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
AGILYSYS INC COM 00847J105 1,998 217,676 SH   SOLE   217,676 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 15,152 1,008,765 SH   SOLE   1,008,765 0 0
ASHFORD INC COM 044104107 2,363 27,080 SH   SOLE   27,080 0 0
ALLY FINL INC COM 02005N100 22,076 984,200 SH   SOLE   984,200 0 0
AMBAC FINL GROUP INC COM NEW 023139884 9,152 550,000 SH   SOLE   550,000 0 0
BLUCORA INC COM 095229100 1,114 68,981 SH   SOLE   68,981 0 0
CITIZENS FINL GROUP INC COM 174610105 47,178 1,727,484 SH   SOLE   1,727,484 0 0
COMPX INTERNATIONAL INC CL A 20563P101 5,090 431,732 SH   SOLE   431,732 0 0
COTY INC COM CL A 222070203 6,573 205,604 SH   SOLE   205,604 0 0
DOMINION DIAMOND CORP COM 257287102 3,140 224,100 SH   SOLE   224,100 0 0
E M C CORP MASS COM 268648102 3,959 150,000 SH   SOLE   150,000 0 0
GENERAL MTRS CO COM 37045V100 1,667 50,000 SH   SOLE   50,000 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 3,383 82,369 SH   SOLE   82,369 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 10,059 175,000 SH   SOLE   175,000 0 0
MSCI INC COM 55354G100 1,539 25,000 SH   SOLE   25,000 0 0
NEWS CORP NEW CL B 65249B208 14,240 1,000,000 SH   SOLE   1,000,000 0 0
NEWS CORP NEW CL A 65249B109 9,080 622,321 SH   SOLE   622,321 0 0
ONE GAS INC COM 68235P108 11,717 275,306 SH   SOLE   275,306 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 3,020 203,580 SH   SOLE   203,580 0 0
OTELCO INC CL A NEW 688823301 572 124,055 SH   SOLE   124,055 0 0
SUNEDISON SEMICONDUCTOR LTD SHS Y8213L102 12,104 700,895 SH   SOLE   700,895 0 0
SHUTTERFLY INC COM 82568P304 928 19,400 SH   SOLE   19,400 0 0
SEARS HOMETOWN & OUTLET STOR COM 812362101 7,591 799,082 SH   SOLE   799,082 0 0
WINDSTREAM HLDGS INC COM NEW 97382A200 333 52,244 SH   SOLE   52,244 0 0
COTY INC COM CL A 222070203 12,622 394,800 SH Call SOLE   394,800 0 0
OCWEN FINL CORP COM NEW 675746309 8,190 802,900 SH Call SOLE   802,900 0 0
RCS CAP CORP COM CL A 74937W102 1,483 193,600 SH Put SOLE   193,600 0 0
RCS CAP CORP COM CL A 74937W102 1,953 254,900 SH Put SOLE   254,900 0 0