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
AMBAC FINL GROUP INC COM NEW 023139884 412 25,000 SH   DFND   25,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 2,697 163,839 SH   DFND 1 163,839 0 0
AMBAC FINL GROUP INC COM NEW 023139884 875 53,164 SH   DFND 2 53,164 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 3,963 140,000 SH   DFND 1 140,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 3,169 111,942 SH   DFND 2 111,942 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,413 26,710 SH   DFND 2 26,710 0 0
ANADARKO PETE CORP COM 032511107 1,666 31,295 SH   DFND 2 31,295 0 0
BANK AMER CORP COM 060505104 1,971 148,500 SH   DFND   148,500 0 0
BANK AMER CORP COM 060505104 8,426 635,000 SH   DFND 1 635,000 0 0
BANK AMER CORP COM 060505104 3,549 267,480 SH   DFND 2 267,480 0 0
BANK AMER CORP COM 060505104 2,389 180,000 SH Call DFND   180,000 0 0
BANK AMER CORP COM 060505104 6,370 480,000 SH Call DFND 1 480,000 0 0
BANK AMER CORP COM 060505104 265 20,000 SH Call DFND 2 20,000 0 0
BARNES & NOBLE INC COM 067774109 2,270 200,000 SH   DFND 1 200,000 0 0
BARNES & NOBLE INC COM 067774109 2,700 237,906 SH   DFND 2 237,906 0 0
BARNES & NOBLE ED INC COM 06777U101 1,034 101,859 SH   DFND 2 101,859 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,688 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 2,616 619,790 SH   DFND 1 619,790 0 0
CAPITAL ONE FINL CORP COM 14040H105 553 8,700 SH   DFND 2 8,700 0 0
CAROLINA TR BK LINCOLNTON NC COM 144200102 198 33,629 SH   DFND   33,629 0 0
CAVCO INDS INC DEL COM 149568107 6,936 74,020 SH   DFND 1 74,020 0 0
CAVCO INDS INC DEL COM 149568107 208 2,217 SH   DFND 2 2,217 0 0
CITIGROUP INC COM NEW 172967424 1,802 42,500 SH   DFND   42,500 0 0
CITIGROUP INC COM NEW 172967424 9,962 235,000 SH   DFND 1 235,000 0 0
CITIGROUP INC COM NEW 172967424 5,193 122,510 SH   DFND 2 122,510 0 0
CITIGROUP INC COM NEW 172967424 530 12,500 SH Call DFND   12,500 0 0
CITIGROUP INC COM NEW 172967424 5,405 127,500 SH Call DFND 1 127,500 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,116 397,272 SH   DFND   397,272 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,236 119,349 SH   DFND 1 119,349 0 0
CITIZENS FIRST CORP COM 17462Q107 1,646 115,596 SH   DFND   115,596 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 581 44,354 SH   DFND   44,354 0 0
COLONY BANKCORP INC COM 19623P101 2,118 222,747 SH   DFND   222,747 0 0
COLONY BANKCORP INC COM 19623P101 585 61,535 SH   DFND 1 61,535 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,850 160,581 SH   DFND 1 160,581 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,772 76,100 SH   DFND 2 76,100 0 0
ESSA BANCORP INC COM 29667D104 332 24,802 SH   DFND   24,802 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,038 66,236 SH   DFND   66,236 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 678 97,670 SH   DFND   97,670 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,774 189,910 SH   DFND   189,910 0 0
FIRST UTD CORP COM 33741H107 1,075 109,245 SH   DFND   109,245 0 0
FIRST UTD CORP COM 33741H107 1,952 198,393 SH   DFND 1 198,393 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,229 15,000 SH   DFND 1 15,000 0 0
HAWTHORN BANCSHARES INC COM 420476103 7,586 550,123 SH   DFND   550,123 0 0
HMN FINL INC COM 40424G108 5,857 431,295 SH   DFND   431,295 0 0
IES HLDGS INC COM 44951W106 83,409 6,715,685 SH   DFND   6,715,685 0 0
IES HLDGS INC COM 44951W106 82,548 6,646,412 SH   DFND 1 6,646,412 0 0
JPMORGAN CHASE & CO COM 46625H100 932 15,000 SH   DFND   15,000 0 0
JPMORGAN CHASE & CO COM 46625H100 1,864 30,000 SH   DFND 1 30,000 0 0
JPMORGAN CHASE & CO COM 46625H100 5,484 88,255 SH   DFND 2 88,255 0 0
JPMORGAN CHASE & CO COM 46625H100 777 12,500 SH Call DFND   12,500 0 0
JPMORGAN CHASE & CO COM 46625H100 6,991 112,500 SH Call DFND 1 112,500 0 0
LOUISIANA PAC CORP COM 546347105 529 30,474 SH   DFND 2 30,474 0 0
LSB INDS INC COM 502160104 13,049 1,080,215 SH   DFND 1 1,080,215 0 0
LSB INDS INC COM 502160104 2,145 177,585 SH   DFND 2 177,585 0 0
MACKINAC FINL CORP COM 554571109 569 51,693 SH   DFND   51,693 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,245 73,397 SH   DFND   73,397 0 0
PATRICK INDS INC COM 703343103 75,992 1,260,439 SH   DFND   1,260,439 0 0
PEOPLES BANCORP N C INC COM 710577107 7,320 373,304 SH   DFND   373,304 0 0
PEOPLES BANCORP N C INC COM 710577107 2,772 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 2,541 246,728 SH   DFND   246,728 0 0
POAGE BANKSHARES INC COM 730206109 1,300 75,676 SH   DFND   75,676 0 0
PREMIER FINL BANCORP INC COM 74050M105 726 43,090 SH   DFND   43,090 0 0
SB FINL GROUP INC COM 78408D105 2,605 239,619 SH   DFND   239,619 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 751 11,000 SH   DFND 2 11,000 0 0
SHORE BANCSHARES INC COM 825107105 1,505 128,095 SH   DFND   128,095 0 0
SKYLINE CORP COM 830830105 7,140 759,591 SH   DFND 1 759,591 0 0
SMARTFINANCIAL INC COM NEW 83190L208 682 42,609 SH   DFND   42,609 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 4,416 115,000 SH   DFND   115,000 0 0
STAPLES INC COM 855030102 717 83,200 SH   DFND 2 83,200 0 0
SUNCOKE ENERGY INC COM 86722A103 3,199 549,725 SH   DFND 1 549,725 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 2,474 229,078 SH   DFND 1 229,078 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 4,550 260,006 SH   DFND   260,006 0 0
UNITED BANCSHARES INC OHIO COM 909458101 5,729 321,875 SH   DFND   321,875 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,220 86,696 SH   DFND   86,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 3,351 551,167 SH   DFND   551,167 0 0
UNITED CONTL HLDGS INC COM 910047109 8,321 202,747 SH   DFND 1 202,747 0 0
UNITED CONTL HLDGS INC COM 910047109 3,446 83,960 SH   DFND 2 83,960 0 0
UNITED SEC BANCSHARES INC SHS 911459105 143 16,100 SH   DFND   16,100 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 443 51,250 SH   DFND 2 51,250 0 0
WESTMORELAND COAL CO COM 960878106 2,426 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 8,911 936,043 SH   DFND 1 936,043 0 0
WILLBROS GROUP INC DEL COM 969203108 8,488 3,355,038 SH   DFND 1 3,355,038 0 0
WILLBROS GROUP INC DEL COM 969203108 770 304,317 SH   DFND 2 304,317 0 0
WINNEBAGO INDS INC COM 974637100 4,169 181,876 SH   DFND 1 181,876 0 0
WINNEBAGO INDS INC COM 974637100 2,916 127,238 SH   DFND 2 127,238 0 0