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
ADCARE HEALTH SYSTEMS INC COM NEW 00650W300 1,506 375,576 SH   SOLE   375,576 0 0
AERCAP HOLDINGS NV SHS N00985106 283 7,300 SH   SOLE   7,300 0 0
BABCOCK & WILCOX CO NEW COM 05615F102 306 10,100 SH   SOLE   10,100 0 0
CHIMERA INVT CORP COM 16934Q109 547 172,022 SH   SOLE   172,022 0 0
CORENERGY INFRASTRUCTURE TR COM 21870U205 185 28,500 SH   SOLE   28,500 0 0
E M C CORP MASS COM 268648102 758 25,500 SH   SOLE   25,500 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 1,031 42,500 SH   SOLE   42,500 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 1,417 176,700 SH   SOLE   176,700 0 0
FTD COS INC COM 30281V108 653 18,750 SH   SOLE   18,750 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 812 29,456 SH   SOLE   29,456 0 0
HERITAGE FINL GROUP INC COM 42726X102 825 31,864 SH   SOLE   31,864 0 0
HF FINL CORP COM 404172108 284 20,391 SH   SOLE   20,391 0 0
ISHARES GOLD TRUST ISHARES 464285105 307 26,800 SH   SOLE   26,800 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 427 8,500 SH   SOLE   8,500 0 0
METHANEX CORP COM 59151K108 397 8,665 SH   SOLE   8,665 0 0
METRO BANCORP INC PA COM 59161R101 741 28,590 SH   SOLE   28,590 0 0
NEVSUN RES LTD COM 64156L101 657 169,000 SH   SOLE   169,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 1,769 78,369 SH   SOLE   78,369 0 0
NUTRI SYS INC NEW COM 67069D108 1,116 57,060 SH   SOLE   57,060 0 0
ORBITAL SCIENCES CORP COM 685564106 648 24,094 SH   SOLE   24,094 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 724 31,179 SH   SOLE   31,179 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 909 62,317 SH   SOLE   62,317 0 0
SILICON IMAGE INC COM 82705T102 230 41,600 SH   SOLE   41,600 0 0
SUNEDISON INC COM 86732Y109 455 23,300 SH   SOLE   23,300 0 0
TRIBUNE MEDIA CO CL A 896047503 550 9,200 SH   SOLE   9,200 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 723 5,050 SH   SOLE   5,050 0 0
XO GROUP INC COM 983772104 794 43,629 SH   SOLE   43,629 0 0