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
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 515 58,482 SH   DFND 1, 2, 3, 4 0 0 58,482
AMERICAN NATIONAL INSURANCE COM 028591105 811 6,647 SH   DFND 1, 2, 3, 4 6,647 0 0
AMREP CORP COM 032159105 897 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
APACHE CORP COM 037411105 319 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 269 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
BANK OF COMMERCE HOLDINGS COM 06424J103 387 53,740 SH   DFND 1, 2, 3, 4 53,740 0 0
BAY BANCORP INC COM 07203T106 578 104,879 SH   DFND 1, 2, 3, 4 104,879 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 511 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,496 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
BROCADE COMMUNICATIONS SYS COM 111621306 715 77,500 SH Call DFND 1, 2, 3, 4 0 0 77,500
CAL-MAINE FOODS INC COM 128030202 1,734 45,000 SH Put DFND 1, 2, 3, 4 0 0 45,000
CAPITAL SENIOR LIVING CORP COM 140475104 45,575 2,712,800 SH   DFND 1, 2, 3, 4 2,712,800 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 13,538 483,000 SH   DFND 1, 2, 3, 4 483,000 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 18,500 660,000 SH Call DFND 1, 2, 3, 4 0 0 660,000
CITIGROUP INC COM 172967424 5,715 121,000 SH   DFND 1, 2, 3, 4 121,000 0 0
CITIGROUP INC COM 172967424 36,603 775,000 SH Call DFND 1, 2, 3, 4 0 0 775,000
CITIZENS COMMUNITY BANCORP I COM 174903104 1,354 121,103 SH   DFND 1, 2, 3, 4 121,103 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 292 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
COMMUNITY BANKERS TRUST CORP COM 203612106 61 11,228 SH   DFND 1, 2, 3, 4 11,228 0 0
COWEN GROUP INC-CLASS A COM 223622101 15,792 4,350,384 SH   DFND 1, 2, 3, 4 4,350,384 0 0
DEVON ENERGY CORP COM 25179M103 3,771 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
DEVON ENERGY CORP COM 25179M103 8,822 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
ELDORADO GOLD CORP COM 284902103 60 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EQUITABLE FINANCIAL CORP COM 29448T105 1,449 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 929 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESSA BANCORP INC COM 29667D104 2,931 211,906 SH   DFND 1, 2, 3, 4 211,906 0 0
EXTREME NETWORKS INC COM 30226D106 16,518 3,678,863 SH   DFND 1, 2, 3, 4 3,678,863 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 16,714 56,870 SH   DFND 1, 2, 3, 4 56,870 0 0
FIRST NORTHWEST BANCORP COM 335834107 2,910 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
FORTRESS INVESTMENT GRP-CL A COM 34958B106 49 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
GILEAD SCIENCES INC COM 375558103 2,532 32,000 SH   DFND 1, 2, 3, 4 32,000 0 0
GILEAD SCIENCES INC COM 375558103 7,912 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 789 38,600 SH   DFND 1, 2, 3, 4 38,600 0 0
GREIF INC-CL B COM 397624206 48,900 807,067 SH   DFND 1, 2, 3, 4 807,067 0 0
HAMILTON BANCORP INC/MD COM 407015106 163 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 354 9,993 SH   DFND 1, 2, 3, 4 9,993 0 0
HOPFED BANCORP INC COM 439734104 1,056 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
HUNTSMAN CORP COM 447011107 814 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
INTELSAT SA COM L5140P101 15,148 5,589,575 SH   DFND 1, 2, 3, 4 5,589,575 0 0
INTERNATIONAL PAPER CO COM 460146103 4,798 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
IPATH S&P 500 VIX S/T FU ETN COM 06740Q252 35,923 1,054,400 SH Put DFND 1, 2, 3, 4 0 0 1,054,400
ISHARES RUSSELL 2000 ETF COM 464287655 209,816 1,689,200 SH Put DFND 1, 2, 3, 4 0 0 1,689,200
JMP GROUP LLC COM 46629U107 112 20,200 SH   DFND 1, 2, 3, 4 20,200 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 655 77,978 SH   DFND 1, 2, 3, 4 77,978 0 0
KKR & CO LP COM 48248M102 143 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
KOPPERS HOLDINGS INC COM 50060P106 786 24,428 SH   DFND 1, 2, 3, 4 24,428 0 0
KORN/FERRY INTERNATIONAL COM 500643200 1,050 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
LAKE SHORE BANCORP INC COM 510700107 2,718 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LEIDOS HOLDINGS INC COM 525327102 2,164 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
LENNAR CORP - B SHS COM 526057302 12,370 368,491 SH   DFND 1, 2, 3, 4 368,491 0 0
LIBERTY GLOBAL PLC LILAC - C COM G5480U153 2,109 75,176 SH   DFND 1, 2, 3, 4 75,176 0 0
LIBERTY INTERACTIVE CORP Q-A COM 53071M104 2,585 129,200 SH   DFND 1, 2, 3, 4 129,200 0 0
LIBERTY VENTURES - SER A COM 53071M880 477 11,969 SH   DFND 1, 2, 3, 4 11,969 0 0
LIMONEIRA CO COM 532746104 293 15,500 SH   DFND 1, 2, 3, 4 15,500 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 726 62,622 SH   DFND 1, 2, 3, 4 62,622 0 0
MCKESSON CORP COM 58155Q103 500 3,000 SH   DFND 1, 2, 3, 4 3,000 0 0
MCKESSON CORP COM 58155Q103 11,339 68,000 SH Call DFND 1, 2, 3, 4 0 0 68,000
MVC CAPITAL INC COM 553829102 1,582 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 280 1,362 SH   DFND 1, 2, 3, 4 1,362 0 0
NOBLE ENERGY INC COM 655044105 349 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 1,342 1,890,263 SH   DFND 1, 2, 3, 4 1,890,263 0 0
OCH-ZIFF CAPITAL MANAGEMEN-A COM 67551U105 43 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 1,001 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 2,190 153,250 SH   DFND 1, 2, 3, 4 153,250 0 0
PB BANCORP INC COM 70454T100 1,732 199,492 SH   DFND 1, 2, 3, 4 199,492 0 0
PEOPLES BANCORP OF NC COM 710577107 542 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 1,331 190,903 SH   DFND 1, 2, 3, 4 190,903 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 64,031 344,900 SH Call DFND 1, 2, 3, 4 0 0 344,900
PREMIER FINANCIAL BANCORP COM 74050M105 211 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
SALEM MEDIA GROUP INC COM 794093104 392 66,697 SH   DFND 1, 2, 3, 4 66,697 0 0
SEALED AIR CORP COM 81211K100 1,445 31,545 SH   DFND 1, 2, 3, 4 31,545 0 0
SEARS HOLDINGS CORP COM 812350106 596 52,000 SH Put DFND 1, 2, 3, 4 0 0 52,000
SENECA FOODS CORP - CL A COM 817070501 261 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 273 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SPARK NETWORKS INC COM 84651P100 183 115,525 SH   DFND 1, 2, 3, 4 115,525 0 0
SPDR GOLD SHARES COM 78463V107 44,602 355,000 SH Call DFND 1, 2, 3, 4 0 0 355,000
STAPLES INC COM 855030102 2,933 343,000 SH   DFND 1, 2, 3, 4 343,000 0 0
TESLA MOTORS INC COM 88160R101 24,769 121,400 SH Call DFND 1, 2, 3, 4 0 0 121,400
TESLA MOTORS INC COM 88160R101 76,266 373,800 SH Put DFND 1, 2, 3, 4 0 0 373,800
TEXAS PACIFIC LAND TRUST COM 882610108 35,358 147,739 SH   DFND 1, 2, 3, 4 147,739 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 774 64,500 SH   DFND 1, 2, 3, 4 64,500 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 105 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 884 44,236 SH   DFND 1, 2, 3, 4 44,236 0 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107 2,016 80,000 SH Put DFND 1, 2, 3, 4 0 0 80,000
WILLIAM LYON HOMES-CL A COM 552074700 8,341 449,668 SH   DFND 1, 2, 3, 4 449,668 0 0
WMIH CORP COM 92936P100 39 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
WOLVERINE BANCORP INC COM 977880103 374 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
XEROX CORP COM 984121103 608 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0