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
AKEBIA THERAPEUTICS INC COM 00972D105 17,331 1,915,008 SH   SOLE   1,915,008 0 0
AMERICAS CAR MART INC COM 03062T105 7,364 202,350 SH   SOLE   202,350 0 0
ARQULE INC COM 04269E107 16,303 9,263,041 SH   SOLE   9,263,041 0 0
BANCORP INC DEL COM 05969A105 27,152 4,229,213 SH   SOLE   4,229,213 0 0
BRIDGEPOINT ED INC COM 10807M105 11,362 1,653,826 SH   SOLE   1,653,826 0 0
CARDCONNECT CORP *W EXP 07/29/202 14141X116 488 447,363 SH   SOLE   447,363 0 0
CARDCONNECT CORP COM 14141X108 9,172 938,808 SH   SOLE   938,808 0 0
CASTLE A M & CO COM 148411101 108 134,764 SH   SOLE   134,764 0 0
CHEMOCENTRYX INC COM 16383L106 2,817 466,440 SH   SOLE   466,440 0 0
CITI TRENDS INC COM 17306X102 23,816 1,194,988 SH   SOLE   1,194,988 0 0
CODEXIS INC COM 192005106 24,691 5,561,082 SH   SOLE   5,561,082 0 0
COGENTIX MED INC COM 19243A104 6,051 3,324,877 SH   SOLE   3,324,877 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 2,183 157,400 SH Call SOLE   157,400 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 5,548 400,000 SH Put SOLE   400,000 0 0
DOLBY LABORATORIES INC COM 25659T107 46,033 847,907 SH   SOLE   847,907 0 0
DOVER DOWNS GAMING & ENTMT I COM 260095104 1,362 1,261,253 SH   SOLE   1,261,253 0 0
DOVER MOTORSPORTS INC COM 260174107 3,038 1,229,789 SH   SOLE   1,229,789 0 0
ELDORADO RESORTS INC COM 28470R102 6,465 459,793 SH   SOLE   459,793 0 0
ELDORADO RESORTS INC COM 28470R102 2,678 190,500 SH Call SOLE   190,500 0 0
EMERGENT CAP INC COM 29102N105 5,408 1,845,659 SH   SOLE   1,845,659 0 0
EMMIS COMMUNICATIONS CORP COM NEW CL A 291525400 1,386 342,193 SH   SOLE   342,193 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 5,673 903,282 SH   SOLE   903,282 0 0
EZCORP INC CL A NON VTG 302301106 7,780 703,471 SH   SOLE   703,471 0 0
EZCORP INC NOTE 2.625% 6/1 302301AB2 5,476 5,500,000 PRN   SOLE   5,500,000 0 0
FALCONSTOR SOFTWARE INC COM 306137100 3,528 3,392,318 SH   SOLE   3,392,318 0 0
FB FINL CORP COM 30257X104 1,009 50,000 SH   SOLE   50,000 0 0
FERRARI N V COM N3167Y103 9,834 189,582 SH   SOLE   189,582 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 5,120 800,000 SH Call SOLE   800,000 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 6,373 995,800 SH Call SOLE   995,800 0 0
FIRSTCASH INC COM 33767D105 38,743 822,912 SH   SOLE   822,912 0 0
GOLDEN ENTMT INC COM 381013101 11,757 942,786 SH   SOLE   942,786 0 0
IMPERIAL HLDGS INC NOTE 8.500% 2/1 452834AE4 10,716 11,970,000 PRN   SOLE   11,970,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 68,316 550,000 SH Put SOLE   550,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 31,053 250,000 SH Put SOLE   250,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 18,632 150,000 SH Put SOLE   150,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 12,421 100,000 SH Put SOLE   100,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 21,737 175,000 SH Put SOLE   175,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 14,905 120,000 SH Put SOLE   120,000 0 0
LINCOLN EDL SVCS CORP COM 533535100 4,981 2,263,899 SH   SOLE   2,263,899 0 0
LUXFER HLDGS PLC SPONSORED ADR 550678106 13,654 1,178,078 SH   SOLE   1,178,078 0 0
META FINL GROUP INC COM 59100U108 25,776 425,271 SH   SOLE   425,271 0 0
MFC BANCORP LTD COM 55278T105 693 337,978 SH   SOLE   337,978 0 0
OCWEN FINL CORP COM NEW 675746309 683 186,000 SH Call SOLE   186,000 0 0
ON DECK CAP INC COM 682163100 4,153 728,564 SH   SOLE   728,564 0 0
OWENS RLTY MTG INC COM 690828108 13,490 778,867 SH   SOLE   778,867 0 0
PAIN THERAPEUTICS INC COM 69562K100 3,870 3,870,832 SH   SOLE   3,870,832 0 0
PHARMATHENE INC COM 71714G102 9,286 3,202,045 SH   SOLE   3,202,045 0 0
PHOTOMEDEX INC COM PAR NEW 719358400 357 276,958 SH   SOLE   276,958 0 0
PROTHENA CORP SHS G72800108 13,733 229,000 SH Put SOLE   229,000 0 0
QAD INC CL A 74727D306 17,343 774,933 SH   SOLE   774,933 0 0
RADIANT LOGISTICS INC COM 75025X100 4,546 1,600,665 SH   SOLE   1,600,665 0 0
REPUBLIC BANCORP KY CL A 760281204 4,714 151,658 SH   SOLE   151,658 0 0
RESTORATION HARDWARE HLDGS I COM 761283100 9,436 272,876 SH   SOLE   272,876 0 0
RESTORATION HARDWARE HLDGS I COM 761283100 10,374 300,000 SH Call SOLE   300,000 0 0
SAREPTA THERAPEUTICS INC COM 803607100 9,212 150,000 SH Call SOLE   150,000 0 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 18,138 1,769,558 SH   SOLE   1,769,558 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 23,305 2,067,876 SH   SOLE   2,067,876 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 7,889 700,000 SH Call SOLE   700,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 10,123 898,200 SH Call SOLE   898,200 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 33,810 3,000,000 SH Call SOLE   3,000,000 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 35,038 1,319,215 SH   SOLE   1,319,215 0 0
STERLING CONSTRUCTION CO INC COM 859241101 978 126,337 SH   SOLE   126,337 0 0
STREAMLINE HEALTH SOLUTIONS COM 86323X106 1,273 692,108 SH   SOLE   692,108 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 6,155 1,784,034 SH   SOLE   1,784,034 0 0
TRAVELCENTERS AMER LLC COM 894174101 1,092 152,511 SH   SOLE   152,511 0 0
UNIVERSAL TECHNICAL INST INC COM 913915104 55 30,825 SH   SOLE   30,825 0 0
YAHOO INC COM 984332106 51,409 1,192,776 SH   SOLE   1,192,776 0 0