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
AMERICAN INTERNATIONAL GROUP COM 026874784 6,182 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 1,003 131,946 SH   DFND 1, 2, 3, 4 0 0 131,946
AMERICAN NATIONAL INSURANCE COM 028591105 7,137 69,753 SH   DFND 1, 2, 3, 4 69,753 0 0
AMKOR TECHNOLOGY INC COM 031652100 19,139 3,200,535 SH   DFND 1, 2, 3, 4 3,200,535 0 0
AMKOR TECHNOLOGY INC COM 031652100 598 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMREP CORP COM 032159105 577 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
AMAZON.COM INC COM 023135106 169,339 390,100 SH Put DFND 1, 2, 3, 4 0 0 390,100
ANWORTH MORTGAGE ASSET CORP COM 037347101 3,720 754,538 SH   DFND 1, 2, 3, 4 754,538 0 0
APACHE CORP COM 037411105 576 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
APACHE CORP COM 037411105 19,018 330,000 SH Call DFND 1, 2, 3, 4 0 0 330,000
APOLLO GLOBAL MANAGEMENT - A COM 037612306 332 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 279 99,200 SH   DFND 1, 2, 3, 4 99,200 0 0
ASB BANCORP INC COM 00213T109 700 32,300 SH   DFND 1, 2, 3, 4 32,300 0 0
DEUTSCHE X-TRACKERS HARVEST COM 233051879 23,069 501,400 SH Put DFND 1, 2, 3, 4 0 0 501,400
ATHENAHEALTH INC COM 04685W103 9,487 82,800 SH Put DFND 1, 2, 3, 4 0 0 82,800
ATLANTIC COAST FINANCIAL COR COM 048426100 3,338 750,000 SH   DFND 1, 2, 3, 4 750,000 0 0
BANK OF THE OZARKS COM 063904106 252 5,516 SH   DFND 1, 2, 3, 4 5,516 0 0
BAY BANCORP INC COM 07203T106 212 40,144 SH   DFND 1, 2, 3, 4 40,144 0 0
BENEFICIAL BANCORP INC COM 08171T102 8,415 673,709 SH   DFND 1, 2, 3, 4 673,709 0 0
BAKER HUGHES INC COM 057224107 3,702 60,000 SH Call DFND 1, 2, 3, 4 0 0 60,000
BLACKSTONE GROUP LP/THE COM 09253U108 817 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,394 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
CITIGROUP INC COM 172967424 1,050 19,000 SH   DFND 1, 2, 3, 4 19,000 0 0
CITIGROUP INC COM 172967424 48,335 875,000 SH Call DFND 1, 2, 3, 4 0 0 875,000
CAPITAL SENIOR LIVING CORP COM 140475104 45,213 1,845,433 SH   DFND 1, 2, 3, 4 1,845,433 0 0
CARNIVAL CORP COM 143658300 1,482 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 10,008 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
CHARTER FINANCIAL CORP COM 16122W108 1,863 150,124 SH   DFND 1, 2, 3, 4 150,124 0 0
CHC GROUP LTD COM G07021101 42 47,300 SH   DFND 1, 2, 3, 4 47,300 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,040 113,490 SH   DFND 1, 2, 3, 4 113,490 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 809 79,844 SH   DFND 1, 2, 3, 4 79,844 0 0
COMMUNITY BANKERS TRUST CORP COM 203612106 56 11,228 SH   DFND 1, 2, 3, 4 11,228 0 0
COWEN GROUP INC-CLASS A COM 223622101 233 36,375 SH   DFND 1, 2, 3, 4 36,375 0 0
SALESFORCE.COM INC COM 79466L302 5,570 80,000 SH Put DFND 1, 2, 3, 4 0 0 80,000
DEVON ENERGY CORP COM 25179M103 5,086 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
DEVON ENERGY CORP COM 25179M103 33,832 568,700 SH Call DFND 1, 2, 3, 4 0 0 568,700
EAGLE ROCK ENERGY PARTNERS COM 26985R104 160 64,100 SH   DFND 1, 2, 3, 4 64,100 0 0
EASTERN VIRGINIA BANKSHARES COM 277196101 304 48,200 SH   DFND 1, 2, 3, 4 48,200 0 0
ELDORADO GOLD CORP COM 284902103 63 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EMERSON ELECTRIC CO COM 291011104 11,086 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
EQUINIX INC COM 29444U700 793 3,124 SH   DFND 1, 2, 3, 4 3,124 0 0
EQUINIX INC COM 29444U700 10,211 40,200 SH Call DFND 1, 2, 3, 4 0 0 40,200
ERIE INDEMNITY COMPANY-CL A COM 29530P102 747 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESCALERA RESOURCES CO COM 296064108 5 19,908 SH   DFND 1, 2, 3, 4 19,908 0 0
ESSA BANCORP INC COM 29667D104 3,523 273,953 SH   DFND 1, 2, 3, 4 273,953 0 0
EXTREME NETWORKS INC COM 30226D106 13,181 4,900,000 SH   DFND 1, 2, 3, 4 4,900,000 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 13,910 52,880 SH   DFND 1, 2, 3, 4 52,880 0 0
FIRST NORTHWEST BANCORP COM 335834107 2,601 208,591 SH   DFND 1, 2, 3, 4 208,591 0 0
FOREST CITY ENTERPRISES-CL A COM 345550107 21,309 964,208 SH   DFND 1, 2, 3, 4 964,208 0 0
FOREST CITY ENTERPRISES-CL B COM 345550305 350 15,200 SH   DFND 1, 2, 3, 4 15,200 0 0
CURRENCYSHARES AUSTRALIAN DO COM 23129U101 7,719 100,000 SH Put DFND 1, 2, 3, 4 0 0 100,000
CURRENCYSHARES EURO TRUST COM 23130C108 821 7,500 SH Put DFND 1, 2, 3, 4 0 0 7,500
ISHARES CHINA LARGE-CAP ETF COM 464287184 4,610 100,000 SH Put DFND 1, 2, 3, 4 0 0 100,000
GENERAL ELECTRIC CO COM 369604103 1 46 SH   DFND 1, 2, 3, 4 46 0 0
GENERAL ELECTRIC CO COM 369604103 7,971 300,000 SH Call DFND 1, 2, 3, 4 0 0 300,000
GENWORTH FINANCIAL INC-CL A COM 37247D106 1,514 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 1,183 40,600 SH   DFND 1, 2, 3, 4 40,600 0 0
GREIF INC-CL B COM 397624206 36,866 910,265 SH   DFND 1, 2, 3, 4 910,265 0 0
HALLIBURTON CO COM 406216101 15,936 370,000 SH Call DFND 1, 2, 3, 4 0 0 370,000
HAMILTON BANCORP INC/MD COM 407015106 169 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 235 12,493 SH   DFND 1, 2, 3, 4 12,493 0 0
HERBALIFE LTD COM G4412G901 826 15,000 SH Call DFND 1, 2, 3, 4 0 0 15,000
HERBALIFE LTD COM G4412G951 1,102 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
HOPFED BANCORP INC COM 439734104 1,116 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
HUNTSMAN CORP COM 447011107 12,138 550,000 SH Call DFND 1, 2, 3, 4 0 0 550,000
IMPERIAL OIL LTD COM 453038408 232 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
INTELSAT SA COM L5140P101 41,555 4,189,005 SH   DFND 1, 2, 3, 4 4,189,005 0 0
JAVELIN MORTGAGE INVESTMENT COM 47200B104 155 21,750 SH   DFND 1, 2, 3, 4 21,750 0 0
JOHNSON & JOHNSON COM 478160104 19,492 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
KEARNY FINANCIAL CORP/MD COM 48716P108 4,810 431,035 SH   DFND 1, 2, 3, 4 431,035 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 655 78,178 SH   DFND 1, 2, 3, 4 78,178 0 0
KOPPERS HOLDINGS INC COM 50060P106 5,652 228,631 SH   DFND 1, 2, 3, 4 228,631 0 0
LAKE SHORE BANCORP INC COM 510700107 2,698 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LAPORTE BANCORP INC COM 516651106 233 17,171 SH   DFND 1, 2, 3, 4 17,171 0 0
LENNAR CORP - B SHS COM 526057302 17,616 408,536 SH   DFND 1, 2, 3, 4 408,536 0 0
LIBERTY INTERACTIVE CORP Q-A COM 53071M104 16,059 578,700 SH   DFND 1, 2, 3, 4 578,700 0 0
LIBERTY VENTURES - SER A COM 53071M880 863 21,969 SH   DFND 1, 2, 3, 4 21,969 0 0
LIMONEIRA CO COM 532746104 282 12,668 SH   DFND 1, 2, 3, 4 12,668 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 2,159 166,094 SH   DFND 1, 2, 3, 4 166,094 0 0
MERIDIAN BANCORP INC COM 58958U103 674 50,244 SH   DFND 1, 2, 3, 4 50,244 0 0
MICRON TECHNOLOGY INC COM 595112103 13,424 712,500 SH   DFND 1, 2, 3, 4 712,500 0 0
MVC CAPITAL INC COM 553829102 1,947 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATL WESTERN LIFE INS-CL A COM 638522102 2,771 11,572 SH   DFND 1, 2, 3, 4 11,572 0 0
NEWMONT MINING CORP COM 651639106 157 6,700 SH   DFND 1, 2, 3, 4 6,700 0 0
NEWMONT MINING CORP COM 651639106 6,225 266,500 SH Call DFND 1, 2, 3, 4 0 0 266,500
ANNALY CAPITAL MANAGEMENT IN COM 035710409 3,538 385,000 SH Call DFND 1, 2, 3, 4 0 0 385,000
NORTHERN DYNASTY MINERALS COM 66510M204 287 843,348 SH   DFND 1, 2, 3, 4 843,348 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 799 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 6,737 256,367 SH   DFND 1, 2, 3, 4 256,367 0 0
PENTAIR PLC COM G7S00T104 6,188 90,000 SH   DFND 1, 2, 3, 4 90,000 0 0
PEOPLES BANCORP OF NC COM 710577107 473 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 6,937 860,697 SH   DFND 1, 2, 3, 4 860,697 0 0
PFIZER INC COM 717081103 26,824 800,000 SH Call DFND 1, 2, 3, 4 0 0 800,000
POWERSECURE INTERNATIONAL IN COM 73936N105 1,057 71,600 SH   DFND 1, 2, 3, 4 71,600 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 190 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
PSB HOLDINGS INC COM 69360W108 576 71,059 SH   DFND 1, 2, 3, 4 71,059 0 0
PUBLIC STORAGE COM 74460D109 333 1,806 SH   DFND 1, 2, 3, 4 1,806 0 0
RADIO ONE INC -CL D COM 75040P405 263 83,067 SH   DFND 1, 2, 3, 4 83,067 0 0
RACKSPACE HOSTING INC COM 750086100 372 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
ROSETTA RESOURCES INC COM 777779307 417 18,000 SH   DFND 1, 2, 3, 4 18,000 0 0
SALEM MEDIA GROUP INC COM 794093104 523 82,697 SH   DFND 1, 2, 3, 4 82,697 0 0
SEALED AIR CORP COM 81211K100 2,681 52,172 SH   DFND 1, 2, 3, 4 52,172 0 0
SEARS HOLDINGS CORP COM 812350106 290 10,861 SH   DFND 1, 2, 3, 4 10,861 0 0
SEARS HOLDINGS CORP COM 812350106 13,791 516,500 SH Put DFND 1, 2, 3, 4 0 0 516,500
SENECA FOODS CORP - CL A COM 817070501 257 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 240 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SHORE BANCSHARES INC COM 825107105 707 75,000 SH   DFND 1, 2, 3, 4 75,000 0 0
SPARK NETWORKS INC COM 84651P100 355 115,525 SH   DFND 1, 2, 3, 4 115,525 0 0
SPROTT FOCUS TRUST INC COM 85208J109 86 12,136 SH   DFND 1, 2, 3, 4 12,136 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 1,119 111,111 SH   DFND 1, 2, 3, 4 111,111 0 0
PROSHARES SHORT VIX ST FUTUR COM 74347W627 10,151 128,400 SH Call DFND 1, 2, 3, 4 0 0 128,400
SOUTHWESTERN ENERGY CO COM 845467109 2,273 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
TECK RESOURCES LTD-CLS B COM 878742204 1,984 200,240 SH   DFND 1, 2, 3, 4 200,240 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 17,245 114,598 SH   DFND 1, 2, 3, 4 114,598 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 745 50,500 SH   DFND 1, 2, 3, 4 50,500 0 0
TESLA MOTORS INC COM 88160R101 220,590 822,300 SH Put DFND 1, 2, 3, 4 0 0 822,300
TUTOR PERINI CORP COM 901109108 4,857 225,014 SH   DFND 1, 2, 3, 4 225,014 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 114 40,969 SH   DFND 1, 2, 3, 4 40,969 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 645 41,681 SH   DFND 1, 2, 3, 4 41,681 0 0
VIACOM INC-CLASS B COM 92553P201 12,928 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
VIACOM INC-CLASS A COM 92553P102 1,182 18,221 SH   DFND 1, 2, 3, 4 18,221 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06742E711 11,600 577,100 SH Put DFND 1, 2, 3, 4 0 0 577,100
WHOLE FOODS MARKET INC COM 966837106 1,972 50,000 SH Put DFND 1, 2, 3, 4 0 0 50,000
WHITING PETROLEUM CORP COM 966387102 3,360 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
WOLVERINE BANCORP INC COM 977880103 352 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
WRIGHT MEDICAL GROUP INC-CVR COM 98235T115 7,700 1,925,027 SH   DFND 1, 2, 3, 4 1,925,027 0 0
XEROX CORP COM 984121103 319 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
XEROX CORP COM 984121103 6,427 604,000 SH Call DFND 1, 2, 3, 4 0 0 604,000