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
AMERICAN INTERNATIONAL-CW21 WTS 026874156 380 17,804 SH   DFND 1, 2, 3, 4 0 0 17,804
AMREP CORP COM 032159105 725 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
ANTERO RESOURCES CORP COM 03674X106 643 28,200 SH   DFND 1, 2, 3, 4 28,200 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 365 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
BAY BANCORP INC COM 07203T106 100 12,700 SH   DFND 1, 2, 3, 4 12,700 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 594 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLACKROCK INC COM 09247X101 7,670 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
CITIGROUP INC COM 172967424 7,238 121,000 SH   DFND 1, 2, 3, 4 121,000 0 0
CITIGROUP INC COM 172967424 40,378 675,000 SH Call DFND 1, 2, 3, 4 0 0 675,000
CAPITAL SENIOR LIVING CORP COM 140475104 63,140 4,490,769 SH   DFND 1, 2, 3, 4 4,490,769 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 92 3,000 SH   DFND 1, 2, 3, 4 3,000 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 14,145 460,000 SH Call DFND 1, 2, 3, 4 0 0 460,000
CIT GROUP INC COM 125581801 4,443 103,500 SH   DFND 1, 2, 3, 4 103,500 0 0
CIT GROUP INC COM 125581801 8,758 204,000 SH Call DFND 1, 2, 3, 4 0 0 204,000
CITIZENS COMMUNITY BANCORP I COM 174903104 1,677 121,103 SH   DFND 1, 2, 3, 4 121,103 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 302 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
CONDUENT INC COM 206787103 16,562 987,000 SH   DFND 1, 2, 3, 4 987,000 0 0
COWEN GROUP INC-CLASS A COM 223622606 21,947 1,468,029 SH   DFND 1, 2, 3, 4 1,468,029 0 0
DEVON ENERGY CORP COM 25179M103 2,732 65,490 SH   DFND 1, 2, 3, 4 65,490 0 0
DEVON ENERGY CORP COM 25179M103 7,301 175,000 SH Call DFND 1, 2, 3, 4 0 0 175,000
DYNEGY INC COM 26817R108 1,729 220,000 SH   DFND 1, 2, 3, 4 220,000 0 0
ELDORADO GOLD CORP COM 284902103 52 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EQUITABLE FINANCIAL CORP COM 29448T105 1,656 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 1,116 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
EXTREME NETWORKS INC COM 30226D106 22,733 3,027,027 SH   DFND 1, 2, 3, 4 3,027,027 0 0
FIRST NORTHWEST BANCORP COM 335834107 3,344 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
FORTRESS INVESTMENT GRP-CL A COM 34958B106 80 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
GAMESTOP CORP-CLASS A COM 36467W109 4,015 178,053 SH   DFND 1, 2, 3, 4 178,053 0 0
GILEAD SCIENCES INC COM 375558103 14,603 215,000 SH   DFND 1, 2, 3, 4 215,000 0 0
GILEAD SCIENCES INC COM 375558103 3,396 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
SPDR GOLD SHARES COM 78463V107 42,146 355,000 SH Call DFND 1, 2, 3, 4 0 0 355,000
GLOBALSTAR INC COM 378973408 559 349,600 SH   DFND 1, 2, 3, 4 349,600 0 0
GREAT ELM CAPITAL GROUP INC COM 39036P209 703 213,096 SH   DFND 1, 2, 3, 4 213,096 0 0
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 608 27,512 SH   DFND 1, 2, 3, 4 27,512 0 0
GREIF INC-CL B COM 397624206 50,441 772,448 SH   DFND 1, 2, 3, 4 772,448 0 0
HAMILTON BANCORP INC/MD COM 407015106 184 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 211 12,526 SH   DFND 1, 2, 3, 4 12,526 0 0
HUNTSMAN CORP COM 447011107 1,227 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
INTELSAT SA COM L5140P101 23,238 5,599,575 SH   DFND 1, 2, 3, 4 5,599,575 0 0
JMP GROUP LLC COM 46629U107 123 20,200 SH   DFND 1, 2, 3, 4 20,200 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 776 77,978 SH   DFND 1, 2, 3, 4 77,978 0 0
KKR & CO LP COM 48248M102 219 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
KOPPERS HOLDINGS INC COM 50060P106 671 15,854 SH   DFND 1, 2, 3, 4 15,854 0 0
KORN/FERRY INTERNATIONAL COM 500643200 1,574 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
LAKE SHORE BANCORP INC COM 510700107 3,129 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LENNAR CORP - B SHS COM 526057302 15,403 368,491 SH   DFND 1, 2, 3, 4 368,491 0 0
LIBERTY EXPEDIA HOLD-A COM 53046P109 218 4,785 SH   DFND 1, 2, 3, 4 4,785 0 0
LIBERTY GLOBAL PLC LILAC - C COM G5480U153 3,887 168,691 SH   DFND 1, 2, 3, 4 168,691 0 0
LIBERTY INTERACTIVE CORP Q-A COM 53071M104 1,758 87,830 SH   DFND 1, 2, 3, 4 87,830 0 0
LIBERTY VENTURES - SER A COM 53071M856 319 7,179 SH   DFND 1, 2, 3, 4 7,179 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 64 12,726 SH   DFND 1, 2, 3, 4 12,726 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 761 62,622 SH   DFND 1, 2, 3, 4 62,622 0 0
MCKESSON CORP COM 58155Q103 7,116 48,000 SH   DFND 1, 2, 3, 4 48,000 0 0
MCKESSON CORP COM 58155Q103 10,082 68,000 SH Call DFND 1, 2, 3, 4 0 0 68,000
MVC CAPITAL INC COM 553829102 1,716 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 414 1,362 SH   DFND 1, 2, 3, 4 1,362 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 446 43,728 SH   DFND 1, 2, 3, 4 43,728 0 0
NOBLE ENERGY INC COM 655044105 335 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 2,703 1,890,263 SH   DFND 1, 2, 3, 4 1,890,263 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 1,066 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OTTAWA BANCORP INC COM 689195105 199 15,119 SH   DFND 1, 2, 3, 4 15,119 0 0
PB BANCORP INC COM 70454T100 2,035 199,492 SH   DFND 1, 2, 3, 4 199,492 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 47,004 252,400 SH Call DFND 1, 2, 3, 4 0 0 252,400
SALEM MEDIA GROUP INC COM 794093104 391 52,497 SH   DFND 1, 2, 3, 4 52,497 0 0
SEABRIDGE GOLD INC COM 811916105 6,448 586,222 SH   DFND 1, 2, 3, 4 586,222 0 0
SEALED AIR CORP COM 81211K100 1,375 31,545 SH   DFND 1, 2, 3, 4 31,545 0 0
SENECA FOODS CORP - CL A COM 817070501 334 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 286 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SEARS HOLDINGS CORP COM 812350106 460 40,000 SH Put DFND 1, 2, 3, 4 0 0 40,000
SPARK NETWORKS INC COM 84651P100 104 100,725 SH   DFND 1, 2, 3, 4 100,725 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 6,879 1,439,216 SH   DFND 1, 2, 3, 4 1,439,216 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 23,889 85,394 SH   DFND 1, 2, 3, 4 85,394 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 839 69,350 SH   DFND 1, 2, 3, 4 69,350 0 0
TRIMTABS FLOAT SHRINK ETF COM 89628W302 280 9,800 SH   DFND 1, 2, 3, 4 9,800 0 0
TESLA INC COM 88160R101 231,740 832,700 SH Put DFND 1, 2, 3, 4 0 0 832,700
U.S. GLOBAL INVESTORS INC-A COM 902952100 89 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNDER ARMOUR INC-CLASS A COM 904311107 593 30,000 SH Put DFND 1, 2, 3, 4 0 0 30,000
UNITED BANCSHARES INC/OHIO COM 909458101 921 44,236 SH   DFND 1, 2, 3, 4 44,236 0 0
VISTA OUTDOOR INC COM 928377100 14,766 717,132 SH   DFND 1, 2, 3, 4 717,132 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06740Q252 1,754 111,100 SH Put DFND 1, 2, 3, 4 0 0 111,100
WILLIAM LYON HOMES-CL A COM 552074700 9,743 472,493 SH   DFND 1, 2, 3, 4 472,493 0 0
WMIH CORP COM 92936P100 24 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
WOLVERINE BANCORP INC COM 977880103 454 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
XEROX CORP COM 984121103 440 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0