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
AGILYSYS INC COM 00847J105 3,000 304,854 SH   SOLE   304,854 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 965 57,560 SH   SOLE   57,560 0 0
ASHFORD INC COM 044104107 3,204 26,980 SH   SOLE   26,980 0 0
ALLY FINL INC COM 02005N100 17,921 854,200 SH   SOLE   854,200 0 0
AMBAC FINL GROUP INC COM NEW 023139884 10,819 447,078 SH   SOLE   447,078 0 0
BLUCORA INC COM 095229100 4,501 329,507 SH   SOLE   329,507 0 0
CITIZENS FINL GROUP INC COM 174610105 43,494 1,802,495 SH   SOLE   1,802,495 0 0
COMPX INTERNATIONAL INC CL A 20563P101 4,904 431,732 SH   SOLE   431,732 0 0
DOMINION DIAMOND CORP COM 257287102 11,319 662,300 SH   SOLE   662,300 0 0
E M C CORP MASS COM 268648102 3,834 150,000 SH   SOLE   150,000 0 0
FORTINET INC COM 34959E109 656 18,768 SH   SOLE   18,768 0 0
GENERAL MTRS CO COM 37045V100 1,875 50,000 SH   SOLE   50,000 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 5,914 146,795 SH   SOLE   146,795 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 22,671 382,500 SH   SOLE   382,500 0 0
NEWS CORP NEW CL B 65249B208 15,870 1,000,000 SH   SOLE   1,000,000 0 0
NEWS CORP NEW CL A 65249B109 9,963 622,321 SH   SOLE   622,321 0 0
OCWEN FINL CORP COM NEW 675746309 413 50,000 SH   SOLE   50,000 0 0
ONE GAS INC COM 68235P108 19,683 455,306 SH   SOLE   455,306 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 2,999 203,580 SH   SOLE   203,580 0 0
OTELCO INC CL A NEW 688823301 619 124,055 SH   SOLE   124,055 0 0
PROCERA NETWORKS INC COM NEW 74269U203 802 85,384 SH   SOLE   85,384 0 0
SUNEDISON SEMICONDUCTOR LTD SHS Y8213L102 4,472 173,199 SH   SOLE   173,199 0 0
SHUTTERFLY INC COM 82568P304 3,393 75,000 SH   SOLE   75,000 0 0
SEARS HOMETOWN & OUTLET STOR COM 812362101 3,426 443,774 SH   SOLE   443,774 0 0
SYMMETRY SURGICAL INC COM 87159G100 294 40,157 SH   SOLE   40,157 0 0
VISTA OUTDOOR INC COM 928377100 2,569 60,000 SH   SOLE   60,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 17,140 753,399 SH   SOLE   753,399 0 0
OCWEN FINL CORP COM NEW 675746309 6,624 802,900 SH Call SOLE   802,900 0 0