SOLE   56,000 0 0
DIREXION SHS ETF TR DLY RUSSIA BUL14 25459Y140 607 25,000 SH   SOLE   25,000 0 0
ECLIPSE RES CORP COM 27890G100 473 90,000 SH   SOLE   90,000 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 354 53,700 SH   SOLE   53,700 0 0
FARMERS NATL BANC CORP COM 309627107 848 102,827 SH   SOLE   102,827 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 1,319 84,033 SH   SOLE   84,033 0 0
GASTAR EXPL INC NEW COM 36729W202 3,580 1,158,582 SH   SOLE   1,158,582 0 0
HECLA MNG CO COM 422704106 789 300,000 SH   SOLE   300,000 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 228 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 644 17,878 SH   SOLE   17,878 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,284 35,756 SH   SOLE   35,756 0 0
MACKINAC FINL CORP COM 554571109 316 30,000 SH   SOLE   30,000 0 0
MAG SILVER CORP COM 55903Q104 3,396 433,100 SH   SOLE   433,100 0 0
MAYS J W INC COM 578473100 2,580 47,120 SH   SOLE   47,120 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 6,010 1,448,185 SH   SOLE   1,448,185 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 1,073 187,186 SH   SOLE   187,186 0 0
NAUGATUCK VY FINL CORP MD COM 63906P107 2,437 229,428 SH   SOLE   229,428 0 0
NEVSUN RES LTD COM 64156L101 2,555 677,800 SH   SOLE   677,800 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,883 126,900 SH   SOLE   126,900 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 2,553 6,381,450 SH   SOLE   6,381,450 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 2,795 97,300 SH   SOLE   97,300 0 0
POLONIA BACORP INC MD COM 73158Q109 903 70,000 SH   SOLE   70,000 0 0
POPULAR INC COM NEW 733174700 2,165 75,000 SH   SOLE   75,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 6,629 396,000 SH   SOLE   396,000 0 0
RANGE RES CORP COM 75281A109 1,481 30,000 SH   SOLE   30,000 0 0
RED LION HOTELS CORP COM 756764106 7,158 934,487 SH   SOLE   934,487 0 0
REIS INC COM 75936P105 3,997 180,209 SH   SOLE   180,209 0 0
SOUTHERN MO BANCORP INC COM 843380106 6,002 318,420 SH   SOLE   318,420 0 0
U S ENERGY CORP WYO COM 911805109 114 214,570 SH   SOLE   214,570 0 0
UNITED BANCORP INC OHIO COM 909911109 135 15,000 SH   SOLE   15,000 0 0
VISHAY PRECISION GROUP INC COM 92835K103 359 23,865 SH   SOLE   23,865 0 0
WATERSTONE FINL INC MD COM 94188P101 851 64,500 SH   SOLE   64,500 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,259 94,005 SH   SOLE   94,005 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,382 105,900 SH   SOLE   105,900 0 0
WILLIS LEASE FINANCE CORP COM 970646105 720 39,169 SH   SOLE   39,169 0 0
WOLVERINE BANCORP INC COM 977880103 1,659 65,700 SH   SOLE   65,700 0 0