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
AMERISERV FINL INC COM 03074A102 123 37,055 SH   SOLE   37,055 0 0
APOLLO ED GROUP INC CL A 037604105 4,230 532,060 SH   SOLE   532,060 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 5,650 314,577 SH   SOLE   314,577 0 0
BANK AMER CORP COM 060505104 8,617 550,600 SH   SOLE   550,600 0 0
BRIDGEPOINT ED INC COM 10807M105 332 48,313 SH   SOLE   48,313 0 0
CAPSTONE TURBINE CORP COM NEW 14067D409 460 335,629 SH   SOLE   335,629 0 0
CITIGROUP INC COM NEW 172967424 31,172 660,000 SH   SOLE   660,000 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 2,792 58,530 SH   SOLE   58,530 0 0
COWEN GROUP INC NEW CL A 223622101 2,809 773,698 SH   SOLE   773,698 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 5,010 381,264 SH   SOLE   381,264 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 3,591 561,125 SH   SOLE   561,125 0 0
FIFTH STR ASSET MGMT INC CL A COM 31679P109 3,212 582,998 SH   SOLE   582,998 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 8,614 1,743,825 SH   SOLE   1,743,825 0 0
G WILLI FOOD INTL LTD ORD M52523103 3,852 714,610 SH   SOLE   714,610 0 0
GENERAL MTRS CO COM 37045V100 14,263 448,950 SH   SOLE   448,950 0 0
GLOBAL INDEMNITY PLC SHS G39319101 18,814 633,470 SH   SOLE   633,470 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 19,528 121,090 SH   SOLE   121,090 0 0
KKR & CO L P DEL COM UNITS 48248M102 7,435 521,383 SH   SOLE   521,383 0 0
MAGNA INTL INC COM 559222401 12,429 289,390 SH   SOLE   289,390 0 0
MCBC HLDGS INC COM 55276F107 13,843 1,214,326 SH   SOLE   1,214,326 0 0
MORGAN STANLEY COM NEW 617446448 23,530 733,933 SH   SOLE   733,933 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 124 12,139 SH   SOLE   12,139 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 9,506 2,190,311 SH   SOLE   2,190,311 0 0
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 1,101 77,076 SH   SOLE   77,076 0 0
OWENS RLTY MTG INC COM 690828108 444 25,647 SH   SOLE   25,647 0 0
RICHARDSON ELECTRS LTD COM 763165107 2,760 407,106 SH   SOLE   407,106 0 0
ROADRUNNER TRNSN SVCS HLDG I COM 76973Q105 241 30,144 SH   SOLE   30,144 0 0