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 2,811 168,903 SH   DFND 2 168,903 0 0
AMERIANA BANCORP COM 023613102 4,130 193,975 SH   DFND   193,975 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 4,739 118,670 SH   DFND 2 118,670 0 0
ANADARKO PETE CORP COM 032511107 6,702 85,855 SH   DFND 2 85,855 0 0
BANK OF AMERICA CORPORATION COM 060505104 511 30,000 SH   DFND   30,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 5,509 323,700 SH   DFND 1 323,700 0 0
BANK OF AMERICA CORPORATION COM 060505104 14,266 838,199 SH   DFND 2 838,199 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,929 172,100 SH Call DFND   172,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 24,368 1,431,700 SH Call DFND 1 1,431,700 0 0
BARNES & NOBLE INC COM 067774109 23,466 903,941 SH   DFND 1 903,941 0 0
BARNES & NOBLE INC COM 067774109 14,778 569,263 SH   DFND 2 569,263 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,696 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 4,295 1,013,059 SH   DFND 1 1,013,059 0 0
CREDIT SUISSE NASSAU BRH VS 3XLNGNATGAS 22542D571 8,630 4,051,500 SH   DFND 1 4,051,500 0 0
CREDIT SUISSE NASSAU BRH VS 3XLNGNATGAS 22542D571 676 317,530 SH   DFND 2 317,530 0 0
CREDIT SUISSE NASSAU BRH VS 3XLGCRUDE ETN 22542D589 4,401 1,350,000 SH   DFND 1 1,350,000 0 0
CREDIT SUISSE NASSAU BRH VS 3XLGCRUDE ETN 22542D589 815 250,000 SH   DFND 2 250,000 0 0
CITIGROUP INC COM NEW 172967424 9,943 180,000 SH   DFND 1 180,000 0 0
CITIGROUP INC COM NEW 172967424 13,224 239,395 SH   DFND 2 239,395 0 0
CITIGROUP INC COM NEW 172967424 552 10,000 SH Call DFND   10,000 0 0
CITIGROUP INC COM NEW 172967424 19,886 360,000 SH Call DFND 1 360,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 2,279 248,780 SH   DFND   248,780 0 0
CITIZENS FIRST CORP COM 17462Q107 529 42,326 SH   DFND   42,326 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 425 39,392 SH   DFND   39,392 0 0
COLONY BANKCORP INC COM 19623P101 461 53,908 SH   DFND   53,908 0 0
COMMUNITY FINL CORP MD COM 20368X101 372 17,306 SH   DFND   17,306 0 0
DAKOTA PLAINS HLDGS INC COM 234255107 49 41,500 SH   DFND 1 41,500 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 965 23,500 SH   DFND 2 23,500 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 3,036 174,104 SH   DFND   174,104 0 0
FIFTH THIRD BANCORP COM 316773100 848 40,750 SH   DFND 2 40,750 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 116 19,312 SH   DFND   19,312 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 1,230 32,763 SH   DFND   32,763 0 0
FIRST FED NORTHN MICH BANCOR COM 32021X105 1,723 269,609 SH   DFND   269,609 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,368 173,135 SH   DFND   173,135 0 0
FREEPORT-MCMORAN INC CL B 35671D857 4,424 237,592 SH   DFND 2 237,592 0 0
HAWTHORN BANCSHARES INC COM 420476103 7,550 527,252 SH   DFND   527,252 0 0
HESS CORP COM 42809H107 6,853 102,470 SH   DFND 2 102,470 0 0
HMN FINL INC COM 40424G108 4,531 384,312 SH   DFND   384,312 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 67,460 9,501,450 SH   DFND   9,501,450 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 27,350 3,852,167 SH   DFND 1 3,852,167 0 0
JPMORGAN CHASE & CO COM 46625H100 4,743 70,000 SH   DFND 1 70,000 0 0
JPMORGAN CHASE & CO COM 46625H100 13,232 195,278 SH   DFND 2 195,278 0 0
JPMORGAN CHASE & CO COM 46625H100 1,694 25,000 SH Call DFND   25,000 0 0
JPMORGAN CHASE & CO COM 46625H100 16,940 250,000 SH Call DFND 1 250,000 0 0
LSB INDS INC COM 502160104 13,069 320,000 SH   DFND 1 320,000 0 0
LSB INDS INC COM 502160104 12,893 315,687 SH   DFND 2 315,687 0 0
MACKINAC FINL CORP COM 554571109 530 50,334 SH   DFND   50,334 0 0
MARATHON OIL CORP COM 565849106 7,195 271,115 SH   DFND 2 271,115 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 4,397 126,000 SH   DFND 1 126,000 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 4,537 130,000 SH Call DFND 1 130,000 0 0
MUTUALFIRST FINL INC COM 62845B104 1,816 78,154 SH   DFND   78,154 0 0
NAVISTAR INTL CORP NEW COM 63934E108 5,239 231,500 SH   DFND 1 231,500 0 0
NAVISTAR INTL CORP NEW COM 63934E108 5,409 239,035 SH   DFND 2 239,035 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 648 43,653 SH   DFND   43,653 0 0
OFFICE DEPOT INC COM 676220106 4,980 575,000 SH   DFND 1 575,000 0 0
OFFICE DEPOT INC COM 676220106 16,178 1,868,107 SH   DFND 2 1,868,107 0 0
PATRICK INDS INC COM 703343103 97,925 2,573,580 SH   DFND   2,573,580 0 0
PBF ENERGY INC CL A 69318G106 4,720 166,074 SH   DFND 2 166,074 0 0
PEOPLES BANCORP N C INC COM 710577107 6,815 371,604 SH   DFND   371,604 0 0
PEOPLES BANCORP N C INC COM 710577107 2,593 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 2,654 254,017 SH   DFND   254,017 0 0
POAGE BANKSHARES INC COM 730206109 1,189 77,592 SH   DFND   77,592 0 0
PREMIER FINL BANCORP INC COM 74050M105 526 34,029 SH   DFND   34,029 0 0
SB FINL GROUP INC COM 78408D105 1,962 185,233 SH   DFND   185,233 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 827 11,000 SH   DFND 2 11,000 0 0
SHORE BANCSHARES INC COM 825107105 1,215 128,890 SH   DFND   128,890 0 0
SKYLINE CORP COM 830830105 1,148 390,405 SH   DFND 1 390,405 0 0
STAPLES INC COM 855030102 9,275 605,800 SH   DFND 2 605,800 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 2,168 193,430 SH   DFND   193,430 0 0
TECUMSEH PRODS CO CL A 878895200 843 341,102 SH   DFND 1 341,102 0 0
TECUMSEH PRODS CO CL A 878895200 526 212,901 SH   DFND 2 212,901 0 0
UNITED BANCSHARES INC OHIO COM 909458101 5,033 325,123 SH   DFND   325,123 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,335 96,696 SH   DFND   96,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 2,836 530,000 SH   DFND   530,000 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 170 12,500 SH   DFND 2 12,500 0 0
WESTMORELAND COAL CO COM 960878106 11,662 561,190 SH   DFND   561,190 0 0
WESTMORELAND COAL CO COM 960878106 2,236 107,593 SH   DFND 1 107,593 0 0
WILLBROS GROUP INC DEL COM 969203108 4,711 3,680,772 SH   DFND 1 3,680,772 0 0
WILLBROS GROUP INC DEL COM 969203108 390 304,377 SH   DFND 2 304,377 0 0
WINNEBAGO INDS INC COM 974637100 4,914 208,300 SH   DFND 1 208,300 0 0
WINNEBAGO INDS INC COM 974637100 10,338 438,243 SH   DFND 2 438,243 0 0