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
ADECOAGRO S A COM L00849106 2,074 202,900 SH   DFND 1 202,900 0 0
ALLIANCE NEW YORK MUN INC FD COM 018714105 579 41,500 SH   DFND 1 41,500 0 0
AMERICAN CAP LTD COM 02503Y103 4,270 288,681 SH   DFND 1 288,681 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 2,249 141,000 SH   DFND 1 141,000 0 0
AVIS BUDGET GROUP COM 053774105 7,200 122,000 SH   DFND 1 122,000 0 0
BLACKROCK NY MUNI INC QLTY T COM 09249U105 481 35,806 SH   DFND 1 35,806 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 9,102 156,400 SH Put DFND 1 156,400 0 0
CALPINE CORP COM NEW 131347304 15,169 663,287 SH   DFND 1 663,287 0 0
CALPINE CORP COM NEW 131347304 6,861 300,000 SH Call DFND 1 300,000 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 7,606 552,797 SH   DFND 1 552,797 0 0
DURECT CORP COM 266605104 9,315 4,877,000 SH   DFND 1 4,877,000 0 0
EASTMAN KODAK CO COM NEW 277461406 447 23,519 SH   DFND 1 23,519 0 0
EATON VANCE NEW YORK MUN BD COM 27827Y109 2,457 193,026 SH   DFND 1 193,026 0 0
ENOVA INTL INC COM 29357K103 4,609 234,100 SH Put DFND 1 234,100 0 0
ENPRO INDS INC COM 29355X107 4,946 75,000 SH   DFND 1 75,000 0 0
FIFTH STR ASSET MGMT INC CL A COM 31679P109 1,884 167,135 SH   DFND 1 167,135 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 2,825 350,000 SH   DFND 1 350,000 0 0
FXCM INC NOTE 2.250% 6/1 302693AB2 8,495 10,926,000 PRN   DFND 1 10,926,000 0 0
FXCM INC COM CL A 302693106 85 40,000 SH   DFND 1 40,000 0 0
FXCM INC COM CL A 302693106 1,157 543,300 SH Call DFND 1 543,300 0 0
FXCM INC COM CL A 302693106 137 64,400 SH Put DFND 1 64,400 0 0
GALMED PHARMACEUTICALS LTD SHS M47238106 2,493 264,600 SH   DFND 1 264,600 0 0
GENERAL MTRS CO COM 37045V100 1,875 50,000 SH   DFND 1 50,000 0 0
GEVO INC NOTE 7.500% 7/0 374396AA7 3,898 14,025,000 PRN   DFND 1 14,025,000 0 0
GREEN DOT CORP CL A 39304D102 2,738 172,004 SH   DFND 1 172,004 0 0
HARVARD APPARATUS REGENER TE COM 41690A106 652 200,700 SH   DFND 1 200,700 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 8,979 542,862 SH   DFND 1 542,862 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 3,320 200,700 SH Call DFND 1 200,700 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 5,519 280,000 SH   DFND 1 280,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,151 135,000 SH   DFND 1 135,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,151 135,000 SH Put DFND 1 135,000 0 0
KANDI TECHNOLOGIES GROUP INC COM 483709101 1,487 120,000 SH Put DFND 1 120,000 0 0
KCAP FINL INC COM 48668E101 423 62,879 SH   DFND 1 62,879 0 0
KENON HLDGS LTD SHS Y46717107 2,476 130,000 SH   DFND 1 130,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 5,600 245,500 SH   DFND 1 245,500 0 0
LEUCADIA NATL CORP COM 527288104 12,260 550,000 SH   DFND 1 550,000 0 0
LEVY ACQUISITION CORP COM 52748T104 3,781 287,500 SH   DFND 1 287,500 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 823 24,400 SH Put DFND 1 24,400 0 0
MEDLEY MGMT INC CL A COM 58503T106 940 85,537 SH   DFND 1 85,537 0 0
MEDTRONIC PLC SHS G5960L103 2,886 37,008 SH   DFND 1 37,008 0 0
MICRON TECHNOLOGY INC COM 595112103 5,860 216,000 SH   DFND 1 216,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 4,954 200,000 SH Call DFND 1 200,000 0 0
NEW SR INVT GROUP INC COM 648691103 1,663 100,000 SH   DFND 1 100,000 0 0
NEWS CORP NEW CL A 65249B109 3,202 200,000 SH   DFND 1 200,000 0 0
NEWS CORP NEW CL B 65249B208 5,555 350,000 SH   DFND 1 350,000 0 0
NUVEEN NY AMT FREE MUN INCOM COM 670656107 17,685 1,353,100 SH   DFND 1 1,353,100 0 0
NUVEEN NY DIV ADVANTG MUN FD COM 67070A101 1,759 129,799 SH   DFND 1 129,799 0 0
NUVEEN NY DIVID ADVNTG MUN F COM 67066X107 1,595 115,000 SH   DFND 1 115,000 0 0
OCWEN FINL CORP COM NEW 675746309 413 50,000 SH Call DFND 1 50,000 0 0
OCWEN FINL CORP COM NEW 675746309 607 73,600 SH Put DFND 1 73,600 0 0
PAIN THERAPEUTICS INC COM 69562K100 262 138,502 SH   DFND 1 138,502 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 930 110,000 SH   DFND 1 110,000 0 0
SEQUENTIAL BRANDS GROUP INC COM NEW 817340201 4,227 395,000 SH   DFND 1 395,000 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 4,478 525,000 SH   DFND 1 525,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,023 9,000 SH   DFND 1 9,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 6,820 60,000 SH Put DFND 1 60,000 0 0
STATE NATL COS INC COM 85711T305 2,537 255,000 SH   DFND 1 255,000 0 0
STONEGATE MTG CORP COM 86181Q300 4,699 434,328 SH   DFND 1 434,328 0 0
SUPERNUS PHARMACEUTICALS INC NOTE 7.500% 5/0 868459AB4 16,038 6,600,000 PRN   DFND 1 6,600,000 0 0
VANGUARD NAT RES LLC COM UNIT 92205F106 830 59,400 SH Put DFND 1 59,400 0 0
WALTER ENERGY INC COM 93317Q105 388 625,000 SH Put DFND 1 625,000 0 0
WEBSTER FINL CORP CONN COM 947890109 1,094 29,532 SH   DFND 1 29,532 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 388 16,445 SH   DFND 1 16,445 0 0
WRIGHT MED GROUP INC RIGHT 03/01/2019 98235T115 3,342 777,125 SH   DFND 1 777,125 0 0
XCERRA CORP COM 98400J108 2,667 300,000 SH   DFND 1 300,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 13,195 580,000 SH   DFND 1 580,000 0 0