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
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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
AT&T Inc. COM 00206R102 632 18,362 SH   SOLE   0 0 18,362
AbbVie Inc. COM 00287y109 239 4,032 SH   SOLE   0 0 4,032
Abeona Therapeutics COM 00289y107 96 28,612 SH   SOLE   0 0 28,612
Agnico-Eagle Mines Ltd. COM 008474108 515 19,600 SH   SOLE   0 0 19,600
Allegheny Technologies Inc. COM 01741r102 12,735 1,131,965 SH   SOLE   0 0 1,131,965
Alphabet Inc. Cl C COM 02079k107 278 366 SH   SOLE   0 0 366
Alternative Energy COM 02152e200 0 260,000 SH   SOLE   0 0 260,000
Amazon Inc. COM 023135106 341 505 SH   SOLE   0 0 505
Anadarko Petroleum Corp. COM 032511107 241 4,967 SH   SOLE   0 0 4,967
Apple Computer Inc. COM 037833100 717 6,811 SH   SOLE   0 0 6,811
Arrow Electronics Inc. COM 042735100 6,686 123,410 SH   SOLE   0 0 123,410
Bank of America COM 060505104 20,726 1,231,507 SH   SOLE   0 0 1,231,507
Berkley W R Corp. COM 084423102 875 15,984 SH   SOLE   0 0 15,984
Berkshire Hathaway Cl B COM 084670702 339 2,566 SH   SOLE   0 0 2,566
Biogen Idec Inc. COM 09062X103 213 696 SH   SOLE   0 0 696
CSX Corp. COM 126408103 9,268 357,150 SH   SOLE   0 0 357,150
CYS Investments REIT COM 12673a108 78 10,900 SH   SOLE   0 0 10,900
Capstone Turbine Corp. COM 14067D102 18 13,000 SH   SOLE   0 0 13,000
Carnival Corp COM 143658300 12,782 234,625 SH   SOLE   0 0 234,625
Chataqua Partners LLC COM 1428198 1,764 1,764,184 SH   SOLE   0 0 1,764,184
Chesapeake Energy Corp. COM 165167107 2,186 485,700 SH   SOLE   0 0 485,700
Citigroup Inc. COM 172967424 20,452 395,207 SH   SOLE   0 0 395,207
Coastal South Bancshares COM 190545103 18 11,850 SH   SOLE   0 0 11,850
Colgate-Palmolive Co. COM 194162103 293 4,400 SH   SOLE   0 0 4,400
Cumulus Media Inc. COM 231082108 3 10,450 SH   SOLE   0 0 10,450
Dow Chemical Company COM 260543103 232 4,500 SH   SOLE   0 0 4,500
E M C Corp. COM 268648102 11,479 447,008 SH   SOLE   0 0 447,008
Eaton Corp. COM 278058102 276 5,300 SH   SOLE   0 0 5,300
Eli Lilly & Co. COM 532457108 472 5,600 SH   SOLE   0 0 5,600
Emerson Electric Co. COM 291011104 335 7,000 SH   SOLE   0 0 7,000
Exxon Mobil Corp. COM 30231g102 1,634 20,962 SH   SOLE   0 0 20,962
Fastenal Company COM 311900104 522 12,800 SH   SOLE   0 0 12,800
Fiserv Inc. COM 337738108 1,098 12,000 SH   SOLE   0 0 12,000
Fitbit Inc. COM 33812L102 776 26,240 SH   SOLE   0 0 26,240
General Electric Co. COM 369604103 15,073 483,898 SH   SOLE   0 0 483,898
General Motors Corp. COM 37045v100 16,234 477,343 SH   SOLE   0 0 477,343
GoldenTree Offshore Cl C Exemp COM 2071622 644 209 SH   SOLE   0 0 209
Goldentree Offshore C 5 F COM 2071621 588 409 SH   SOLE   0 0 409
Goodrich Pete Corp. COM 382410405 5 20,000 SH   SOLE   0 0 20,000
Halliburton Co. COM 406216101 257 7,550 SH   SOLE   0 0 7,550
Heartland Financial Inc. COM 42234q102 282 9,008 SH   SOLE   0 0 9,008
IBM COM 459200101 582 4,229 SH   SOLE   0 0 4,229
Ishares Tr. S&P 500 Index COM 464287200 246 1,200 SH   SOLE   0 0 1,200
J P Morgan Chase COM 46625H100 14,265 216,042 SH   SOLE   0 0 216,042
Johnson & Johnson COM 478160104 800 7,784 SH   SOLE   0 0 7,784
Johnson Controls Inc. COM 478366107 14,993 379,678 SH   SOLE   0 0 379,678
Kinder Morgan Inc. COM 49455P101 174 11,667 SH   SOLE   0 0 11,667
Kohls Corp. COM 500255104 8,087 169,791 SH   SOLE   0 0 169,791
Ladenburg Thalmann COM 50575q102 477 172,747 SH   SOLE   0 0 172,747
MGIC Investment Corp. COM 552848103 3,677 416,376 SH   SOLE   0 0 416,376
McDonalds Corp. COM 580135101 280 2,372 SH   SOLE   0 0 2,372
Medical Marijuana Inc. COM 58463a105 1 15,000 SH   SOLE   0 0 15,000
Merck & Company COM 58933y105 283 5,365 SH   SOLE   0 0 5,365
Metlife Inc. COM 59156R108 19,139 397,001 SH   SOLE   0 0 397,001
Modine Manufacturing Co. COM 607828100 9,987 1,103,500 SH   SOLE   0 0 1,103,500
Occidental Petroleum Corp. COM 674599105 246 3,633 SH   SOLE   0 0 3,633
Options Media Group COM 684008105 0 20,000 SH   SOLE   0 0 20,000
Orion Energy System Inc. COM 686275108 30 13,640 SH   SOLE   0 0 13,640
Owens-Illinois Inc. COM 690768403 10,037 576,170 SH   SOLE   0 0 576,170
Penn VA Corp. COM 707882106 3 10,000 SH   SOLE   0 0 10,000
Pepsico Inc. COM 713448108 782 7,828 SH   SOLE   0 0 7,828
Pfizer Inc. COM 717081103 256 7,941 SH   SOLE   0 0 7,941
Procter & Gamble Co. COM 742718109 294 3,705 SH   SOLE   0 0 3,705
Proshares Tr Pshs Shrt S&P 500 COM 74347r503 622 29,800 SH   SOLE   0 0 29,800
Protide Pharmaceutical COM 74371a103 0 10,000 SH   SOLE   0 0 10,000
Range Resources Corp. COM 75281a109 8,967 364,380 SH   SOLE   0 0 364,380
Sabine Oil & Gas Corp. COM 78532p107 0 30,000 SH   SOLE   0 0 30,000
Schlumberger Ltd. COM 806857108 465 6,662 SH   SOLE   0 0 6,662
Southwestern Energy Co. COM 845467109 1,911 268,750 SH   SOLE   0 0 268,750
US Bancorp COM 902973304 2,021 47,364 SH   SOLE   0 0 47,364
Union Pacific Corp. COM 907818108 1,564 20,000 SH   SOLE   0 0 20,000
Verizon Communications COM 92343v104 16,213 350,771 SH   SOLE   0 0 350,771
WEC Energy Group Inc. COM 976657106 273 5,312 SH   SOLE   0 0 5,312
Wal Mart Stores Inc. COM 931142103 9,188 149,881 SH   SOLE   0 0 149,881
Weatherford Intl. Inc. COM G48833100 8,491 1,011,982 SH   SOLE   0 0 1,011,982
Wells Fargo & Co. COM 949746101 1,236 22,745 SH   SOLE   0 0 22,745