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
ADEPT TECHNOLOGY INC COM NEW G491BT908 7,449 1,034,540 SH   SOLE   1,034,540 0 0
ALCOA INC DEP SHS 1/10TH L5140P119 791 20,000 SH   SOLE   20,000 0 0
ALLERGAN PLC SHS M4119S104 23,518 77,500 SH   SOLE   77,500 0 0
ALTERA CORP COM N59465109 25,702 502,000 SH   SOLE   502,000 0 0
ANN INC COM 002121101 4,829 100,000 SH   SOLE   100,000 0 0
ASSOCIATED ESTATES RLTY CORP COM 008474908 2,095 73,166 SH   SOLE   73,166 0 0
BANCO SANTANDER SA ADR 023850950 11,536 1,645,610 SH   SOLE   1,645,610 0 0
BARCLAYS PLC ADR 03475V951 4,209 256,001 SH   SOLE   256,001 0 0
BEAZER HOMES USA INC UNIT 07/15/2015 037636107 722 25,500 SH   SOLE   25,500 0 0
BEAZER HOMES USA INC COM NEW 037638103 10,408 521,715 SH   SOLE   521,715 0 0
BHP BILLITON LTD SPONSORED ADR 039483902 3,234 79,450 SH   SOLE   79,450 0 0
BLUE BIRD CORP *W EXP 01/23/201 053015953 78 53,704 SH   SOLE   53,704 0 0
BLUEROCK RESIDENT GR REIT IN COM CL A 05358K102 2,532 200,000 SH   SOLE   200,000 0 0
BOFI HLDG INC COM 053734109 9,078 85,876 SH   SOLE   85,876 0 0
BROADCOM CORP CL A 059692903 13,851 269,000 SH   SOLE   269,000 0 0
CATAMARAN CORP COM 09248L106 27,156 444,600 SH   SOLE   444,600 0 0
CATCHMARK TIMBER TR INC CL A 09248X100 6,556 566,595 SH   SOLE   566,595 0 0
CELESTICA INC SUB VTG SHS 09257P955 561 48,169 SH   SOLE   48,169 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 097023105 1,952 1,950,000 SH   SOLE   1,950,000 0 0
CENTURY CMNTYS INC COM 099502106 2,528 125,571 SH   SOLE   125,571 0 0
CENTURYLINK INC COM 099502906 2,876 97,900 SH   SOLE   97,900 0 0
CITY NATL CORP COM 12769A103 16,849 186,400 SH   SOLE   186,400 0 0
CONCORDIA HEALTHCARE CORP COM 159765906 17,205 238,000 SH   SOLE   238,000 0 0
CURRENCYSHS BRIT POUND STER BRIT POUND STE 18538R103 2,627 17,055 SH   SOLE   17,055 0 0
CUSTOMERS BANCORP INC COM 189054109 4,520 168,100 SH   SOLE   168,100 0 0
DIAMOND OFFSHORE DRILLING IN COM 216831907 2,725 105,592 SH   SOLE   105,592 0 0
DIRECTV COM 22160K955 15,459 166,600 SH   SOLE   166,600 0 0
DRESSER-RAND GROUP INC COM 23331S900 11,823 138,800 SH   SOLE   138,800 0 0
ELDORADO GOLD CORP NEW COM 25459W540 830 200,000 SH   SOLE   200,000 0 0
ELECTRUM SPL ACQUISITION COR UNIT 99/99/9999 25459W847 3,006 300,000 SH   SOLE   300,000 0 0
ENSCO PLC SHS CLASS A 25820R955 3,648 163,800 SH   SOLE   163,800 0 0
EXPRESS INC COM 27874N105 13,583 750,000 SH   SOLE   750,000 0 0
FAMILY DLR STORES INC COM 285409108 7,095 90,022 SH   SOLE   90,022 0 0
FIAT CHRYSLER AUTOMOBILES N MAN COV SEC 16 291525202 417 330,000 SH   SOLE   330,000 0 0
FORD MTR CO DEL COM PAR $0.01 314162108 2,976 198,300 SH   SOLE   198,300 0 0
FREEPORT-MCMORAN INC CL B 31787AAM3 2,995 160,850 SH   SOLE   160,850 0 0
FREESCALE SEMICONDUCTOR LTD SHS 31787A957 14,298 357,727 SH   SOLE   357,727 0 0
GENWORTH FINL INC COM CL A 33737M201 10,329 1,364,500 SH   SOLE   1,364,500 0 0
GOLDCORP INC NEW COM 353506108 893 55,000 SH   SOLE   55,000 0 0
GOODYEAR TIRE & RUBR CO COM 35906A908 14,683 487,000 SH   SOLE   487,000 0 0
GULFMARK OFFSHORE INC CL A NEW 37247D906 174 15,000 SH   SOLE   15,000 0 0
HARMONY MERGER CORP UNIT 99/99/9999 37950E242 1,778 175,000 SH   SOLE   175,000 0 0
HCC INS HLDGS INC COM 37950E838 6,178 80,400 SH   SOLE   80,400 0 0
HOSPIRA INC COM 404139107 26,262 296,040 SH   SOLE   296,040 0 0
HOVNANIAN ENTERPRISES INC CL A 404232100 8,507 3,197,982 SH   SOLE   3,197,982 0 0
IAC INTERACTIVECORP COM PAR $.001 413216950 9,957 125,000 SH   SOLE   125,000 0 0
INFORMATICA CORP COM 431571908 9,841 203,029 SH   SOLE   203,029 0 0
INTREXON CORP COM 45068B109 4,880 100,000 SH   SOLE   100,000 0 0
JABIL CIRCUIT INC COM 464287951 18,226 856,100 SH   SOLE   856,100 0 0
JDS UNIPHASE CORP DBCV 0.625% 8/1 464288902 987 1,000,000 SH   SOLE   1,000,000 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 464288953 26,659 1,077,116 SH   SOLE   1,077,116 0 0
KEYCORP NEW COM 46429B901 6,990 465,400 SH   SOLE   465,400 0 0
KINROSS GOLD CORP COM NO PAR 464337AG9 1,392 597,300 SH   SOLE   597,300 0 0
LAKE SHORE GOLD CORP COM 471172114 1,188 1,158,300 SH   SOLE   1,158,300 0 0
LIBERTY BROADBAND CORP COM SER C 489170900 2,963 57,912 SH   SOLE   57,912 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 493723900 13,822 385,000 SH   SOLE   385,000 0 0
MAG SILVER CORP COM 521865204 4,860 619,700 SH   SOLE   619,700 0 0
MANULIFE FINL CORP COM 53071M872 216 11,628 SH   SOLE   11,628 0 0
MATTEL INC COM 55277Q201 11,435 445,100 SH   SOLE   445,100 0 0
MCEWEN MNG INC COM 553829902 1,526 1,600,800 SH   SOLE   1,600,800 0 0
M D C HLDGS INC COM 552676108 10,084 336,485 SH   SOLE   336,485 0 0
MERCK & CO INC NEW COM 58933Y105 228 4,000 SH   SOLE   4,000 0 0
NOBLE CORP PLC SHS USD 637417106 5,159 335,217 SH   SOLE   335,217 0 0
NXP SEMICONDUCTORS N V COM 63935N107 13,257 135,000 SH   SOLE   135,000 0 0
OFFICE DEPOT INC COM 667746901 1,645 190,000 SH   SOLE   190,000 0 0
OMNICARE INC COM 6706EB106 24,128 256,000 SH   SOLE   256,000 0 0
PACIFIC ETHANOL INC COM PAR $.001 681936950 8,925 864,780 SH   SOLE   864,780 0 0
PALL CORP COM 682163950 29,221 234,800 SH   SOLE   234,800 0 0
PARTNERRE LTD COM 68557K109 12,272 95,500 SH   SOLE   95,500 0 0
PATTERSON UTI ENERGY INC COM 686275908 2,687 142,812 SH   SOLE   142,812 0 0
PDL BIOPHARMA INC NOTE 4.000% 2/0 69014Q951 953 1,000,000 SH   SOLE   1,000,000 0 0
PRETIUM RES INC COM 73935X956 541 100,000 SH   SOLE   100,000 0 0
QLT INC COM 74347X954 537 130,149 SH   SOLE   130,149 0 0
QORVO INC COM 74347X950 5,783 72,050 SH   SOLE   72,050 0 0
QUINPARIO ACQUISITION CORP 2 UNIT 01/01/2023 74348A525 4,703 450,000 SH   SOLE   450,000 0 0
REGIONS FINL CORP NEW COM 749063953 6,077 586,600 SH   SOLE   586,600 0 0
RENAISSANCERE HOLDINGS LTD COM 749660906 330 3,248 SH   SOLE   3,248 0 0
RESTAURANT BRANDS INTL INC COM 75382F106 33,804 883,343 SH   SOLE   883,343 0 0
REVOLUTION LIGHTING TECHNOLO COM 75604L905 1,160 1,000,000 SH   SOLE   1,000,000 0 0
RMG NETWORKS HLDG CORP COM 759509102 851 1,000,000 SH   SOLE   1,000,000 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 76131D903 47,773 4,315,500 SH   SOLE   4,315,500 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 76131N101 566 22,694 SH   SOLE   22,694 0 0
SCHNITZER STL INDS CL A 78355W950 6,091 348,655 SH   SOLE   348,655 0 0
SEADRILL LIMITED SHS 78463X608 924 89,372 SH   SOLE   89,372 0 0
SIGMA ALDRICH CORP COM 78469C953 17,522 125,744 SH   SOLE   125,744 0 0
SILVER WHEATON CORP COM 790849903 598 34,500 SH   SOLE   34,500 0 0
SKYWORKS SOLUTIONS INC COM 803054904 10,618 102,000 SH   SOLE   102,000 0 0
SUN LIFE FINL INC COM 859152900 1,936 57,947 SH   SOLE   57,947 0 0
SUNTRUST BKS INC COM 862121950 4,414 102,600 SH   SOLE   102,600 0 0
SUSQUEHANNA BANCSHARES INC P COM 866082950 7,328 519,006 SH   SOLE   519,006 0 0
SYNOVUS FINL CORP COM NEW 868536953 20,287 658,231 SH   SOLE   658,231 0 0
TASEKO MINES LTD COM 871639908 4,837 8,751,700 SH   SOLE   8,751,700 0 0
TERRAPIN 3 ACQUISITION CORP UNIT 06/27/2019 87874R100 3,144 300,000 SH   SOLE   300,000 0 0
THOMPSON CREEK METALS CO INC COM 88160RAB7 178 218,000 SH   SOLE   218,000 0 0
TIME WARNER CABLE INC COM 88224Q115 11,581 65,000 SH   SOLE   65,000 0 0
TRANSOCEAN LTD REG SHS 891027904 1,854 115,000 SH   SOLE   115,000 0 0
UNISYS CORP COM NEW 90349LAB0 12,688 634,700 SH   SOLE   634,700 0 0
VERTEX ENERGY INC COM 92342Y109 561 236,800 SH   SOLE   236,800 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 93564A950 1,023 1,000,000 SH   SOLE   1,000,000 0 0
WELLS FARGO & CO NEW COM 943315901 2,846 50,600 SH   SOLE   50,600 0 0
WEYERHAEUSER CO PREF CONV SER A 95805V108 1,820 35,000 SH   SOLE   35,000 0 0
WILLIAMS PARTNERS L P NEW COM UNIT LTD PAR 962166954 14,116 291,482 SH   SOLE   291,482 0 0
XEROX CORP COM 98389B100 8,211 771,700 SH   SOLE   771,700 0 0
XL GROUP PLC SHS 98401F105 8,616 231,621 SH   SOLE   231,621 0 0
XPLORE TECHNOLOGIES CORP COM PAR $0.001 984121953 928 160,000 SH   SOLE   160,000 0 0
YAMANA GOLD INC COM 98420N105 2,772 920,500 SH   SOLE   920,500 0 0
ZIONS BANCORPORATION COM 989696909 6,757 212,933 SH   SOLE   212,933 0 0
NORTH ATLANTIC DRILLING LTD COM 98986T108 3,038 2,552,903 SH   SOLE   2,552,903 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 98986T908 797 31,500 SH   SOLE   31,500 0 0