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
ALCOA INC COM 013817101 630 39,153 SH   DFND 2 39,153 0 0
ALLIED MOTION TECHNOLOGIES I COM 019330109 1,402 98,731 SH   DFND 1 98,731 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,239 56,077 SH   DFND   56,077 0 0
AMBAC FINL GROUP INC COM NEW 023139884 2,631 119,039 SH   DFND 2 119,039 0 0
AMERIANA BANCORP COM 023613102 3,901 255,781 SH   DFND   255,781 0 0
AMERIANA BANCORP COM 023613102 212 13,886 SH   DFND 1 13,886 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 887 25,000 SH   DFND 1 25,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,330 178,400 SH   DFND 2 178,400 0 0
ARCH COAL INC COM 039380100 8,363 3,944,671 SH   DFND 1 3,944,671 0 0
ARCH COAL INC COM 039380100 2,715 1,280,427 SH   DFND 2 1,280,427 0 0
BANK OF AMERICA CORPORATION COM 060505104 500 29,300 SH   DFND   29,300 0 0
BANK OF AMERICA CORPORATION COM 060505104 10,507 616,219 SH   DFND 2 616,219 0 0
BANK OF AMERICA CORPORATION COM 060505104 22,286 1,307,100 SH Call DFND   1,307,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 58,360 3,422,900 SH Call DFND 1 3,422,900 0 0
BARNES & NOBLE INC COM 067774109 18,506 937,500 SH   DFND 1 937,500 0 0
BARNES & NOBLE INC COM 067774109 7,440 376,903 SH   DFND 2 376,903 0 0
BED BATH & BEYOND INC COM 075896100 4,019 61,050 SH   DFND 2 61,050 0 0
BED BATH & BEYOND INC COM 075896100 6,583 100,000 SH Call DFND 1 100,000 0 0
BROADWIND ENERGY INC COM NEW 11161T207 2,996 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 7,982 1,065,670 SH   DFND 1 1,065,670 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 5,146 187,460 SH   DFND 2 187,460 0 0
CITIGROUP INC COM NEW 172967424 7,209 139,115 SH   DFND 2 139,115 0 0
CITIGROUP INC COM NEW 172967424 7,255 140,000 SH Call DFND   140,000 0 0
CITIGROUP INC COM NEW 172967424 56,484 1,090,000 SH Call DFND 1 1,090,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,065 120,303 SH   DFND   120,303 0 0
CLIFFS NAT RES INC COM 18683K101 4,539 437,292 SH   DFND 1 437,292 0 0
CLIFFS NAT RES INC COM 18683K101 2,595 250,000 SH Call DFND 1 250,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 3,838 280,131 SH   DFND   280,131 0 0
FIFTH THIRD BANCORP COM 316773100 2,688 134,265 SH   DFND 2 134,265 0 0
FIRST CTZNS BANC CORP COM NO PAR 319459202 393 39,392 SH   DFND   39,392 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 912 33,763 SH   DFND   33,763 0 0
FIRST FED NORTHN MICH BANCOR COM 32021X105 987 185,249 SH   DFND   185,249 0 0
FREEPORT-MCMORAN INC CL B 35671D857 3,540 108,437 SH   DFND 2 108,437 0 0
FREEPORT-MCMORAN INC CL B 35671D857 15,845 485,300 SH Call DFND 1 485,300 0 0
GRIFFON CORP COM 398433102 1,283 112,658 SH   DFND 2 112,658 0 0
HAWTHORN BANCSHARES INC COM 420476103 6,040 439,272 SH   DFND   439,272 0 0
HMN FINL INC COM 40424G108 4,743 359,324 SH   DFND   359,324 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 78,387 9,501,450 SH   DFND   9,501,450 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 31,780 3,852,167 SH   DFND 1 3,852,167 0 0
JPMORGAN CHASE & CO COM 46625H100 5,156 85,593 SH   DFND 2 85,593 0 0
JPMORGAN CHASE & CO COM 46625H100 9,940 165,000 SH Call DFND   165,000 0 0
JPMORGAN CHASE & CO COM 46625H100 65,059 1,080,000 SH Call DFND 1 1,080,000 0 0
LSB INDS INC COM 502160104 14,284 400,000 SH   DFND 1 400,000 0 0
LSB INDS INC COM 502160104 8,950 250,630 SH   DFND 2 250,630 0 0
MACKINAC FINL CORP COM 554571109 569 50,334 SH   DFND   50,334 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 1,509 62,163 SH   DFND 2 62,163 0 0
MUTUALFIRST FINL INC COM 62845B104 3,668 163,000 SH   DFND   163,000 0 0
MUTUALFIRST FINL INC COM 62845B104 1,323 58,786 SH   DFND 2 58,786 0 0
NAVISTAR INTL CORP NEW COM 63934E108 15,775 479,335 SH   DFND 1 479,335 0 0
NAVISTAR INTL CORP NEW COM 63934E108 6,670 202,680 SH   DFND 2 202,680 0 0
OFFICE DEPOT INC COM 676220106 6,456 1,256,002 SH   DFND 1 1,256,002 0 0
OFFICE DEPOT INC COM 676220106 7,758 1,509,362 SH   DFND 2 1,509,362 0 0
OXFORD RESOURCE PARTNERS LP COM UNIT RP LP 691807101 153 191,851 SH   DFND 1 191,851 0 0
PATRICK INDS INC COM 703343103 99,979 2,360,229 SH   DFND   2,360,229 0 0
PBF ENERGY INC CL A 69318G106 4,279 178,300 SH   DFND 2 178,300 0 0
PEOPLES BANCORP N C INC COM 710577107 6,301 371,604 SH   DFND   371,604 0 0
PEOPLES BANCORP N C INC COM 710577107 2,397 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 804 60,752 SH   DFND   60,752 0 0
PETSMART INC COM 716768106 2,348 33,500 SH   DFND 2 33,500 0 0
POAGE BANKSHARES INC COM 730206109 1,164 77,582 SH   DFND   77,582 0 0
PREMIER FINL BANCORP INC COM 74050M105 212 14,499 SH   DFND   14,499 0 0
SKYLINE CORP COM 830830105 1,612 390,405 SH   DFND 1 390,405 0 0
SPDR SERIES TRUST S&P REEL BKG 78464A698 757 20,000 SH   DFND   20,000 0 0
STANDARD REGISTER CO COM 853887206 937 182,610 SH   DFND 1 182,610 0 0
STAPLES INC COM 855030102 5,455 450,800 SH   DFND 2 450,800 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 1,349 131,646 SH   DFND   131,646 0 0
TECUMSEH PRODS CO CL A 878895200 1,825 424,335 SH   DFND 1 424,335 0 0
TECUMSEH PRODS CO CL A 878895200 981 228,103 SH   DFND 2 228,103 0 0
UNITED BANCSHARES INC OHIO COM 909458101 4,870 325,123 SH   DFND   325,123 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,156 96,696 SH   DFND   96,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 3,540 756,485 SH   DFND   756,485 0 0
WESTMORELAND COAL CO COM 960878106 23,931 639,685 SH   DFND   639,685 0 0
WILLBROS GROUP INC DEL COM 969203108 18,415 2,210,687 SH   DFND 1 2,210,687 0 0
WILLBROS GROUP INC DEL COM 969203108 2,041 245,022 SH   DFND 2 245,022 0 0
WINNEBAGO INDS INC COM 974637100 4,561 209,526 SH   DFND 1 209,526 0 0
WINNEBAGO INDS INC COM 974637100 6,786 311,708 SH   DFND 2 311,708 0 0