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 513 36,400 SH   DFND   36,400 0 0
AMBAC FINL GROUP INC COM NEW 023139884 2,697 191,445 SH   DFND 1 191,445 0 0
AMBAC FINL GROUP INC COM NEW 023139884 2,526 179,271 SH   DFND 2 179,271 0 0
AMERIANA BANCORP COM 023613102 365 15,934 SH   DFND   15,934 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 7,221 170,500 SH   DFND 1 170,500 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 7,193 169,845 SH   DFND 2 169,845 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 7,892 127,350 SH   DFND 2 127,350 0 0
ANADARKO PETE CORP COM 032511107 2,672 55,000 SH   DFND 1 55,000 0 0
ANADARKO PETE CORP COM 032511107 4,119 84,780 SH   DFND 2 84,780 0 0
BANK OF AMERICA CORPORATION COM 060505104 732 43,500 SH   DFND   43,500 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,272 135,000 SH   DFND 1 135,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 13,037 774,628 SH   DFND 2 774,628 0 0
BANK OF AMERICA CORPORATION COM 060505104 3,738 222,100 SH Call DFND   222,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 27,461 1,631,700 SH Call DFND 1 1,631,700 0 0
BARNES & NOBLE INC COM 067774109 8,536 979,967 SH   DFND 1 979,967 0 0
BARNES & NOBLE INC COM 067774109 5,388 618,613 SH   DFND 2 618,613 0 0
BARNES & NOBLE ED INC COM 06777U101 6,183 621,386 SH   DFND 1 621,386 0 0
BARNES & NOBLE ED INC COM 06777U101 3,468 348,537 SH   DFND 2 348,537 0 0
BROADWIND ENERGY INC COM NEW 11161T207 832 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,571 755,054 SH   DFND 1 755,054 0 0
CAROLINA TR BK LINCOLNTON NC COM 144200102 209 33,629 SH   DFND   33,629 0 0
CITIGROUP INC COM NEW 172967424 1,061 20,500 SH   DFND   20,500 0 0
CITIGROUP INC COM NEW 172967424 3,364 65,000 SH   DFND 1 65,000 0 0
CITIGROUP INC COM NEW 172967424 11,906 230,070 SH   DFND 2 230,070 0 0
CITIGROUP INC COM NEW 172967424 1,164 22,500 SH Call DFND   22,500 0 0
CITIGROUP INC COM NEW 172967424 16,948 327,500 SH Call DFND 1 327,500 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 2,958 312,693 SH   DFND   312,693 0 0
CITIZENS FIRST CORP COM 17462Q107 1,339 97,483 SH   DFND   97,483 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 569 44,354 SH   DFND   44,354 0 0
COLONY BANKCORP INC COM 19623P101 1,784 187,226 SH   DFND   187,226 0 0
COMMUNITY FINL CORP MD COM 20368X101 445 21,211 SH   DFND   21,211 0 0
CREDIT SUISSE NASSAU BRH VEL SH 3X LG NAT 22542D381 122 49,867 SH   DFND 2 49,867 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 7,527 148,500 SH   DFND 1 148,500 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,913 96,915 SH   DFND 2 96,915 0 0
ESSA BANCORP INC COM 29667D104 339 24,802 SH   DFND   24,802 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,478 66,236 SH   DFND   66,236 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 646 97,670 SH   DFND   97,670 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 1,087 28,763 SH   DFND   28,763 0 0
FIRST FED NORTHN MICH BANCOR COM 32021X105 1,677 278,551 SH   DFND   278,551 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,624 189,910 SH   DFND   189,910 0 0
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 247 71,036 SH   DFND 1 71,036 0 0
HAWTHORN BANCSHARES INC COM 420476103 8,352 530,274 SH   DFND   530,274 0 0
HESS CORP COM 42809H107 3,151 65,000 SH   DFND 1 65,000 0 0
HESS CORP COM 42809H107 4,905 101,170 SH   DFND 2 101,170 0 0
HMN FINL INC COM 40424G108 4,904 424,620 SH   DFND   424,620 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 74,343 6,715,685 SH   DFND   6,715,685 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 73,720 6,659,457 SH   DFND 1 6,659,457 0 0
JPMORGAN CHASE & CO COM 46625H100 847 12,825 SH   DFND   12,825 0 0
JPMORGAN CHASE & CO COM 46625H100 3,302 50,000 SH   DFND 1 50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 12,696 192,278 SH   DFND 2 192,278 0 0
JPMORGAN CHASE & CO COM 46625H100 2,476 37,500 SH Call DFND   37,500 0 0
JPMORGAN CHASE & CO COM 46625H100 23,936 362,500 SH Call DFND 1 362,500 0 0
LOUISIANA PAC CORP COM 546347105 1,798 99,820 SH   DFND 2 99,820 0 0
LSB INDS INC COM 502160104 5,793 799,020 SH   DFND 1 799,020 0 0
LSB INDS INC COM 502160104 2,748 378,981 SH   DFND 2 378,981 0 0
MACKINAC FINL CORP COM 554571109 594 51,693 SH   DFND   51,693 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,797 104,786 SH   DFND   104,786 0 0
OFFICE DEPOT INC COM 676220106 306 54,300 SH   DFND 1 54,300 0 0
OFFICE DEPOT INC COM 676220106 7,579 1,343,792 SH   DFND 2 1,343,792 0 0
PATRICK INDS INC COM 703343103 60,274 1,385,602 SH   DFND   1,385,602 0 0
PEOPLES BANCORP N C INC COM 710577107 7,220 373,304 SH   DFND   373,304 0 0
PEOPLES BANCORP N C INC COM 710577107 2,734 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 2,286 254,017 SH   DFND   254,017 0 0
POAGE BANKSHARES INC COM 730206109 1,327 77,592 SH   DFND   77,592 0 0
PREMIER FINL BANCORP INC COM 74050M105 609 37,029 SH   DFND   37,029 0 0
REGIONS FINL CORP NEW COM 7591EP100 1,344 140,000 SH   DFND   140,000 0 0
SB FINL GROUP INC COM 78408D105 2,177 195,437 SH   DFND   195,437 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 664 11,000 SH   DFND 2 11,000 0 0
SHORE BANCSHARES INC COM 825107105 1,402 128,890 SH   DFND   128,890 0 0
SKYLINE CORP COM 830830105 1,424 400,405 SH   DFND 1 400,405 0 0
SMARTFINANCIAL COM NEW 83190L208 607 37,741 SH   DFND   37,741 0 0
STAPLES INC COM 855030102 5,482 578,925 SH   DFND 2 578,925 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 3,058 257,440 SH   DFND   257,440 0 0
UNITED BANCSHARES INC OHIO COM 909458101 5,908 323,923 SH   DFND   323,923 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,449 96,696 SH   DFND   96,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 3,555 602,553 SH   DFND   602,553 0 0
UNITED CONTL HLDGS INC COM 910047109 6,360 111,000 SH   DFND 1 111,000 0 0
UNITED CONTL HLDGS INC COM 910047109 4,383 76,500 SH   DFND 2 76,500 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 4,335 500,000 SH   DFND 1 500,000 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 238 27,500 SH   DFND 2 27,500 0 0
WESTMORELAND COAL CO COM 960878106 1,498 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 5,181 881,114 SH   DFND 1 881,114 0 0
WILLBROS GROUP INC DEL COM 969203108 10,391 3,862,867 SH   DFND 1 3,862,867 0 0
WILLBROS GROUP INC DEL COM 969203108 815 302,817 SH   DFND 2 302,817 0 0
WINNEBAGO INDS INC COM 974637100 1,761 88,473 SH   DFND 1 88,473 0 0
WINNEBAGO INDS INC COM 974637100 7,155 359,529 SH   DFND 2 359,529 0 0