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 1,229,765 41,900 SH   DFND   0 41,900 0
CONSTELLIUM CL A N22035104 7,575,235 258,100 SH   SOLE   258,100 0 0
AV HOMES INC COM 00234P102 2,393,072 132,287 SH   SOLE   132,287 0 0
ALCOA INC COM 013817101 225,225 17,500 SH   DFND   0 17,500 0
ALCOA INC COM 013817101 1,383,525 107,500 SH   SOLE   107,500 0 0
AMERICAN INTL GROUP COM NEW 026874784 2,845,569 56,900 SH   DFND   0 56,900 0
AMERICAN INTL GROUP COM NEW 026874784 14,157,831 283,100 SH   SOLE   283,100 0 0
ANHEUSER BUSCH CO. SPONSORED ADR 03524A108 3,001,050 28,500 SH   DFND   0 28,500 0
ANHEUSER BUSCH CO. SPONSORED ADR 03524A108 13,320,450 126,500 SH   SOLE   126,500 0 0
APPLE COMPUTER INC COM 037833100 214,696 400 SH Call DFND   0 400 0
APPLE COMPUTER INC COM 037833100 1,127,154 2,100 SH Call SOLE   2,100 0 0
BANK OF CALIFORNIA COM 05990K106 344,787 28,100 SH   DFND   0 28,100 0
BANK OF CALIFORNIA COM 05990K106 2,109,213 171,900 SH   SOLE   171,900 0 0
BROADCOM CORP CL A 111320107 132,174 4,200 SH   DFND   0 4,200 0
BROADCOM CORP CL A 111320107 811,926 25,800 SH   SOLE   25,800 0 0
CALLAWAY GOLF CLUB COM 131193104 611,156 59,800 SH   DFND   0 59,800 0
CALLAWAY GOLF CLUB COM 131193104 3,681,244 360,200 SH   SOLE   360,200 0 0
CISCO SYSTEMS INC COM 17275R102 56,038 2,500 SH   DFND   0 2,500 0
CISCO SYSTEMS INC COM 17275R102 156,905 7,000 SH Call DFND   0 7,000 0
CISCO SYSTEMS INC COM 17275R102 336,225 15,000 SH   SOLE   15,000 0 0
CISCO SYSTEMS INC COM 17275R102 963,845 43,000 SH Call SOLE   43,000 0 0
CITIGROUP INC COM NEW 172967424 2,955,960 62,100 SH   DFND   0 62,100 0
CITIGROUP INC COM NEW 172967424 16,084,040 337,900 SH   SOLE   337,900 0 0
COGENT COMMUNICATIONS COM NEW 19239V302 273,581 7,700 SH   DFND   0 7,700 0
COGENT COMMUNICATIONS COM NEW 19239V302 1,680,569 47,300 SH   SOLE   47,300 0 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 1,856,960 82,900 SH   DFND   0 82,900 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 9,343,040 417,100 SH   SOLE   417,100 0 0
CROWN HOLDINGS INC COM 228368106 1,691,172 37,800 SH   DFND   0 37,800 0
CROWN HOLDINGS INC COM 228368106 626,360 14,000 SH Call DFND   0 14,000 0
CROWN HOLDINGS INC COM 228368106 10,388,628 232,200 SH   SOLE   232,200 0 0
CROWN HOLDINGS INC COM 228368106 3,847,640 86,000 SH Call SOLE   86,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 162,932 2,800 SH   DFND   0 2,800 0
DISCOVER FINANCIAL SERVICES COM 254709108 1,000,868 17,200 SH   SOLE   17,200 0 0
DREAMWORKS ANNIMATION CL A 26153C103 892,080 33,600 SH   DFND   0 33,600 0
DREAMWORKS ANNIMATION CL A 26153C103 5,479,920 206,400 SH   SOLE   206,400 0 0
EBAY INC COM 278642103 254,104 4,600 SH   DFND   0 4,600 0
EBAY INC COM 278642103 1,568,816 28,400 SH   SOLE   28,400 0 0
EBIX INC COM NEW 278715206 1,954,515 114,500 SH Put DFND   0 114,500 0
EBIX INC COM NEW 278715206 12,003,624 703,200 SH Put SOLE   703,200 0 0
ERICSSON ADR B SEK 10 294821608 233,275 17,500 SH   DFND   0 17,500 0
ERICSSON ADR B SEK 10 294821608 1,432,975 107,500 SH   SOLE   107,500 0 0
EXPEDIA INC. COM NEW 30212P303 380,625 5,250 SH   DFND   0 5,250 0
EXPEDIA INC. COM NEW 30212P303 1,794,375 24,750 SH   SOLE   24,750 0 0
FIRST SECURITY GROUP INC COM NEW 336312202 1,809,600 870,000 SH   DFND   0 870,000 0
FIRST SECURITY GROUP INC COM NEW 336312202 10,670,400 5,130,000 SH   SOLE   5,130,000 0 0
GW PHARMACEUTICALS ADS 36197T103 83,118 1,400 SH   DFND   0 1,400 0
GW PHARMACEUTICALS ADS 36197T103 492,771 8,300 SH   SOLE   8,300 0 0
HUDSON VALLEY HLDG CO COM 444172100 1,130,084 59,322 SH   DFND   0 59,322 0
HUDSON VALLEY HLDG CO COM 444172100 6,141,282 322,377 SH   SOLE   322,377 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 2,229,938 31,236 SH   DFND   0 31,236 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 199,892 2,800 SH Call DFND   0 2,800 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 13,085,787 183,300 SH   SOLE   183,300 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 1,227,908 17,200 SH Call SOLE   17,200 0 0
INTERDIGITAL INC COM 45867G101 1,582,658 47,800 SH   DFND   0 47,800 0
INTERDIGITAL INC COM 45867G101 9,178,092 277,200 SH   SOLE   277,200 0 0
INTERMOUNTAIN COMNTY BANCORP COM NEW 45881M308 671,932 39,642 SH   DFND   0 39,642 0
INTERMOUNTAIN COMNTY BANCORP COM NEW 45881M308 3,599,468 212,358 SH   SOLE   212,358 0 0
INTRALINKS HLDG COM 46118H104 749,143 73,230 SH   DFND   0 73,230 0
INTRALINKS HLDG COM 46118H104 286,440 28,000 SH Call DFND   0 28,000 0
INTRALINKS HLDG COM 46118H104 4,557,465 445,500 SH   SOLE   445,500 0 0
INTRALINKS HLDG COM 46118H104 1,759,560 172,000 SH Call SOLE   172,000 0 0
ISHARESRUT2000 RUSSELL 2000 ETF 464287655 9,691,122 83,300 SH Put DFND   0 83,300 0
ISHARESRUT2000 RUSSELL 2000 ETF 464287655 59,531,178 511,700 SH Put SOLE   511,700 0 0
MEADWESTVACO COM 583334107 131,740 3,500 SH   DFND   0 3,500 0
MEADWESTVACO COM 583334107 809,260 21,500 SH   SOLE   21,500 0 0
MICROSOFT CORP COM 594918104 5,115,552 124,800 SH   DFND   0 124,800 0
MICROSOFT CORP COM 594918104 19,519,438 476,200 SH   SOLE   476,200 0 0
OUTERWALL INC COM 690070107 1,703,750 23,500 SH   SOLE   23,500 0 0
MOVE INC COM NEW 62458M207 2,076,638 179,640 SH   DFND   0 179,640 0
MOVE INC COM NEW 62458M207 87,856 7,600 SH Call DFND   0 7,600 0
MOVE INC COM NEW 62458M207 11,025,928 953,800 SH   SOLE   953,800 0 0
MOVE INC COM NEW 62458M207 529,448 45,800 SH Call SOLE   45,800 0 0
NORTH VALLEY BANCORP COM NEW 66304M204 1,188,060 49,134 SH   DFND   0 49,134 0
NORTH VALLEY BANCORP COM NEW 66304M204 4,373,340 180,866 SH   SOLE   180,866 0 0
ORACLE CORP COM 68389X105 81,820 2,000 SH   DFND   0 2,000 0
ORACLE CORP COM 68389X105 531,830 13,000 SH   SOLE   13,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 217,490 9,100 SH   DFND   0 9,100 0
PENNYMAC MTG INVT TR COM 70931T103 1,336,010 55,900 SH   SOLE   55,900 0 0
PEPSICO INC COM 713448108 125,250 1,500 SH   DFND   0 1,500 0
PEPSICO INC COM 713448108 5,761,500 69,000 SH Call DFND   0 69,000 0
PEPSICO INC COM 713448108 709,750 8,500 SH   SOLE   8,500 0 0
PEPSICO INC COM 713448108 35,429,050 424,300 SH Call SOLE   424,300 0 0
PROCTOR GAMBLE COM 742718109 96,720 1,200 SH   DFND   0 1,200 0
PROCTOR GAMBLE COM 742718109 507,780 6,300 SH   SOLE   6,300 0 0
S&P DEP TR UNIT 78462F103 14,268,863 76,300 SH Put DFND   0 76,300 0
S&P DEP TR UNIT 78462F103 87,651,587 468,700 SH Put SOLE   468,700 0 0
SANDISK COM 80004C101 105,547 1,300 SH   DFND   0 1,300 0
SANDISK COM 80004C101 625,163 7,700 SH   SOLE   7,700 0 0
SHUTTERFLY INC COM 82568P304 4,673,460 109,500 SH   DFND   0 109,500 0
SHUTTERFLY INC COM 82568P304 24,967,800 585,000 SH   SOLE   585,000 0 0
SIERRA BANCORP COM 82620P102 269,048 16,900 SH   DFND   0 16,900 0
SIERRA BANCORP COM 82620P102 1,641,352 103,100 SH   SOLE   103,100 0 0
SPRINGLEAF HOLDINGS COM 85172J101 162,218 6,450 SH   DFND   0 6,450 0
SPRINGLEAF HOLDINGS COM 85172J101 995,940 39,600 SH   SOLE   39,600 0 0
SPRINT COM SER 1 85207U105 257,320 28,000 SH Put DFND   0 28,000 0
SPRINT COM SER 1 85207U105 1,580,680 172,000 SH Put SOLE   172,000 0 0
SYMANTEC COM 871503108 69,895 3,500 SH Call DFND   0 3,500 0
SYMANTEC COM 871503108 429,355 21,500 SH Call SOLE   21,500 0 0
T-MOBILE US INC COM 872590104 1,577,183 47,750 SH   DFND   0 47,750 0
T-MOBILE US INC COM 872590104 462,420 14,000 SH Call DFND   0 14,000 0
T-MOBILE US INC COM 872590104 8,761,208 265,250 SH   SOLE   265,250 0 0
T-MOBILE US INC COM 872590104 2,840,580 86,000 SH Call SOLE   86,000 0 0
3D SYSTEMS CORP COM NEW 88554D205 449,540 7,600 SH Put DFND   0 7,600 0
3D SYSTEMS CORP COM NEW 88554D205 2,785,965 47,100 SH Put SOLE   47,100 0 0
US MOBILITY INC COM 90341G103 1,817 100 SH   DFND   0 100 0
US MOBILITY INC COM 90341G103 7,268 400 SH   SOLE   400 0 0
UNITED PARCEL SERVICE CL B 911312106 97,380 1,000 SH   DFND   0 1,000 0
UNITED PARCEL SERVICE CL B 911312106 632,970 6,500 SH   SOLE   6,500 0 0