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$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ANCHOR BANCORP WA COM 032838104 1,694 75,251 SH   DFND 1 75,251 0 0
BANCORP INC DEL COM 05969A105 13,161 1,457,520 SH   DFND 1 1,457,520 0 0
BANK AMER CORP COM 060505104 4,217 274,000 SH   DFND 1 274,000 0 0
BLACKBERRY LTD COM 09228F103 1,797 201,200 SH   DFND 1 201,200 0 0
CENTRAL FD CDA LTD CL A 153501101 1,432 120,000 SH   DFND 1 120,000 0 0
CENTRAL GOLDTRUST TR UNIT 153546106 1,612 40,000 SH   DFND 1 40,000 0 0
CHC GROUP LTD SHS G07021101 1,563 1,174,896 SH   DFND 1 1,174,896 0 0
DRAGONWAVE INC *W EXP 08/01/201 26144M129 193 200,000 SH Call DFND 1 200,000 0 0
ELLIS PERRY INTL INC COM 288853104 8,192 353,700 SH   DFND 1 353,700 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 332 3,000 SH   DFND 1 3,000 0 0
EXONE CO COM 302104104 137 10,000 SH   DFND 1 10,000 0 0
EXONE CO COM 302104104 168 10,000 SH Put DFND 1 10,000 0 0
FORBES ENERGY SVCS LTD COM 345143101 1,284 1,234,869 SH   DFND 1 1,234,869 0 0
JPMORGAN CHASE & CO COM 46625H100 1,817 30,000 SH   DFND 1 30,000 0 0
KANDI TECHNOLOGIES GROUP INC COM 483709101 124 10,000 SH   DFND 1 10,000 0 0
KANDI TECHNOLOGIES GROUP INC COM 483709101 140 10,000 SH Put DFND 1 10,000 0 0
LUMBER LIQUIDATORS HLDGS INC COM 55003T107 4,390 142,636 SH   DFND 1 142,636 0 0
MAD CATZ INTERACTIVE INC COM 556162105 233 630,551 SH   DFND 1 630,551 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 5,364 315,000 SH   DFND 1 315,000 0 0
MARKET VECTORS ETF TR RUSSIA SMALLCP 57061R585 259 12,201 SH   DFND 1 12,201 0 0
MICRON TECHNOLOGY INC COM 595112103 3,501 100,000 SH Put DFND 1 100,000 0 0
MICROSOFT CORP COM 594918104 3,854 94,787 SH   DFND 1 94,787 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 1,717 170,000 SH   DFND 1 170,000 0 0
NATIONAL BK GREECE S A SPN ADR REP 1 SH 633643705 2,366 1,848,255 SH   DFND 1 1,848,255 0 0
NOVABAY PHARMACEUTICALS INC COM 66987P102 630 1,000,000 SH   DFND 1 1,000,000 0 0
OXIGENE INC COM PAR$.001 691828404 2,119 1,451,708 SH   DFND 1 1,451,708 0 0
PENNEY J C INC COM 708160106 1,512 179,734 SH   DFND 1 179,734 0 0
PENNEY J C INC COM 708160106 648 100,000 SH Call DFND 1 100,000 0 0
POTASH CORP SASK INC COM 73755L107 2,096 65,000 SH   DFND 1 65,000 0 0
QIWI PLC SPON ADR REP B 74735M108 2,647 131,100 SH Put DFND 1 131,100 0 0
QUALCOMM INC COM 747525103 11,150 150,000 SH Put DFND 1 150,000 0 0
RANDGOLD RES LTD ADR 752344309 2,834 40,911 SH   DFND 1 40,911 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 1,766 36,484 SH   DFND 1 36,484 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 3,032 310,000 SH   DFND 1 310,000 0 0
STAR BULK CARRIERS CORP SHS NEW Y8162K121 998 275,000 SH   DFND 1 275,000 0 0
SUNCOKE ENERGY INC COM 86722A103 3,735 250,000 SH   DFND 1 250,000 0 0
SUPERCONDUCTOR TECHNOLOGIES COM PAR $0.001 867931404 1,162 824,254 SH   DFND 1 824,254 0 0
TEKMIRA PHARMACEUTICALS CORP COM NEW 87911B209 437 25,000 SH   DFND 1 25,000 0 0
TEMPUR SEALY INTL INC COM 88023U101 2,394 41,458 SH   DFND 1 41,458 0 0
TRIBUNE MEDIA CO CL A 896047503 2,432 40,000 SH   DFND 1 40,000 0 0
VISTEON CORP COM NEW 92839U206 8,092 83,947 SH   DFND 1 83,947 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 4,520 82,000 SH   DFND 1 82,000 0 0