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
ALLY FINL INC COM 02005N100 2,330 125,000 SH   SOLE   125,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 1,753 402,896 SH   SOLE   402,896 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,884 190,000 SH   SOLE   190,000 0 0
APOLLO ED GROUP INC CL A 037604105 4,132 538,782 SH   SOLE   538,782 0 0
ASTA FDG INC COM 046220109 5,157 648,683 SH   SOLE   648,683 0 0
AMERISERV FINL INC COM 03074A102 119 37,055 SH   SOLE   37,055 0 0
BANK AMER CORP COM 060505104 3,292 195,600 SH   SOLE   195,600 0 0
CITIGROUP INC COM NEW 172967424 29,705 574,000 SH   SOLE   574,000 0 0
CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNER 226344208 873 42,000 SH   SOLE   42,000 0 0
EZCORP INC CL A NON VTG 302301106 1,147 229,810 SH   SOLE   229,810 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 6,663 1,309,100 SH   SOLE   1,309,100 0 0
FIFTH STR ASSET MGMT INC CL A COM 31679P109 119 36,537 SH   SOLE   36,537 0 0
GLOBAL INDEMNITY PLC SHS G39319101 15,649 539,252 SH   SOLE   539,252 0 0
GENERAL MTRS CO COM 37045V100 16,799 493,950 SH   SOLE   493,950 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 10,155 56,344 SH   SOLE   56,344 0 0
KKR & CO L P DEL COM UNITS 48248M102 5,387 345,551 SH   SOLE   345,551 0 0
MALIBU BOATS INC COM CL A 56117J100 540 32,965 SH   SOLE   32,965 0 0
MCBC HLDGS INC COM 55276F107 3,031 221,245 SH   SOLE   221,245 0 0
MAGNA INTL INC COM 559222401 6,600 162,728 SH   SOLE   162,728 0 0
MORGAN STANLEY COM NEW 617446448 11,980 376,600 SH   SOLE   376,600 0 0
MENS WEARHOUSE INC COM 587118100 3,284 223,734 SH   SOLE   223,734 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 141 12,139 SH   SOLE   12,139 0 0
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 1,340 77,076 SH   SOLE   77,076 0 0
OWENS RLTY MTG INC COM 690828108 348 25,877 SH   SOLE   25,877 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,552 90,498 SH   SOLE   90,498 0 0
RICHARDSON ELECTRS LTD COM 763165107 2,497 440,300 SH   SOLE   440,300 0 0
ROADRUNNER TRNSN SVCS HLDG I COM 76973Q105 2,961 314,044 SH   SOLE   314,044 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 272 13,744 SH   SOLE   13,744 0 0
G WILLI FOOD INTL LTD ORD M52523103 2,648 634,913 SH   SOLE   634,913 0 0
CHINA XINIYA FASHION LTD SPONSRD ADR NEW 16950W113 335 188,033 SH   SOLE   188,033 0 0