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

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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
BELMOND LTD COM G1154H107 1,080 85,000 SH   SOLE 0 85,000 0 0
STEALTHGAS INC COM Y81669106 472 136,329 SH   SOLE 0 136,329 0 0
ALICO INC COM 016230104 677 25,219 SH   SOLE 0 25,219 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 307 160,000 SH   SOLE 0 160,000 0 0
BRT RLTY TR COM 055645303 5,093 635,000 SH   SOLE 0 635,000 0 0
BARNES & NOBLE ED INC COM 06777U101 12,824 1,340,000 SH   SOLE 0 1,340,000 0 0
BARNES & NOBLE INC COM 067774109 26,838 2,375,000 SH   SOLE 0 2,375,000 0 0
CORNING INC COM 219350105 14,190 600,000 SH   SOLE 0 600,000 0 0
DOLBY LABORATORIES INC COM 25659T107 950 17,500 SH   SOLE 0 17,500 0 0
EXCO RESOURCES INC COM 269279402 310 289,500 SH   SOLE 0 289,500 0 0
GRIFFIN INL RLTY INC COM 398231100 3,465 109,331 SH   SOLE 0 109,331 0 0
GYRODYNE LLC COM 403829104 1,918 101,500 SH   SOLE 0 101,500 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 794 5,000 SH   SOLE 0 5,000 0 0
LANDS END INC NEW COM 51509F105 1,233 85,000 SH   SOLE 0 85,000 0 0
LIBERTY INTERACTIVE CORP COM 53071M104 1,001 50,000 SH   SOLE 0 50,000 0 0
MONSANTO CO NEW COM 61166W101 1,022 10,000 SH   SOLE 0 10,000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 2,917 40,000 SH   SOLE 0 40,000 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 284 35,000 SH   SOLE 0 35,000 0 0
PRISM TECHNOLOGIES GROUP INC COM 74273Y100 26 125,274 SH   SOLE 0 125,274 0 0
REALNETWORKS INC COM 75605L708 781 175,000 SH   SOLE 0 175,000 0 0
SAGA COMMUNICATIONS INC COM 786598300 59,327 1,308,499 SH   SOLE 0 1,308,499 0 0
SANOFI RIGHT 12/31/2020 RTS 80105N113 307 1,150,000 SH   SOLE 0 1,150,000 0 0
SEARS CDA INC COM 81234D109 7,229 2,938,800 SH   SOLE 0 2,938,800 0 0
SEARS HOMETOWN & OUTLET STORES INC COM 812362101 123 25,000 SH   SOLE 0 25,000 0 0
TEJON RANCH CO COM 879080109 67,974 2,795,000 SH   SOLE 0 2,795,000 0 0
YAHOO INC COM 984332106 6,465 150,000 SH   SOLE 0 150,000 0 0