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
ENSCO PLC NEW CLASS A ORD SHS CLASS A G3157S106 144,585 3,500 SH   DFND   0 3,500 0
ENSCO PLC NEW CLASS A ORD SHS CLASS A G3157S106 888,165 21,500 SH   SOLE   21,500 0 0
ROWAN COMPANIES LTD SHS CL A G7665A101 141,736 5,600 SH   DFND   0 5,600 0
ROWAN COMPANIES LTD SHS CL A G7665A101 870,664 34,400 SH   SOLE   34,400 0 0
CONSTELLIUM CL A N22035104 204,263 8,300 SH   DFND   0 8,300 0
CONSTELLIUM CL A N22035104 1,272,337 51,700 SH   SOLE   51,700 0 0
ALLY FINL INC COM 02005N100 6,170,350 266,653 SH   SOLE   266,653 0 0
AV HOMES INC COM 00234P102 1,986,467 135,595 SH   SOLE   135,595 0 0
AMERICAN INTL GROUP COM NEW 026874784 2,587,558 47,900 SH   DFND   0 47,900 0
AMERICAN INTL GROUP COM NEW 026874784 15,757,634 291,700 SH   SOLE   291,700 0 0
ANHEUSER BUSCH CO. SPONSORED ADR 03524A108 2,272,425 20,500 SH   DFND   0 20,500 0
ANHEUSER BUSCH CO. SPONSORED ADR 03524A108 14,022,525 126,500 SH   SOLE   126,500 0 0
APPLE COMPUTER INC COM 037833100 423,150 4,200 SH Call DFND   0 4,200 0
APPLE COMPUTER INC COM 037833100 2,599,350 25,800 SH Call SOLE   25,800 0 0
BANK OF CALIFORNIA INC COM 05990K106 293,076 25,200 SH   DFND   0 25,200 0
BANK OF CALIFORNIA INC COM 05990K106 1,800,324 154,800 SH   SOLE   154,800 0 0
CALLAWAY GOLF CO COM 131193104 432,952 59,800 SH   DFND   0 59,800 0
CALLAWAY GOLF CO COM 131193104 2,607,848 360,200 SH   SOLE   360,200 0 0
CISCO SYSTEMS INC COM 17275R102 27,687 1,100 SH   DFND   0 1,100 0
CISCO SYSTEMS INC COM 17275R102 176,190 7,000 SH Call DFND   0 7,000 0
CISCO SYSTEMS INC COM 17275R102 161,088 6,400 SH   SOLE   6,400 0 0
CISCO SYSTEMS INC COM 17275R102 1,082,310 43,000 SH Call SOLE   43,000 0 0
CITIGROUP INC COM NEW 172967424 2,653,184 51,200 SH   DFND   0 51,200 0
CITIGROUP INC COM NEW 172967424 15,727,370 303,500 SH   SOLE   303,500 0 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 2,068,796 61,553 SH   DFND   0 61,553 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 12,714,663 378,300 SH   SOLE   378,300 0 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 1,714,372 82,900 SH   DFND   0 82,900 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 8,625,628 417,100 SH   SOLE   417,100 0 0
CROWN HOLDINGS INC COM 228368106 1,807,512 40,600 SH   DFND   0 40,600 0
CROWN HOLDINGS INC COM 228368106 11,103,288 249,400 SH   SOLE   249,400 0 0
DOW CHEM CO COM 260543103 1,221,852 23,300 SH   DFND   0 23,300 0
DOW CHEM CO COM 260543103 7,509,408 143,200 SH   SOLE   143,200 0 0
EBAY INC COM 278642103 390,747 6,900 SH   DFND   0 6,900 0
EBAY INC COM 278642103 2,440,753 43,100 SH   SOLE   43,100 0 0
EBIX INC COM NEW 278715206 1,627,864 114,800 SH Put DFND   0 114,800 0
EBIX INC COM NEW 278715206 10,008,244 705,800 SH Put SOLE   705,800 0 0
ERICSSON ADR B SEK 10 294821608 220,325 17,500 SH   DFND   0 17,500 0
ERICSSON ADR B SEK 10 294821608 1,353,425 107,500 SH   SOLE   107,500 0 0
FIRST SECURITY GROUP INC COM NEW 336312202 1,722,600 870,000 SH   DFND   0 870,000 0
FIRST SECURITY GROUP INC COM NEW 336312202 10,157,400 5,130,000 SH   SOLE   5,130,000 0 0
GENERAL ELECTRIC COM 369604103 286,944 11,200 SH   DFND   0 11,200 0
GENERAL ELECTRIC COM 369604103 1,762,656 68,800 SH   SOLE   68,800 0 0
GOOGLE INC CL A CL A 38259P508 823,774 1,400 SH Call DFND   0 1,400 0
GOOGLE INC CL A CL A 38259P508 5,060,326 8,600 SH Call SOLE   8,600 0 0
HUDSON VALLEY HLDG CO COM 444172100 1,122,088 61,823 SH   DFND   0 61,823 0
HUDSON VALLEY HLDG CO COM 444172100 6,137,912 338,177 SH   SOLE   338,177 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 2,227,156 33,796 SH   DFND   0 33,796 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 2,306,500 35,000 SH Call DFND   0 35,000 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 13,133,870 199,300 SH   SOLE   199,300 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 14,168,500 215,000 SH Call SOLE   215,000 0 0
INTERDIGITAL INC COM 45867G101 2,154,262 54,100 SH   DFND   0 54,100 0
INTERDIGITAL INC COM 45867G101 557,480 14,000 SH Call DFND   0 14,000 0
INTERDIGITAL INC COM 45867G101 12,579,138 315,900 SH   SOLE   315,900 0 0
INTERDIGITAL INC COM 45867G101 3,424,520 86,000 SH Call SOLE   86,000 0 0
INTERMOUNTAIN COMNTY BANCORP COM NEW 45881M308 765,379 40,842 SH   DFND   0 40,842 0
INTERMOUNTAIN COMNTY BANCORP COM NEW 45881M308 4,107,021 219,158 SH   SOLE   219,158 0 0
INTRALINKS HLDG COM 46118H104 1,773,017 218,891 SH   DFND   0 218,891 0
INTRALINKS HLDG COM 46118H104 10,866,960 1,341,600 SH   SOLE   1,341,600 0 0
ISHARESRUT2000 RUSSELL 2000 ETF 464287655 15,921,360 145,600 SH Put DFND   0 145,600 0
ISHARESRUT2000 RUSSELL 2000 ETF 464287655 97,802,640 894,400 SH Put SOLE   894,400 0 0
LAMAR ADVERTISING CO. CL A 512815101 482,650 9,800 SH   DFND   0 9,800 0
LAMAR ADVERTISING CO. CL A 512815101 2,964,850 60,200 SH   SOLE   60,200 0 0
MICROSOFT CORP COM 594918104 2,498,804 53,900 SH   DFND   0 53,900 0
MICROSOFT CORP COM 594918104 15,539,872 335,200 SH   SOLE   335,200 0 0
MICRON TECHNOLOGY COM 595112103 191,856 5,600 SH Call DFND   0 5,600 0
MICRON TECHNOLOGY COM 595112103 1,178,544 34,400 SH Call SOLE   34,400 0 0
MOVE INC COM NEW 62458M207 4,512,059 215,270 SH   DFND   0 215,270 0
MOVE INC COM NEW 62458M207 26,840,747 1,280,570 SH   SOLE   1,280,570 0 0
NORTH VALLEY BANCORP COM NEW 66304M204 1,058,046 49,029 SH   DFND   0 49,029 0
NORTH VALLEY BANCORP COM NEW 66304M204 3,881,508 179,866 SH   SOLE   179,866 0 0
PENNYMAC MTG INVT TR COM 70931T103 210,014 9,800 SH   DFND   0 9,800 0
PENNYMAC MTG INVT TR COM 70931T103 1,290,086 60,200 SH   SOLE   60,200 0 0
PEPSICO INC COM 713448108 139,635 1,500 SH   DFND   0 1,500 0
PEPSICO INC COM 713448108 6,423,210 69,000 SH Call DFND   0 69,000 0
PEPSICO INC COM 713448108 791,265 8,500 SH   SOLE   8,500 0 0
PEPSICO INC COM 713448108 39,498,087 424,300 SH Call SOLE   424,300 0 0
POPULAR INC COM NEW 733174700 535,718 18,200 SH   DFND   0 18,200 0
POPULAR INC COM NEW 733174700 3,290,834 111,800 SH   SOLE   111,800 0 0
PROCTOR GAMBLE COM 742718109 100,488 1,200 SH   DFND   0 1,200 0
PROCTOR GAMBLE COM 742718109 527,562 6,300 SH   SOLE   6,300 0 0
REPUBLIC FIRST BANCORP COM 760416107 843,741 216,900 SH   DFND   0 216,900 0
REPUBLIC FIRST BANCORP COM 760416107 5,185,759 1,333,100 SH   SOLE   1,333,100 0 0
RUCKUS WIRELESS COM 781220108 140,280 10,500 SH   DFND   0 10,500 0
RUCKUS WIRELESS COM 781220108 861,720 64,500 SH   SOLE   64,500 0 0
S&P DEP. TR UNIT 78462F103 33,729,824 171,200 SH Put DFND   0 171,200 0
S&P DEP. TR UNIT 78462F103 207,127,126 1,051,300 SH Put SOLE   1,051,300 0 0
SHUTTERFLY INC COM 82568P304 4,912,992 100,800 SH   DFND   0 100,800 0
SHUTTERFLY INC COM 82568P304 2,553,976 52,400 SH Call DFND   0 52,400 0
SHUTTERFLY INC COM 82568P304 29,351,228 602,200 SH   SOLE   602,200 0 0
SHUTTERFLY INC COM 82568P304 15,679,658 321,700 SH Call SOLE   321,700 0 0
SIERRA BANCORP COM 82620P102 298,328 17,800 SH   DFND   0 17,800 0
SIERRA BANCORP COM 82620P102 1,813,432 108,200 SH   SOLE   108,200 0 0
SYMANTEC COM 871503108 82,285 3,500 SH Call DFND   0 3,500 0
SYMANTEC COM 871503108 505,465 21,500 SH Call SOLE   21,500 0 0
T-MOBILE US INC COM 872590104 1,075,408 37,250 SH   DFND   0 37,250 0
T-MOBILE US INC COM 872590104 404,180 14,000 SH Call DFND   0 14,000 0
T-MOBILE US INC COM 872590104 6,422,132 222,450 SH   SOLE   222,450 0 0
T-MOBILE US INC COM 872590104 2,482,820 86,000 SH Call SOLE   86,000 0 0
3D SYSTEMS CORP COM NEW 88554D205 278,220 6,000 SH Put DFND   0 6,000 0
3D SYSTEMS CORP COM NEW 88554D205 1,738,875 37,500 SH Put SOLE   37,500 0 0
TIME WARNER INC COM NEW 887317303 842,352 11,200 SH   DFND   0 11,200 0
TIME WARNER INC COM NEW 887317303 5,174,448 68,800 SH   SOLE   68,800 0 0
WALGREEN CO. COM 931422109 397,109 6,700 SH   DFND   0 6,700 0
WALGREEN CO. COM 931422109 2,418,216 40,800 SH   SOLE   40,800 0 0