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
AMERICAN AIRLS GROUP INC COM 02376R102 7,124 224,300 SH   DFND   224,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 15,880 500,000 SH   DFND 1 500,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 3,189 175,977 SH   DFND   175,977 0 0
AMBAC FINL GROUP INC COM NEW 023139884 11,024 608,416 SH   DFND 1 608,416 0 0
AMBAC FINL GROUP INC COM NEW 023139884 314 17,346 SH   DFND 2 17,346 0 0
AMERISERV FINL INC COM 03074A102 2,191 545,028 SH   DFND 2 545,028 0 0
BANK AMER CORP COM 060505104 5,675 205,701 SH   DFND   205,701 0 0
BANK AMER CORP COM 060505104 26,417 957,500 SH   DFND 1 957,500 0 0
BANK AMER CORP COM 060505904 21,382 775,000 SH Call DFND 1 0 0 0
BANK AMER CORP COM 060505904 6,898 250,000 SH Call DFND 2 0 0 0
BROADWIND ENERGY INC COM NEW 11161T207 262 155,741 SH   DFND   155,741 0 0
BLUELINX HLDGS INC COM NEW 09624H208 1,628 61,113 SH   DFND   61,113 0 0
BLUELINX HLDGS INC COM 09624H208 10,489 393,739 SH   DFND 1 393,739 0 0
CAVCO INDS INC DEL COM 149568107 1,736 14,774 SH   DFND   14,774 0 0
CAVCO INDS INC DEL COM 149568107 14,516 123,506 SH   DFND 1 123,506 0 0
CB FINL SVCS INC COM 12479G101 1,041 43,862 SH   DFND 2 43,862 0 0
CITIGROUP INC COM NEW 172967424 7,809 125,510 SH   DFND   125,510 0 0
CITIGROUP INC COM NEW 172967424 24,409 392,300 SH   DFND 1 392,300 0 0
CITIGROUP INC COM NEW 172967424 357 5,733 SH   DFND 2 5,733 0 0
CITIGROUP INC COM NEW 172967904 23,333 375,000 SH Call DFND 1 0 0 0
CITIGROUP INC COM NEW 172967904 8,089 130,000 SH Call DFND 2 0 0 0
COLONY BANKCORP INC COM 19623P101 1,933 113,052 SH   DFND 1 113,052 0 0
COLONY BANKCORP INC COM 19623P101 2,021 118,200 SH   DFND 2 118,200 0 0
CIT GROUP INC COM NEW 125581801 774 16,140 SH   DFND   16,140 0 0
CIT GROUP INC COM NEW 125581801 6,927 144,404 SH   DFND 1 144,404 0 0
CIT GROUP INC COM NEW 125581901 4,797 100,000 SH Call DFND 1 0 0 0
CIT GROUP INC COM NEW 125581901 959 20,000 SH Call DFND 2 0 0 0
CONTURA ENERGY INC COM 21241B100 4,950 85,467 SH   DFND   85,467 0 0
CONTURA ENERGY INC COM 21241B100 18,255 315,171 SH   DFND 1 315,171 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 2,669 361,713 SH   DFND 1 361,713 0 0
COUNTY BANCORP INC COM 221907108 2,206 125,364 SH   DFND 2 125,364 0 0
CITIZENS FIRST CORP COM 17462Q107 2,239 90,258 SH   DFND 2 90,258 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,457 122,150 SH   DFND 1 122,150 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 2,624 219,911 SH   DFND 2 219,911 0 0
DELTA AIR LINES INC DEL COM 247361702 6,069 117,500 SH   DFND   117,500 0 0
DELTA AIR LINES INC DEL COM 247361702 18,078 350,000 SH   DFND 1 350,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 262 32,225 SH   DFND 2 32,225 0 0
EMCLAIRE FINL CORP COM 290828102 206 6,687 SH   DFND 2 6,687 0 0
ENTEGRA FINL CORP COM 29363J108 1,216 54,145 SH   DFND 2 54,145 0 0
ESSA BANCORP INC COM 29667D104 2,477 160,839 SH   DFND 2 160,839 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 487 17,795 SH   DFND 2 17,795 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 1,034 89,716 SH   DFND 2 89,716 0 0
FIRST UTD CORP COM 33741H107 3,368 195,134 SH   DFND 1 195,134 0 0
FIRST UTD CORP COM 33741H107 4,043 234,268 SH   DFND 2 234,268 0 0
FIRST US BANCSHARES INC COM 33744V103 378 37,802 SH   DFND 2 37,802 0 0
HMN FINL INC COM 40424G108 6,004 278,884 SH   DFND 2 278,884 0 0
HAWTHORN BANCSHARES INC COM 420476103 4,545 195,567 SH   DFND 2 195,567 0 0
IES HLDGS INC COM 44951W106 173,251 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 41,772 2,350,686 SH   DFND 1 2,350,686 0 0
IF BANCORP INC COM 44951J105 186 9,334 SH   DFND 1 9,334 0 0
IF BANCORP INC COM 44951J105 1,443 72,386 SH   DFND 2 72,386 0 0
LOUISIANA PAC CORP COM 546347105 1,829 75,000 SH   DFND   75,000 0 0
LSB INDS INC COM 502160104 1,274 204,104 SH   DFND   204,104 0 0
LSB INDS INC COM 502160104 12,815 2,053,671 SH   DFND 1 2,053,671 0 0
MACKINAC FINL CORP COM 554571109 4,080 259,189 SH   DFND 2 259,189 0 0
MID PENN BANCORP INC COM 59540G107 3,843 156,841 SH   DFND 2 156,841 0 0
MVB FINANCIAL CORP COM 553810102 390 25,544 SH   DFND 2 25,544 0 0
OWENS CORNING NEW COM 690742101 3,030 64,300 SH   DFND   64,300 0 0
PATRICK INDS INC COM 703343103 28,129 620,665 SH   DFND   620,665 0 0
PATRICK INDS INC COM 703343103 11,065 244,160 SH   DFND 1 244,160 0 0
PEOPLES BANCORP NC INC COM 710577107 3,843 144,475 SH   DFND 1 144,475 0 0
PEOPLES BANCORP NC INC COM 710577107 10,378 390,166 SH   DFND 2 390,166 0 0
PREMIER FINL BANCORP INC COM 74050M105 1,488 94,699 SH   DFND 2 94,699 0 0
REPUBLIC BANCORP KY CL A 760281204 1,193 26,686 SH   DFND 1 26,686 0 0
REPUBLIC BANCORP KY CL A 760281204 5,200 116,276 SH   DFND 2 116,276 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 2,638 229,419 SH   DFND 2 229,419 0 0
SB FINL GROUP INC COM 78408D105 534 29,649 SH   DFND 2 29,649 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 2,805 296,082 SH   DFND 2 296,082 0 0
SHORE BANCSHARES INC COM 825107105 919 61,643 SH   DFND 2 61,643 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 8,471 165,000 SH   DFND 1 165,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 9,498 185,000 SH   DFND 2 185,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A908 7,059 137,500 SH Call DFND 1 0 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A908 3,722 72,500 SH Call DFND 2 0 0 0
SKYLINE CHAMPION CORPORATION COM 830830105 2,763 145,409 SH   DFND   145,409 0 0
SKYLINE CHAMPION CORPORATION COM 830830105 26,314 1,384,965 SH   DFND 1 1,384,965 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 2,160 81,471 SH   DFND 2 81,471 0 0
SUNCOKE ENERGY INC COM 86722A103 9,401 1,107,297 SH   DFND 1 1,107,297 0 0
TRONOX HOLDINGS PLC SHS G9087Q102 232 17,659 SH   DFND   17,659 0 0
TRONOX HOLDINGS PLC SHS G9087Q102 2,690 204,538 SH   DFND 1 204,538 0 0
UNITED CONTL HLDGS INC COM 910047109 6,233 78,132 SH   DFND   78,132 0 0
UNITED CONTL HLDGS INC COM 910047109 13,164 165,000 SH   DFND 1 165,000 0 0
UNITED BANCSHARES INC OHIO COM 909458101 7,023 303,888 SH   DFND 2 303,888 0 0
UNIVERSAL FST PRODS INC COM 913543104 200 6,701 SH   DFND   6,701 0 0
UNIVERSAL FST PRODS INC COM 913543104 2,004 67,034 SH   DFND 1 67,034 0 0
US XPRESS ENTERPRISES INC COM CL A 90338N202 563 85,151 SH   DFND   85,151 0 0
US XPRESS ENTERPRISES INC COM CL A 90338N202 2,561 387,502 SH   DFND 1 387,502 0 0
WINNEBAGO INDS INC COM 974637100 7,476 240,000 SH   DFND 1 240,000 0 0
WHIRLPOOL CORP COM 963320106 1,794 13,500 SH   DFND   13,500 0 0
WVS FINL CORP COM 929358109 1,873 108,585 SH   DFND 2 108,585 0 0