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
AIR PRODS & CHEMS INC COM 009158106 9,157 100,000 SH Call DFND 1,2 0 0 0
AMBAC FINL GROUP INC COM 023139884 14,496 608,298 SH   DFND 1,2 608,298 0 0
AMERIANA BANCORP COM 023613102 159 15,167 SH   DFND 1,2 15,167 0 0
AMKOR TECHNOLOGY INC COM 031652100 2,189 520,000 SH   DFND 1,2 520,000 0 0
ANADARKO PETE CORP COM 032511107 21,483 250,000 SH Call DFND 1,2 0 0 0
ANNALY CAP MGMT INC COM 035710409 2,765 220,000 SH   DFND 1,2 220,000 0 0
APACHE CORP COM 037411105 5,030 60,000 SH Call DFND 1,2 0 0 0
ASB BANCORP INC N C COM 00213T109 523 31,900 SH   DFND 1,2 31,900 0 0
ASSURED GUARANTY LTD COM G0585R106 24,932 1,130,169 SH   DFND 1,2 1,130,169 0 0
ASSURED GUARANTY LTD COM G0585R106 4,412 200,000 SH Call DFND 1,2 0 0 0
BLACKSTONE GROUP L P COM 09253U108 10,530 500,000 SH Call DFND 1,2 0 0 0
BROOKFIELD PPTY PARTNERS L P COM G16249107 2,982 146,917 SH   DFND 1,2 146,917 0 0
CAPITAL ONE FINL CORP COM 14040H105 5,964 94,955 SH   DFND 1,2 94,955 0 0
CAPITAL ONE FINL CORP COM 14040H105 6,281 100,000 SH Call DFND 1,2 0 0 0
CAPITAL SR LIVING CORP COM 140475104 35,375 1,480,137 SH   DFND 1,2 1,480,137 0 0
CHARTER FINL CORP MD COM 16122W108 1,513 150,124 SH   DFND 1,2 150,124 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18451C109 5,214 698,960 SH   DFND 1,2 698,960 0 0
COWEN GROUP INC NEW COM 223622101 9,509 3,290,375 SH   DFND 1,2 3,290,375 0 0
DEVON ENERGY CORP NEW COM 25179M103 41,670 803,200 SH Call DFND 1,2 0 0 0
EASTERN VA BANKSHARES INC COM 277196101 241 48,200 SH   DFND 1,2 48,200 0 0
EMULEX CORP COM 292475209 645 99,000 SH   DFND 1,2 99,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 6,174 100,000 SH Call DFND 1,2 0 0 0
FOREST CITY ENTERPRISES INC COM 345550107 15,666 874,708 SH   DFND 1,2 874,708 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 56,084 370,800 SH Call DFND 1,2 0 0 0
GREIF INC COM 397624206 47,232 842,518 SH   DFND 1,2 842,518 0 0
HESS CORP COM 42809H107 3,325 50,000 SH Call DFND 1,2 0 0 0
HOPFED BANCORP INC COM 439734104 332 30,748 SH   DFND 1,2 30,748 0 0
ING U S INC COM 45685E106 5,412 200,000 SH   DFND 1,2 200,000 0 0
INTERVEST BANCSHARES CORP COM 460927106 1,343 200,977 SH   DFND 1,2 200,977 0 0
IRON MTN INC COM 462846106 7,751 291,300 SH Call DFND 1,2 0 0 0
KENTUCKY FIRST FED BANCORP COM 491292108 187 23,184 SH   DFND 1,2 23,184 0 0
LAKE SHORE BANCORP INC COM 510700107 2,243 191,692 SH   DFND 1,2 191,692 0 0
LAPORTE BANCORP INC MD COM 516651106 152 15,052 SH   DFND 1,2 15,052 0 0
LENNAR CORP COM 526057302 1,974 69,620 SH   DFND 1,2 69,620 0 0
LEVEL 3 COMMUNICATIONS INC COM 52729N308 1,054 50,000 SH   DFND 1,2 50,000 0 0
LIBERTY MEDIA COM 53071M104 13,545 588,700 SH   DFND 1,2 588,700 0 0
LIBERTY VENTURES COM 53071M880 35,581 418,546 SH   DFND 1,2 418,546 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 494 8,239 SH   DFND 1,2 8,239 0 0
MARKET VECTORS ETF TR GDXJ COM 57060U589 1,205 131,500 SH   DFND 1,2 131,500 0 0
MARKET VECTORS ETF TR GDXJ COM 57060U589 1,541 168,200 SH Call DFND 1,2 0 0 0
MICROSOFT CORP COM 594918104 5,420 156,900 SH   DFND 1,2 156,900 0 0
MICROSOFT CORP COM 594918104 23,898 691,800 SH Call DFND 1,2 0 0 0
MTR GAMING GROUP INC COM 553769100 5,690 1,698,220 SH   DFND 1,2 1,698,220 0 0
NATIONAL WESTN LIFE INS CO COM 638522102 11,080 58,363 SH   DFND 1,2 58,363 0 0
NEWMONT MINING CORP COM 651639106 31,792 1,061,500 SH Call DFND 1,2 0 0 0
NORTHFIELD BANCORP INC DEL COM 66611T108 7,034 600,140 SH   DFND 1,2 600,140 0 0
OCONEE FED FINL CORP COM 675607105 300 20,277 SH   DFND 1,2 20,277 0 0
OPPENHEIMER HLDGS INC COM 683797104 839 44,087 SH   DFND 1,2 44,087 0 0
PEOPLES BANCORP N C INC COM 710577107 333 25,794 SH   DFND 1,2 25,794 0 0
PFIZER INC COM 717081103 2,801 100,000 SH Call DFND 1,2 0 0 0
PHOENIX COS INC NEW COM 71902E604 6,500 151,161 SH   DFND 1,2 151,161 0 0
PREMIER FINL BANCORP INC COM 74050M105 148 12,314 SH   DFND 1,2 12,314 0 0
PROSHARES TR II SVXY COM 74347W627 5,994 76,400 SH Call DFND 1,2 0 0 0
PSB HLDGS INC COM 69360W108 288 52,585 SH   DFND 1,2 52,585 0 0
RAYTHEON CO COM 755111507 6,612 100,000 SH Call DFND 1,2 0 0 0
SEAGATE TECHNOLOGY PLC COM G7945M107 38,554 860,000 SH Call DFND 1,2 0 0 0
SEALED AIR CORP NEW COM 81211K100 15,016 626,980 SH   DFND 1,2 626,980 0 0
TEXAS PAC LD TR COM 882610108 9,479 112,266 SH   DFND 1,2 112,266 0 0
UNITED BANCSHARES INC OHIO COM 909458101 287 23,710 SH   DFND 1,2 23,710 0 0
UNITED PARCEL SERVICE INC COM 911312106 12,972 150,000 SH Call DFND 1,2 0 0 0
WARREN RES INC COM 93564A100 6,548 2,567,776 SH   DFND 1,2 2,567,776 0 0
WESTERN DIGITAL CORP COM 958102105 18,006 290,000 SH Call DFND 1,2 0 0 0
WESTERN UN CO COM 959802109 8,555 500,000 SH Call DFND 1,2 0 0 0
WOLVERINE BANCORP INC COM 977880103 248 13,318 SH   DFND 1,2 13,318 0 0
WPX ENERGY INC COM 98212B103 4,925 260,000 SH   DFND 1,2 260,000 0 0
XEROX CORP COM 984121103 14,597 1,609,300 SH   DFND 1,2 1,609,300 0 0
XEROX CORP COM 984121103 17,608 1,941,300 SH Call DFND 1,2 0 0 0
AERCAP HOLDINGS NV COM N00985106 175 10,000 SH   SOLE   10,000 0 0
APOLLO COMMERCIAL REAL ESTAT COM 03762U105 159 10,000 SH   SOLE   10,000 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 603 25,000 SH   SOLE   25,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 236 50,000 SH   SOLE   50,000 0 0
CALAMOS ASSET MANAGEMENT-A COM 12811R104 275 26,179 SH   SOLE   26,179 0 0
COSI INC COM 22122P200 52 23,544 SH   SOLE   23,544 0 0
DEX MEDIA INC COM 25213A107 214 12,206 SH   SOLE   12,206 0 0
DOUBLE EAGLE PETROLEUM CO COM 258570209 79 19,908 SH   SOLE   19,908 0 0
ELDORADO GOLD CORP COM 284902103 95 15,300 SH   SOLE   15,300 0 0
FERRO CORP COM 315405100 236 33,892 SH   SOLE   33,892 0 0
FOREST CITY ENTERPRISES-CL B COM 345550305 239 13,300 SH   SOLE   13,300 0 0
LIMONEIRA CO COM 532746104 2,022 97,530 SH   SOLE   97,530 0 0
MAGNETEK INC COM 559424403 1,844 102,300 SH   SOLE   102,300 0 0
MAGELLAN PETROLEUM CORP COM 559091301 21 20,000 SH   SOLE   20,000 0 0
MDC PARTNERS INC-A COM 552697104 180 10,000 SH   SOLE   10,000 0 0
ROSETTA RESOURCES INC COM 777779307 765 18,000 SH   SOLE   18,000 0 0
SALEM COMMUNICATIONS -CL A COM 794093104 345 46,099 SH   SOLE   46,099 0 0
SEAGATE TECHNOLOGY COM G7945M107 897 20,000 SH   SOLE   20,000 0 0
ADVSHRS TRIMTAB FLOAT SHRINK COM 00768Y818 3,295 80,000 SH   SOLE   80,000 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 86 40,969 SH   SOLE   40,969 0 0
ZAZA ENERGY CORP COM 98919T100 41 34,300 SH   SOLE   34,300 0 0