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
A H BELO CORP COM CL A 001282102 424 86,046 SH   DFND 1 86,046 0 0
A H BELO CORP COM CL A 001282102 142 28,884 SH   SOLE   28,884 0 0
AGL RES INC COM 001204106 229 3,750 SH   DFND 1 3,750 0 0
AGL RES INC COM 001204106 687 11,250 SH   SOLE   11,250 0 0
ALLETE INC COM NEW 018522300 220 4,350 SH   DFND 1 4,350 0 0
ALLETE INC COM NEW 018522300 73 1,450 SH   SOLE   1,450 0 0
ALTERA CORP COM 021441100 1,296 25,875 SH   DFND 1 25,875 0 0
ALTERA CORP COM 021441100 1,709 34,125 SH   SOLE   34,125 0 0
AMBASSADORS GROUP INC COM 023177108 205 75,500 SH   SOLE   75,500 0 0
AMC NETWORKS INC CL A 00164V103 481 6,572 SH   DFND 1 6,572 0 0
AMC NETWORKS INC CL A 00164V103 155 2,116 SH   SOLE   2,116 0 0
APPLE INC COM 037833100 1,333 12,086 SH   DFND 1 12,086 0 0
APPLE INC COM 037833100 366 3,314 SH   SOLE   3,314 0 0
BAKER HUGHES INC COM 057224107 1,366 26,250 SH   DFND 1 26,250 0 0
BAKER HUGHES INC COM 057224107 1,756 33,750 SH   SOLE   33,750 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 195 1 SH   DFND 1 1 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 195 1 SH   SOLE   1 0 0
BLYTH INC COM NEW 09643P207 18 2,988 SH   DFND 1 2,988 0 0
BLYTH INC COM NEW 09643P207 324 54,261 SH   SOLE   54,261 0 0
BROADCOM CORP CL A 111320107 1,157 22,500 SH   DFND 1 22,500 0 0
BROADCOM CORP CL A 111320107 1,414 27,500 SH   SOLE   27,500 0 0
CABLE ONE INC COM 12685J105 1,399 3,335 SH   DFND 1 3,335 0 0
CABLE ONE INC COM 12685J105 550 1,312 SH   SOLE   1,312 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 754 23,217 SH   DFND 1 23,217 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 509 15,687 SH   SOLE   15,687 0 0
CAMBIUM LEARNING GRP INC COM 13201A107 239 50,047 SH   DFND 1 50,047 0 0
CAMBIUM LEARNING GRP INC COM 13201A107 88 18,418 SH   SOLE   18,418 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 230 3,750 SH   DFND 1 3,750 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 383 6,250 SH   SOLE   6,250 0 0
CHEMTURA CORP COM NEW 163893209 215 7,500 SH   DFND 1 7,500 0 0
CHEMTURA CORP COM NEW 163893209 72 2,500 SH   SOLE   2,500 0 0
CINCINNATI BELL INC NEW COM 171871106 2,293 735,049 SH   DFND 1 735,049 0 0
CINCINNATI BELL INC NEW COM 171871106 730 233,978 SH   SOLE   233,978 0 0
CLARCOR INC COM 179895107 377 7,916 SH   DFND 1 7,916 0 0
CLARCOR INC COM 179895107 121 2,536 SH   SOLE   2,536 0 0
CLECO CORP NEW COM 12561W105 1,158 21,750 SH   DFND 1 21,750 0 0
CLECO CORP NEW COM 12561W105 1,855 34,850 SH   SOLE   34,850 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 200 10,383 SH   DFND 1 10,383 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 67 3,499 SH   SOLE   3,499 0 0
CROWN MEDIA HLDGS INC CL A 228411104 5,791 1,082,495 SH   DFND 1 1,082,495 0 0
CROWN MEDIA HLDGS INC CL A 228411104 2,018 377,221 SH   SOLE   377,221 0 0
CYRUSONE INC COM 23283R100 1,147 35,110 SH   DFND 1 35,110 0 0
CYRUSONE INC COM 23283R100 382 11,702 SH   SOLE   11,702 0 0
CYTEC INDS INC COM 232820100 443 6,000 SH   DFND 1 6,000 0 0
CYTEC INDS INC COM 232820100 1,403 19,000 SH   SOLE   19,000 0 0
DEALERTRACK TECHNOLOGIES INC COM 242309102 3,467 54,900 SH   DFND 1 54,900 0 0
DEALERTRACK TECHNOLOGIES INC COM 242309102 3,695 58,500 SH   SOLE   58,500 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 780 29,947 SH   DFND 1 29,947 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 268 10,282 SH   SOLE   10,282 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 424 17,452 SH   DFND 1 17,452 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 147 6,062 SH   SOLE   6,062 0 0
DOLBY LABORATORIES INC COM 25659T107 384 11,775 SH   DFND 1 11,775 0 0
DOLBY LABORATORIES INC COM 25659T107 128 3,925 SH   SOLE   3,925 0 0
DOT HILL SYS CORP COM 25848T109 487 50,000 SH   SOLE   50,000 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 654 8,273 SH   DFND 1 8,273 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 207 2,624 SH   SOLE   2,624 0 0
ENVIVIO INC COM 29413T106 537 131,260 SH   DFND 1 131,260 0 0
ENVIVIO INC COM 29413T106 1,099 268,740 SH   SOLE   268,740 0 0
EQUINIX INC COM PAR $0.001 29444U700 3,211 11,744 SH   DFND 1 11,744 0 0
EQUINIX INC COM PAR $0.001 29444U700 1,035 3,785 SH   SOLE   3,785 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 701 14,777 SH   DFND 1 14,777 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 217 4,570 SH   SOLE   4,570 0 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 549 15,000 SH   DFND 1 15,000 0 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 1,097 30,000 SH   SOLE   30,000 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 913 192,294 SH   DFND 1 192,294 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 294 61,898 SH   SOLE   61,898 0 0
GAMCO INVESTORS INC COM 361438104 1,328 24,195 SH   DFND 1 24,195 0 0
GAMCO INVESTORS INC COM 361438104 470 8,570 SH   SOLE   8,570 0 0
GANNETT CO INC COM 36473H104 4,679 317,623 SH   DFND 1 317,623 0 0
GANNETT CO INC COM 36473H104 1,576 106,978 SH   SOLE   106,978 0 0
GENUINE PARTS CO COM 372460105 1,038 12,522 SH   DFND 1 12,522 0 0
GENUINE PARTS CO COM 372460105 346 4,178 SH   SOLE   4,178 0 0
GYRODYNE LLC COM 403829104 1,069 38,119 SH   DFND 1 38,119 0 0
GYRODYNE LLC COM 403829104 778 27,748 SH   SOLE   27,748 0 0
HCC INS HLDGS INC COM 404132102 261 3,375 SH   DFND 1 3,375 0 0
HCC INS HLDGS INC COM 404132102 1,869 24,125 SH   SOLE   24,125 0 0
HEALTH NET INC COM 42222G108 452 7,500 SH   DFND 1 7,500 0 0
HEALTH NET INC COM 42222G108 753 12,500 SH   SOLE   12,500 0 0
HOME PROPERTIES INC COM 437306103 3,526 47,175 SH   DFND 1 47,175 0 0
HOME PROPERTIES INC COM 437306103 3,530 47,225 SH   SOLE   47,225 0 0
INTEGRATED SILICON SOLUTION COM 45812P107 430 20,000 SH   SOLE   20,000 0 0
INTERNAP CORP COM PAR $.001 45885A300 1,343 219,036 SH   DFND 1 219,036 0 0
INTERNAP CORP COM PAR $.001 45885A300 448 73,011 SH   SOLE   73,011 0 0
INTERXION HOLDING N.V SHS N47279109 1,564 57,766 SH   DFND 1 57,766 0 0
INTERXION HOLDING N.V SHS N47279109 590 21,785 SH   SOLE   21,785 0 0
IPC HEALTHCARE INC COM 44984A105 1,108 14,264 SH   DFND 1 14,264 0 0
IPC HEALTHCARE INC COM 44984A105 1,611 20,736 SH   SOLE   20,736 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 4,917 150,000 SH Put DFND 1 150,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,639 50,000 SH Put SOLE   50,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 18,433 168,800 SH Put DFND 1 168,800 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 6,137 56,200 SH Put SOLE   56,200 0 0
KAR AUCTION SVCS INC COM 48238T109 287 8,093 SH   DFND 1 8,093 0 0
KAR AUCTION SVCS INC COM 48238T109 86 2,428 SH   SOLE   2,428 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 815 10,875 SH   DFND 1 10,875 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 1,809 24,125 SH   SOLE   24,125 0 0
LGL GROUP INC COM 50186A108 79 22,719 SH   DFND 1 22,719 0 0
LGL GROUP INC COM 50186A108 23 6,681 SH   SOLE   6,681 0 0
LUMENIS LTD SHS CL B M6778Q121 471 34,020 SH   DFND 1 34,020 0 0
LUMENIS LTD SHS CL B M6778Q121 764 55,173 SH   SOLE   55,173 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 1,985 27,516 SH   DFND 1 27,516 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 645 8,943 SH   SOLE   8,943 0 0
MEDIA GEN INC NEW COM 58441K100 561 40,083 SH   DFND 1 40,083 0 0
MEDIA GEN INC NEW COM 58441K100 184 13,178 SH   SOLE   13,178 0 0
MERCURY GENL CORP NEW COM 589400100 369 7,310 SH   DFND 1 7,310 0 0
MERCURY GENL CORP NEW COM 589400100 121 2,390 SH   SOLE   2,390 0 0
MEREDITH CORP COM 589433101 1,277 30,000 SH   DFND 1 30,000 0 0
MEREDITH CORP COM 589433101 979 23,000 SH   SOLE   23,000 0 0
MICROSOFT CORP COM 594918104 1,128 25,495 SH   DFND 1 25,495 0 0
MICROSOFT CORP COM 594918104 333 7,521 SH   SOLE   7,521 0 0
MILLENNIAL MEDIA INC COM 60040N105 78 44,303 SH   SOLE   44,303 0 0
MSG NETWORK INC CL A 553573106 301 15,000 SH   DFND 1 15,000 0 0
MSG NETWORK INC CL A 553573106 100 5,000 SH   SOLE   5,000 0 0
NETWORK 1 TECHNOLOGIES INC COM 64121N109 474 234,741 SH   DFND 1 234,741 0 0
NETWORK 1 TECHNOLOGIES INC COM 64121N109 761 376,806 SH   SOLE   376,806 0 0
NEWS CORP NEW CL A 65249B109 1,464 115,987 SH   DFND 1 115,987 0 0
NEWS CORP NEW CL A 65249B109 488 38,662 SH   SOLE   38,662 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 1,409 29,766 SH   DFND 1 29,766 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 470 9,922 SH   SOLE   9,922 0 0
NTELOS HLDGS CORP COM NEW 67020Q305 204 22,616 SH   DFND 1 22,616 0 0
NTELOS HLDGS CORP COM NEW 67020Q305 902 99,864 SH   SOLE   99,864 0 0
OFFICE DEPOT INC COM 676220106 72 11,250 SH   DFND 1 11,250 0 0
OFFICE DEPOT INC COM 676220106 56 8,750 SH   SOLE   8,750 0 0
OM GROUP INC COM 670872100 530 16,125 SH   DFND 1 16,125 0 0
OM GROUP INC COM 670872100 1,871 56,875 SH   SOLE   56,875 0 0
PARAMOUNT GOLD NEV CORP COM 69924M109 13 11,250 SH   DFND 1 11,250 0 0
PARAMOUNT GOLD NEV CORP COM 69924M109 27 23,764 SH   SOLE   23,764 0 0
PARTNERRE LTD COM G6852T105 521 3,750 SH   DFND 1 3,750 0 0
PARTNERRE LTD COM G6852T105 868 6,250 SH   SOLE   6,250 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 363 7,500 SH   DFND 1 7,500 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 121 2,500 SH   SOLE   2,500 0 0
PERICOM SEMICONDUCTOR CORP COM 713831105 117 6,430 SH   DFND 1 6,430 0 0
PERICOM SEMICONDUCTOR CORP COM 713831105 248 13,570 SH   SOLE   13,570 0 0
PRECISION CASTPARTS CORP COM 740189105 517 2,250 SH   DFND 1 2,250 0 0
PRECISION CASTPARTS CORP COM 740189105 1,459 6,350 SH   SOLE   6,350 0 0
PREMIERE GLOBAL SVCS INC COM 740585104 1,052 76,575 SH   DFND 1 76,575 0 0
PREMIERE GLOBAL SVCS INC COM 740585104 975 70,973 SH   SOLE   70,973 0 0
RITE AID CORP COM 767754104 228 37,500 SH Call DFND 1 37,500 0 0
RITE AID CORP COM 767754104 76 12,500 SH Call SOLE   12,500 0 0
ROLLINS INC COM 775711104 151 5,625 SH   DFND 1 5,625 0 0
ROLLINS INC COM 775711104 50 1,875 SH   SOLE   1,875 0 0
ROSS STORES INC COM 778296103 631 13,010 SH   DFND 1 13,010 0 0
ROSS STORES INC COM 778296103 203 4,190 SH   SOLE   4,190 0 0
SCOTTS MIRACLE GRO CO CL A 810186106 426 6,997 SH   DFND 1 6,997 0 0
SCOTTS MIRACLE GRO CO CL A 810186106 134 2,203 SH   SOLE   2,203 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 548 11,132 SH   DFND 1 11,132 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 173 3,510 SH   SOLE   3,510 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,700 75,000 SH Put DFND 1 75,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 567 25,000 SH Put SOLE   25,000 0 0
SHENANDOAH TELECOMMUNICATION COM 82312B106 422 9,856 SH   DFND 1 9,856 0 0
SHENANDOAH TELECOMMUNICATION COM 82312B106 119 2,781 SH   SOLE   2,781 0 0
SIGMA ALDRICH CORP COM 826552101 7,710 55,500 SH   DFND 1 55,500 0 0
SIGMA ALDRICH CORP COM 826552101 5,974 43,000 SH   SOLE   43,000 0 0
SOLERA HOLDINGS INC COM 83421A104 41 750 SH   DFND 1 750 0 0
SOLERA HOLDINGS INC COM 83421A104 284 5,250 SH   SOLE   5,250 0 0
STANCORP FINL GROUP INC COM 852891100 257 2,250 SH   DFND 1 2,250 0 0
STANCORP FINL GROUP INC COM 852891100 771 6,750 SH   SOLE   6,750 0 0
STARZ COM SER B 85571Q201 200 5,398 SH   DFND 1 5,398 0 0
STARZ COM SER B 85571Q201 75 2,014 SH   SOLE   2,014 0 0
STARZ COM SER A 85571Q102 330 8,835 SH   DFND 1 8,835 0 0
STARZ COM SER A 85571Q102 116 3,118 SH   SOLE   3,118 0 0
STATE INVS BANCORP INC COM 857030100 160 7,500 SH   DFND 1 7,500 0 0
STATE INVS BANCORP INC COM 857030100 267 12,500 SH   SOLE   12,500 0 0
STEEL EXCEL INC COM NEW 858122203 175 8,789 SH   DFND 1 8,789 0 0
STEEL EXCEL INC COM NEW 858122203 65 3,283 SH   SOLE   3,283 0 0
STEINER LEISURE LTD ORD P8744Y102 114 1,800 SH   DFND 1 1,800 0 0
STEINER LEISURE LTD ORD P8744Y102 480 7,600 SH   SOLE   7,600 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 207 15,000 SH   DFND 1 15,000 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 483 35,000 SH   SOLE   35,000 0 0
SYMETRA FINL CORP COM 87151Q106 475 15,000 SH   DFND 1 15,000 0 0
SYMETRA FINL CORP COM 87151Q106 633 20,000 SH   SOLE   20,000 0 0
SYNERGETICS USA INC COM 87160G107 49 7,500 SH   DFND 1 7,500 0 0
SYNERGETICS USA INC COM 87160G107 82 12,500 SH   SOLE   12,500 0 0
T MOBILE US INC COM 872590104 268 6,741 SH   DFND 1 6,741 0 0
T MOBILE US INC COM 872590104 89 2,247 SH   SOLE   2,247 0 0
TEGNA INC COM 87901J105 2,088 93,256 SH   DFND 1 93,256 0 0
TEGNA INC COM 87901J105 653 29,168 SH   SOLE   29,168 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 74 29,400 SH   SOLE   29,400 0 0
THORATEC CORP COM NEW 885175307 949 15,000 SH   DFND 1 15,000 0 0
THORATEC CORP COM NEW 885175307 2,530 40,000 SH   SOLE   40,000 0 0
TIME INC NEW COM 887228104 168 8,828 SH   DFND 1 8,828 0 0
TIME INC NEW COM 887228104 55 2,880 SH   SOLE   2,880 0 0
TIME WARNER CABLE INC COM 88732J207 404 2,250 SH   DFND 1 2,250 0 0
TIME WARNER CABLE INC COM 88732J207 493 2,750 SH   SOLE   2,750 0 0
TIME WARNER INC COM NEW 887317303 2,164 31,475 SH   DFND 1 31,475 0 0
TIME WARNER INC COM NEW 887317303 570 8,293 SH   SOLE   8,293 0 0
TOOTSIE ROLL INDS INC COM 890516107 697 22,289 SH   DFND 1 22,289 0 0
TOOTSIE ROLL INDS INC COM 890516107 220 7,024 SH   SOLE   7,024 0 0
TRONOX LTD SHS CL A Q9235V101 3 143 SH   DFND 1 143 0 0
TRONOX LTD SHS CL A Q9235V101 1 53 SH   SOLE   53 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 360 13,342 SH   DFND 1 13,342 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 120 4,458 SH   SOLE   4,458 0 0
VIACOM INC NEW CL A 92553P102 5,359 121,062 SH   DFND 1 121,062 0 0
VIACOM INC NEW CL A 92553P102 1,843 41,625 SH   SOLE   41,625 0 0
VIACOM INC NEW CL B 92553P201 2,395 55,499 SH   DFND 1 55,499 0 0
VIACOM INC NEW CL B 92553P201 768 17,801 SH   SOLE   17,801 0 0
VIACOM INC NEW CL B 92553P201 324 7,500 SH Call DFND 1 7,500 0 0
VIACOM INC NEW CL B 92553P201 108 2,500 SH Call SOLE   2,500 0 0
WILLIAMS COS INC DEL COM 969457100 1,302 35,334 SH   DFND 1 35,334 0 0
WILLIAMS COS INC DEL COM 969457100 909 24,666 SH   SOLE   24,666 0 0
WMIH CORP COM 92936P100 195 75,000 SH   DFND 1 75,000 0 0
WMIH CORP COM 92936P100 65 25,000 SH   SOLE   25,000 0 0
XOOM CORP COM 98419Q101 93 3,750 SH   DFND 1 3,750 0 0
XOOM CORP COM 98419Q101 362 14,550 SH   SOLE   14,550 0 0
ZULILY INC CL A 989774104 261 15,000 SH   DFND 1 15,000 0 0
ZULILY INC CL A 989774104 261 15,000 SH   SOLE   15,000 0 0