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 170 16,367 SH   SOLE   16,367 0 0
A H BELO CORP COM CL A 001282102 502 48,403 SH   DFND 1 48,403 0 0
ALLERGAN INC COM 018490102 2,657 12,500 SH   SOLE   12,500 0 0
ALLERGAN INC COM 018490102 1,594 7,500 SH   DFND 1 7,500 0 0
ALLETE INC COM NEW 018522300 69 1,250 SH   SOLE   1,250 0 0
ALLETE INC COM NEW 018522300 207 3,750 SH   DFND 1 3,750 0 0
AMC NETWORKS INC CL A 00164V103 135 2,116 SH   SOLE   2,116 0 0
AMC NETWORKS INC CL A 00164V103 419 6,572 SH   DFND 1 6,572 0 0
AMER RLTY CAP HEALTHCAR TR I COM 02917R108 417 35,000 SH   SOLE   35,000 0 0
AMER RLTY CAP HEALTHCAR TR I COM 02917R108 179 15,000 SH   DFND 1 15,000 0 0
APPLE INC COM 037833100 863 7,814 SH   SOLE   7,814 0 0
APPLE INC COM 037833100 2,890 26,186 SH   DFND 1 26,186 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 530 31,250 SH   SOLE   31,250 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 318 18,750 SH   DFND 1 18,750 0 0
BAKER HUGHES INC COM 057224107 925 16,500 SH   SOLE   16,500 0 0
BAKER HUGHES INC COM 057224107 757 13,500 SH   DFND 1 13,500 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 226 1 SH   SOLE   1 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 226 1 SH   DFND 1 1 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 192 9,312 SH   SOLE   9,312 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 580 28,092 SH   DFND 1 28,092 0 0
CAMBIUM LEARNING GRP INC COM 13201A107 31 18,418 SH   SOLE   18,418 0 0
CAMBIUM LEARNING GRP INC COM 13201A107 83 50,047 SH   DFND 1 50,047 0 0
CAREFUSION CORP COM 14170T101 1,854 31,250 SH   SOLE   31,250 0 0
CAREFUSION CORP COM 14170T101 1,113 18,750 SH   DFND 1 18,750 0 0
CENTURYLINK INC COM 156700106 364 9,201 SH   SOLE   9,201 0 0
CENTURYLINK INC COM 156700106 1,145 28,927 SH   DFND 1 28,927 0 0
CHEMTURA CORP COM NEW 163893209 105 4,250 SH   SOLE   4,250 0 0
CHEMTURA CORP COM NEW 163893209 315 12,750 SH   DFND 1 12,750 0 0
CHIMERA INVT CORP COM 16934Q109 164 51,500 SH   SOLE   51,500 0 0
CHIMERA INVT CORP COM 16934Q109 491 154,500 SH   DFND 1 154,500 0 0
CHIQUITA BRANDS INTL INC COM 170032809 741 51,250 SH   SOLE   51,250 0 0
CHIQUITA BRANDS INTL INC COM 170032809 271 18,750 SH   DFND 1 18,750 0 0
CINCINNATI BELL INC NEW COM 171871106 977 306,311 SH   SOLE   306,311 0 0
CINCINNATI BELL INC NEW COM 171871106 3,037 952,051 SH   DFND 1 952,051 0 0
CLARCOR INC COM 179895107 169 2,536 SH   SOLE   2,536 0 0
CLARCOR INC COM 179895107 528 7,916 SH   DFND 1 7,916 0 0
CLECO CORP NEW COM 12561W105 273 5,000 SH   SOLE   5,000 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 97 3,499 SH   SOLE   3,499 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 289 10,383 SH   DFND 1 10,383 0 0
COVANCE INC COM 222816100 1,298 12,500 SH   SOLE   12,500 0 0
COVANCE INC COM 222816100 779 7,500 SH   DFND 1 7,500 0 0
COVIDIEN PLC SHS G2554F113 3,068 30,000 SH   SOLE   30,000 0 0
COVIDIEN PLC SHS G2554F113 3,068 30,000 SH   DFND 1 30,000 0 0
CROWN MEDIA HLDGS INC CL A 228411104 1,995 563,555 SH   SOLE   563,555 0 0
CROWN MEDIA HLDGS INC CL A 228411104 5,806 1,640,004 SH   DFND 1 1,640,004 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 1,585 15,750 SH   SOLE   15,750 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 1,132 11,250 SH   DFND 1 11,250 0 0
CYRUSONE INC COM 23283R100 477 17,327 SH   SOLE   17,327 0 0
CYRUSONE INC COM 23283R100 1,432 51,985 SH   DFND 1 51,985 0 0
DIRECTV COM 25490A309 3,668 42,312 SH   SOLE   42,312 0 0
DIRECTV COM 25490A309 4,091 47,188 SH   DFND 1 47,188 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 182 5,282 SH   SOLE   5,282 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 515 14,947 SH   DFND 1 14,947 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 204 6,062 SH   SOLE   6,062 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 588 17,452 SH   DFND 1 17,452 0 0
DOLBY LABORATORIES INC COM 25659T107 232 5,375 SH   SOLE   5,375 0 0
DOLBY LABORATORIES INC COM 25659T107 695 16,125 SH   DFND 1 16,125 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 271 3,774 SH   SOLE   3,774 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 840 11,723 SH   DFND 1 11,723 0 0
DRESSER-RAND GROUP INC COM 261608103 675 8,250 SH   SOLE   8,250 0 0
DRESSER-RAND GROUP INC COM 261608103 552 6,750 SH   DFND 1 6,750 0 0
ELECSYS CORP COM 28473M100 777 44,592 SH   SOLE   44,592 0 0
EQUINIX INC COM NEW 29444U502 1,023 4,510 SH   SOLE   4,510 0 0
EQUINIX INC COM NEW 29444U502 3,156 13,919 SH   DFND 1 13,919 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,237 50,000 SH Put SOLE   50,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3,710 150,000 SH Put DFND 1 150,000 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 230 5,070 SH   SOLE   5,070 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 737 16,277 SH   DFND 1 16,277 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 152 22,748 SH   SOLE   22,748 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 499 74,844 SH   DFND 1 74,844 0 0
GAMCO INVESTORS INC COM 361438104 535 6,015 SH   SOLE   6,015 0 0
GAMCO INVESTORS INC COM 361438104 1,470 16,528 SH   DFND 1 16,528 0 0
GANNETT INC COM 364730101 724 22,668 SH   SOLE   22,668 0 0
GANNETT INC COM 364730101 2,355 73,756 SH   DFND 1 73,756 0 0
GENTIVA HEALTH SERVICES INC COM 37247A102 572 30,000 SH   SOLE   30,000 0 0
GENUINE PARTS CO COM 372460105 445 4,178 SH   SOLE   4,178 0 0
GENUINE PARTS CO COM 372460105 1,334 12,522 SH   DFND 1 12,522 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 859 62,500 SH   SOLE   62,500 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 515 37,500 SH   DFND 1 37,500 0 0
GOGO INC COM 38046C109 49 2,957 SH   SOLE   2,957 0 0
GOGO INC COM 38046C109 147 8,870 SH   DFND 1 8,870 0 0
GRAHAM HLDGS CO COM 384637104 1,133 1,312 SH   SOLE   1,312 0 0
GRAHAM HLDGS CO COM 384637104 2,880 3,335 SH   DFND 1 3,335 0 0
INTEGRYS ENERGY GROUP INC COM 45822P105 876 11,250 SH   SOLE   11,250 0 0
INTEGRYS ENERGY GROUP INC COM 45822P105 292 3,750 SH   DFND 1 3,750 0 0
INTERXION HOLDING N.V SHS N47279109 306 11,210 SH   SOLE   11,210 0 0
INTERXION HOLDING N.V SHS N47279109 1,007 36,842 SH   DFND 1 36,842 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 216 12,500 SH   SOLE   12,500 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 647 37,500 SH   DFND 1 37,500 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 2,947 75,000 SH Put SOLE   75,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 8,840 225,000 SH Put DFND 1 225,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 2,991 25,000 SH Put SOLE   25,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 8,972 75,000 SH Put DFND 1 75,000 0 0
KAR AUCTION SVCS INC COM 48238T109 94 2,703 SH   SOLE   2,703 0 0
KAR AUCTION SVCS INC COM 48238T109 309 8,918 SH   DFND 1 8,918 0 0
LGL GROUP INC COM 50186A108 3 811 SH   SOLE   811 0 0
LGL GROUP INC COM 50186A108 8 2,289 SH   DFND 1 2,289 0 0
LGL GROUP INC *W EXP 08/06/201 50186A116 21 5,870 SH   SOLE   5,870 0 0
LGL GROUP INC *W EXP 08/06/201 50186A116 73 20,430 SH   DFND 1 20,430 0 0
LORILLARD INC COM 544147101 692 11,000 SH   SOLE   11,000 0 0
LORILLARD INC COM 544147101 566 9,000 SH   DFND 1 9,000 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 729 9,693 SH   SOLE   9,693 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 2,240 29,766 SH   DFND 1 29,766 0 0
MEDIA GEN INC NEW COM 58441K100 100 5,995 SH   SOLE   5,995 0 0
MEDIA GEN INC NEW COM 58441K100 310 18,534 SH   DFND 1 18,534 0 0
MERCURY GENL CORP NEW COM 589400100 135 2,390 SH   SOLE   2,390 0 0
MERCURY GENL CORP NEW COM 589400100 414 7,310 SH   DFND 1 7,310 0 0
MICROSOFT CORP COM 594918104 535 11,521 SH   SOLE   11,521 0 0
MICROSOFT CORP COM 594918104 1,742 37,495 SH   DFND 1 37,495 0 0
NEWS CORP NEW CL A 65249B109 646 41,162 SH   SOLE   41,162 0 0
NEWS CORP NEW CL A 65249B109 1,938 123,487 SH   DFND 1 123,487 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 540 10,422 SH   SOLE   10,422 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 1,619 31,266 SH   DFND 1 31,266 0 0
PENDRELL CORP COM 70686R104 31 22,397 SH   SOLE   22,397 0 0
PENDRELL CORP COM 70686R104 115 83,092 SH   DFND 1 83,092 0 0
PENFORD CORP COM 707051108 735 39,342 SH   SOLE   39,342 0 0
PENFORD CORP COM 707051108 573 30,658 SH   DFND 1 30,658 0 0
PEPCO HOLDINGS INC COM 713291102 1,062 39,445 SH   SOLE   39,445 0 0
PEPCO HOLDINGS INC COM 713291102 525 19,500 SH   DFND 1 19,500 0 0
PHIBRO ANIMAL HEALTH CORP CL A COM 71742Q106 187 5,925 SH   SOLE   5,925 0 0
PHIBRO ANIMAL HEALTH CORP CL A COM 71742Q106 567 17,977 SH   DFND 1 17,977 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 918 12,500 SH   SOLE   12,500 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 551 7,500 SH   DFND 1 7,500 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 3,872 37,500 SH Put SOLE   37,500 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 11,616 112,500 SH Put DFND 1 112,500 0 0
PROTECTIVE LIFE CORP COM 743674103 2,841 40,786 SH   SOLE   40,786 0 0
PROTECTIVE LIFE CORP COM 743674103 2,246 32,250 SH   DFND 1 32,250 0 0
RACKSPACE HOSTING INC COM 750086100 257 5,500 SH   SOLE   5,500 0 0
RACKSPACE HOSTING INC COM 750086100 772 16,500 SH   DFND 1 16,500 0 0
ROCKWOOD HLDGS INC COM 774415103 2,167 27,500 SH   SOLE   27,500 0 0
ROCKWOOD HLDGS INC COM 774415103 1,773 22,500 SH   DFND 1 22,500 0 0
ROSS STORES INC COM 778296103 197 2,095 SH   SOLE   2,095 0 0
ROSS STORES INC COM 778296103 613 6,505 SH   DFND 1 6,505 0 0
SAPIENT CORP COM 803062108 1,227 49,332 SH   SOLE   49,332 0 0
SAPIENT CORP COM 803062108 373 15,000 SH   DFND 1 15,000 0 0
SCOTTS MIRACLE GRO CO CL A 810186106 137 2,203 SH   SOLE   2,203 0 0
SCOTTS MIRACLE GRO CO CL A 810186106 436 6,997 SH   DFND 1 6,997 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 298 3,960 SH   SOLE   3,960 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 940 12,482 SH   DFND 1 12,482 0 0
SHENANDOAH TELECOMMUNICATION COM 82312B106 177 5,678 SH   SOLE   5,678 0 0
SHENANDOAH TELECOMMUNICATION COM 82312B106 580 18,559 SH   DFND 1 18,559 0 0
SIGMA ALDRICH CORP COM 826552101 686 5,000 SH   SOLE   5,000 0 0
SPANSION INC COM CL A NEW 84649R200 941 27,500 SH   SOLE   27,500 0 0
SPANSION INC COM CL A NEW 84649R200 770 22,500 SH   DFND 1 22,500 0 0
STARZ COM SER B 85571Q201 60 2,014 SH   SOLE   2,014 0 0
STARZ COM SER B 85571Q201 161 5,398 SH   DFND 1 5,398 0 0
STARZ COM SER A 85571Q102 101 3,393 SH   SOLE   3,393 0 0
STARZ COM SER A 85571Q102 287 9,660 SH   DFND 1 9,660 0 0
SWS GROUP INC COM 78503N107 90 13,000 SH   SOLE   13,000 0 0
TIME INC NEW COM 887228104 71 2,880 SH   SOLE   2,880 0 0
TIME INC NEW COM 887228104 217 8,828 SH   DFND 1 8,828 0 0
TIME WARNER CABLE INC COM 88732J207 1,521 10,000 SH   SOLE   10,000 0 0
TIME WARNER CABLE INC COM 88732J207 2,281 15,000 SH   DFND 1 15,000 0 0
TIME WARNER INC COM NEW 887317303 879 10,293 SH   SOLE   10,293 0 0
TIME WARNER INC COM NEW 887317303 2,765 32,375 SH   DFND 1 32,375 0 0
T MOBILE US INC COM 872590104 61 2,247 SH   SOLE   2,247 0 0
T MOBILE US INC COM 872590104 182 6,741 SH   DFND 1 6,741 0 0
TOOTSIE ROLL INDS INC COM 890516107 219 7,138 SH   SOLE   7,138 0 0
TOOTSIE ROLL INDS INC COM 890516107 692 22,593 SH   DFND 1 22,593 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 276 10,000 SH   SOLE   10,000 0 0
TRULIA INC COM 897888103 460 10,000 SH   SOLE   10,000 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 2,119 20,600 SH   SOLE   20,600 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 2,314 22,500 SH   DFND 1 22,500 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 238 6,208 SH   SOLE   6,208 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 714 18,592 SH   DFND 1 18,592 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 369 10,000 SH   SOLE   10,000 0 0
VIACOM INC NEW CL A 92553P102 540 7,150 SH   SOLE   7,150 0 0
VIACOM INC NEW CL A 92553P102 1,549 20,522 SH   DFND 1 20,522 0 0
VIACOM INC NEW CL B 92553P201 1,328 17,651 SH   SOLE   17,651 0 0
VIACOM INC NEW CL B 92553P201 4,142 55,049 SH   DFND 1 55,049 0 0
WORLD ENERGY SOLUTIONS INC D COM NEW 98145W208 291 52,950 SH   SOLE   52,950 0 0
ZOETIS INC CL A 98978V103 108 2,500 SH   SOLE   2,500 0 0
ZOETIS INC CL A 98978V103 323 7,500 SH   DFND 1 7,500 0 0