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
ADVANCED EMISSIONS SOLUTS INC COM 00770C101 19,499 850,351 SH   SOLE   850,351 0 0
AIR TRANSPORT SERVICES GRP INC COM 00922R105 5,764 688,617 SH   SOLE   688,617 0 0
AMBAC FINL GROUP INC COM NEW 023139884 246 8,996 SH   SOLE   8,996 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 5,119 408,571 SH   SOLE   408,571 0 0
ARES COMML REAL ESTATE CORP COM 04013V108 7,008 564,726 SH   SOLE   564,726 0 0
CIT GROUP INC COM NEW 125581801 9,245 202,038 SH   SOLE   202,038 0 0
CLIFTON BANCORP INC COM 186873105 11,898 939,097 SH   SOLE   939,097 0 0
COLONY FINL INC COM 19624R106 1,825 78,610 SH   SOLE   78,610 0 0
DIGITAL CINEMA DESTINAATIONS CORP CL A COM 25383B109 697 115,937 SH   SOLE   115,937 0 0
FORTRESS INVESTMENT GROUP LLC CL A 34958B106 223 30,000 SH Call SOLE   30,000 0 0
FORTRESS INVESTMENT GROUP LLC CL A 34958B106 335 45,000 SH Call SOLE   45,000 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,091 136,483 SH   SOLE   136,483 0 0
GULF COAST ULTRA DEEP RTY TR ROYALTY TR UNT 40222T104 1,879 641,347 SH   SOLE   641,347 0 0
INVESTORS BANCORP INC NEW COM 46146L101 11,218 1,015,210 SH   SOLE   1,015,210 0 0
ISHARES RUSSELL 2000 ETF 464287655 25,544 215,000 SH Put SOLE   215,000 0 0
KEARNY FINL CORP COM 487169104 205 13,508 SH   SOLE   13,508 0 0
LEHIGH GAS PARTNERS LP UT LTD PTN INT 524814100 2,453 91,290 SH   SOLE   91,290 0 0
LENNAR CORP CL B 526057302 2,367 66,608 SH   SOLE   66,608 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 23,415 375,428 SH   SOLE   375,428 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 10,247 164,300 SH Call SOLE   164,300 0 0
MEDALLION FINL CORP COM 583928106 6,484 520,348 SH   SOLE   520,348 0 0
NACCO INDS INC CL A 629579103 3,796 75,018 SH   SOLE   75,018 0 0
OSI SYSTEMS INC COM 671044105 13,377 200,409 SH   SOLE   200,409 0 0
PEOPLES FED BANCSHARES INC COM 711037101 2,922 158,263 SH   SOLE   158,263 0 0
QUALITY DISTR INC FLA COM 74756M102 5,234 352,188 SH   SOLE   352,188 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 2,866 109,346 SH   SOLE   109,346 0 0
SUNCOKE ENERGY INC COM 86722A103 5,370 249,745 SH   SOLE   249,745 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 8,376 277,364 SH   SOLE   277,364 0 0
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 13,061 93,133 SH   SOLE   93,133 0 0
ULTRAPETROL BAHAMAS LTD COM P94398107 6,496 2,187,348 SH   SOLE   2,187,348 0 0
VERASTEM INC COM 92337C104 149 16,500 SH   SOLE   16,500 0 0