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
ANWORTH MORTGAGE ASSET CP COM 037347101 1,662 356,664 SH   SOLE   356,664 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 4,109 240,000 SH   SOLE   240,000 0 0
APOLLO ED GROUP INC CL A 037604105 4,951 602,682 SH   SOLE   602,682 0 0
ASTA FDG INC COM 046220109 6,497 729,136 SH   SOLE   729,136 0 0
AMERISERV FINL INC COM 03074A102 111 37,055 SH   SOLE   37,055 0 0
BANK AMER CORP COM 060505104 5,281 390,600 SH   SOLE   390,600 0 0
CITIGROUP INC COM NEW 172967424 26,136 626,000 SH   SOLE   626,000 0 0
CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNER 226344208 3,009 257,800 SH   SOLE   257,800 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 4,818 341,000 SH   SOLE   341,000 0 0
EZCORP INC CL A NON VTG 302301106 683 229,810 SH   SOLE   229,810 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 4,523 561,125 SH   SOLE   561,125 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 8,335 1,743,825 SH   SOLE   1,743,825 0 0
FIFTH STR ASSET MGMT INC CL A COM 31679P109 1,761 575,498 SH   SOLE   575,498 0 0
GLOBAL INDEMNITY PLC SHS G39319101 18,651 599,148 SH   SOLE   599,148 0 0
GENERAL MTRS CO COM 37045V100 15,525 493,950 SH   SOLE   493,950 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 18,217 116,044 SH   SOLE   116,044 0 0
KKR & CO L P DEL COM UNITS 48248M102 6,134 417,551 SH   SOLE   417,551 0 0
MCBC HLDGS INC COM 55276F107 4,205 298,635 SH   SOLE   298,635 0 0
MAGNA INTL INC COM 559222401 14,654 341,104 SH   SOLE   341,104 0 0
MORGAN STANLEY COM NEW 617446448 22,807 911,933 SH   SOLE   911,933 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 131 12,139 SH   SOLE   12,139 0 0
NUVECTRA CORP COM 67075N108 516 95,419 SH   SOLE   95,419 0 0
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 1,216 77,076 SH   SOLE   77,076 0 0
OWENS RLTY MTG INC COM 690828108 813 50,877 SH   SOLE   50,877 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,501 85,701 SH   SOLE   85,701 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 5,751 1,322,138 SH   SOLE   1,322,138 0 0
RICHARDSON ELECTRS LTD COM 763165107 2,272 440,300 SH   SOLE   440,300 0 0
ROADRUNNER TRNSN SVCS HLDG I COM 76973Q105 1,893 151,954 SH   SOLE   151,954 0 0
G WILLI FOOD INTL LTD ORD M52523103 2,381 634,913 SH   SOLE   634,913 0 0
CHINA XINIYA FASHION LTD SPONSRD ADR NEW 16950W113 242 188,033 SH   SOLE   188,033 0 0