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
BRIDGE BANCORP INC COM 108035106 13,927 521,400 SH   SOLE   521,400 0 0
CONSTELLIUM CL A N22035104 50 8,200 SH   DFND   0 8,200 0
CONSTELLIUM CL A N22035104 314 51,800 SH   SOLE   51,800 0 0
AV HOMES INC COM 00234P102 673 49,799 SH   DFND   0 49,799 0
AV HOMES INC COM 00234P102 6,604 488,433 SH   SOLE   488,433 0 0
ANHEUSER BUSCH CO SPONSORED ADR 03524A108 2,180 20,500 SH   DFND   0 20,500 0
ANHEUSER BUSCH CO SPONSORED ADR 03524A108 11,600 109,100 SH Call DFND   0 109,100 0
ANHEUSER BUSCH CO SPONSORED ADR 03524A108 13,449 126,500 SH   SOLE   126,500 0 0
ANHEUSER BUSCH CO SPONSORED ADR 03524A108 73,456 690,900 SH Call SOLE   690,900 0 0
APPLE COMPUTER INC COM 037833100 287 2,600 SH Call DFND   0 2,600 0
APPLE COMPUTER INC COM 037833100 1,919 17,400 SH Call SOLE   17,400 0 0
CALLAWAY GOLF CO COM 131193104 99 11,800 SH   DFND   0 11,800 0
CALLAWAY GOLF CO COM 131193104 718 86,000 SH   SOLE   86,000 0 0
CISCO SYSTEMS INC COM 17275R102 137 5,200 SH Call DFND   0 5,200 0
CISCO SYSTEMS INC COM 17275R102 914 34,800 SH Call SOLE   34,800 0 0
CITIGROUP INC COM NEW 172967424 2,877 58,000 SH   DFND   0 58,000 0
CITIGROUP INC COM NEW 172967424 6,722 135,500 SH Call DFND   0 135,500 0
CITIGROUP INC COM NEW 172967424 17,959 362,000 SH   SOLE   362,000 0 0
CITIGROUP INC COM NEW 172967424 42,808 862,900 SH Call SOLE   862,900 0 0
COGENT COMMUNICATIONS COM NEW 19239V302 3,203 117,925 SH   DFND   0 117,925 0
COGENT COMMUNICATIONS COM NEW 19239V302 706 26,000 SH Call DFND   0 26,000 0
COGENT COMMUNICATIONS COM NEW 19239V302 20,098 740,000 SH   SOLE   740,000 0 0
COGENT COMMUNICATIONS COM NEW 19239V302 4,726 174,000 SH Call SOLE   174,000 0 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 1,036 82,900 SH   DFND   0 82,900 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 5,214 417,100 SH   SOLE   417,100 0 0
CROWN HOLDINGS INC COM 228368106 1,827 39,933 SH   DFND   0 39,933 0
CROWN HOLDINGS INC COM 228368106 11,177 244,300 SH   SOLE   244,300 0 0
DISCOVERY COMM.-C COM SER C 25470F302 476 19,600 SH   DFND   0 19,600 0
DISCOVERY COMM.-C COM SER C 25470F302 2,925 120,400 SH   SOLE   120,400 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 1,861 35,800 SH   DFND   0 35,800 0
DISCOVER FINANCIAL SERVICES COM 254709108 4,476 86,100 SH Call DFND   0 86,100 0
DISCOVER FINANCIAL SERVICES COM 254709108 12,176 234,200 SH   SOLE   234,200 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 29,317 563,900 SH Call SOLE   563,900 0 0
EASTERLY GOVERNMENT PROPERTY COM 27616P103 660 41,371 SH   DFND   0 41,371 0
EASTERLY GOVERNMENT PROPERTY COM 27616P103 4,457 279,462 SH   SOLE   279,462 0 0
EBAY INC COM 278642103 66 2,700 SH   DFND   0 2,700 0
EBAY INC COM 278642103 423 17,300 SH   SOLE   17,300 0 0
EBIX INC COM NEW 278715206 349 14,000 SH Put DFND   0 14,000 0
EBIX INC COM NEW 278715206 2,147 86,000 SH Put SOLE   86,000 0 0
FIRST CONN BANCORP COM 319850103 106 6,600 SH   DFND   0 6,600 0
FIRST CONN BANCORP COM 319850103 700 43,400 SH   SOLE   43,400 0 0
FIRST NIAGARA FINANCIAL GROUP COM 33582V108 157 15,400 SH   DFND   0 15,400 0
FIRST NIAGARA FINANCIAL GROUP COM 33582V108 966 94,600 SH   SOLE   94,600 0 0
FIRST SECURITY GROUP INC COM NEW 336312202 2,166 870,000 SH   DFND   0 870,000 0
FIRST SECURITY GROUP INC COM NEW 336312202 12,774 5,130,000 SH   SOLE   5,130,000 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 1,960 30,029 SH   DFND   0 30,029 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 2,441 37,400 SH Call DFND   0 37,400 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 12,493 191,400 SH   SOLE   191,400 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 14,979 229,500 SH Call SOLE   229,500 0 0
INTERDIGITAL INC COM 45867G101 3,451 68,200 SH   DFND   0 68,200 0
INTERDIGITAL INC COM 45867G101 20,584 406,800 SH   SOLE   406,800 0 0
INTRALINKS HLDG COM 46118H104 2,445 294,916 SH   DFND   0 294,916 0
INTRALINKS HLDG COM 46118H104 15,195 1,832,975 SH   SOLE   1,832,975 0 0
ISHARESRUT2000 RUSSELL 2000 ETF 464287655 25,990 238,000 SH Put DFND   0 238,000 0
ISHARESRUT2000 RUSSELL 2000 ETF 464287655 159,650 1,462,000 SH Put SOLE   1,462,000 0 0
JOHNSON & JOHNSON COM 478160104 159 1,700 SH   DFND   0 1,700 0
JOHNSON & JOHNSON COM 478160104 1,008 10,800 SH   SOLE   10,800 0 0
LAMAR ADVERTISING CO.CLASS A CL A 512816109 376 7,200 SH   DFND   0 7,200 0
LAMAR ADVERTISING CO.CLASS A CL A 512816109 2,233 42,800 SH   SOLE   42,800 0 0
MARTIN MARIETTA MATERIALS COM 573284106 2,659 17,500 SH   DFND   0 17,500 0
MARTIN MARIETTA MATERIALS COM 573284106 16,335 107,500 SH   SOLE   107,500 0 0
MCDONALDS COM 580135101 276 2,800 SH   DFND   0 2,800 0
MCDONALDS COM 580135101 1,941 19,700 SH   SOLE   19,700 0 0
MICROSOFT CORP COM 594918104 1,695 38,300 SH   DFND   0 38,300 0
MICROSOFT CORP COM 594918104 10,410 235,200 SH   SOLE   235,200 0 0
MICRON TECHNOLOGY INC COM 595112103 67 4,500 SH Call DFND   0 4,500 0
MICRON TECHNOLOGY INC COM 595112103 457 30,500 SH Call SOLE   30,500 0 0
NEWBRDIGE BANCORP CL A NO PAR 65080T102 3 314 SH   DFND   0 314 0
NEWBRDIGE BANCORP CL A NO PAR 65080T102 19 2,200 SH   SOLE   2,200 0 0
OUTERWALL INC COM 690070107 279 4,900 SH   DFND   0 4,900 0
OUTERWALL INC COM 690070107 1,714 30,100 SH   SOLE   30,100 0 0
PAYPAL HOLDINGS INC COM 70450Y103 84 2,700 SH   DFND   0 2,700 0
PAYPAL HOLDINGS INC COM 70450Y103 537 17,300 SH   SOLE   17,300 0 0
PEPSICO INC COM 713448108 141 1,500 SH   DFND   0 1,500 0
PEPSICO INC COM 713448108 368 3,900 SH Call DFND   0 3,900 0
PEPSICO INC COM 713448108 802 8,500 SH   SOLE   8,500 0 0
PEPSICO INC COM 713448108 2,461 26,100 SH Call SOLE   26,100 0 0
PFIZER INC COM 717081103 327 10,400 SH Call DFND   0 10,400 0
PFIZER INC COM 717081103 2,186 69,600 SH Call SOLE   69,600 0 0
POPULAR INC COM NEW 733174700 481 15,900 SH   DFND   0 15,900 0
POPULAR INC COM NEW 733174700 2,845 94,100 SH   SOLE   94,100 0 0
REPUBLIC FIRST BANCORP COM 760416107 815 219,200 SH   DFND   0 219,200 0
REPUBLIC FIRST BANCORP COM 760416107 5,025 1,350,812 SH   SOLE   1,350,812 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 33,095 172,700 SH Put DFND   0 172,700 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 207,401 1,082,300 SH Put SOLE   1,082,300 0 0
FINANCIAL SELECT SPDR SBI INT-FINL 81369Y605 634 28,000 SH   DFND   0 28,000 0
FINANCIAL SELECT SPDR SBI INT-FINL 81369Y605 3,898 172,000 SH   SOLE   172,000 0 0
SHUTTERFLY INC COM 82568P304 3,798 106,247 SH   DFND   0 106,247 0
SHUTTERFLY INC COM 82568P304 22,405 626,700 SH   SOLE   626,700 0 0
SIERRA BANCORP COM 82620P102 280 17,534 SH   DFND   0 17,534 0
SIERRA BANCORP COM 82620P102 1,706 106,900 SH   SOLE   106,900 0 0
STERLING BANCORP COM 85917A100 464 31,187 SH   DFND   0 31,187 0
STERLING BANCORP COM 85917A100 2,509 168,713 SH   SOLE   168,713 0 0
SUFFOLK BANKCORP COM 864739107 272 9,970 SH   DFND   0 9,970 0
SUFFOLK BANKCORP COM 864739107 1,777 65,030 SH   SOLE   65,030 0 0
T-MOBILE US INC COM 872590104 830 20,850 SH   DFND   0 20,850 0
T-MOBILE US INC COM 872590104 4,851 121,850 SH   SOLE   121,850 0 0
TELETECH HOLDINGS COM 879939106 273 10,200 SH   DFND   0 10,200 0
TELETECH HOLDINGS COM 879939106 1,806 67,400 SH   SOLE   67,400 0 0
TIFFANY & CO. COM 886547108 69 900 SH   DFND   0 900 0
TIFFANY & CO. COM 886547108 510 6,600 SH   SOLE   6,600 0 0
TIME WARNER INC COM NEW 887317303 722 10,500 SH   DFND   0 10,500 0
TIME WARNER INC COM NEW 887317303 4,434 64,500 SH   SOLE   64,500 0 0
TRIUMPH BANCORP COM 89679E300 449 26,744 SH   DFND   0 26,744 0
TRIUMPH BANCORP COM 89679E300 2,961 176,227 SH   SOLE   176,227 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 493 18,200 SH   DFND   0 18,200 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 3,026 111,800 SH   SOLE   111,800 0 0
WEBMD HEALTH COM 94770V102 335 8,400 SH   DFND   0 8,400 0
WEBMD HEALTH COM 94770V102 2,056 51,600 SH   SOLE   51,600 0 0