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 3,122 199,132 SH   DFND   199,132 0 0
AMBAC FINL GROUP INC COM NEW 023139884 13,752 877,012 SH   DFND 1 877,012 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,978 134,300 SH   DFND   134,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 47,916 922,171 SH   DFND 1 922,171 0 0
AMERISERV FINL INC COM 03074A102 1,368 342,072 SH   DFND   342,072 0 0
AMERISERV FINL INC COM 03074A102 200 50,000 SH   DFND 1 50,000 0 0
BANK AMER CORP COM 060505104 6,919 230,701 SH   DFND   230,701 0 0
BANK AMER CORP COM 060505104 27,794 926,774 SH   DFND 1 926,774 0 0
BANK AMER CORP COM 060505104 5,998 200,000 SH Call DFND 1 200,000 0 0
BARNES & NOBLE INC COM 067774109 2,246 453,801 SH   DFND 1 453,801 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 622 19,072 SH   DFND   19,072 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 4,795 147,122 SH   DFND 1 147,122 0 0
BROADWIND ENERGY INC COM NEW 11161T207 880 400,031 SH   DFND   400,031 0 0
CAPITAL ONE FINL CORP COM 14040H105 2,683 28,002 SH   DFND   28,002 0 0
CAPITAL ONE FINL CORP COM 14040H105 5,089 53,115 SH   DFND 1 53,115 0 0
CAROLINA FINL CORP NEW COM 143873107 1,412 35,938 SH   DFND   35,938 0 0
CAROLINA TR BANCSHARES INC COM 14422P105 198 21,268 SH   DFND   21,268 0 0
CAVCO INDS INC DEL COM 149568107 763 4,390 SH   DFND   4,390 0 0
CAVCO INDS INC DEL COM 149568107 18,989 109,292 SH   DFND 1 109,292 0 0
CB FINL SVCS INC COM 12479G101 1,304 41,995 SH   DFND   41,995 0 0
CB FINL SVCS INC COM 12479G101 462 14,866 SH   DFND 1 14,866 0 0
CIT GROUP INC COM NEW 125581801 2,532 49,171 SH   DFND   49,171 0 0
CIT GROUP INC COM NEW 125581801 24,876 483,028 SH   DFND 1 483,028 0 0
CIT GROUP INC COM NEW 125581801 1,421 27,600 SH Call DFND   27,600 0 0
CIT GROUP INC COM NEW 125581801 6,839 132,800 SH Call DFND 1 132,800 0 0
CITIGROUP INC COM NEW 172967424 10,429 154,510 SH   DFND   154,510 0 0
CITIGROUP INC COM NEW 172967424 36,372 538,838 SH   DFND 1 538,838 0 0
CITIGROUP INC COM NEW 172967424 58,003 859,300 SH Call DFND 1 859,300 0 0
CITIGROUP INC W EXP 01/04/201 172967226 30 662,406 SH   DFND   662,406 0 0
CITIGROUP INC W EXP 01/04/201 172967226 110 2,387,221 SH   DFND 1 2,387,221 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,084 220,038 SH   DFND   220,038 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,747 124,660 SH   DFND 1 124,660 0 0
CITIZENS FIRST CORP COM 17462Q107 2,642 103,978 SH   DFND   103,978 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 465 20,340 SH   DFND   20,340 0 0
CLEVELAND CLIFFS INC COM 185899101 7,001 1,007,364 SH   DFND 1 1,007,364 0 0
COLONY BANKCORP INC COM 19623P101 2,040 120,000 SH   DFND   120,000 0 0
COLONY BANKCORP INC COM 19623P101 2,336 137,387 SH   DFND 1 137,387 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,274 96,220 SH   DFND   96,220 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 839 60,000 SH   DFND   60,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 2,447 175,000 SH Call DFND   175,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 18,195 1,301,500 SH Call DFND 1 1,301,500 0 0
ENTEGRA FINL CORP COM 29363J108 1,813 62,516 SH   DFND   62,516 0 0
ESSA BANCORP INC COM 29667D104 3,032 206,704 SH   DFND   206,704 0 0
ESSA BANCORP INC COM 29667D104 1,216 82,908 SH   DFND 1 82,908 0 0
FIDELITY D&D BANCORP INC COM 31609R100 258 5,236 SH   DFND   5,236 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 558 24,180 SH   DFND   24,180 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 1,292 89,716 SH   DFND   89,716 0 0
FIRST SOLAR INC COM 336433107 568 8,000 SH   DFND   8,000 0 0
FIRST SOLAR INC COM 336433107 4,933 69,500 SH   DFND 1 69,500 0 0
FIRST US BANCSHARES INC COM 33744V103 282 24,610 SH   DFND   24,610 0 0
FIRST US BANCSHARES INC COM 33744V103 239 20,903 SH   DFND 1 20,903 0 0
FIRST UTD CORP COM 33741H107 1,920 100,000 SH   DFND   100,000 0 0
FIRST UTD CORP COM 33741H107 6,650 346,368 SH   DFND 1 346,368 0 0
HAWTHORN BANCSHARES INC COM 420476103 6,021 291,726 SH   DFND   291,726 0 0
HMN FINL INC COM 40424G108 5,163 278,304 SH   DFND   278,304 0 0
IES HLDGS INC COM 44951W106 147,707 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 38,927 2,569,418 SH   DFND 1 2,569,418 0 0
IF BANCORP INC COM 44951J105 1,365 68,227 SH   DFND   68,227 0 0
IF BANCORP INC COM 44951J105 338 16,891 SH   DFND 1 16,891 0 0
JPMORGAN CHASE & CO COM 46625H100 605 5,500 SH   DFND   5,500 0 0
LSB INDS INC COM 502160104 1,453 237,041 SH   DFND   237,041 0 0
LSB INDS INC COM 502160104 15,798 2,577,115 SH   DFND 1 2,577,115 0 0
LOUISIANA PAC CORP COM 546347105 823 28,620 SH   DFND   28,620 0 0
LOUISIANA PAC CORP COM 546347105 5,408 187,980 SH   DFND 1 187,980 0 0
MACKINAC FINL CORP COM 554571109 1,718 105,722 SH   DFND   105,722 0 0
MACKINAC FINL CORP COM 554571109 799 49,190 SH   DFND 1 49,190 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 830 16,908 SH   DFND   16,908 0 0
MVB FINANCIAL CORP COM 553810102 998 50,544 SH   DFND   50,544 0 0
MVC CAPITAL INC COM 553829102 2,927 294,756 SH   DFND 1 294,756 0 0
PATRICK INDS INC COM 703343103 70,887 1,146,113 SH   DFND   1,146,113 0 0
PATRICK INDS INC COM 703343103 4,481 72,456 SH   DFND 1 72,456 0 0
PEOPLES BANCORP N C INC COM 710577107 12,388 403,269 SH   DFND   403,269 0 0
PEOPLES BANCORP N C INC COM 710577107 4,533 147,557 SH   DFND 1 147,557 0 0
PREMIER FINL BANCORP INC COM 74050M105 1,310 70,399 SH   DFND   70,399 0 0
REPUBLIC BANCORP KY CL A 760281204 4,377 114,276 SH   DFND   114,276 0 0
REPUBLIC BANCORP KY CL A 760281204 1,022 26,686 SH   DFND 1 26,686 0 0
SB FINL GROUP INC COM 78408D105 1,819 98,322 SH   DFND   98,322 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 1,762 244,745 SH   DFND   244,745 0 0
SHORE BANCSHARES INC COM 825107105 900 47,720 SH   DFND   47,720 0 0
SKYLINE CORP COM 830830105 27,841 1,265,493 SH   DFND 1 1,265,493 0 0
SMARTFINANCIAL INC COM NEW 83190L208 1,040 44,130 SH   DFND   44,130 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 3,020 50,000 SH   DFND   50,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 24,669 408,499 SH   DFND 1 408,499 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 4,250 237,418 SH   DFND 1 237,418 0 0
SUNCOKE ENERGY INC COM 86722A103 14,424 1,340,530 SH   DFND 1 1,340,530 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 3,151 177,003 SH   DFND 1 177,003 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 3,833 153,257 SH   DFND   153,257 0 0
THOR INDS INC COM 885160101 346 3,000 SH   DFND   3,000 0 0
THOR INDS INC COM 885160101 18,658 162,000 SH   DFND 1 162,000 0 0
TRONOX LTD SHS CL A Q9235V101 538 29,200 SH   DFND   29,200 0 0
TRONOX LTD SHS CL A Q9235V101 6,276 340,371 SH   DFND 1 340,371 0 0
UNITED BANCSHARES INC OHIO COM 909458101 7,032 319,642 SH   DFND   319,642 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 2,517 255,279 SH   DFND   255,279 0 0
UNITED CONTL HLDGS INC COM 910047109 7,148 102,900 SH   DFND   102,900 0 0
UNITED CONTL HLDGS INC COM 910047109 36,824 530,066 SH   DFND 1 530,066 0 0
UNIVERSAL FST PRODS INC COM 913543104 2,278 70,192 SH   DFND   70,192 0 0
UNIVERSAL FST PRODS INC COM 913543104 12,905 397,704 SH   DFND 1 397,704 0 0
VIRTUS INVT PARTNERS INC COM 92828Q109 1,106 8,932 SH   DFND 1 8,932 0 0
WESTMORELAND COAL CO COM 960878106 104 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 368 898,606 SH   DFND 1 898,606 0 0
WINNEBAGO INDS INC COM 974637100 10,104 268,712 SH   DFND 1 268,712 0 0
WVS FINL CORP COM 929358109 1,726 105,652 SH   DFND   105,652 0 0