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 Solutions Inc. COM 00770C101 13,680 800,000 SH   DFND 1 0 800,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 5,798 250,000 SH   DFND 1 0 250,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 575 24,794 SH   SOLE 0 24,794 0 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 5,711 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 14,843 707,500 SH   DFND 1 0 707,500 0
American Midstream Partners LP COM UNITS 02752P100 940 56,600 SH   DFND 1 0 56,600 0
American Realty Cap. COM 02917T104 3,625 368,050 SH   DFND 1 0 368,050 0
American River Bankshares COM 029326105 2,415 255,000 SH   DFND 1 0 255,000 0
Anchor BanCorp COM 03283P106 14,760 425,000 SH   DFND 1 0 425,000 0
Apache Corporation COM 037411105 603 10,000 SH   SOLE 0 10,000 0 0
Ariad Pharmaceuticals, Inc. COM 04033A100 4,532 550,000 SH   DFND 1 0 550,000 0
Avon Products Inc. COM 054303102 3,196 400,000 SH   DFND 1 0 400,000 0
BRT Realty Trust SH BEN INT NEW 055645303 1,202 168,369 SH   DFND 1 0 168,369 0
Baker Hughes Inc. COM 057224107 1,272 20,000 SH   SOLE 0 20,000 0 0
The Bancorp Bank COM 05969A105 3,680 407,500 SH   DFND 1 0 407,500 0
Bank of America Corporation COM 060505104 770 50,000 SH   SOLE 0 50,000 0 0
Barnes & Noble, Inc. COM 067774109 3,667 154,389 SH   DFND 1 0 154,389 0
Beneficial Bancorp Inc. COM 08171T102 1,976 175,000 SH   DFND 1 0 175,000 0
Big 5 Sporting Goods Corp. COM 08915P101 1,703 128,338 SH   DFND 1 0 128,338 0
Blount International, Inc. COM 095180105 9,692 752,500 SH   DFND 1 0 752,500 0
Boeing Co. COM 097023105 3,002 20,000 SH   SOLE 0 20,000 0 0
Boston Scientific Corp. COM 101137107 35,145 1,980,000 SH   DFND 1 0 1,980,000 0
CIT Group Inc. COM NEW 125581801 20,530 455,000 SH   DFND 1 0 455,000 0
Cape Bancorp, Inc. COM 139209100 2,478 259,200 SH   DFND 1 0 259,200 0
Clifton Bancorp, Inc. COM 186373105 4,142 293,568 SH   DFND 1 0 293,568 0
Columbia Banking System, Inc. COM 197236102 30,372 1,048,400 SH   DFND 1 0 1,048,400 0
Columbus McKinnon Corp. COM 199333105 2,045 75,900 SH   DFND 1 0 75,900 0
ConocoPhillips COM 20825C104 623 10,000 SH   SOLE 0 10,000 0 0
Continental Resources Inc. COM 212015101 8,734 200,000 SH   SOLE 0 200,000 0 0
Demand Media, Inc. COM 24802N208 1,730 302,500 SH   DFND 1 0 302,500 0
Devon Energy Corp. New COM 25179M103 1,809 30,000 SH   SOLE 0 30,000 0 0
Dolby Laboratories Inc. COM 25659T107 26,807 702,500 SH   DFND 1 0 702,500 0
Donegal Group Inc., Cl. A COM CL A 257701201 2,358 150,000 SH   DFND 1 0 150,000 0
Du Pont E I De Nemours & Co COM 263534109 17,868 250,000 SH   DFND 1 0 250,000 0
Du Pont E I De Nemours & Co COM 263534109 2,144 30,000 SH   SOLE 0 30,000 0 0
EMC Corporation COM 268648102 12,908 505,000 SH   DFND 1 0 505,000 0
EMC Corporation COM 268648102 5,112 200,000 SH   SOLE 0 200,000 0 0
Exxon Mobil Corp. COM 30231G102 1,020 12,000 SH   SOLE 0 12,000 0 0
FMC Corp. COM 302491303 28,625 500,000 SH   DFND 1 0 500,000 0
FMC Corp. COM 302491303 2,863 50,000 SH   SOLE 0 50,000 0 0
FMC Technologies, Inc. COM 30249U101 925 25,000 SH   DFND 1 0 25,000 0
Farmer Brothers Co. COM 307675108 8,296 335,206 SH   DFND 1 0 335,206 0
Farmer Brothers Co. COM 307675108 69 2,800 SH   SOLE 0 2,800 0 0
First Northwest Bancorp COM 335834107 3,744 300,000 SH   DFND 1 0 300,000 0
First Security Group Inc. COM NEW 336312202 14,592 6,080,000 SH   DFND 1 0 6,080,000 0
Forest City Enterprises, Inc. COM 345550107 7,082 277,500 SH   DFND 1 0 277,500 0
GAMCO Investors, Inc. COM 361438104 1,295 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 496 20,000 SH   SOLE 0 20,000 0 0
General Motors Corp. COM 37045V100 7,000 186,657 SH   DFND 1 0 186,657 0
GM '16 WRNT W EXP 7/10/2016 37045V118 294 10,597 SH   DFND 1 0 10,597 0
GM '19 WRNT W EXP 7/10/2019 37045V126 208 10,597 SH   DFND 1 0 10,597 0
Getty Realty Corp. COM 374297109 5,460 300,000 SH   DFND 1 0 300,000 0
Getty Realty Corp. COM 374297109 655 35,969 SH   SOLE 0 35,969 0 0
Gulf Coast Ultra Deep Rty Trust Unit ROYALTY TR UNT 40222T104 436 611,942 SH   SOLE 0 611,942 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 6,520 500,000 SH   DFND 1 0 500,000 0
GulfMark Offshore, Inc. CL A NEW 402629208 652 50,000 SH   SOLE 0 50,000 0 0
Halliburton Co. COM 406216101 878 20,000 SH   SOLE 0 20,000 0 0
Hardinge, Inc. COM 412324303 3,422 295,000 SH   DFND 1 0 295,000 0
Helmerich & Payne Inc. COM 423452101 9,019 132,500 SH   DFND 1 0 132,500 0
Heritage Commerce Corp. COM 426927109 3,930 430,500 SH   DFND 1 0 430,500 0
Heritage Oaks Bancorp COM 42724R107 9,694 1,166,575 SH   DFND 1 0 1,166,575 0
Hess Corporation COM 42809H107 31,390 462,500 SH   DFND 1 0 462,500 0
Hess Corporation COM 42809H107 12,217 180,000 SH   SOLE 0 180,000 0 0
Highland Bankshares Inc. COM 430893107 1,516 383,714 SH   DFND 1 0 383,714 0
HomeTrust Bancshares, Inc. COM 437872104 4,146 259,622 SH   DFND 1 0 259,622 0
Hospira, Inc. COM 441060100 35,136 400,000 SH   DFND 1 0 400,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 204 35,000 SH   SOLE 0 35,000 0 0
Installed Building Products, Inc. COM 45780R101 2,428 111,600 SH   DFND 1 0 111,600 0
Intel Corp. COM 458140100 15,635 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 42,215 1,350,000 SH   SOLE 0 1,350,000 0 0
International Game Technology COM 459902102 6,964 400,000 SH   DFND 1 0 400,000 0
Investar Holding Corporation COM 46134L105 2,993 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 5,860 500,000 SH   DFND 1 0 500,000 0
Johnson & Johnson COM 478160104 2,515 25,000 SH   SOLE 0 25,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 17,685 230,000 SH   DFND 1 0 230,000 0
Kemper Corp. COM 488401100 390 10,000 SH   SOLE 0 10,000 0 0
MB Bancorp Inc. COM 55280E104 1,025 91,559 SH   DFND 1 0 91,559 0
Meridian Bancorp, Inc. COM 58958U103 1,317 100,000 SH   DFND 1 0 100,000 0
Motors Liquidation Company COM 62010U101 1,708 100,009 SH   DFND 1 0 100,009 0
National Presto Industries, Inc. COM 637215104 8,558 135,000 SH   DFND 1 0 135,000 0
News Corp COM 65249B109 6,524 407,500 SH   DFND 1 0 407,500 0
Northeast Bancorp COM NEW 663904209 3,339 361,800 SH   DFND 1 0 361,800 0
Northfield Bancorp Inc COM 66611T108 5,140 346,800 SH   DFND 1 0 346,800 0
Old Republic Interrnational Corp. COM 680223104 315 21,093 SH   SOLE 0 21,093 0 0
Peapack-Gladstone Financial Corp. COM 704699107 2,160 100,000 SH   DFND 1 0 100,000 0
Plains All American Pipeline UNIT LTD PARTN 726503105 700 14,363 SH   SOLE 0 14,363 0 0
Popular, Inc. COM NEW 733174700 9,457 275,000 SH   DFND 1 0 275,000 0
Prudential Bancorp Inc. COM 74431A101 1,540 121,287 SH   DFND 1 0 121,287 0
Realogy Holdings Corp. COM 75605Y106 4,548 100,000 SH   DFND 1 0 100,000 0
Resolute Forest Products COM 76117w109 8,337 483,306 SH   DFND 1 0 483,306 0
Rightside Group, Ltd. COM 76658B100 868 85,500 SH   DFND 1 0 85,500 0
Royal Dutch Shell PLC Spon ADR A 780259206 893 14,979 SH   SOLE 0 14,979 0 0
Ruth's Hospitality Group, Inc. COM 783332109 12,307 775,000 SH   DFND 1 0 775,000 0
SI Financial Group COM 78425V104 2,699 222,125 SH   DFND 1 0 222,125 0
S&W Seed Company COM 785135104 5,978 1,294,000 SH   DFND 1 0 1,294,000 0
Sanofi-Aventis SA, CVR RIGHT 12/31/2020 80105N113 661 975,000 SH   DFND 1 0 975,000 0
Sanofi-Aventis SA, CVR RIGHT 12/31/2020 80105N113 203 300,000 SH   SOLE 0 300,000 0 0
Symetra Financial Corp. COM 87151Q106 4,692 200,000 SH   DFND 1 0 200,000 0
Symetra Financial Corp. COM 87151Q106 5,865 250,000 SH   SOLE 0 250,000 0 0
Tejon Ranch Co. COM 879080109 13,754 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Warrant W EXP 8/31/2016 879080133 61 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Industries Ltd. COM 881624209 27,431 440,300 SH   DFND 1 0 440,300 0
Time Warner Cable Inc. COM 88732J207 14,988 100,000 SH   DFND 1 0 100,000 0
TowneBank Portsmouth VA COM 89214P109 18,361 1,141,875 SH   DFND 1 0 1,141,875 0
United States Steel Corp. COM 912909108 2,440 100,000 SH   DFND 1 0 100,000 0
Waterstone Financial Inc. COM 94188P101 16,041 1,249,300 SH   DFND 1 0 1,249,300 0
Wright Investors Service Holdings COM 982345100 1,528 825,691 SH   DFND 1 0 825,691 0
Belmond Ltd. Class A COM CL A G1154H107 1,105 90,000 SH   DFND 1 0 90,000 0