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
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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
AES Tr III Pfd CV 6.75% PFD 00808N202 254 5,000 SH   SOLE   5,000 0 0
Wells Fargo & Co New Perp Pfd PFD 949746804 311 265 SH   SOLE   265 0 0
A-Mark Precious Metals Inc COM 00181T107 1,047 100,000 SH   SOLE   100,000 0 0
Actuant Corp Cl A COM 00508X203 11,648 504,478 SH   SOLE   504,478 0 0
Albany Molecular Resrch COM 012423109 2,426 120,000 SH   SOLE   120,000 0 0
Alleghany Corporation COM 017175100 7,262 15,493 SH   SOLE   15,493 0 0
American Business Bank COM 02475l105 946 32,500 SH   SOLE   32,500 0 0
American Electric Technologies COM 025576109 115 22,550 SH   SOLE   22,550 0 0
American International Group I COM 026874784 12,763 206,450 SH   SOLE   206,450 0 0
American Vanguard Corp COM 030371108 21,016 1,522,896 SH   SOLE   1,522,896 0 0
Anika Therapeutics Inc COM 035255108 10,527 318,713 SH   SOLE   318,713 0 0
Approach Resources Inc COM 03834A103 24,203 3,533,254 SH   SOLE   3,533,254 0 0
Avid Technology Inc COM 05367P100 9,054 678,677 SH   SOLE   678,677 0 0
Baldwin & Lyons Inc COM 057755209 10,540 457,857 SH   SOLE   457,857 0 0
Bed Bath & Beyond Inc COM 075896100 1,490 21,600 SH   SOLE   21,600 0 0
Belmond LTD COM G1154H107 38,069 3,047,928 SH   SOLE   3,047,928 0 0
Blackstone Mortgage Trust Inc COM 09257W100 593 21,325 SH   SOLE   21,325 0 0
Boswell Co COM 101205102 715 1,000 SH   SOLE   1,000 0 0
Capital One Financial Corporat COM 14040H105 12,181 138,470 SH   SOLE   138,470 0 0
Capital Senior Living COM 140475104 612 25,000 SH   SOLE   25,000 0 0
Carbon Natural Gas Company COM 14115T109 1,383 1,990,000 SH   SOLE   1,990,000 0 0
Carrols Restaurant Group Inc COM 14574X104 37,832 3,637,700 SH   SOLE   3,637,700 0 0
Charter Financial Corp COM 16122w108 603 48,591 SH   SOLE   48,591 0 0
Chase Corp. COM 16150r104 1,626 40,909 SH   SOLE   40,909 0 0
Cherokee Inc COM 16444H102 16,481 584,860 SH   SOLE   584,860 0 0
Chesapeake Energy Corporation COM 165167107 1,034 92,603 SH   SOLE   92,603 0 0
Chimera Investment Corporation COM 16934Q208 2,643 192,750 SH   SOLE   192,750 0 0
Cisco Systems Inc COM 17275R102 1,407 51,250 SH   SOLE   51,250 0 0
Coach Inc COM 189754104 1,439 41,575 SH   SOLE   41,575 0 0
Computer Task Group Inc COM 205477102 772 100,000 SH   SOLE   100,000 0 0
Comverse Inc COM 20585p105 30,498 1,518,826 SH   SOLE   1,518,826 0 0
Dorian LPG LTD COM y2106r110 1,501 90,000 SH   SOLE   90,000 0 0
DreamWorks Animation SKG COM 26153C103 16,761 635,357 SH   SOLE   635,357 0 0
Dundee Corp - CL A COM 264901109 4,403 438,100 SH   SOLE   438,100 0 0
Eastern Virginia Bankshares COM 277196101 505 80,000 SH   SOLE   80,000 0 0
Equifax Inc COM 294429105 6,482 66,765 SH   SOLE   66,765 0 0
Equity Commonwealth COM 294628102 15,284 595,420 SH   SOLE   595,420 0 0
EVINE Live Inc COM 300487105 12,089 4,493,916 SH   SOLE   4,493,916 0 0
Forestar Group Inc COM 346233109 30,508 2,318,241 SH   SOLE   2,318,241 0 0
Francesca's Holdings Corporati COM 351793104 14,551 1,080,255 SH   SOLE   1,080,255 0 0
FRMO Corp COM 30262f205 878 100,500 SH   SOLE   100,500 0 0
FRP Holdings Inc COM 30292l107 2,251 69,426 SH   SOLE   69,426 0 0
Gain Capital Holdings Inc. COM 36268w100 1,434 150,000 SH   SOLE   150,000 0 0
General Motors Company COM 37045V100 5,596 167,884 SH   SOLE   167,884 0 0
Global Power Equipment Group O COM 37941p306 1,008 129,900 SH   SOLE   129,900 0 0
GP Strategies Corp COM 36225V104 13,271 399,233 SH   SOLE   399,233 0 0
Graham Corp Com COM 384556106 906 44,200 SH   SOLE   44,200 0 0
GSI Group Inc COM 36191C205 17,982 1,196,374 SH   SOLE   1,196,374 0 0
Hallador Energy Company COM 40609P105 2,699 323,582 SH   SOLE   323,582 0 0
Hallmark Financial Services In COM 40624Q203 17,156 1,507,569 SH   SOLE   1,507,569 0 0
Halyard Health Inc COM 40650v100 10,666 263,366 SH   SOLE   263,366 0 0
Heritage-Crystal Clean Inc COM 42726M106 28,296 1,924,917 SH   SOLE   1,924,917 0 0
Hertz Global Holdings Inc COM 42805T105 8,814 486,425 SH   SOLE   486,425 0 0
HRG Group Inc COM 40434j100 13,770 1,059,210 SH   SOLE   1,059,210 0 0
International Business Machine COM 459200101 11,172 68,685 SH   SOLE   68,685 0 0
INTL FCStone Inc COM 46116V105 317 9,545 SH   SOLE   9,545 0 0
Ituran Location and Control COM m6158m104 623 25,000 SH   SOLE   25,000 0 0
Jamba Inc COM 47023A309 929 60,000 SH   SOLE   60,000 0 0
Johnson Controls Inc COM 478366107 10,707 216,175 SH   SOLE   216,175 0 0
Journal Media Group Inc COM 48114a109 953 115,000 SH   SOLE   115,000 0 0
JPMorgan Chase & Co COM 46625H100 12,594 185,858 SH   SOLE   185,858 0 0
KEYW Holding Corp COM 493723100 839 90,000 SH   SOLE   90,000 0 0
Knight Therapeutics Inc COM 499053106 557 100,000 SH   SOLE   100,000 0 0
Lakes Entertainment Inc COM 51206p208 6,659 733,357 SH   SOLE   733,357 0 0
Layne Christensen Co COM 521050104 1,587 177,300 SH   SOLE   177,300 0 0
Leucadia National Corporation COM 527288104 16,618 684,420 SH   SOLE   684,420 0 0
Level 3 Communications Inc COM 52729N308 12,708 241,275 SH   SOLE   241,275 0 0
Liberty Global PLC - A COM g5480u104 6,217 114,980 SH   SOLE   114,980 0 0
Liberty Interactive Corp - A COM 53071m104 8,397 302,590 SH   SOLE   302,590 0 0
Liberty Media Corporation CL-A COM 531229102 1,855 51,460 SH   SOLE   51,460 0 0
Liberty Media Corporation CL-C COM 531229300 3,731 103,920 SH   SOLE   103,920 0 0
Liberty Ventures Srs A COM 53071m880 30,703 781,845 SH   SOLE   781,845 0 0
MAM Software Group Inc COM 55277Q201 2,770 518,800 SH   SOLE   518,800 0 0
Manitex International Inc COM 563420108 764 100,000 SH   SOLE   100,000 0 0
Millicom International Cellula COM l6388f110 3,374 45,610 SH   SOLE   45,610 0 0
Monmouth Real Estate Investmen COM 609720107 1,170 120,325 SH   SOLE   120,325 0 0
Natural Resource Partners LP COM 63900P103 118 31,160 SH   SOLE   31,160 0 0
NeuStar Inc COM 64126X201 31,267 1,070,408 SH   SOLE   1,070,408 0 0
Northern Technologies Intl COM 665809109 462 28,711 SH   SOLE   28,711 0 0
OM Group Inc COM 670872100 8,243 245,339 SH   SOLE   245,339 0 0
Oritani Finl Corp COM 68633d103 562 35,000 SH   SOLE   35,000 0 0
Overseas Shipholding Group COM 69036r400 700 200,000 SH   SOLE   200,000 0 0
Patriot Transportation Holding COM 70338w105 986 40,000 SH   SOLE   40,000 0 0
Raven Industries Inc COM 754212108 1,379 67,855 SH   SOLE   67,855 0 0
Real Industry Inc COM 75601W104 7,796 686,832 SH   SOLE   686,832 0 0
Remy International Inc COM 75971m108 20,287 917,563 SH   SOLE   917,563 0 0
Richardson Electronics Ltd. COM 763165107 808 100,000 SH   SOLE   100,000 0 0
SeaWorld Entertainment Inc COM 81282v100 12,344 669,399 SH   SOLE   669,399 0 0
SIFCO Industries Inc COM 826546103 1,490 100,000 SH   SOLE   100,000 0 0
Silver Spring Networks COM 82817q103 558 45,000 SH   SOLE   45,000 0 0
Simulations Plus Inc COM 829214105 940 150,000 SH   SOLE   150,000 0 0
Southern Natl Bancorp Of VA In COM 843395104 554 50,001 SH   SOLE   50,001 0 0
Spark Networks Inc COM 84651P100 921 300,000 SH   SOLE   300,000 0 0
Star Gas Partners L.P COM 85512C105 514 58,250 SH   SOLE   58,250 0 0
State Street Corporation COM 857477103 1,039 13,500 SH   SOLE   13,500 0 0
Symetra Financial Corporation COM 87151Q106 12,796 529,404 SH   SOLE   529,404 0 0
TE Connectivity LTD COM H84989104 5,773 89,784 SH   SOLE   89,784 0 0
The Bank of New York Mellon Co COM 064058100 6,711 159,890 SH   SOLE   159,890 0 0
The Boeing Company COM 097023105 3,093 22,300 SH   SOLE   22,300 0 0
UFP Technologies Inc COM 902673102 1,569 75,000 SH   SOLE   75,000 0 0
Verizon Communications Inc COM 92343V104 1,742 37,375 SH   SOLE   37,375 0 0
ViaSat Inc COM 92552V100 37,822 627,655 SH   SOLE   627,655 0 0
Westell Technologies Inc-A COM 957541105 6,861 6,929,887 SH   SOLE   6,929,887 0 0
White Mountains Insurance Grou COM G9618E107 14,606 22,302 SH   SOLE   22,302 0 0
Winthrop Realty Trust COM 976391300 157 10,346 SH   SOLE   10,346 0 0
WPX Energy Inc COM 98212b103 12,644 1,029,602 SH   SOLE   1,029,602 0 0
Tesco Plc ADR 881575302 11,185 1,115,345 SH   SOLE   1,115,345 0 0
Capital One Financial Corp War WTS 14040H139 299 6,500 SH   SOLE   6,500 0 0