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 460 25,000 SH   DFND   25,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 4,713 256,257 SH   DFND 1 256,257 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,811 98,481 SH   DFND 2 98,481 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 17,579 480,174 SH   DFND 1 480,174 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 4,959 135,442 SH   DFND 2 135,442 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,585 26,710 SH   DFND 2 26,710 0 0
ANADARKO PETE CORP COM 032511107 1,983 31,295 SH   DFND 2 31,295 0 0
BANK AMER CORP COM 060505104 1,330 85,000 SH   DFND   85,000 0 0
BANK AMER CORP COM 060505104 23,475 1,500,000 SH   DFND 1 1,500,000 0 0
BANK AMER CORP COM 060505104 4,632 296,000 SH   DFND 2 296,000 0 0
BANK AMER CORP COM 060505104 2,817 180,000 SH Call DFND   180,000 0 0
BANK AMER CORP COM 060505104 9,077 580,000 SH Call DFND 1 580,000 0 0
BANK AMER CORP COM 060505104 313 20,000 SH Call DFND 2 20,000 0 0
BARNES & NOBLE INC COM 067774109 3,985 352,625 SH   DFND 1 352,625 0 0
BARNES & NOBLE INC COM 067774109 2,688 237,906 SH   DFND 2 237,906 0 0
BARNES & NOBLE ED INC COM 06777U101 975 101,859 SH   DFND 2 101,859 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,760 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 2,727 619,790 SH   DFND 1 619,790 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,916 110,200 SH   DFND 1 110,200 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,343 18,700 SH   DFND 2 18,700 0 0
CAROLINA TR BANCSHARES INC COM 14422P105 205 33,629 SH   DFND   33,629 0 0
CAVCO INDS INC DEL COM 149568107 6,592 66,550 SH   DFND 1 66,550 0 0
CAVCO INDS INC DEL COM 149568107 368 3,717 SH   DFND 2 3,717 0 0
CITIGROUP INC COM NEW 172967424 1,889 40,000 SH   DFND   40,000 0 0
CITIGROUP INC COM NEW 172967424 17,003 360,000 SH   DFND 1 360,000 0 0
CITIGROUP INC COM NEW 172967424 6,504 137,710 SH   DFND 2 137,710 0 0
CITIGROUP INC COM NEW 172967424 827 17,500 SH Call DFND   17,500 0 0
CITIGROUP INC COM NEW 172967424 23,379 495,000 SH Call DFND 1 495,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,441 397,187 SH   DFND   397,187 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,334 119,349 SH   DFND 1 119,349 0 0
CITIZENS FIRST CORP COM 17462Q107 1,922 120,151 SH   DFND   120,151 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 629 44,354 SH   DFND   44,354 0 0
COLONY BANKCORP INC COM 19623P101 2,717 274,735 SH   DFND   274,735 0 0
COLONY BANKCORP INC COM 19623P101 1,166 117,924 SH   DFND 1 117,924 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 13,582 345,081 SH   DFND 1 345,081 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,496 114,220 SH   DFND 2 114,220 0 0
ENTEGRA FINL CORP COM 29363J108 733 39,892 SH   DFND   39,892 0 0
ESSA BANCORP INC COM 29667D104 343 24,802 SH   DFND   24,802 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,218 66,236 SH   DFND   66,236 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 818 97,670 SH   DFND   97,670 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,811 182,106 SH   DFND   182,106 0 0
FIRST UTD CORP COM 33741H107 1,390 112,263 SH   DFND   112,263 0 0
FIRST UTD CORP COM 33741H107 2,456 198,393 SH   DFND 1 198,393 0 0
HAWTHORN BANCSHARES INC COM 420476103 8,389 550,123 SH   DFND   550,123 0 0
HMN FINL INC COM 40424G108 6,105 431,295 SH   DFND   431,295 0 0
IES HLDGS INC COM 44951W106 119,472 6,715,685 SH   DFND   6,715,685 0 0
IES HLDGS INC COM 44951W106 117,512 6,605,499 SH   DFND 1 6,605,499 0 0
JPMORGAN CHASE & CO COM 46625H100 5,770 86,655 SH   DFND 2 86,655 0 0
JPMORGAN CHASE & CO COM 46625H100 1,165 17,500 SH Call DFND   17,500 0 0
JPMORGAN CHASE & CO COM 46625H100 10,821 162,500 SH Call DFND 1 162,500 0 0
LOUISIANA PAC CORP COM 546347105 574 30,474 SH   DFND 2 30,474 0 0
LSB INDS INC COM 502160104 9,912 1,155,215 SH   DFND 1 1,155,215 0 0
LSB INDS INC COM 502160104 2,038 237,585 SH   DFND 2 237,585 0 0
MACKINAC FINL CORP COM 554571109 594 51,693 SH   DFND   51,693 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,662 73,397 SH   DFND   73,397 0 0
PATRICK INDS INC COM 703343103 65,415 1,056,439 SH   DFND   1,056,439 0 0
PEOPLES BANCORP N C INC COM 710577107 7,911 376,704 SH   DFND   376,704 0 0
PEOPLES BANCORP N C INC COM 710577107 2,969 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 2,630 246,728 SH   DFND   246,728 0 0
POAGE BANKSHARES INC COM 730206109 1,460 75,676 SH   DFND   75,676 0 0
PREMIER FINL BANCORP INC COM 74050M105 739 43,090 SH   DFND   43,090 0 0
SB FINL GROUP INC COM 78408D105 3,002 239,619 SH   DFND   239,619 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 353 5,000 SH   DFND 2 5,000 0 0
SHORE BANCSHARES INC COM 825107105 1,509 128,095 SH   DFND   128,095 0 0
SKYLINE CORP COM 830830105 10,709 782,243 SH   DFND 1 782,243 0 0
SMARTFINANCIAL INC COM NEW 83190L208 882 54,130 SH   DFND   54,130 0 0
SOUTHWESTERN ENERGY CO COM 845467109 415 30,000 SH   DFND 2 30,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 16,908 400,000 SH   DFND 1 400,000 0 0
STAPLES INC COM 855030102 356 41,600 SH   DFND 2 41,600 0 0
SUNCOKE ENERGY INC COM 86722A103 7,493 934,268 SH   DFND 1 934,268 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 3,358 221,812 SH   DFND 1 221,812 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 4,605 240,350 SH   DFND   240,350 0 0
TRAVELCENTERS AMER LLC COM 894174101 644 90,000 SH   DFND 2 90,000 0 0
UNITED BANCSHARES INC OHIO COM 909458101 6,434 321,875 SH   DFND   321,875 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,313 86,696 SH   DFND   86,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 3,919 551,167 SH   DFND   551,167 0 0
UNITED CONTL HLDGS INC COM 910047109 15,623 297,747 SH   DFND 1 297,747 0 0
UNITED CONTL HLDGS INC COM 910047109 5,287 100,760 SH   DFND 2 100,760 0 0
UNITED SEC BANCSHARES INC SHS 911459105 170 16,100 SH   DFND   16,100 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 10,032 1,200,000 SH   DFND 1 1,200,000 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 428 51,250 SH   DFND 2 51,250 0 0
WESTMORELAND COAL CO COM 960878106 2,257 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 8,426 951,043 SH   DFND 1 951,043 0 0
WILLBROS GROUP INC DEL COM 969203108 5,898 3,137,204 SH   DFND 1 3,137,204 0 0
WILLBROS GROUP INC DEL COM 969203108 582 309,317 SH   DFND 2 309,317 0 0
WINNEBAGO INDS INC COM 974637100 5,287 224,305 SH   DFND 1 224,305 0 0
WINNEBAGO INDS INC COM 974637100 3,312 140,538 SH   DFND 2 140,538 0 0