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 1,369 95,000 SH   DFND 1 0 95,000 0
ALCO Stores Inc. COM 001600105 2,705 264,919 SH   DFND 1 0 264,919 0
Aegerion Pharmaceuticals, Inc. COM 00767E102 9,236 200,000 SH   DFND 1 0 200,000 0
Alleghany Corp. COM 017175100 30,350 74,500 SH   DFND 1 0 74,500 0
Allscripts Healthcare Solutn COM 01988P108 8,609 477,500 SH   DFND 1 0 477,500 0
American River Bankshares COM 029326105 2,354 255,000 SH   DFND 1 0 255,000 0
Ashland Inc New COM 044209104 2,487 25,000 SH   DFND 1 0 25,000 0
BRT Realty Trust SH BEN INT NEW 055645303 1,200 168,369 SH   DFND 1 0 168,369 0
The Bancorp Bank COM 05969F104 4,703 250,000 SH   DFND 1 0 250,000 0
Bank of America Corporation COM 060505104 860 50,000 SH   SOLE   50,000 0 0
Barnes & Noble Inc. COM 067774109 10,450 500,000 SH   DFND 1 0 500,000 0
Becton, Dickinson & Co. COM 075887109 20,489 175,000 SH   DFND 1 0 175,000 0
Big 5 Sporting Goods Corp. COM 08915P101 3,772 235,000 SH   DFND 1 0 235,000 0
Blount International, Inc. COM 095180105 7,387 620,792 SH   DFND 1 0 620,792 0
Boeing Co. COM 097023105 2,510 20,000 SH   SOLE   20,000 0 0
Boise Cascade Corp. Del COM 09739D100 394 13,769 SH   SOLE   13,769 0 0
Boston Scientific Corp. COM 101137107 27,040 2,000,000 SH   DFND 1 0 2,000,000 0
CIT Group Inc. COM NEW 125581801 22,304 455,000 SH   DFND 1 0 455,000 0
Cache, Inc. COM NEW 127150308 12,458 3,786,635 SH   DFND 1 0 3,786,635 0
Callon Pete Co Del COM 13123X102 837 100,000 SH   DFND 1 0 100,000 0
Cape Bancorp Inc. COM 139209100 2,851 259,200 SH   DFND 1 0 259,200 0
Castle A M & Co. COM 148411101 8,337 567,500 SH   DFND 1 0 567,500 0
Charter Financial Corporation MD COM 16122W108 494 45,725 SH   DFND 1 0 45,725 0
Clifton Savings Bancorp, Inc. COM 18712Q103 2,317 197,700 SH   DFND 1 0 197,700 0
Columbia Banking System, Inc. COM 197236102 37,929 1,329,907 SH   DFND 1 0 1,329,907 0
Crocs, Inc. COM 227046109 1,404 90,000 SH   DFND 1 0 90,000 0
Demand Media, Inc. COM 24802N109 4,416 910,500 SH   DFND 1 0 910,500 0
Dolby Laboratories Inc. COM 25659T107 24,800 557,300 SH   DFND 1 0 557,300 0
Donegal Group Inc. COM CL A 257701201 2,187 150,000 SH   DFND 1 0 150,000 0
Du Pont E I De Nemours & Co COM 263534109 24,492 365,000 SH   DFND 1 0 365,000 0
Du Pont E I De Nemours & Co COM 263534109 1,342 20,000 SH   SOLE   20,000 0 0
Enzon Pharmaceuticals Inc. COM 293904108 771 748,200 SH   DFND 1 0 748,200 0
Exxon Mobil Corp. COM 30231G102 1,172 12,000 SH   SOLE   12,000 0 0
FXCM Inc COM CL A 302693106 24,826 1,680,828 SH   DFND 1 0 1,680,828 0
FTD Companies, Inc. COM 30281V108 4,772 150,000 SH   DFND 1 0 150,000 0
Farmer Bros Co. COM 307675108 7,196 365,300 SH   DFND 1 0 365,300 0
Farmer Bros Co. COM 307675108 55 2,800 SH   SOLE   2,800 0 0
First Security Group Inc. COM NEW 336312025 12,646 6,080,000 SH   DFND 1 0 6,080,000 0
Forest City Enterprises Inc. CL A 345550107 17,095 895,000 SH   DFND 1 0 895,000 0
Franklin Financial Corp VA COM 35353C102 13,962 713,798 SH   DFND 1 0 713,798 0
GAMCO Investors Inc. COM 361438104 1,693 21,800 SH   DFND 1 0 21,800 0
Gencorp Inc. COM 368682100 13,502 739,000 SH   DFND 1 0 739,000 0
Gencorp Inc. COM 368682100 453 24,794 SH   SOLE   24,794 0 0
General Electric Co. COM 369604103 1,295 50,000 SH   SOLE   50,000 0 0
General Motors Co. W EXP 7/10/2019 37045V126 3,482 200,000 SH   DFND 1 0 200,000 0
Getty Realty Corp. COM 374297109 5,282 279,596 SH   DFND 1 0 279,596 0
Getty Realty Corp. COM 374297109 679 35,969 SH   SOLE   35,969 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 14,516 323,000 SH   DFND 1 0 323,000 0
Hardinge, Inc. COM 412324303 4,248 295,000 SH   DFND 1 0 295,000 0
Harris Corp Del COM 413875105 10,811 147,769 SH   DFND 1 0 147,769 0
Heritage Commerce Corp. COM 426927109 5,221 647,794 SH   DFND 1 0 647,794 0
Heritage Oaks Bancorp COM 42724R107 9,426 1,166,575 SH   DFND 1 0 1,166,575 0
Hess Corporation COM 42809H107 49,728 600,000 SH   DFND 1 0 600,000 0
Hess Corporation COM 42809H107 16,576 200,000 SH   SOLE   200,000 0 0
HomeTrust Bancshares, Inc. COM 437872104 4,734 300,000 SH   DFND 1 0 300,000 0
Hospira Inc. COM 441060100 17,300 400,000 SH   DFND 1 0 400,000 0
Hugoton RTY TR TEX UNIT BEN INT 444717102 282 35,000 SH   SOLE   35,000 0 0
Intel Corp. COM 458140100 12,907 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 34,849 1,350,000 SH   SOLE   1,350,000 0 0
Johnson & Johnson COM 478160104 3,438 35,000 SH   SOLE   35,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 21,712 304,002 SH   DFND 1 0 304,002 0
Kemper Corp. Del COM 488401100 392 10,000 SH   SOLE   10,000 0 0
Liberty Interactive Corp INT COM SER A 53071M104 2,382 82,500 SH   DFND 1 0 82,500 0
Loews Corporation COM 540424108 2,167 49,200 SH   DFND 1 0 49,200 0
National Presto Industries, Inc. COM 637215104 7,648 98,000 SH   DFND 1 0 98,000 0
News Corp CL A 65248E104 6,888 400,000 SH   DFND 1 0 400,000 0
Northeast Bancorp COM NEW 663904209 3,153 336,861 SH   DFND 1 0 336,861 0
Northfield Bancorp Inc COM 66611T105 9,002 700,000 SH   DFND 1 0 700,000 0
Novagold Resources Inc. COM NEW 66987E206 181 50,000 SH   DFND 1 0 50,000 0
Old Republic Intl Corp. COM 680223104 346 21,093 SH   SOLE   21,093 0 0
OmniAmerican Bancorp Inc COM 68216R107 12,598 552,800 SH   DFND 1 0 552,800 0
Oneok Inc. COM 682680103 17,775 300,000 SH   DFND 1 0 300,000 0
Penny JC Inc. COM 708160106 2,282 264,700 SH   DFND 1 0 264,700 0
Pfizer Inc. COM 717081103 6,103 190,000 SH   DFND 1 0 190,000 0
Pfizer Inc. COM 717081103 5,046 157,100 SH   SOLE   157,100 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 792 14,363 SH   SOLE   14,363 0 0
Popular, Inc. COM NEW 733174700 4,763 153,700 SH   DFND 1 0 153,700 0
Prudential Bancorp Inc. PA COM 744319104 1,292 121,287 SH   DFND 1 0 121,287 0
QEP resources Inc. COM 74733V100 11,776 400,000 SH   DFND 1 0 400,000 0
Quanex Building Products COM 747619104 1,497 72,374 SH   DFND 1 0 72,374 0
Resolute Forest Products Inc. COM 76117W109 9,710 483,306 SH   DFND 1 0 483,306 0
Royal Dutch Shell PLC Spon ADR A 780259206 1,094 14,979 SH   SOLE   14,979 0 0
Ruths Hospitality Group Inc. COM 783332109 16,977 1,404,200 SH   DFND 1 0 1,404,200 0
SI Financial Group Inc MD COM 78425V104 2,012 178,500 SH   DFND 1 0 178,500 0
SandRidge Energy, Inc. COM 80007P307 1,535 250,000 SH   DFND 1 0 250,000 0
Sanofi RIGHT 12/31/2020 80105N113 1,542 4,975,000 SH   DFND 1 0 4,975,000 0
Sanofi RIGHT 12/31/2020 80105N113 93 300,000 SH   SOLE   300,000 0 0
Seacoast Banking Corp of Florida COM NEW 811707801 1,959 178,100 SH   DFND 1 0 178,100 0
Symantec Corp COM 871503108 1,697 85,000 SH   DFND 1 0 85,000 0
Symetra Financial Corp. COM 87151Q106 11,892 600,000 SH   DFND 1 0 600,000 0
Symetra Financial Corp. COM 87151Q106 9,613 485,000 SH   SOLE   485,000 0 0
Tejon Ranch Co. COM 879080109 17,592 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Co. W EXP 8/31/2016 879080133 280 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Inds Ltd. ADR 881624209 20,523 388,400 SH   DFND 1 0 388,400 0
Titan International, Inc ILL. COM 88830M102 1,538 81,000 SH   DFND 1 0 81,000 0
United Financial Bancorp, Inc. COM 91030T109 1,477 80,300 SH   DFND 1 0 80,300 0
Universal Stainless & Alloy Inc. COM 913837100 2,800 82,909 SH   DFND 1 0 82,909 0
Vornado Realty Trust SH BEN INT 929042109 9,856 100,000 SH   DFND 1 0 100,000 0
Waterstone Financial Inc. MD COM 94188P101 8,312 800,000 SH   DFND 1 0 800,000 0
Wright Medical Group Inc. COM 98235T107 1,529 783,937 SH   DFND 1 0 783,937 0
Yadkin Valley Financial Corp COM 984314104 6,333 295,800 SH   DFND 1 0 295,800 0