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 4,129 211,177 SH   DFND   211,177 0 0
AMBAC FINL GROUP INC COM NEW 023139884 11,840 605,625 SH   DFND 1 605,625 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,560 243,220 SH   DFND   243,220 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 14,159 525,000 SH   DFND 1 525,000 0 0
AMERISERV FINL INC COM 03074A102 2,410 582,134 SH   DFND 2 582,134 0 0
AVADEL PHARMACEUTICALS PLC SPONSORED ADR 05337M104 308 73,946 SH   DFND   73,946 0 0
AVADEL PHARMACEUTICALS PLC SPONSORED ADR 05337M104 1,230 295,780 SH   DFND 1 295,780 0 0
BANK OF AMERICA CORP COM 060505104 6,438 220,701 SH   DFND   220,701 0 0
BANK OF AMERICA CORP COM 060505104 14,585 500,000 SH   DFND 1 500,000 0 0
BANK OF AMERICA CORP COM 060505104 33,691 1,155,000 SH Call DFND 1 0 0 0
BANK OF AMERICA CORP COM 060505104 7,147 245,000 SH Call DFND 2 0 0 0
BROADWIND ENERGY INC COM NEW 11161T207 211 124,930 SH   DFND   124,930 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 3,023 93,504 SH   DFND   93,504 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 14,286 441,892 SH   DFND 1 441,892 0 0
CAVCO INDUSTRIES INC DEL COM 149568107 4,670 24,312 SH   DFND   24,312 0 0
CAVCO INDUSTRIES INC DEL COM 149568107 15,552 80,964 SH   DFND 1 80,964 0 0
CB FINANCIAL SERVICES INC COM 12479G101 1,313 47,297 SH   DFND 2 47,297 0 0
CIT GROUP INC COM NEW 125581801 1,993 43,975 SH   DFND   43,975 0 0
CIT GROUP INC COM NEW 125581801 6,604 145,745 SH   DFND 1 145,745 0 0
CITIGROUP INC COM NEW 172967424 9,188 133,010 SH   DFND   133,010 0 0
CITIGROUP INC COM NEW 172967424 15,543 225,000 SH   DFND 1 225,000 0 0
CITIGROUP INC COM NEW 172967424 691 10,000 SH   DFND 2 10,000 0 0
CITIGROUP INC COM NEW 172967424 39,721 575,000 SH Call DFND 1 0 0 0
CITIGROUP INC COM NEW 172967424 9,326 135,000 SH Call DFND 2 0 0 0
CIT GROUP INC COM NEW 125581801 4,531 100,000 SH Call DFND 1 0 0 0
CIT GROUP INC COM NEW 125581801 906 20,000 SH Call DFND 2 0 0 0
CITIZENS COMMUNITY BANCORP COM 174903104 1,247 112,663 SH   DFND 1 112,663 0 0
CITIZENS COMMUNITY BANCORP COM 174903104 2,353 212,601 SH   DFND 2 212,601 0 0
COLONY BANKCORP COM 19623P101 1,814 118,200 SH   DFND 2 118,200 0 0
CONTURA ENERGY INC COM 21241B100 2,716 97,152 SH   DFND   97,152 0 0
CONTURA ENERGY INC COM 21241B100 10,729 383,740 SH   DFND 1 383,740 0 0
CORE MOLDINGS TECHNOLOGIES COM 218683100 2,325 362,725 SH   DFND 1 362,725 0 0
COUNTY BANCORP INC COM 221907108 6,081 309,934 SH   DFND 2 309,934 0 0
DELTA AIR LINES INC COM NEW 247361702 7,056 122,500 SH   DFND   122,500 0 0
DELTA AIR LINES INC COM NEW 247361702 14,112 245,000 SH   DFND 1 245,000 0 0
EMCLAIRE FINL CORP COM 290828102 311 9,453 SH   DFND 2 9,453 0 0
ESSA BANCORP INC COM 29667D104 3,371 205,317 SH   DFND 2 205,317 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 650 60,000 SH   DFND 2 60,000 0 0
FIRST UNITED CORP COM 33741H107 3,754 170,654 SH   DFND 1 170,654 0 0
FIRST UNITED CORP COM 33741H107 4,656 211,621 SH   DFND 2 211,621 0 0
FIRST US BANCSHARES INC COM 33744V103 608 67,946 SH   DFND 2 67,946 0 0
HAWTHORN BANCSHARES INC COM 420476103 3,433 144,079 SH   DFND 2 144,079 0 0
HMN FINANCIAL INC COM 40424G108 6,411 280,222 SH   DFND 2 280,222 0 0
IES HOLDING INC COM 44951W106 200,745 9,749,646 SH   DFND   9,749,646 0 0
IES HOLDING INC COM 44951W106 48,153 2,338,648 SH   DFND 1 2,338,648 0 0
IF BANCORP INC COM 44951J105 170 8,112 SH   DFND 1 8,112 0 0
IF BANCORP INC COM 44951J105 1,955 93,090 SH   DFND 2 93,090 0 0
LSB INDUSTRIES INC COM 502160104 650 125,412 SH   DFND   125,412 0 0
LSB INDUSTRIES INC COM 502160104 6,720 1,297,213 SH   DFND 1 1,297,213 0 0
LOUISIANA-PACIFIC CORP COM 546347105 1,844 75,000 SH   DFND   75,000 0 0
MACKINAC FINANCIAL CORP COM 554571109 3,978 257,283 SH   DFND 2 257,283 0 0
MID PENN BANCORP INC COM 59540G107 3,171 123,732 SH   DFND 2 123,732 0 0
MVB FINANCIAL CORP COM 553810102 507 25,544 SH   DFND 2 25,544 0 0
OWENS CORNING NEW COM 690742101 4,064 64,300 SH   DFND   64,300 0 0
PATRICK INDUSTRIES INC COM 703343103 24,674 575,411 SH   DFND   575,411 0 0
PATRICK INDUSTRIES INC COM 703343103 10,470 244,160 SH   DFND 1 244,160 0 0
PEOPLES BANCORP NC INC COM 710577107 4,236 142,580 SH   DFND 1 142,580 0 0
PEOPLES BANCORP NC INC COM 710577107 10,527 354,312 SH   DFND 2 354,312 0 0
PREMIER FINANCIAL BANCORP INC COM 74050M105 1,626 94,699 SH   DFND 2 94,699 0 0
REPUBLIC BANCORP KY CL A 760281204 731 16,813 SH   DFND 1 16,813 0 0
REPUBLIC BANCORP KY CL A 760281204 5,139 118,276 SH   DFND 2 118,276 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 2,680 229,419 SH   DFND 2 229,419 0 0
SB FINANCIAL GROUP INC COM 78408D105 616 36,845 SH   DFND 2 36,845 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 2,429 303,602 SH   DFND 2 303,602 0 0
SHORE BANCSHARES INC COM 825107105 1,044 67,754 SH   DFND 2 67,754 0 0
SKYLINE CHAMPION CORP COM 830830105 2,033 67,574 SH   DFND   67,574 0 0
SKYLINE CHAMPION CORP COM 830830105 5,613 186,538 SH   DFND 1 186,538 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 1,056 20,000 SH   DFND 1 20,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 6,335 120,000 SH   DFND 2 120,000 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 487 19,037 SH   DFND 2 19,037 0 0
SUNCOKE ENERGY INC COM 86722A103 1,242 220,200 SH   DFND   220,200 0 0
SUNCOKE ENERGY INC COM 86722A103 8,286 1,469,070 SH   DFND 1 1,469,070 0 0
UNITED AIRLINES HOLDINGS INC COM 910047109 7,527 85,132 SH   DFND   85,132 0 0
UNITED AIRLINES HOLDINGS INC COM 910047109 18,858 213,300 SH   DFND 1 213,300 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 5,843 291,880 SH   DFND 2 291,880 0 0
US XPRESS ENTERPRISES INC-A COM CL A 90338N202 653 135,541 SH   DFND   135,541 0 0
US XPRESS ENTERPRISES INC-A COM CL A 90338N202 2,044 424,118 SH   DFND 1 424,118 0 0
WHIRLPOOL CORP COM 963320106 1,584 10,000 SH   DFND   10,000 0 0
WVS FINANCIAL CORP COM 929358109 1,828 114,244 SH   DFND 2 114,244 0 0