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
AMERICAN CAP MTG INVT CORP COM 02504A104 3,595 200,000 SH   SOLE   200,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 4,756 206,700 SH   SOLE   206,700 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 8,106 181,341 SH   SOLE   181,341 0 0
ANNALY CAP MGMT INC NOTE 4% 2/1 035710AA0 5,600 5,000,000 PRN   SOLE   5,000,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 1,961 350,100 SH   SOLE   350,100 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 3,296 200,000 SH   SOLE   200,000 0 0
ARENA PHARMACEUTICALS INC COM 040047102 9,867 1,281,400 SH Put SOLE   1,281,400 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 2,114 448,900 SH   SOLE   448,900 0 0
ASTA FDG INC COM 046220109 7,064 816,591 SH   SOLE   816,591 0 0
BIOTIME INC. COM 09066L105 197 49,700 SH Put SOLE   49,700 0 0
BONANZA CREEK ENERGY INC COM 097793103 5,730 161,597 SH   SOLE   161,597 0 0
BRIDGEPOINT ED INC COM 10807M105 5,063 415,700 SH Call SOLE   415,700 0 0
CAPELLA EDUCATION PANY COM 139594105 10,372 249,039 SH   SOLE   249,039 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 2,963 244,900 SH   SOLE   244,900 0 0
CELGENE CORP RIGHT 12/31/2030 151020112 5,180 708,553 SH   SOLE   708,553 0 0
CELSION CORPORATION COM NEW 15117N305 11 11,000 SH   SOLE   11,000 0 0
CLEAN ENERGY FUELS CORP COM 184499101 6,253 473,700 SH Put SOLE   473,700 0 0
CYS INVTS INC COM 12673A108 4,119 447,200 SH   SOLE   447,200 0 0
DENDREON CORP COM 24823Q107 824 200,000 SH Put SOLE   200,000 0 0
DEVRY INC DEL COM 251893103 8,752 282,134 SH   SOLE   282,134 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 3,447 769,397 SH   SOLE   769,397 0 0
EINSTEIN NOAH REST GROUP INC COM 28257U104 1,669 117,527 SH   SOLE   117,527 0 0
FIRST MARBLEHEAD CORP COM 320771108 12,973 10,994,491 SH   SOLE   10,994,491 0 0
FIRST SOLAR INC COM 336433107 6,104 136,215 SH   SOLE   136,215 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 6,468 986,042 SH   SOLE   986,042 0 0
HATTERAS FINL CORP COM 41902R103 362 14,700 SH   SOLE   14,700 0 0
INTEROIL CORP COM 460951106 10,301 148,200 SH Put SOLE   148,200 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 3,391 204,800 SH   SOLE   204,800 0 0
LAMAR ADVERTISING CO CL A 512815101 10,709 246,819 SH   SOLE   246,819 0 0
LORILLARD INC COM 544147101 19,656 450,000 SH Put SOLE   450,000 0 0
MFA FINL INC COM 55272X102 1,690 200,000 SH   SOLE   200,000 0 0
MILLER ENERGY RES INC COM 600527105 2,307 576,689 SH   SOLE   576,689 0 0
RESEARCH FRONTIERS INC COM 760911107 497 124,856 SH   SOLE   124,856 0 0
RUSH ENTERPRISES INC CL B 781846308 8,291 385,291 SH   SOLE   385,291 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 10,198 261,430 SH   SOLE   261,430 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 1,926 655,014 SH   SOLE   655,014 0 0
STANLEY FURNITURE CO INC COM NEW 854305208 1,128 281,945 SH   SOLE   281,945 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 5,785 422,888 SH   SOLE   422,888 0 0
TECUMSEH PRODS CO CL A 878895200 4,927 450,806 SH   SOLE   450,806 0 0
TESLA MTRS INC COM 88160R101 1,718 16,000 SH   SOLE   16,000 0 0
U S AIRWAYS GROUP INC COM 90341W108 16,913 1,030,000 SH Put SOLE   1,030,000 0 0
UNILIFE CORP NEW COM 90478E103 2,249 709,564 SH   SOLE   709,564 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 3,705 212,200 SH   SOLE   212,200 0 0
WRIGHT MED GROUP INC RIGHT 03/01/2019 98235T115 2,043 753,712 SH   SOLE   753,712 0 0