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
Orient Express Hotels Ltd COM CL A G67743107 1,381 95,000 SH   DFND 1 0 95,000 0
ALCO Stores Inc. COM 001600105 2,013 264,919 SH   DFND 1 0 264,919 0
Aegerion Pharmaceuticals, Inc. COM 00767E102 7,702 240,000 SH   DFND 1 0 240,000 0
Alamos Gold Inc. COM 011527108 2,023 200,000 SH   DFND 1 0 200,000 0
Allscripts Healthcare Solutn COM 01988P108 7,664 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 16,916 707,500 SH   DFND 1 0 707,500 0
American River Bankshares COM 029326105 2,229 255,000 SH   DFND 1 0 255,000 0
American Woodmark Corp. COM 030506109 71 2,213 SH   DFND 1 0 2,213 0
BRT Realty Trust SH BEN INT NEW 055645303 1,243 168,369 SH   DFND 1 0 168,369 0
The Bancorp Bank COM 05969F104 7,742 650,000 SH   DFND 1 0 650,000 0
Bank of America Corporation COM 060505104 769 50,000 SH   SOLE   50,000 0 0
Barnes & Noble Inc. COM 067774109 9,857 432,500 SH   DFND 1 0 432,500 0
Becton, Dickinson & Co. COM 075887109 15,971 135,000 SH   DFND 1 0 135,000 0
Big 5 Sporting Goods Corp. COM 08915P101 2,883 235,000 SH   DFND 1 0 235,000 0
Blount International, Inc. COM 095180105 9,901 701,700 SH   DFND 1 0 701,700 0
Boeing Co. COM 097023105 2,544 20,000 SH   SOLE   20,000 0 0
Boston Scientific Corp. COM 101137107 25,540 2,000,000 SH   DFND 1 0 2,000,000 0
CIT Group Inc. COM NEW 125581801 20,821 455,000 SH   DFND 1 0 455,000 0
Cache, Inc. COM NEW 127150308 5,245 4,072,350 SH   DFND 1 0 4,072,350 0
Callon Pete Co Del COM 13123X102 1,165 100,000 SH   DFND 1 0 100,000 0
Cape Bancorp Inc. COM 139209100 2,781 259,200 SH   DFND 1 0 259,200 0
Castle A M & Co. COM 148411101 7,093 642,500 SH   DFND 1 0 642,500 0
Clifton Savings Bancorp, Inc. COM 18712Q103 3,720 293,568 SH   DFND 1 0 293,568 0
Columbia Banking System, Inc. COM 197236102 34,990 1,329,907 SH   DFND 1 0 1,329,907 0
Demand Media, Inc. COM 24802N109 4,820 1,000,000 SH   DFND 1 0 1,000,000 0
Dolby Laboratories Inc. COM 25659T107 30,348 702,500 SH   DFND 1 0 702,500 0
Donegal Group Inc. COM CL A 257701201 2,295 150,000 SH   DFND 1 0 150,000 0
Du Pont E I De Nemours & Co COM 263534109 25,540 375,000 SH   DFND 1 0 375,000 0
Du Pont E I De Nemours & Co COM 263534109 1,309 20,000 SH   SOLE   20,000 0 0
Enzon Pharmaceuticals Inc. COM 293904108 778 748,200 SH   DFND 1 0 748,200 0
Express, Inc. COM 30219E103 852 50,000 SH   DFND 1 0 50,000 0
Exxon Mobil Corp. COM 30231G102 1,208 12,000 SH   SOLE   12,000 0 0
FXCM Inc COM CL A 302693106 25,628 1,713,100 SH   DFND 1 0 1,713,100 0
Farmer Bros Co. COM 307675108 7,894 365,300 SH   DFND 1 0 365,300 0
Farmer Bros Co. COM 307675108 61 2,800 SH   SOLE   2,800 0 0
First Security Group Inc. COM NEW 336312025 13,194 6,080,000 SH   DFND 1 0 6,080,000 0
Forest City Enterprises Inc. CL A 345550107 17,188 865,000 SH   DFND 1 0 865,000 0
Franklin Financial Corp VA COM 35353C102 15,489 713,798 SH   DFND 1 0 713,798 0
GAMCO Investors Inc. COM 361438104 1,810 21,800 SH   DFND 1 0 21,800 0
Gencorp Inc. COM 368682100 14,114 739,000 SH   DFND 1 0 739,000 0
Gencorp Inc. COM 368682100 474 24,794 SH   SOLE   24,794 0 0
General Electric Co. COM 369604103 1,314 50,000 SH   SOLE   50,000 0 0
General Motors Corp. COM 37045V100 6,353 175,000 SH   DFND 1 0 175,000 0
General Motors Co. W EXP 7/10/2019 37045V126 3,712 200,000 SH   DFND 1 0 200,000 0
Getty Realty Corp. COM 374297109 5,414 283,778 SH   DFND 1 0 283,778 0
Getty Realty Corp. COM 374297109 686 35,969 SH   SOLE   35,969 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 14,593 323,000 SH   DFND 1 0 323,000 0
Hardinge, Inc. COM 412324303 3,732 295,000 SH   DFND 1 0 295,000 0
Heritage Commerce Corp. COM 426927109 4,341 531,390 SH   DFND 1 0 531,390 0
Heritage Oaks Bancorp COM 42724R107 8,901 1,166,575 SH   DFND 1 0 1,166,575 0
Hess Corporation COM 42809H107 57,356 580,000 SH   DFND 1 0 580,000 0
Hess Corporation COM 42809H107 19,778 200,000 SH   SOLE   200,000 0 0
HomeTrust Bancshares, Inc. COM 437872104 4,094 259,622 SH   DFND 1 0 259,622 0
Hospira Inc. COM 441060100 20,548 400,000 SH   DFND 1 0 400,000 0
Hugoton RTY TR TEX UNIT BEN INT 444717102 384 35,000 SH   SOLE   35,000 0 0
Installed Building Products, Inc. COM 45780R101 1,470 120,000 SH   DFND 1 0 120,000 0
Intel Corp. COM 458140100 15,450 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 41,715 1,350,000 SH   SOLE   1,350,000 0 0
International Game Technology COM 459902102 3,182 200,000 SH   DFND 1 0 200,000 0
Investors Bancorp, Inc. NEW COM 46146L101 5,525 500,000 SH   DFND 1 0 500,000 0
Johnson & Johnson COM 478160104 3,662 35,000 SH   SOLE   35,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 22,153 304,002 SH   DFND 1 0 304,002 0
Kemper Corp. Del COM 488401100 369 10,000 SH   SOLE   10,000 0 0
Liberty Interactive Corp INT COM SER A 53071M104 2,422 82,500 SH   DFND 1 0 82,500 0
National Presto Industries, Inc. COM 637215104 7,138 98,000 SH   DFND 1 0 98,000 0
News Corp CL A 65248E104 7,176 400,000 SH   DFND 1 0 400,000 0
Northeast Bancorp COM NEW 663904209 3,224 336,861 SH   DFND 1 0 336,861 0
Northfield Bancorp Inc COM 66611T105 9,177 700,000 SH   DFND 1 0 700,000 0
Old Republic Intl Corp. COM 680223104 349 21,093 SH   SOLE   21,093 0 0
OmniAmerican Bancorp Inc COM 68216R107 3,088 123,500 SH   DFND 1 0 123,500 0
Oneok Inc. COM 682680103 20,424 300,000 SH   DFND 1 0 300,000 0
Pfizer Inc. COM 717081103 3,179 107,100 SH   SOLE   107,100 0 0
Polypore International, Inc. COM 73179V103 1,193 25,000 SH   DFND 1 0 25,000 0
Plains All American Pipeline UNIT LTD PARTN 726503105 855 14,363 SH   SOLE   14,363 0 0
Popular, Inc. COM NEW 733174700 8,630 252,500 SH   DFND 1 0 252,500 0
Prudential Bancorp Inc. PA COM 744319104 1,396 121,287 SH   DFND 1 0 121,287 0
QEP resources Inc. COM 74733V100 13,800 400,000 SH   DFND 1 0 400,000 0
Quanex Building Products COM 747619104 1,072 60,000 SH   DFND 1 0 60,000 0
Realogy Holdings Corp. COM 75605Y106 3,771 100,000 SH   DFND 1 0 100,000 0
Resolute Forest Products Inc. COM 76117W109 8,110 483,306 SH   DFND 1 0 483,306 0
Royal Dutch Shell PLC Spon ADR A 780259206 1,234 14,979 SH   SOLE   14,979 0 0
Ruths Hospitality Group Inc. COM 783332109 17,167 1,390,000 SH   DFND 1 0 1,390,000 0
SI Financial Group Inc MD COM 78425V104 2,142 186,100 SH   DFND 1 0 186,100 0
SandRidge Energy, Inc. COM 80007P307 1,788 250,000 SH   DFND 1 0 250,000 0
Sanofi RIGHT 12/31/2020 80105N113 2,488 4,975,000 SH   DFND 1 0 4,975,000 0
Sanofi RIGHT 12/31/2020 80105N113 150 300,000 SH   SOLE   300,000 0 0
Seacoast Banking Corp of Florida COM NEW 811707801 1,936 178,100 SH   DFND 1 0 178,100 0
Symetra Financial Corp. COM 87151Q106 10,233 450,000 SH   DFND 1 0 450,000 0
Symetra Financial Corp. COM 87151Q106 11,029 485,000 SH   SOLE   485,000 0 0
Tejon Ranch Co. COM 879080109 16,739 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Co. W EXP 8/31/2016 879080133 214 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Inds Ltd. ADR 881624209 26,210 500,000 SH   DFND 1 0 500,000 0
Time Warner Cable Inc. COM 88732J207 5,156 35,000 SH   DFND 1 0 35,000 0
Titan International, Inc ILL. COM 88830M102 5,046 300,000 SH   DFND 1 0 300,000 0
Waterstone Financial Inc. MD COM 94188P101 14,255 1,249,300 SH   DFND 1 0 1,249,300 0
Wright Investors Service Holdings COM 982345100 1,478 825,691 SH   DFND 1 0 825,691 0
Yadkin Valley Financial Corp COM 984314104 3,525 187,100 SH   DFND 1 0 187,100 0