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 7,286 176,300 SH   DFND   176,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 91,163 2,205,727 SH   DFND 1 2,205,727 0 0
AMBAC FINL GROUP INC COM NEW 023139884 3,890 190,486 SH   DFND   190,486 0 0
AMBAC FINL GROUP INC COM NEW 023139884 21,200 1,038,213 SH   DFND 1 1,038,213 0 0
AMERISERV FINL INC COM 03074A102 1,808 420,488 SH   DFND   420,488 0 0
BANK AMER CORP COM 060505104 5,618 190,701 SH   DFND   190,701 0 0
BANK AMER CORP COM 060505104 49,792 1,690,151 SH   DFND 1 1,690,151 0 0
BANK AMER CORP COM 060505104 14,730 500,000 SH Call DFND   0 0 0
BANK AMER CORP COM 060505104 36,825 1,250,000 SH Call DFND 1 0 0 0
BROADWIND ENERGY INC COM NEW 11161T207 340 155,741 SH   DFND   155,741 0 0
BLUELINX HLDGS INC COM 09624H208 121 3,832 SH   DFND   3,832 0 0
BLUELINX HLDGS INC COM 09624H208 8,416 267,266 SH   DFND 1 267,266 0 0
CAVCO INDS INC DEL COM 149568107 681 2,693 SH   DFND 1 2,693 0 0
CB FINL SVCS INC COM 12479G101 1,296 41,995 SH   DFND   41,995 0 0
CITIGROUP INC COM NEW 172967424 13,236 184,493 SH   DFND   184,493 0 0
CITIGROUP INC COM NEW 172967424 50,934 709,978 SH   DFND 1 709,978 0 0
CITIGROUP INC COM NEW 172967424 37,664 525,000 SH Call DFND   0 0 0
CITIGROUP INC COM NEW 172967424 81,281 1,133,000 SH Call DFND 1 0 0 0
CITIGROUP INC W EXP 01/04/201 172967226 1 662,406 SH   DFND   662,406 0 0
CITIGROUP INC W EXP 01/04/201 172967226 4 2,387,221 SH   DFND 1 2,387,221 0 0
COLONY BANKCORP INC COM 19623P101 2,445 137,387 SH   DFND 1 137,387 0 0
COLONY BANKCORP INC COM 19623P101 2,104 118,200 SH   DFND   118,200 0 0
CIT GROUP INC COM NEW 125581801 2,990 57,926 SH   DFND   57,926 0 0
CIT GROUP INC COM NEW 125581801 1,417 27,463 SH   DFND 1 27,463 0 0
CIT GROUP INC COM NEW 125581801 1,424 27,600 SH Call DFND   0 0 0
CIT GROUP INC COM NEW 125581801 6,854 132,800 SH Call DFND 1 0 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 372 15,440 SH   DFND   15,440 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 2,497 374,391 SH   DFND 1 374,391 0 0
CITIZENS FIRST CORP COM 17462Q107 2,467 93,978 SH   DFND   93,978 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,009 214,911 SH   DFND   214,911 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,734 123,830 SH   DFND 1 123,830 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,564 96,220 SH   DFND   96,220 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 28,478 492,451 SH   DFND 1 492,451 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 2,613 230,000 SH   DFND   230,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 6,343 558,400 SH   DFND 1 558,400 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 1,988 175,000 SH Call DFND   0 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 20,282 1,785,400 SH Call DFND 1 0 0 0
ENTEGRA FINL CORP COM 29363J108 907 34,145 SH   DFND   34,145 0 0
ESSA BANCORP INC COM 29667D104 3,352 206,160 SH   DFND   206,160 0 0
ESSA BANCORP INC COM 29667D104 1,316 80,906 SH   DFND 1 80,906 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 441 17,795 SH   DFND   17,795 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 1,180 89,716 SH   DFND   89,716 0 0
FIRST UTD CORP COM 33741H107 1,893 100,692 SH   DFND   100,692 0 0
FIRST UTD CORP COM 33741H107 6,512 346,368 SH   DFND 1 346,368 0 0
FIRST US BANCSHARES INC COM 33744V103 281 25,910 SH   DFND   25,910 0 0
FIRST US BANCSHARES INC COM 33744V103 227 20,903 SH   DFND 1 20,903 0 0
HMN FINL INC COM 40424G108 5,705 278,304 SH   DFND   278,304 0 0
HAWTHORN BANCSHARES INC COM 420476103 5,151 226,439 SH   DFND   226,439 0 0
IES HLDGS INC COM 44951W106 190,118 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 50,104 2,569,418 SH   DFND 1 2,569,418 0 0
IF BANCORP INC COM 44951J105 1,573 68,227 SH   DFND   68,227 0 0
IF BANCORP INC COM 44951J105 231 10,000 SH   DFND 1 10,000 0 0
LOUISIANA PAC CORP COM 546347105 1,563 59,000 SH   DFND   59,000 0 0
LOUISIANA PAC CORP COM 546347105 9,695 366,000 SH   DFND 1 366,000 0 0
LSB INDS INC COM 502160104 2,310 236,156 SH   DFND   236,156 0 0
LSB INDS INC COM 502160104 24,468 2,501,874 SH   DFND 1 2,501,874 0 0
MACKINAC FINL CORP COM 554571109 4,199 259,189 SH   DFND   259,189 0 0
MOHAWK INDS INC COM 608190104 1,227 7,000 SH   DFND   7,000 0 0
MOHAWK INDS INC COM 608190104 6,137 35,000 SH   DFND 1 35,000 0 0
MID PENN BANCORP INC COM 59540G107 4,572 156,841 SH   DFND   156,841 0 0
MVB FINANCIAL CORP COM 553810102 460 25,544 SH   DFND   25,544 0 0
MVC CAPITAL INC COM 553829102 972 100,691 SH   DFND 1 100,691 0 0
OWENS CORNING NEW COM 690742101 2,062 38,000 SH   DFND   38,000 0 0
OWENS CORNING NEW COM 690742101 6,974 128,500 SH   DFND 1 128,500 0 0
PATRICK INDS INC COM 703343103 57,685 974,409 SH   DFND   974,409 0 0
PATRICK INDS INC COM 703343103 14,454 244,160 SH   DFND 1 244,160 0 0
PEOPLES BANCORP NC INC COM 710577107 11,182 387,731 SH   DFND   387,731 0 0
PEOPLES BANCORP NC INC COM 710577107 4,201 145,664 SH   DFND 1 145,664 0 0
PREMIER FINL BANCORP INC COM 74050M105 1,627 87,998 SH   DFND   87,998 0 0
REPUBLIC BANCORP KY CL A 760281204 5,268 114,276 SH   DFND   114,276 0 0
REPUBLIC BANCORP KY CL A 760281204 1,230 26,686 SH   DFND 1 26,686 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 3,093 227,401 SH   DFND   227,401 0 0
SB FINL GROUP INC COM 78408D105 622 30,582 SH   DFND   30,582 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 2,497 254,745 SH   DFND   254,745 0 0
SHORE BANCSHARES INC COM 825107105 663 37,201 SH   DFND   37,201 0 0
SPDR SERIES TRUST S&P REGL 78464A698 14,261 240,000 SH   DFND   240,000 0 0
SPDR SERIES TRUST S&P REGL 78464A698 15,598 262,497 SH   DFND 1 262,497 0 0
SKYLINE CHAMPION CORP COM 830830105 44,596 1,560,947 SH   DFND 1 1,560,947 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 1,958 84,370 SH   DFND   84,370 0 0
SUNCOKE ENERGY INC COM 86722A103 10,248 881,941 SH   DFND 1 881,941 0 0
THOR INDS INC COM 885160101 1,189 14,200 SH   DFND   14,200 0 0
THOR INDS INC COM 885160101 21,314 254,653 SH   DFND 1 254,653 0 0
TRONOX LTD SHS CL A Q9235V101 379 31,700 SH   DFND   31,700 0 0
TRONOX LTD SHS CL A Q9235V101 5,933 496,465 SH   DFND 1 496,465 0 0
UNITED CONTL HLDGS INC COM 910047109 6,500 72,982 SH   DFND   72,982 0 0
UNITED CONTL HLDGS INC COM 910047109 35,624 400,000 SH   DFND 1 400,000 0 0
UNITED BANCSHARES INC OHIO COM 909458101 7,275 317,675 SH   DFND   317,675 0 0
UNIVERSAL FST PRODS INC COM 913543104 1,491 42,192 SH   DFND   42,192 0 0
UNIVERSAL FST PRODS INC COM 913543104 13,080 370,216 SH   DFND 1 370,216 0 0
WINNEBAGO INDS INC COM 974637100 16,934 510,833 SH   DFND 1 510,833 0 0
WHIRLPOOL CORP COM 963320106 1,722 14,500 SH   DFND   14,500 0 0
WHIRLPOOL CORP COM 963320106 14,013 118,000 SH   DFND 1 118,000 0 0
WVS FINANCIAL CORP COM 929358109 1,711 105,652 SH   DFND   105,652 0 0