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 23139884 455 18,577 SH   DFND   18,577 0 0
AMBAC FINL GROUP INC COM NEW 23139884 2,590 105,711 SH   DFND 2 105,711 0 0
AMERIANA BANCORP COM 23613102 4,215 227,824 SH   DFND   227,824 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,539 121,930 SH   DFND 2 121,930 0 0
ANADARKO PETE CORP COM 32511107 7,425 90,000 SH   DFND 1 90,000 0 0
ANADARKO PETE CORP COM 32511107 6,646 80,555 SH   DFND 2 80,555 0 0
ARCH COAL INC COM 39380100 1,085 609,508 SH   DFND 2 609,508 0 0
BANK OF AMERICA CORPORATION COM 60505104 2,684 150,000 SH   DFND   150,000 0 0
BANK OF AMERICA CORPORATION COM 60505104 12,702 709,999 SH   DFND 2 709,999 0 0
BANK OF AMERICA CORPORATION COM 60505104 1,648 92,100 SH Call DFND   92,100 0 0
BANK OF AMERICA CORPORATION COM 60505104 25,007 1,397,800 SH Call DFND 1 1,397,800 0 0
BARNES & NOBLE INC COM 67774109 18,826 810,750 SH   DFND 1 810,750 0 0
BARNES & NOBLE INC COM 67774109 13,742 591,838 SH   DFND 2 591,838 0 0
BED BATH & BEYOND INC COM 75896100 4,650 61,050 SH   DFND 2 61,050 0 0
BROADWIND ENERGY INC COM NEW 11161T207 2,156 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 5,744 1,065,670 SH   DFND 1 1,065,670 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,345 60,006 SH   DFND 2 60,006 0 0
CITIGROUP INC COM NEW 172967424 1,894 35,000 SH   DFND   35,000 0 0
CITIGROUP INC COM NEW 172967424 1,082 20,000 SH   DFND 1 20,000 0 0
CITIGROUP INC COM NEW 172967424 9,116 168,475 SH   DFND 2 168,475 0 0
CITIGROUP INC COM NEW 172967424 541 10,000 SH Call DFND   10,000 0 0
CITIGROUP INC COM NEW 172967424 8,658 160,000 SH Call DFND 1 160,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,682 183,957 SH   DFND   183,957 0 0
COLONY BANKCORP INC COM 19623P101 119 15,161 SH   DFND   15,161 0 0
DAKOTA PLAINS HLDGS INC COM 234255107 310 175,852 SH   DFND 1 175,852 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,476 30,000 SH   DFND 2 30,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 3,547 220,143 SH   DFND   220,143 0 0
FIFTH THIRD BANCORP COM 316773100 204 10,000 SH   DFND   10,000 0 0
FIFTH THIRD BANCORP COM 316773100 830 40,750 SH   DFND 2 40,750 0 0
FIRST CTZNS BANC CORP COM NO PAR 319459202 405 39,392 SH   DFND   39,392 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 1,150 33,763 SH   DFND   33,763 0 0
FIRST FED NORTHN MICH BANCOR COM 32021X105 1,283 233,759 SH   DFND   233,759 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 647 81,294 SH   DFND   81,294 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,550 237,592 SH   DFND 2 237,592 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,497 235,300 SH Call DFND 1 235,300 0 0
GAMESTOP CORP NEW CL A 36467W109 7,681 227,235 SH   DFND 2 227,235 0 0
HALLIBURTON CO COM 406216101 2,458 62,500 SH   DFND 1 62,500 0 0
HALLIBURTON CO COM 406216101 1,608 40,890 SH   DFND 2 40,890 0 0
HAWTHORN BANCSHARES INC COM 420476103 6,869 482,050 SH   DFND   482,050 0 0
HESS CORP COM 42809H107 5,537 75,000 SH   DFND 1 75,000 0 0
HESS CORP COM 42809H107 4,811 65,170 SH   DFND 2 65,170 0 0
HMN FINL INC COM 40424G108 4,632 373,554 SH   DFND   373,554 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 72,781 9,501,450 SH   DFND   9,501,450 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 29,508 3,852,167 SH   DFND 1 3,852,167 0 0
JPMORGAN CHASE & CO COM 46625H100 2,503 40,000 SH   DFND   40,000 0 0
JPMORGAN CHASE & CO COM 46625H100 1,252 20,000 SH   DFND 1 20,000 0 0
JPMORGAN CHASE & CO COM 46625H100 7,425 118,648 SH   DFND 2 118,648 0 0
JPMORGAN CHASE & CO COM 46625H100 3,129 50,000 SH Call DFND   50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 14,706 235,000 SH Call DFND 1 235,000 0 0
LSB INDS INC COM 502160104 12,777 406,400 SH   DFND 1 406,400 0 0
LSB INDS INC COM 502160104 9,737 309,687 SH   DFND 2 309,687 0 0
MACKINAC FINL CORP COM 554571109 596 50,334 SH   DFND   50,334 0 0
MARATHON OIL CORP COM 565849106 2,546 90,000 SH   DFND 1 90,000 0 0
MARATHON OIL CORP COM 565849106 7,265 256,815 SH   DFND 2 256,815 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 718 20,000 SH   DFND 1 20,000 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 880 24,500 SH   DFND 2 24,500 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 4,670 130,000 SH Call DFND 1 130,000 0 0
MUTUALFIRST FINL INC COM 62845B104 3,291 150,405 SH   DFND   150,405 0 0
MUTUALFIRST FINL INC COM 62845B104 529 24,163 SH   DFND 2 24,163 0 0
NAVISTAR INTL CORP NEW COM 63934E108 11,718 350,000 SH   DFND 1 350,000 0 0
NAVISTAR INTL CORP NEW COM 63934E108 8,731 260,780 SH   DFND 2 260,780 0 0
OFFICE DEPOT INC COM 676220106 3,223 375,860 SH   DFND 1 375,860 0 0
OFFICE DEPOT INC COM 676220106 13,384 1,560,847 SH   DFND 2 1,560,847 0 0
PAR PETE CORP COM NEW 69888T207 1,570 96,643 SH   DFND 1 96,643 0 0
PATRICK INDS INC COM 703343103 96,269 2,188,938 SH   DFND   2,188,938 0 0
PBF ENERGY INC CL A 69318G106 7,926 297,510 SH   DFND 2 297,510 0 0
PEOPLES BANCORP N C INC COM 710577107 6,685 371,604 SH   DFND   371,604 0 0
PEOPLES BANCORP N C INC COM 710577107 2,543 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 2,821 226,554 SH   DFND   226,554 0 0
POAGE BANKSHARES INC COM 730206109 1,154 77,592 SH   DFND   77,592 0 0
PREMIER FINL BANCORP INC COM 74050M105 530 34,029 SH   DFND   34,029 0 0
SB FINL GROUP INC COM 78408D105 1,573 167,383 SH   DFND   167,383 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 2,375 30,000 SH   DFND 1 30,000 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 871 11,000 SH   DFND 2 11,000 0 0
SHORE BANCSHARES INC COM 825107105 630 67,406 SH   DFND   67,406 0 0
SKYLINE CORP COM 830830105 1,582 390,405 SH   DFND 1 390,405 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 814 20,000 SH   DFND   20,000 0 0
STANDARD REGISTER CO COM 853887206 466 142,812 SH   DFND 1 142,812 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 1,971 165,618 SH   DFND   165,618 0 0
TECUMSEH PRODS CO CL A 878895200 1,311 424,335 SH   DFND 1 424,335 0 0
TECUMSEH PRODS CO CL A 878895200 705 228,103 SH   DFND 2 228,103 0 0
UNITED BANCSHARES INC OHIO COM 909458101 4,698 325,123 SH   DFND   325,123 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,125 96,696 SH   DFND   96,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 2,977 554,346 SH   DFND   554,346 0 0
WESTMORELAND COAL CO COM 960878106 17,880 538,377 SH   DFND   538,377 0 0
WILLBROS GROUP INC DEL COM 969203108 16,770 2,674,634 SH   DFND 1 2,674,634 0 0
WILLBROS GROUP INC DEL COM 969203108 1,856 295,977 SH   DFND 2 295,977 0 0
WINNEBAGO INDS INC COM 974637100 4,859 223,300 SH   DFND 1 223,300 0 0
WINNEBAGO INDS INC COM 974637100 8,002 367,743 SH   DFND 2 367,743 0 0