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

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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
ALICO INC CMN COM 016230104 696 25,219 SH   SOLE 0 25,219 0 0
BRT REALTY TRUST (SBI)$3.00PAR CMN COM 055645303 4,379 630,000 SH   SOLE 0 630,000 0 0
BARNES & NOBLE, INC CMN COM 067774109 29,417 2,380,000 SH   SOLE 0 2,380,000 0 0
BARNES & NOBLE EDUCATION, INC. CMN COM 06777U101 13,132 1,340,000 SH   SOLE 0 1,340,000 0 0
BAXTER INTERNATIONAL INC CMN COM 071813109 1,643 40,000 SH   SOLE 0 40,000 0 0
BIOTA PHARMACEUTICALS INC CMN COM 090694100 240 160,000 SH   SOLE 0 160,000 0 0
CALIFORNIA RESOURCES CORP CMN COM 13057Q107 46 44,984 SH   SOLE 0 44,984 0 0
CORNING INCORPORATED CMN COM 219350105 8,983 430,000 SH   SOLE 0 430,000 0 0
DOLBY LABORATORIES, INC. CMN CLASS A COM 25659T107 2,825 65,000 SH   SOLE 0 65,000 0 0
EMC CORPORATION MASS CMN COM 268648102 1,333 50,000 SH   SOLE 0 50,000 0 0
EXCO RESOURCES INC CMN COM 269279402 286 289,500 SH   SOLE 0 289,500 0 0
EMMIS COMMUNICATIONS CORP CL-A CLASS A COM 291525103 543 934,600 SH   SOLE 0 934,600 0 0
GRIFFIN INDUSTRIAL REALTY INC CMN COM 398231100 3,389 138,000 SH   SOLE 0 138,000 0 0
GYRODYNE LLC CMN COM 403829104 2,827 105,000 SH   SOLE 0 105,000 0 0
INTL BUSINESS MACHINES CORP CMN COM 459200101 2,272 15,000 SH   SOLE 0 15,000 0 0
LANDS' END, INC. CMN COM 51509F105 2,168 85,000 SH   SOLE 0 85,000 0 0
NEWPORT CORP CMN COM 651824104 2,300 100,000 SH   SOLE 0 100,000 0 0
OCCIDENTAL PETROLEUM CORP CMN COM 674599105 2,737 40,000 SH   SOLE 0 40,000 0 0
PLATFORM SPECIALTY PRODS CORP CMN COM 72766Q105 301 35,000 SH   SOLE 0 35,000 0 0
PRISM TECHNOLOGIES GROUP INC CMN COM 74273Y100 38 125,000 SH   SOLE 0 125,000 0 0
REALNETWORKS INC CMN COM 75605L708 818 201,542 SH   SOLE 0 201,542 0 0
SAGA COMMUNICATION, INC. CMN CLASS A COM 786598300 52,479 1,310,000 SH   SOLE 0 1,310,000 0 0
RTS/SANOFI-AVENTIS EXP12/31/2020 RTS 80105N113 148 1,300,000 SH   SOLE 0 1,300,000 0 0
SEARS CANADA INC. CMN COM 81234D109 8,229 2,938,800 SH   SOLE 0 2,938,800 0 0
SEARS HOMETOWN AND OUTLET STORES, INC. CMN COM 812362101 161 25,000 SH   SOLE 0 25,000 0 0
TEJON RANCH CO CMN COM 879080109 57,493 2,795,000 SH   SOLE 0 2,795,000 0 0
TEREX CORP CMN COM 880779103 622 25,000 SH   SOLE 0 25,000 0 0
WINTHROP RLTY TR BEN INT COM 976391300 361 27,500 SH   SOLE 0 27,500 0 0
YAHOO INC CMN COM 984332106 3,681 100,000 SH   SOLE 0 100,000 0 0
BELMOND LTD CMN COM G1154H107 1,424 150,000 SH   SOLE 0 150,000 0 0
STEALTHGAS INC. CMN COM Y81669106 441 125,000 SH   SOLE 0 125,000 0 0