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
AFFILIATED MANAGERS GROUP COM 008252108 4,880 33,585 SH   DFND 1, 2, 3, 4 33,585 0 0
AMREP CORP COM 032159105 839 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 290 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
BANK OF COMMERCE HOLDINGS COM 06424J103 511 53,740 SH   DFND 1, 2, 3, 4 53,740 0 0
BAY BANCORP INC COM 07203T106 692 104,879 SH   DFND 1, 2, 3, 4 104,879 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 541 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLACKROCK INC COM 09247X101 7,611 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
CITIGROUP INC COM 172967424 7,191 121,000 SH   DFND 1, 2, 3, 4 121,000 0 0
CITIGROUP INC COM 172967424 40,115 675,000 SH Call DFND 1, 2, 3, 4 0 0 675,000
CAPITAL SENIOR LIVING CORP COM 140475104 68,143 4,245,640 SH   DFND 1, 2, 3, 4 4,245,640 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 95 3,000 SH   DFND 1, 2, 3, 4 3,000 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 14,605 460,000 SH Call DFND 1, 2, 3, 4 0 0 460,000
CITIZENS COMMUNITY BANCORP I COM 174903104 1,505 121,103 SH   DFND 1, 2, 3, 4 121,103 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 252 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
COMMUNITY BANKERS TRUST CORP COM 203612106 81 11,228 SH   DFND 1, 2, 3, 4 11,228 0 0
COWEN GROUP INC-CLASS A COM 223622606 17,571 1,133,623 SH   DFND 1, 2, 3, 4 1,133,623 0 0
DEVON ENERGY CORP COM 25179M103 2,991 65,490 SH   DFND 1, 2, 3, 4 65,490 0 0
DEVON ENERGY CORP COM 25179M103 7,992 175,000 SH Call DFND 1, 2, 3, 4 0 0 175,000
DOMTAR CORP COM 257559203 7,780 199,338 SH   DFND 1, 2, 3, 4 199,338 0 0
DYNEGY INC COM 26817R108 1,459 172,400 SH   DFND 1, 2, 3, 4 172,400 0 0
ELDORADO GOLD CORP COM 284902103 49 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EQUITABLE FINANCIAL CORP COM 29448T105 1,600 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 1,023 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESSA BANCORP INC COM 29667D104 733 46,615 SH   DFND 1, 2, 3, 4 46,615 0 0
EXTREME NETWORKS INC COM 30226D106 18,505 3,678,863 SH   DFND 1, 2, 3, 4 3,678,863 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 359 1,011 SH   DFND 1, 2, 3, 4 1,011 0 0
FIRST NORTHWEST BANCORP COM 335834107 3,365 215,726 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
GAMESTOP CORP-CLASS A COM 36467W109 6,200 245,453 SH   DFND 1, 2, 3, 4 245,453 0 0
GILEAD SCIENCES INC COM 375558103 9,667 135,000 SH   DFND 1, 2, 3, 4 135,000 0 0
GILEAD SCIENCES INC COM 375558103 10,742 150,000 SH Call DFND 1, 2, 3, 4 0 0 150,000
SPDR GOLD SHARES COM 78463V107 38,912 355,000 SH Call DFND 1, 2, 3, 4 0 0 355,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 627 27,512 SH   DFND 1, 2, 3, 4 27,512 0 0
GREIF INC-CL B COM 397624206 52,235 773,284 SH   DFND 1, 2, 3, 4 773,284 0 0
HAMILTON BANCORP INC/MD COM 407015106 170 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 206 6,493 SH   DFND 1, 2, 3, 4 6,493 0 0
HOPFED BANCORP INC COM 439734104 267 19,809 SH   DFND 1, 2, 3, 4 19,809 0 0
HUNTSMAN CORP COM 447011107 954 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
INTELSAT SA COM L5140P101 14,951 5,599,575 SH   DFND 1, 2, 3, 4 5,599,575 0 0
JMP GROUP LLC COM 46629U107 124 20,200 SH   DFND 1, 2, 3, 4 20,200 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 701 77,978 SH   DFND 1, 2, 3, 4 77,978 0 0
KKR & CO LP COM 48248M102 185 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
KOPPERS HOLDINGS INC COM 50060P106 935 23,193 SH   DFND 1, 2, 3, 4 23,193 0 0
KORN/FERRY INTERNATIONAL COM 500643200 1,472 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
LAKE SHORE BANCORP INC COM 510700107 3,268 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LENNAR CORP - B SHS COM 526057302 12,713 368,491 SH   DFND 1, 2, 3, 4 368,491 0 0
LIBERTY GLOBAL PLC LILAC - C COM G5480U153 3,571 168,691 SH   DFND 1, 2, 3, 4 168,691 0 0
LIBERTY INTERACTIVE CORP Q-A COM 53071M104 1,755 87,830 SH   DFND 1, 2, 3, 4 87,830 0 0
LIBERTY VENTURES - SER A COM 53071M856 265 7,179 SH   DFND 1, 2, 3, 4 7,179 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 109 12,726 SH   DFND 1, 2, 3, 4 12,726 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 682 62,622 SH   DFND 1, 2, 3, 4 62,622 0 0
MCKESSON CORP COM 58155Q103 3,230 23,000 SH   DFND 1, 2, 3, 4 23,000 0 0
MCKESSON CORP COM 58155Q103 9,551 68,000 SH Call DFND 1, 2, 3, 4 0 0 68,000
MVC CAPITAL INC COM 553829102 1,638 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
MYLAN NV COM N59465109 532 13,950 SH   DFND 1, 2, 3, 4 13,950 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 423 1,362 SH   DFND 1, 2, 3, 4 1,362 0 0
NOBLE ENERGY INC COM 655044105 371 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 5,248 2,535,027 SH   DFND 1, 2, 3, 4 2,535,027 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 1,020 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OTTAWA BANCORP INC COM 689195105 192 15,119 SH   DFND 1, 2, 3, 4 15,119 0 0
PB BANCORP INC COM 70454T100 1,974 199,492 SH   DFND 1, 2, 3, 4 199,492 0 0
PEOPLES BANCORP OF NC COM 710577107 647 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 99 12,834 SH   DFND 1, 2, 3, 4 12,834 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 272 13,545 SH   DFND 1, 2, 3, 4 13,545 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 62,106 344,900 SH Call DFND 1, 2, 3, 4 0 0 344,900
SALEM MEDIA GROUP INC COM 794093104 417 66,697 SH   DFND 1, 2, 3, 4 66,697 0 0
SEALED AIR CORP COM 81211K100 1,430 31,545 SH   DFND 1, 2, 3, 4 31,545 0 0
SENECA FOODS CORP - CL A COM 817070501 370 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 315 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SEARS HOLDINGS CORP COM 812350106 604 65,000 SH Put DFND 1, 2, 3, 4 0 0 65,000
SPARK NETWORKS INC COM 84651P100 97 115,525 SH   DFND 1, 2, 3, 4 115,525 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 35,187 118,567 SH   DFND 1, 2, 3, 4 118,567 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 718 62,150 SH   DFND 1, 2, 3, 4 62,150 0 0
TRIMTABS FLOAT SHRINK ETF COM 89628W302 265 9,800 SH   DFND 1, 2, 3, 4 9,800 0 0
TESLA MOTORS INC COM 88160R101 69,193 323,800 SH Put DFND 1, 2, 3, 4 0 0 323,800
U.S. GLOBAL INVESTORS INC-A COM 902952100 77 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 947 44,236 SH   DFND 1, 2, 3, 4 44,236 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06740Q252 11,171 437,900 SH Put DFND 1, 2, 3, 4 0 0 437,900
WILLIAM LYON HOMES-CL A COM 552074700 8,992 472,493 SH   DFND 1, 2, 3, 4 472,493 0 0
WMIH CORP COM 92936P100 26 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
WOLVERINE BANCORP INC COM 977880103 441 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
XEROX CORP COM 984121103 7,247 830,166 SH   DFND 1, 2, 3, 4 830,166 0 0