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 153 12,513 SH   SOLE 0 12,513 0 0
STEALTHGAS INC COM Y81669106 896 205,400 SH   SOLE 0 205,400 0 0
ALICO INC COM 016230104 1,563 52,970 SH   SOLE 0 52,970 0 0
ALTABA INC COM COM 021346101 10,579 175,000 SH   SOLE 0 175,000 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 20 35,000 SH   SOLE 0 35,000 0 0
BRT APARTMENTS CORP COM COM 055645303 8,120 688,705 SH   SOLE 0 688,705 0 0
BARNES & NOBLE ED INC COM 06777U101 11,042 1,340,000 SH   SOLE 0 1,340,000 0 0
BARNES & NOBLE INC COM 067774109 15,913 2,375,000 SH   SOLE 0 2,375,000 0 0
CSX CORP COM COM 126408103 275 5,000 SH   SOLE 0 5,000 0 0
CORNING INC COM 219350105 21,113 660,000 SH   SOLE 0 660,000 0 0
DOLBY LABORATORIES INC COM 25659T107 372 6,000 SH   SOLE 0 6,000 0 0
EMMIS COMMUNICATIONS CORP COM 291525400 832 235,000 SH   SOLE 0 235,000 0 0
EVINE LIVE INC COM 300487105 1,178 841,712 SH   SOLE 0 841,712 0 0
GRIFFIN INL RLTY INC COM 398231100 1,943 52,939 SH   SOLE 0 52,939 0 0
GYRODYNE LLC COM 403829104 2,041 101,500 SH   SOLE 0 101,500 0 0
LANDS END INC NEW COM 51509F105 5,670 290,000 SH   SOLE 0 290,000 0 0
NEW YORK REIT INC COM COM 64976L109 2,849 725,000 SH   SOLE 0 725,000 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 248 25,000 SH   SOLE 0 25,000 0 0
REALNETWORKS INC COM 75605L708 376 110,000 SH   SOLE 0 110,000 0 0
SAGA COMMUNICATIONS INC COM 786598300 47,000 1,161,936 SH   SOLE 0 1,161,936 0 0
SANOFI RIGHT 12/31/2020 RTS 80105N113 228 600,000 SH   SOLE 0 600,000 0 0
SEARS HOMETOWN & OUTLET STORES INC COM 812362101 65 25,000 SH   SOLE 0 25,000 0 0
TEJON RANCH CO COM 879080109 76,244 3,672,659 SH   SOLE 0 3,672,659 0 0
TIME WARNER INC COM 887317303 2,287 25,000 SH   SOLE 0 25,000 0 0