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
ACTIVE POWER INC COM 00504W308 31 16,900 SH   DFND 1, 2, 3, 4 16,900 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 5,601 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 423 29,200 SH   DFND 1, 2, 3, 4 0 0 29,200
AMERICAN HOMES 4 RENT- A COM 02665T306 170 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
AMERICAN REALTY CAPITAL PROP COM 02917T104 9,074 1,002,700 SH   DFND 1, 2, 3, 4 1,002,700 0 0
AMKOR TECHNOLOGY INC COM 031652100 935 131,711 SH   DFND 1, 2, 3, 4 131,711 0 0
AMREP CORP COM 032159105 434 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
AMAZON.COM INC COM 023135106 164,796 531,000 SH Put DFND 1, 2, 3, 4 0 0 531,000
APACHE CORP COM 037411105 627 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
APACHE CORP COM 037411105 35,095 560,000 SH Call DFND 1, 2, 3, 4 0 0 560,000
APOLLO GLOBAL MANAGEMENT - A COM 037612306 354 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
ASB BANCORP INC COM 00213T109 694 32,300 SH   DFND 1, 2, 3, 4 32,300 0 0
ATHENAHEALTH INC COM 04685W103 12,064 82,800 SH Put DFND 1, 2, 3, 4 0 0 82,800
ATLANTIC COAST FINANCIAL COR COM 048426100 2,978 750,000 SH   DFND 1, 2, 3, 4 750,000 0 0
BAKER HUGHES INC COM 057224107 3,364 60,000 SH Call DFND 1, 2, 3, 4 0 0 60,000
BLACKSTONE GROUP LP/THE COM 09253U108 677 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,353 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
BROOKDALE SENIOR LIVING INC COM 112463104 773 21,090 SH   DFND 1, 2, 3, 4 21,090 0 0
CITIGROUP INC COM 172967424 1,028 19,000 SH   DFND 1, 2, 3, 4 19,000 0 0
CITIGROUP INC COM 172967424 37,877 700,000 SH Call DFND 1, 2, 3, 4 0 0 700,000
CAPITAL SENIOR LIVING CORP COM 140475104 45,589 1,830,167 SH   DFND 1, 2, 3, 4 1,830,167 0 0
CARNIVAL CORP COM 143658300 2,040 45,000 SH   DFND 1, 2, 3, 4 45,000 0 0
CARNIVAL CORP COM 143658300 26,745 590,000 SH Call DFND 1, 2, 3, 4 0 0 590,000
CHARTER FINANCIAL CORP COM 16122W108 1,719 150,124 SH   DFND 1, 2, 3, 4 150,124 0 0
CHC GROUP LTD COM G07021101 152 47,300 SH   DFND 1, 2, 3, 4 47,300 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,038 113,490 SH   DFND 1, 2, 3, 4 113,490 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 4,728 446,452 SH   DFND 1, 2, 3, 4 446,452 0 0
CLIFTON BANCORP INC COM 186873105 1,666 122,576 SH   DFND 1, 2, 3, 4 122,576 0 0
COWEN GROUP INC-CLASS A COM 223622101 15,659 3,262,375 SH   DFND 1, 2, 3, 4 3,262,375 0 0
SALESFORCE.COM INC COM 79466L302 10,676 180,000 SH Put DFND 1, 2, 3, 4 0 0 180,000
DEVON ENERGY CORP COM 25179M103 5,233 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
DEVON ENERGY CORP COM 25179M103 49,164 803,200 SH Call DFND 1, 2, 3, 4 0 0 803,200
DEX MEDIA INC COM 25213A107 109 12,206 SH   DFND 1, 2, 3, 4 12,206 0 0
DIREXION DLY EMG MKT BEAR 3X COM 25459Y470 754 20,100 SH   DFND 1, 2, 3, 4 20,100 0 0
DIREXION DLY RUSSIA BEAR 3X COM 25459W284 9,380 333,800 SH   DFND 1, 2, 3, 4 333,800 0 0
EAGLE ROCK ENERGY PARTNERS COM 26985R104 141 64,100 SH   DFND 1, 2, 3, 4 64,100 0 0
EASTERN VIRGINIA BANKSHARES COM 277196101 312 48,200 SH   DFND 1, 2, 3, 4 48,200 0 0
ELDORADO GOLD CORP COM 284902103 93 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
ELDORADO RESORTS INC COM 28470R102 5,189 1,281,289 SH   DFND 1, 2, 3, 4 1,281,289 0 0
EQUINIX INC COM 29444U502 17,940 79,124 SH   DFND 1, 2, 3, 4 79,124 0 0
EQUINIX INC COM 29444U502 20,496 90,400 SH Call DFND 1, 2, 3, 4 0 0 90,400
ERIE INDEMNITY COMPANY-CL A COM 29530P102 826 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESCALERA RESOURCES CO COM 296064108 10 19,908 SH   DFND 1, 2, 3, 4 19,908 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 423 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 21,168 250,000 SH Call DFND 1, 2, 3, 4 0 0 250,000
EXTREME NETWORKS INC COM 30226D106 9,211 2,609,274 SH   DFND 1, 2, 3, 4 2,609,274 0 0
EXXON MOBIL CORP COM 30231G102 277 3,000 SH   DFND 1, 2, 3, 4 3,000 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 13,368 52,880 SH   DFND 1, 2, 3, 4 52,880 0 0
FIRSTENERGY CORP COM 337932107 206 5,271 SH   DFND 1, 2, 3, 4 5,271 0 0
FOREST CITY ENTERPRISES-CL A COM 345550107 20,538 964,208 SH   DFND 1, 2, 3, 4 964,208 0 0
FOREST CITY ENTERPRISES-CL B COM 345550305 384 18,000 SH   DFND 1, 2, 3, 4 18,000 0 0
GENERAL ELECTRIC CO COM 369604103 1 46 SH   DFND 1, 2, 3, 4 46 0 0
GENERAL ELECTRIC CO COM 369604103 12,635 500,000 SH Call DFND 1, 2, 3, 4 0 0 500,000
GENWORTH FINANCIAL INC-CL A COM 37247D106 1,700 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 229 7,000 SH   DFND 1, 2, 3, 4 7,000 0 0
GREIF INC-CL B COM 397624206 44,666 906,739 SH   DFND 1, 2, 3, 4 906,739 0 0
HALLIBURTON CO COM 406216101 14,552 370,000 SH Call DFND 1, 2, 3, 4 0 0 370,000
HARTFORD FINANCIAL SVCS GRP COM 416515104 167 4,000 SH   DFND 1, 2, 3, 4 4,000 0 0
HARTFORD FINANCIAL SVCS GRP COM 416515104 19,290 462,700 SH Call DFND 1, 2, 3, 4 0 0 462,700
HENNESSY ADVISORS INC COM 425885100 274 12,493 SH   DFND 1, 2, 3, 4 12,493 0 0
HERBALIFE LTD COM G4412G901 566 15,000 SH Call DFND 1, 2, 3, 4 0 0 15,000
HERBALIFE LTD COM G4412G951 754 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
HOPFED BANCORP INC COM 439734104 1,200 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
HUNTSMAN CORP COM 447011107 2,278 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
ISHARES IBOXX HIGH YIELD COR COM 464288513 6,828 76,200 SH Put DFND 1, 2, 3, 4 0 0 76,200
IMPERIAL OIL LTD COM 453038408 258 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
INTELSAT SA COM L5140P101 11,211 645,820 SH   DFND 1, 2, 3, 4 645,820 0 0
INTERVEST BANCSHARES CORP COM 460927106 3,507 348,990 SH   DFND 1, 2, 3, 4 348,990 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 470 57,583 SH   DFND 1, 2, 3, 4 57,583 0 0
LAKE SHORE BANCORP INC COM 510700107 2,724 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LANDS' END INC COM 51509F105 558 10,350 SH   DFND 1, 2, 3, 4 10,350 0 0
LAPORTE BANCORP INC COM 516651106 214 17,171 SH   DFND 1, 2, 3, 4 17,171 0 0
LEAPFROG ENTERPRISES INC COM 52186N106 472 100,000 SH   DFND 1, 2, 3, 4 100,000 0 0
LENNAR CORP - B SHS COM 526057302 8,111 224,632 SH   DFND 1, 2, 3, 4 224,632 0 0
LIBERTY INTERACTIVE CORP-A COM 53071M104 17,025 578,700 SH   DFND 1, 2, 3, 4 578,700 0 0
LIBERTY INTERACTIVE CORP-A COM 53071M104 5,884 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
LIBERTY VENTURES - SER A COM 53071M880 1,163 30,834 SH   DFND 1, 2, 3, 4 30,834 0 0
LIMONEIRA CO COM 532746104 691 27,668 SH   DFND 1, 2, 3, 4 27,668 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 149 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
MAG SILVER CORP COM 55903Q104 912 111,300 SH   DFND 1, 2, 3, 4 111,300 0 0
MDC PARTNERS INC-A COM 552697104 244 10,744 SH   DFND 1, 2, 3, 4 10,744 0 0
MERIDIAN BANCORP INC COM 58958U103 564 50,244 SH   DFND 1, 2, 3, 4 50,244 0 0
NATL WESTERN LIFE INS-CL A COM 638522102 15,772 58,576 SH   DFND 1, 2, 3, 4 58,576 0 0
NEWMONT MINING CORP COM 651639106 127 6,700 SH   DFND 1, 2, 3, 4 6,700 0 0
NEWMONT MINING CORP COM 651639106 5,037 266,500 SH Call DFND 1, 2, 3, 4 0 0 266,500
NETFLIX INC COM 64110L106 33,751 98,800 SH Put DFND 1, 2, 3, 4 0 0 98,800
OCONEE FEDERAL FINANCIAL COR COM 675607105 868 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 3,780 162,585 SH   DFND 1, 2, 3, 4 162,585 0 0
PAR PETROLEUM CORP COM 69888T207 1,981 121,912 SH   DFND 1, 2, 3, 4 121,912 0 0
PBF ENERGY INC-CLASS A COM 69318G106 7,484 280,933 SH   DFND 1, 2, 3, 4 280,933 0 0
PEOPLES BANCORP OF NC COM 710577107 464 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 5,785 605,783 SH   DFND 1, 2, 3, 4 605,783 0 0
PFIZER INC COM 717081103 6,230 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
POWERSECURE INTERNATIONAL IN COM 73936N105 834 71,600 SH   DFND 1, 2, 3, 4 71,600 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 192 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
PSB HOLDINGS INC COM 69360W108 551 70,862 SH   DFND 1, 2, 3, 4 70,862 0 0
PUBLIC STORAGE COM 74460D109 334 1,806 SH   DFND 1, 2, 3, 4 1,806 0 0
RADIO ONE INC -CL D COM 75040P405 1,006 602,542 SH   DFND 1, 2, 3, 4 602,542 0 0
ROSETTA RESOURCES INC COM 777779307 402 18,000 SH   DFND 1, 2, 3, 4 18,000 0 0
ROYCE FOCUS TRUST INC COM 78080N108 87 11,963 SH   DFND 1, 2, 3, 4 11,963 0 0
SALEM COMMUNICATIONS -CL A COM 794093104 535 68,399 SH   DFND 1, 2, 3, 4 68,399 0 0
SEALED AIR CORP COM 81211K100 2,852 67,222 SH   DFND 1, 2, 3, 4 67,222 0 0
SENECA FOODS CORP - CL A COM 817070501 250 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 241 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SEARS HOLDINGS CORP COM 812350106 3,542 107,400 SH Call DFND 1, 2, 3, 4 0 0 107,400
SEARS HOLDINGS CORP COM 812350106 7,899 239,500 SH Put DFND 1, 2, 3, 4 0 0 239,500
SHORE BANCSHARES INC COM 825107105 701 75,000 SH   DFND 1, 2, 3, 4 75,000 0 0
SOUTHWESTERN ENERGY CO COM 845467109 8,187 300,000 SH   DFND 1, 2, 3, 4 300,000 0 0
SOUTHWESTERN ENERGY CO COM 845467109 2,729 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
SPARK NETWORKS INC COM 84651P100 400 111,525 SH   DFND 1, 2, 3, 4 111,525 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 1,329 111,111 SH   DFND 1, 2, 3, 4 111,111 0 0
PROSHARES SHORT VIX ST FUTUR COM 74347W627 7,743 126,600 SH Call DFND 1, 2, 3, 4 0 0 126,600
TEXAS PACIFIC LAND TRUST COM 882610108 13,523 114,598 SH   DFND 1, 2, 3, 4 114,598 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 159 11,000 SH   DFND 1, 2, 3, 4 11,000 0 0
TRIBUNE PUBLISHING CO COM 896082104 5,640 246,302 SH   DFND 1, 2, 3, 4 246,302 0 0
TESLA MOTORS INC COM 88160R101 168,698 758,500 SH Put DFND 1, 2, 3, 4 0 0 758,500
U.S. GLOBAL INVESTORS INC-A COM 902952100 127 40,969 SH   DFND 1, 2, 3, 4 40,969 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 343 23,710 SH   DFND 1, 2, 3, 4 23,710 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06742E711 11,895 377,500 SH Put DFND 1, 2, 3, 4 0 0 377,500
WHOLE FOODS MARKET INC COM 966837106 2,521 50,000 SH Put DFND 1, 2, 3, 4 0 0 50,000
WHITING PETROLEUM CORP COM 966387102 2,923 88,588 SH   DFND 1, 2, 3, 4 88,588 0 0
WHITING PETROLEUM CORP COM 966387102 3,300 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
WOLVERINE BANCORP INC COM 977880103 334 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
WPX ENERGY INC COM 98212B103 3,024 260,000 SH   DFND 1, 2, 3, 4 260,000 0 0
WRIGHT MEDICAL GROUP INC-CVR COM 98235T115 9,202 1,925,027 SH   DFND 1, 2, 3, 4 1,925,027 0 0
XEROX CORP COM 984121103 416 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
XEROX CORP COM 984121103 11,836 854,000 SH Call DFND 1, 2, 3, 4 0 0 854,000