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
CONSTELLIUM CL A N22035104 276 13,600 SH   DFND   0 13,600 0
CONSTELLIUM CL A N22035104 1,756 86,400 SH   SOLE   86,400 0 0
AV HOMES INC COM 00234P102 2,164 135,595 SH   SOLE   135,595 0 0
ALLY FINANCIAL INC COM 02005N100 189 9,000 SH   DFND   0 9,000 0
ALLY FINANCIAL INC COM 02005N100 1,280 61,000 SH   SOLE   61,000 0 0
AMERICAN INTL GROUP COM NEW 026874784 1,112 20,300 SH   DFND   0 20,300 0
AMERICAN INTL GROUP COM NEW 026874784 6,558 119,700 SH   SOLE   119,700 0 0
ANCHOR BANCORP WISCONSIN INC COM 03283P106 373 10,728 SH   DFND   0 10,728 0
ANCHOR BANCORP WISCONSIN INC COM 03283P106 2,130 61,335 SH   SOLE   61,335 0 0
ANHEUSER BUSCH CO. SPONSORED ADR 03524A108 2,499 20,500 SH   DFND   0 20,500 0
ANHEUSER BUSCH CO. SPONSORED ADR 03524A108 15,422 126,500 SH   SOLE   126,500 0 0
APPLE COMPUTER INC COM 037833100 398 3,200 SH Call DFND   0 3,200 0
APPLE COMPUTER INC COM 037833100 2,713 21,800 SH Call SOLE   21,800 0 0
BAKER HUGHES INC. COM 057224107 178 2,800 SH   DFND   0 2,800 0
BAKER HUGHES INC. COM 057224107 1,094 17,200 SH   SOLE   17,200 0 0
CALLAWAY GOLF CO COM 131193104 287 30,100 SH   DFND   0 30,100 0
CALLAWAY GOLF CO COM 131193104 1,619 169,900 SH   SOLE   169,900 0 0
CISCO SYSTEMS INC COM 17275R102 143 5,200 SH Call DFND   0 5,200 0
CISCO SYSTEMS INC COM 17275R102 958 34,800 SH Call SOLE   34,800 0 0
CITIGROUP INC COM NEW 172967424 1,793 34,800 SH   DFND   0 34,800 0
CITIGROUP INC COM NEW 172967424 10,572 205,200 SH   SOLE   205,200 0 0
COGENT COMMUNICATIONS COM NEW 19239V302 2,868 81,173 SH   DFND   0 81,173 0
COGENT COMMUNICATIONS COM NEW 19239V302 919 26,000 SH Call DFND   0 26,000 0
COGENT COMMUNICATIONS COM NEW 19239V302 17,608 498,400 SH   SOLE   498,400 0 0
COGENT COMMUNICATIONS COM NEW 19239V302 6,147 174,000 SH Call SOLE   174,000 0 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 1,344 82,900 SH   DFND   0 82,900 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 6,761 417,100 SH   SOLE   417,100 0 0
CROWN HOLDINGS INC COM 228368106 2,265 41,933 SH   DFND   0 41,933 0
CROWN HOLDINGS INC COM 228368106 13,899 257,300 SH   SOLE   257,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 113 2,000 SH   DFND   0 2,000 0
DISCOVER FINANCIAL SERVICES COM 254709108 733 13,000 SH   SOLE   13,000 0 0
DOW CHEM CO COM 260543103 1,238 25,800 SH   DFND   0 25,800 0
DOW CHEM CO COM 260543103 7,590 158,200 SH   SOLE   158,200 0 0
EBAY INC COM 278642103 156 2,700 SH   DFND   0 2,700 0
EBAY INC COM 278642103 998 17,300 SH   SOLE   17,300 0 0
EBIX INC COM NEW 278715206 425 14,000 SH Put DFND   0 14,000 0
EBIX INC COM NEW 278715206 2,613 86,000 SH Put SOLE   86,000 0 0
FASTENAL CO. COM 311900104 282 6,800 SH   DFND   0 6,800 0
FASTENAL CO. COM 311900104 1,790 43,200 SH   SOLE   43,200 0 0
FIRST CONN BANCORP COM 319850103 61 3,997 SH   DFND   0 3,997 0
FIRST CONN BANCORP COM 319850103 397 25,800 SH   SOLE   25,800 0 0
FIRST NIAGARA FINANCIAL GROUP COM 33582V108 136 15,400 SH   DFND   0 15,400 0
FIRST NIAGARA FINANCIAL GROUP COM 33582V108 836 94,600 SH   SOLE   94,600 0 0
FIRST SECURITY GROUP INC COM NEW 336312202 2,088 870,000 SH   DFND   0 870,000 0
FIRST SECURITY GROUP INC COM NEW 336312202 12,312 5,130,000 SH   SOLE   5,130,000 0 0
GENERAL ELECTRIC COM 369604103 278 11,200 SH   DFND   0 11,200 0
GENERAL ELECTRIC COM 369604103 1,707 68,800 SH   SOLE   68,800 0 0
GOOGLE INC CL A CL A 38259P508 666 1,200 SH Call DFND   0 1,200 0
GOOGLE INC CL A CL A 38259P508 4,881 8,800 SH Call SOLE   8,800 0 0
GREEN BANCORP COM 39260X100 94 8,400 SH   DFND   0 8,400 0
GREEN BANCORP COM 39260X100 577 51,600 SH   SOLE   51,600 0 0
HUDSON VALLEY HLDG CO COM 444172100 1,580 61,823 SH   DFND   0 61,823 0
HUDSON VALLEY HLDG CO COM 444172100 8,644 338,177 SH   SOLE   338,177 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 1,986 29,429 SH   DFND   0 29,429 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 11,348 168,200 SH   SOLE   168,200 0 0
INTEL CORP COM 458140100 306 9,800 SH Put DFND   0 9,800 0
INTEL CORP COM 458140100 2,039 65,200 SH Put SOLE   65,200 0 0
INTERDIGITAL INC COM 45867G101 3,065 60,400 SH   DFND   0 60,400 0
INTERDIGITAL INC COM 45867G101 1,157 22,800 SH Call DFND   0 22,800 0
INTERDIGITAL INC COM 45867G101 18,094 356,600 SH   SOLE   356,600 0 0
INTERDIGITAL INC COM 45867G101 7,723 152,200 SH Call SOLE   152,200 0 0
INTRALINKS HLDG COM 46118H104 2,590 250,496 SH   DFND   0 250,496 0
INTRALINKS HLDG COM 46118H104 16,084 1,555,495 SH   SOLE   1,555,495 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 37,995 305,500 SH Put DFND   0 305,500 0
ISHARES TR RUSSELL 2000 ETF 464287655 254,274 2,044,500 SH Put SOLE   2,044,500 0 0
JPMORGAN CHASE & CO COM 46625H100 236 3,900 SH   DFND   0 3,900 0
JPMORGAN CHASE & CO COM 46625H100 1,581 26,100 SH   SOLE   26,100 0 0
LAMAR ADVERTISING CO.CLASS A CL A 512816109 581 9,800 SH   DFND   0 9,800 0
LAMAR ADVERTISING CO.CLASS A CL A 512816109 3,568 60,200 SH   SOLE   60,200 0 0
MARTIN MARIETTA MATERIALS COM 573284106 2,447 17,500 SH   DFND   0 17,500 0
MARTIN MARIETTA MATERIALS COM 573284106 15,029 107,500 SH   SOLE   107,500 0 0
MICROSOFT CORP COM 594918104 1,846 45,400 SH   DFND   0 45,400 0
MICROSOFT CORP COM 594918104 11,509 283,100 SH   SOLE   283,100 0 0
MICRON TECHNOLOGY COM 595112103 106 3,900 SH Call DFND   0 3,900 0
MICRON TECHNOLOGY COM 595112103 708 26,100 SH Call SOLE   26,100 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 1 100 SH   DFND   0 100 0
PACIFIC MERCANTILE BANCORP COM 694552100 2 300 SH   SOLE   300 0 0
PENNYMAC MTG INVT TR COM 70931T103 209 9,800 SH   DFND   0 9,800 0
PENNYMAC MTG INVT TR COM 70931T103 1,282 60,200 SH   SOLE   60,200 0 0
PEPSICO INC COM 713448108 143 1,500 SH   DFND   0 1,500 0
PEPSICO INC COM 713448108 5,020 52,500 SH Call DFND   0 52,500 0
PEPSICO INC COM 713448108 813 8,500 SH   SOLE   8,500 0 0
PEPSICO INC COM 713448108 30,837 322,500 SH Call SOLE   322,500 0 0
POPULAR INC COM NEW 733174700 698 20,300 SH   DFND   0 20,300 0
POPULAR INC COM NEW 733174700 4,288 124,700 SH   SOLE   124,700 0 0
REPUBLIC FIRST BANCORP COM 760416107 791 217,800 SH   DFND   0 217,800 0
REPUBLIC FIRST BANCORP COM 760416107 4,872 1,342,200 SH   SOLE   1,342,200 0 0
RUCKUS WIRELESS COM 781220108 216 16,800 SH   DFND   0 16,800 0
RUCKUS WIRELESS COM 781220108 1,328 103,200 SH   SOLE   103,200 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 25,350 122,800 SH Put DFND   0 122,800 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 169,727 822,200 SH Put SOLE   822,200 0 0
SHUTTERFLY INC COM 82568P304 4,551 100,600 SH   DFND   0 100,600 0
SHUTTERFLY INC COM 82568P304 588 13,000 SH Call DFND   0 13,000 0
SHUTTERFLY INC COM 82568P304 27,004 596,900 SH   SOLE   596,900 0 0
SHUTTERFLY INC COM 82568P304 3,936 87,000 SH Call SOLE   87,000 0 0
SIERRA BANCORP COM 82620P102 298 17,846 SH   DFND   0 17,846 0
SIERRA BANCORP COM 82620P102 1,817 108,800 SH   SOLE   108,800 0 0
SUFFOLK BANKCORP COM 864739107 220 9,268 SH   DFND   0 9,268 0
SUFFOLK BANKCORP COM 864739107 1,452 61,130 SH   SOLE   61,130 0 0
SYNOVUS FINANCIAL CORP. COM NEW 87161C501 350 12,500 SH   DFND   0 12,500 0
SYNOVUS FINANCIAL CORP. COM NEW 87161C501 2,171 77,500 SH   SOLE   77,500 0 0
T-MOBILE US INC COM 872590104 1,295 40,850 SH   DFND   0 40,850 0
T-MOBILE US INC COM 872590104 7,728 243,850 SH   SOLE   243,850 0 0
TIFFANY & CO. COM 886547108 79 900 SH   DFND   0 900 0
TIFFANY & CO. COM 886547108 537 6,100 SH   SOLE   6,100 0 0
TRIUMPH BANCORP COM 89679E300 319 23,363 SH   DFND   0 23,363 0
TRIUMPH BANCORP COM 89679E300 2,085 152,600 SH   SOLE   152,600 0 0
UNDER ARMOUR CL A 904311107 105 1,300 SH   DFND   0 1,300 0
UNDER ARMOUR CL A 904311107 703 8,700 SH   SOLE   8,700 0 0
VERITEX HLDGS COM 923451108 33 2,378 SH   DFND   0 2,378 0
VERITEX HLDGS COM 923451108 219 15,683 SH   SOLE   15,683 0 0