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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 959 200,000 SH   SOLE   200,000 0 0
AERCAP HOLDINGS NV COM N00985106 4,570 117,723 SH   SOLE   117,723 0 0
AIRCASTLE LTD COM G0129K104 647 30,254 SH   SOLE   30,254 0 0
ALEXCO RESOURCE CORP COM 01535P106 130 251,914 SH   SOLE   251,914 0 0
AMERICAN EAGLE ENERGY CORP COM NEW 02554F300 211 338,685 SH   SOLE   338,685 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,831 115,000 SH   SOLE   115,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 1,288 350,000 SH   SOLE   350,000 0 0
AVALON HLDGS CORP CL A 05343P109 531 202,569 SH   SOLE   202,569 0 0
BARCLAYS BANK PLC IPATH BLOOMBERG ETF 06739H297 1,189 39,000 SH   SOLE   39,000 0 0
CHARTER FINL CORP MD COM 16122W108 642 56,027 SH   SOLE   56,027 0 0
CHEVIOT FINL CORP NEW COM 16677X105 995 70,000 SH   SOLE   70,000 0 0
CIFC CORP COM 12547R105 2,394 289,516 SH   SOLE   289,516 0 0
CIPHER PHARMACEUTICALS INC COM 17253X105 7,801 540,300 SH   SOLE   540,300 0 0
COASTWAY BANCORP INC COM 190632109 2,057 177,000 SH   SOLE   177,000 0 0
CONSOL ENERGY INC COM 20854P109 2,062 61,000 SH   SOLE   61,000 0 0
COWEN GROUP INC NEW CL A 223622101 1,080 225,000 SH   SOLE   225,000 0 0
ECLIPSE RES CORP COM 27890G100 844 120,000 SH   SOLE   120,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 3,743 613,385 SH   SOLE   613,385 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 163 22,000 SH   SOLE   22,000 0 0
FARMERS NATL BANC CORP COM 309627107 1,568 187,827 SH   SOLE   187,827 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 2,092 159,063 SH   SOLE   159,063 0 0
GASTAR EXPL INC NEW COM 36729W202 2,958 1,227,582 SH   SOLE   1,227,582 0 0
HALCON RES CORP COM NEW 40537Q209 801 450,000 SH   SOLE   450,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 4,490 400,000 SH   SOLE   400,000 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 224 4,469 SH   SOLE   4,469 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 445 8,939 SH   SOLE   8,939 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 631 17,878 SH   SOLE   17,878 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,253 35,756 SH   SOLE   35,756 0 0
MACKINAC FINL CORP COM 554571109 356 30,000 SH   SOLE   30,000 0 0
MAG SILVER CORP COM 55903Q104 3,554 433,100 SH   SOLE   433,100 0 0
MARKET VECTORS ETF RUSSIA ETF 57060U506 366 25,000 SH   SOLE   25,000 0 0
MAYS J W INC COM 578473100 2,450 49,120 SH   SOLE   49,120 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 121 25,000 SH   SOLE   25,000 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 880 187,186 SH   SOLE   187,186 0 0
NAUGATUCK VY FINL CORP MD COM 63906P107 2,485 290,321 SH   SOLE   290,321 0 0
NEVSUN RES LTD COM 64156L101 448 100,000 SH   SOLE   100,000 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,817 126,900 SH   SOLE   126,900 0 0
OLD NATL BANCORP IND COM 680033107 2,833 190,382 SH   SOLE   190,382 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 892 1,881,450 SH   SOLE   1,881,450 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 2,428 97,300 SH   SOLE   97,300 0 0
POLONIA BACORP INC MD COM 73158Q109 731 70,000 SH   SOLE   70,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 7,315 483,500 SH   SOLE   483,500 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 979 78,303 SH   SOLE   78,303 0 0
RANGE RES CORP COM 75281A109 1,871 35,000 SH   SOLE   35,000 0 0
RED LION HOTELS CORP COM 756764106 5,925 934,487 SH   SOLE   934,487 0 0
REIS INC COM 75936P105 4,847 185,209 SH   SOLE   185,209 0 0
SOUTHERN MO BANCORP INC COM 843380106 6,188 162,979 SH   SOLE   162,979 0 0
TURQUOISE HILL RES LTD COM 900435108 2,476 800,000 SH   SOLE   800,000 0 0
U S ENERGY CORP WYO COM 911805109 318 214,570 SH   SOLE   214,570 0 0
U S GLOBAL INVS INC CL A 902952100 112 36,118 SH   SOLE   36,118 0 0
UNITED BANCORP INC OHIO COM 909911109 121 15,000 SH   SOLE   15,000 0 0
VISHAY PRECISION GROUP INC COM 92835K103 753 43,865 SH   SOLE   43,865 0 0
VOLT INFORMATION SCIENCES IN COM 928703107 537 50,000 SH   SOLE   50,000 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,260 94,005 SH   SOLE   94,005 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,262 105,900 SH   SOLE   105,900 0 0
WILLIS LEASE FINANCE CORP COM 970646105 858 39,169 SH   SOLE   39,169 0 0
WOLVERINE BANCORP INC COM 977880103 1,574 65,700 SH   SOLE   65,700 0 0