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
AMBAC FINL GROUP INC COM 023139884 14,536 801,298 SH   DFND 1,2 801,298 0 0
AMBAC FINL GROUP WTS WTS 023139116 352 29,200 SH Call DFND 1,2 0 0 0
AMERIANA BANCORP COM 023613102 195 15,167 SH   DFND 1,2 15,167 0 0
AMKOR TECHNOLOGY INC COM 031652100 2,775 647,711 SH   DFND 1,2 647,711 0 0
APACHE CORP COM 037411105 1,479 60,000 SH Call DFND 1,2 0 0 0
ASB BANCORP INC N C COM 00213T109 546 31,900 SH   DFND 1,2 31,900 0 0
ASSURED GUARANTY LTD COM G0585R106 21,191 1,130,169 SH   DFND 1,2 1,130,169 0 0
ASSURED GUARANTY LTD COM G0585R106 1,380 200,000 SH Call DFND 1,2 0 0 0
BLACKSTONE GROUP L P COM 09253U108 6,302 400,000 SH Call DFND 1,2 0 0 0
CAPITAL ONE FINL CORP COM 14040H105 6,527 94,955 SH   DFND 1,2 94,955 0 0
CAPITAL ONE FINL CORP COM 14040H105 2,878 100,000 SH Call DFND 1,2 0 0 0
CAPITAL SR LIVING CORP COM 140475104 33,527 1,585,137 SH   DFND 1,2 1,585,137 0 0
CHARTER FINL CORP MD COM 16122W108 1,621 150,124 SH   DFND 1,2 150,124 0 0
CITIGROUP INC COM 172967424 2,235 200,000 SH Call DFND 1,2 0 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18451C109 5,731 698,960 SH   DFND 1,2 698,960 0 0
CLIFFS NAT RES INC COM 18683K101 1,169 205,000 SH Put DFND 1,2 0 0 0
COWEN GROUP INC NEW COM 223622101 11,319 3,290,375 SH   DFND 1,2 3,290,375 0 0
CURRENCYSHARES AUSTRALIAN DL COM 23129U101 1,619 145,900 SH Put DFND 1,2 0 0 0
DEVON ENERGY CORP NEW COM 25179M103 10,067 803,200 SH Call DFND 1,2 0 0 0
EASTERN VA BANKSHARES INC COM 277196101 294 48,200 SH   DFND 1,2 48,200 0 0
EQUINIX INC COM 29444U502 5,943 120,000 SH Call DFND 1,2 0 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 5,055 300,000 SH Call DFND 1,2 0 0 0
EXXON MOBIL CORP COM 30231G102 829 60,000 SH Call DFND 1,2 0 0 0
FOREST CITY ENTERPRISES INC COM 345550107 18,130 957,208 SH   DFND 1,2 957,208 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 6,258 245,800 SH Call DFND 1,2 0 0 0
GREIF INC COM 397624206 45,021 845,459 SH   DFND 1,2 845,459 0 0
GROUPON INC COM 399473107 8,273 1,334,400 SH Put DFND 1,2 0 0 0
HESS CORP COM 42809H107 1,425 50,000 SH Call DFND 1,2 0 0 0
HOPFED BANCORP INC COM 439734104 344 30,748 SH   DFND 1,2 30,748 0 0
INDEPENDENT BANK CORP MICH COM 453838609 510 51,000 SH   DFND 1,2 51,000 0 0
INGERSOLL-RAND PLC COM G47791101 2,545 100,000 SH Call DFND 1,2 0 0 0
INTERVEST BANCSHARES CORP COM 460927106 2,114 266,582 SH   DFND 1,2 266,582 0 0
IPATH S&P 500 VIX SHORT-TERM FUTUR COM 00674E711 11,970 675,500 SH Put DFND 1,2 0 0 0
IRON MTN INC COM 462846106 3,072 391,300 SH Call DFND 1,2 0 0 0
KENTUCKY FIRST FED BANCORP COM 491292108 190 23,184 SH   DFND 1,2 23,184 0 0
LAKE SHORE BANCORP INC COM 510700107 2,189 191,692 SH   DFND 1,2 191,692 0 0
LAPORTE BANCORP INC MD COM 516651106 157 15,052 SH   DFND 1,2 15,052 0 0
LEAPFROG ENTERPRISES INC COM 52186N106 470 100,000 SH Call DFND 1,2 0 0 0
LENNAR CORP COM 526057302 4,427 154,520 SH   DFND 1,2 154,520 0 0
LEVEL 3 COMMUNICATIONS INC COM 52729N308 1,335 50,000 SH   DFND 1,2 50,000 0 0
LIBERTY MEDIA HLDG CORP CMN SERIES A INTERACTIVE COM 53071M104 13,817 588,700 SH   DFND 1,2 588,700 0 0
LIBERTY VENTURES CMN SERIES CLASS A COM 53071M880 20,738 235,200 SH   DFND 1,2 235,200 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 692 10,231 SH   DFND 1,2 10,231 0 0
LUXFER HLDGS PLC COM 550678106 160 10,000 SH   DFND 1,2 10,000 0 0
MICRON TECHNOLOGY INC COM 595112103 2,453 300,000 SH Call DFND 1,2 0 0 0
MTR GAMING GROUP INC COM 553769100 7,999 1,698,220 SH   DFND 1,2 1,698,220 0 0
NATIONAL WESTN LIFE INS CO COM 638522102 11,776 58,363 SH   DFND 1,2 58,363 0 0
NEWMONT MINING CORP COM 651639106 952 361,500 SH Call DFND 1,2 0 0 0
NORTHFIELD BANCORP INC DEL COM 66611T108 7,286 600,140 SH   DFND 1,2 600,140 0 0
OCONEE FED FINL CORP COM 675607105 335 20,277 SH   DFND 1,2 20,277 0 0
OPPENHEIMER HLDGS INC COM 683797104 1,228 69,105 SH   DFND 1,2 69,105 0 0
PEOPLES BANCORP N C INC COM 710577107 319 25,794 SH   DFND 1,2 25,794 0 0
PHOENIX COS INC NEW COM 71902E604 4,173 107,904 SH   DFND 1,2 107,904 0 0
PREMIER FINL BANCORP INC COM 74050M105 142 12,314 SH   DFND 1,2 12,314 0 0
PROSHARES TR II COM 74347W627 3,319 76,400 SH Call DFND 1,2 0 0 0
PSB HLDGS INC COM 69360W108 329 52,585 SH   DFND 1,2 52,585 0 0
SALESFORCE COM INC COM 79466L302 27 140,000 SH Put DFND 1,2 0 0 0
SEAGATE TECHNOLOGY PLC COM G7945M107 12,281 610,000 SH Call DFND 1,2 0 0 0
TAL INTL GROUP INC COM 874083108 7 10,000 SH Put DFND 1,2 0 0 0
TEXAS PAC LD TR COM 882610108 9,687 114,598 SH   DFND 1,2 114,598 0 0
THE ADT CORPORATION COM 00101J106 1,423 100,000 SH Call DFND 1,2 0 0 0
UNITED BANCSHARES INC OHIO COM 909458101 302 23,710 SH   DFND 1,2 23,710 0 0
UNITED PARCEL SERVICE INC COM 911312106 3,664 150,000 SH Call DFND 1,2 0 0 0
WARREN RES INC COM 93564A100 4,694 1,613,026 SH   DFND 1,2 1,613,026 0 0
WESTERN DIGITAL CORP COM 958102105 9,359 290,000 SH Call DFND 1,2 0 0 0
WESTERN UN CO COM 959802109 4,525 500,000 SH Call DFND 1,2 0 0 0
WOLVERINE BANCORP INC COM 977880103 264 13,318 SH   DFND 1,2 13,318 0 0
WPX ENERGY INC COM 98212B103 5,009 260,000 SH   DFND 1,2 260,000 0 0
WRIGHT MED GROUP INC COM 98235T115 351 987,413 SH   DFND 1,2 987,413 0 0
XEROX CORP COM 984121103 16,559 1,609,300 SH   DFND 1,2 1,609,300 0 0
XEROX CORP COM 984121103 7,823 1,941,300 SH Call DFND 1,2 0 0 0
AERCAP HOLDINGS NV COM N00985106 195 10,000 SH   SOLE   10,000 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 290 25,000 SH   SOLE   25,000 0 0
APOLLO COMMERCIAL REAL ESTAT COM 03762U105 153 10,000 SH   SOLE   10,000 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 707 25,000 SH   SOLE   25,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 420 100,000 SH   SOLE   100,000 0 0
COSI INC COM 22122P200 55 23,544 SH   SOLE   23,544 0 0
DEX MEDIA INC COM 25213A107 99 12,206 SH   SOLE   12,206 0 0
DOUBLE EAGLE PETROLEUM CO COM 258570209 60 19,908 SH   SOLE   19,908 0 0
ELDORADO GOLD CORP COM 284902103 103 15,300 SH   SOLE   15,300 0 0
FERRO CORP COM 315405100 309 33,892 SH   SOLE   33,892 0 0
FOREST CITY ENTERPRISES-CL B COM 345550305 290 15,300 SH   SOLE   15,300 0 0
LIMONEIRA CO COM 532746104 1,635 63,669 SH   SOLE   63,669 0 0
MAGNETEK INC COM 559424403 1,812 102,300 SH   SOLE   102,300 0 0
MAGELLAN PETROLEUM CORP COM 559091301 20 20,000 SH   SOLE   20,000 0 0
MDC PARTNERS INC-A COM 552697104 280 10,000 SH   SOLE   10,000 0 0
MICROSOFT CORP COM 594918104 649 19,500 SH   SOLE   19,500 0 0
ROSETTA RESOURCES INC COM 777779307 980 18,000 SH   SOLE   18,000 0 0
SALEM COMMUNICATIONS -CL A COM 794093104 382 46,099 SH   SOLE   46,099 0 0
SEALED AIR CORP COM 81211K100 5,114 188,080 SH   SOLE   188,080 0 0
ADVSHRS TRIMTAB FLOAT SHRINK COM 00768Y818 3,509 80,000 SH   SOLE   80,000 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 117 40,969 SH   SOLE   40,969 0 0
ZAZA ENERGY CORP COM 98919T100 39 34,300 SH   SOLE   34,300 0 0
ING U S INC COM COM 45685E106 584 20,000 SH   SOLE   20,000 0 0
APACHE CORP COM COM 037411105 851 10,000 SH   SOLE   10,000 0 0
EXPRESS SCRIPTS HLDG CO COM COM 30219G108 618 10,000 SH   SOLE   10,000 0 0
AIR PROD & CHEM INC COM COM 009158106 533 5,000 SH   SOLE   5,000 0 0