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 6,324 277,500 SH   DFND 1 0 277,500 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 6,098 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 16,711 707,500 SH   DFND 1 0 707,500 0
American Realty Cap. PPTYS Inc COM 02917T104 3,331 368,050 SH   DFND 1 0 368,050 0
American River Bankshares COM 029326105 2,402 255,000 SH   DFND 1 0 255,000 0
Anchor BanCorp COM 03283P106 14,637 425,000 SH   DFND 1 0 425,000 0
Apache Corporation COM 037411105 627 10,000 SH   SOLE 0 10,000 0 0
APCO Oil and Gas Intl SHS G0471F109 1,436 102,323 SH   DFND 1 0 102,323 0
Bank of America Corporation COM 060505104 895 50,000 SH   SOLE 0 50,000 0 0
Barnes & Noble, Inc. COM 067774109 8,359 360,000 SH   DFND 1 0 360,000 0
Becton, Dickinson and Co. COM 075887109 5,566 40,000 SH   DFND 1 0 40,000 0
Belmond Ltd. Class A COM CL A G1154H107 1,113 90,000 SH   DFND 1 0 90,000 0
Big 5 Sporting Goods Corp. COM 08915P101 1,878 128,338 SH   DFND 1 0 128,338 0
Blount International, Inc. COM 095180105 12,329 701,700 SH   DFND 1 0 701,700 0
Boeing Co. COM 097023105 2,600 20,000 SH   SOLE 0 20,000 0 0
Boston Scientific Corp. COM 101137107 26,235 1,980,000 SH   DFND 1 0 1,980,000 0
BRT Realty Trust SH BEN INT NEW 055645303 1,175 168,369 SH   DFND 1 0 168,369 0
Cache, Inc. COM NEW 127150308 41 4,072,350 SH   DFND 1 0 4,072,350 0
Cape Bancorp, Inc. COM 139209100 2,439 259,200 SH   DFND 1 0 259,200 0
CIT Group Inc. COM NEW 125581801 21,763 455,000 SH   DFND 1 0 455,000 0
Clifton Bancorp, Inc. COM 186373105 3,990 293,568 SH   DFND 1 0 293,568 0
Columbia Banking System, Inc. COM 197236102 33,886 1,227,300 SH   DFND 1 0 1,227,300 0
Columbus McKinnon Corp. COM 199333105 2,128 75,900 SH   DFND 1 0 75,900 0
ConocoPhillips COM 20825C104 691 10,000 SH   SOLE 0 10,000 0 0
Continental Resources Inc. COM 212015101 7,672 200,000 SH   SOLE 0 200,000 0 0
Demand Media, Inc. COM 24802N208 1,851 302,500 SH   DFND 1 0 302,500 0
Devon Energy Corp. New COM 25179M103 1,836 30,000 SH   SOLE 0 30,000 0 0
Dolby Laboratories Inc. COM 25659T107 30,292 702,500 SH   DFND 1 0 702,500 0
Donegal Group Inc., Cl. A COM CL A 257701201 2,397 150,000 SH   DFND 1 0 150,000 0
Du Pont E I De Nemours & Co COM 263534109 36,970 500,000 SH   DFND 1 0 500,000 0
Du Pont E I De Nemours & Co COM 263534109 3,697 50,000 SH   SOLE 0 50,000 0 0
EMC Corporation COM 268648102 14,870 500,000 SH   DFND 1 0 500,000 0
EMC Corporation COM 268648102 5,948 200,000 SH   SOLE 0 200,000 0 0
Express, Inc. COM 30219E103 1,515 103,159 SH   DFND 1 0 103,159 0
Exxon Mobil Corp. COM 30231G102 1,109 12,000 SH   SOLE 0 12,000 0 0
Farmer Brothers Co. COM 307675108 10,679 362,600 SH   DFND 1 0 362,600 0
Farmer Brothers Co. COM 307675108 82 2,800 SH   SOLE 0 2,800 0 0
First Security Group Inc. COM NEW 336312202 13,741 6,080,000 SH   DFND 1 0 6,080,000 0
FMC Corp. COM 302491303 28,515 500,000 SH   DFND 1 0 500,000 0
FMC Corp. COM 302491303 2,852 50,000 SH   SOLE 0 50,000 0 0
Forest City Enterprises, Inc. COM 345550107 11,928 560,000 SH   DFND 1 0 560,000 0
Franklin Financial Corp COM 35353C102 17,275 815,625 SH   DFND 1 0 815,625 0
FXCM Inc., Cl. A COM CL A 302693106 26,194 1,580,828 SH   DFND 1 0 1,580,828 0
GAMCO Investors, Inc. COM 361438104 1,468 16,500 SH   DFND 1 0 16,500 0
Gencorp Inc. COM 368682100 13,524 739,000 SH   DFND 1 0 739,000 0
Gencorp Inc. COM 368682100 454 24,794 SH   SOLE 0 24,794 0 0
General Electric Co. COM 369604103 758 30,000 SH   SOLE 0 30,000 0 0
General Motors Corp. COM 37045V100 6,516 186,657 SH   DFND 1 0 186,657 0
Getty Realty Corp. COM 374297109 5,463 300,000 SH   DFND 1 0 300,000 0
Getty Realty Corp. COM 374297109 655 35,969 SH   SOLE 0 35,969 0 0
GM '16 WRNT W EXP 7/10/2016 37045V118 266 10,597 SH   DFND 1 0 10,597 0
GM '19 WRNT W EXP 7/10/2019 37045V126 180 10,597 SH   DFND 1 0 10,597 0
Gulf Coast Ultra Deep Rty Trust Unit ROYALTY TR UNT 40222T104 161 127,119 SH   SOLE 0 127,119 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 12,210 500,000 SH   DFND 1 0 500,000 0
GulfMark Offshore, Inc. CL A NEW 402629208 1,221 50,000 SH   SOLE 0 50,000 0 0
Halliburton Co. COM 406216101 393 10,000 SH   SOLE 0 10,000 0 0
Hardinge, Inc. COM 412324303 3,516 295,000 SH   DFND 1 0 295,000 0
Helmerich & Payne Inc. COM 423452101 6,742 100,000 SH   DFND 1 0 100,000 0
Heritage Commerce Corp. COM 426927109 3,974 450,000 SH   DFND 1 0 450,000 0
Heritage Oaks Bancorp COM 42724R107 9,788 1,166,575 SH   DFND 1 0 1,166,575 0
Hess Corporation COM 42809H107 34,142 462,500 SH   DFND 1 0 462,500 0
Hess Corporation COM 42809H107 13,288 180,000 SH   SOLE 0 180,000 0 0
Highland Bankshares Inc. COM 430893107 1,343 383,714 SH   DFND 1 0 383,714 0
HomeTrust Bancshares, Inc. COM 437872104 4,325 259,622 SH   DFND 1 0 259,622 0
Hospira, Inc. COM 441060100 24,500 400,000 SH   DFND 1 0 400,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 296 35,000 SH   SOLE 0 35,000 0 0
Installed Building Products, Inc. COM 45780R101 2,673 150,000 SH   DFND 1 0 150,000 0
Intel Corp. COM 458140100 18,145 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 48,992 1,350,000 SH   SOLE 0 1,350,000 0 0
International Game Technology COM 459902102 6,900 400,000 SH   DFND 1 0 400,000 0
Investar Holding Corporation COM 46134L105 2,424 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 5,613 500,000 SH   DFND 1 0 500,000 0
Johnson & Johnson COM 478160104 3,660 35,000 SH   SOLE 0 35,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 16,429 230,000 SH   DFND 1 0 230,000 0
Kemper Corp. COM 488401100 361 10,000 SH   SOLE 0 10,000 0 0
Meridian Bancorp, Inc. COM 58958U103 1,122 100,000 SH   DFND 1 0 100,000 0
Motors Liquidation Company COM 62010U101 1,925 100,009 SH   DFND 1 0 100,009 0
National Presto Industries, Inc. COM 637215104 7,835 135,000 SH   DFND 1 0 135,000 0
News Corp COM 65249B109 6,394 407,500 SH   DFND 1 0 407,500 0
Northeast Bancorp COM NEW 663904209 3,470 360,000 SH   DFND 1 0 360,000 0
Northfield Bancorp Inc COM 66611T108 7,400 500,000 SH   DFND 1 0 500,000 0
Old Republic Interrnational Corp. COM 680223104 309 21,093 SH   SOLE 0 21,093 0 0
Peapack-Gladstone Financial Corp. COM 704699107 1,856 100,000 SH   DFND 1 0 100,000 0
Plains All American Pipeline UNIT LTD PARTN 726503105 737 14,363 SH   SOLE 0 14,363 0 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 2,568 100,000 SH   DFND 1 0 100,000 0
Polypore International, Inc. COM 73179V103 1,176 25,000 SH   DFND 1 0 25,000 0
Popular, Inc. COM NEW 733174700 9,364 275,000 SH   DFND 1 0 275,000 0
Prudential Bancorp Inc. COM 74431A101 1,516 121,287 SH   DFND 1 0 121,287 0
Realogy Holdings Corp. COM 75605Y106 4,449 100,000 SH   DFND 1 0 100,000 0
Resolute Forest Products COM 76117w109 8,511 483,306 SH   DFND 1 0 483,306 0
Rightside Group, Ltd. COM 76658B100 672 100,000 SH   DFND 1 0 100,000 0
Royal Dutch Shell PLC Spon ADR A 780259206 1,003 14,979 SH   SOLE 0 14,979 0 0
Ruth's Hospitality Group, Inc. COM 783332109 17,175 1,145,000 SH   DFND 1 0 1,145,000 0
Sanofi-Aventis SA, CVR RIGHT 12/31/2020 80105N113 770 975,000 SH   DFND 1 0 975,000 0
Sanofi-Aventis SA, CVR RIGHT 12/31/2020 80105N113 237 300,000 SH   SOLE 0 300,000 0 0
SI Financial Group COM 78425V104 2,517 222,125 SH   DFND 1 0 222,125 0
Symetra Financial Corp. COM 87151Q106 6,915 300,000 SH   DFND 1 0 300,000 0
Symetra Financial Corp. COM 87151Q106 5,763 250,000 SH   SOLE 0 250,000 0 0
Tejon Ranch Co. COM 879080109 15,319 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Warrant W EXP 8/31/2016 879080133 188 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Industries Ltd. COM 881624209 25,736 447,500 SH   DFND 1 0 447,500 0
The Bancorp Bank COM 05969A105 4,438 407,500 SH   DFND 1 0 407,500 0
Time Warner Cable Inc. COM 88732J207 15,206 100,000 SH   DFND 1 0 100,000 0
Waterstone Financial Inc. COM 94188P101 16,428 1,249,300 SH   DFND 1 0 1,249,300 0
Wright Investors Service Holdings COM 982345100 1,395 825,691 SH   DFND 1 0 825,691 0