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 INDEPENDENCE Common 026760405 114 11,390 SH   SOLE   11,390 0 0
AMERICAN SAFETY INS Common GO2995101 706 23,364 SH   SOLE   23,364 0 0
ANALYSTS INTERNATIONAL Common 032681207 258 40,000 SH   SOLE   40,000 0 0
APPLE INC Common 037833100 1,116 2,340 SH   SOLE   2,340 0 0
ASIAINFO HLDGS Common 04518A104 306 26,500 SH   SOLE   26,500 0 0
ASTEX PHARMACEUTICALS, I Common 04624B103 212 25,000 SH   SOLE   25,000 0 0
BARRICK GOLD Common 067901108 3,647 195,850 SH   SOLE   195,850 0 0
BELO Common 080555105 411 30,000 SH   SOLE   30,000 0 0
BGC PARTNERS INC Common 05541T101 86 15,300 SH   SOLE   15,300 0 0
BMC SOFTWARE Common 055921100 769 16,600 SH   SOLE   16,600 0 0
BOISE INC Common 09746Y105 142 11,300 SH   SOLE   11,300 0 0
CASPIAN SERVICES Common 14766Q107 29 607,437 SH   SOLE   607,437 0 0
COLONIAL PROP Common 195872106 337 15,000 SH   SOLE   15,000 0 0
CONSTELLATION COPPER Common 21036T209 0 398,788 SH   SOLE   398,788 0 0
CORNERSTONE THERAPEUTICS INC Common 21924P103 155 16,500 SH   SOLE   16,500 0 0
DELL Common 24702R101 413 30,000 SH   SOLE   30,000 0 0
DISCOVERY HLDG A Common 25470F302 781 10,000 SH   SOLE   10,000 0 0
DOLE FOOD Common 256603101 341 25,000 SH   SOLE   25,000 0 0
ELAN Common 284131208 1,036 66,500 SH   SOLE   66,500 0 0
EMULEX Common 292475209 155 20,000 SH   SOLE   20,000 0 0
FLOW INTERNATIONAL Common 343468104 259 65,000 SH   SOLE   65,000 0 0
GLOBECOMM SYS Common 37956X103 140 10,000 SH   SOLE   10,000 0 0
GULF COAST ULTRADEEP Common 40222T104 76 35,000 SH   SOLE   35,000 0 0
HARRIS TEETER SUPERMARKETS Common 414585109 615 12,500 SH   SOLE   12,500 0 0
HARVEST NATURAL RESOURCE Common 41754V103 54 10,000 SH   SOLE   10,000 0 0
HEALTH MGMT Common 421933102 128 10,000 SH   SOLE   10,000 0 0
HUDSON CITY BCP Common 443683107 588 65,000 SH   SOLE   65,000 0 0
KAYDON Common 486587108 355 10,000 SH   SOLE   10,000 0 0
KINROSS GOLD CORP Common 496902404 416 7,150 SH Call SOLE   7,150 0 0
KONINKLIJKE KPN NV Common 500472303 191 60,000 SH   SOLE   60,000 0 0
LEAP WIRELESS INT INC Common 521863308 198 12,500 SH   SOLE   12,500 0 0
LENDER PROCESSING SERV Common 52602E102 542 16,304 SH   SOLE   16,304 0 0
LIBERTY GLOBAL Common G5480U120 754 10,000 SH   SOLE   10,000 0 0
LIFE TECH CORP Common 53217V109 1,130 15,100 SH   SOLE   15,100 0 0
LINNCO LLC Common 535782906 1 100 SH Call SOLE   100 0 0
MAGUIRE PROP Common 553274101 660 210,988 SH   SOLE   210,988 0 0
MAIDENFORM BRANDS Common 560305104 294 12,500 SH   SOLE   12,500 0 0
MAKO SURGICAL CORP Common 560879108 295 10,000 SH   SOLE   10,000 0 0
METROCP BNCSHRS Common 591650106 173 12,600 SH   SOLE   12,600 0 0
MICHAEL BAKER Common 057149106 607 15,000 SH   SOLE   15,000 0 0
MOLEX STK Common 608554200 459 12,000 SH   SOLE   12,000 0 0
MORGANS HOTEL GROUP CO Common 61748W108 146 19,000 SH   SOLE   19,000 0 0
MULTIBAND Common 62544X209 179 55,000 SH   SOLE   55,000 0 0
NYSE GROUP COMMON Common 629491101 1,091 26,000 SH   SOLE   26,000 0 0
OFFICE DEPOT Common 676220106 48 10,000 SH   SOLE   10,000 0 0
ONYX PHARMACEUT Common 683399109 1,683 13,500 SH   SOLE   13,500 0 0
OPTIMER PHARMCEUTICALS Common 68401H104 315 25,000 SH   SOLE   25,000 0 0
PAA NATURAL GAS UNITS Common 693139107 1,151 49,432 SH   SOLE   49,432 0 0
PACTERA TECHNOLOGY ADR Common 695255109 80 13,500 SH   SOLE   13,500 0 0
PIONEER SOUTHWEST ENERGY Common 72388B106 1,261 28,500 SH   SOLE   28,500 0 0
POKO HEALTH Common 68375N103 308 34,928 SH   SOLE   34,928 0 0
PVF CAPITAL Common 693654105 309 75,000 SH   SOLE   75,000 0 0
RUE21 INC Common 781295900 218 50 SH Call SOLE   50 0 0
SAKS Common 79377W108 502 31,500 SH   SOLE   31,500 0 0
SAKS Common 79377W908 11 10,000 SH Call SOLE   10,000 0 0
SANOFI SYNTHELAB Common 80105N113 20 10,000 SH   SOLE   10,000 0 0
SOURCEFIRE INC Common 83616T108 759 10,000 SH   SOLE   10,000 0 0
SPREADTRUM DEPSITORY Common 849415203 716 23,500 SH   SOLE   23,500 0 0
STERLING FINANCIAL Common 859319303 287 10,000 SH   SOLE   10,000 0 0
STORM CAT ENERGY Common 862168101 1 173,328 SH   SOLE   173,328 0 0
SYMS CORP Common 871551107 25 10,218 SH   SOLE   10,218 0 0
TARO PHARMA INDS Common M8737E108 327 4,300 SH   SOLE   4,300 0 0
THERAGENICS Common 883375107 87 40,000 SH   SOLE   40,000 0 0
TOWER FINANCIAL Common 891769101 232 10,000 SH   SOLE   10,000 0 0
TRANSCEPT PHARM Common 89354M106 32 10,000 SH   SOLE   10,000 0 0
UTSTARCOM Common G9310A114 28 10,000 SH   SOLE   10,000 0 0
VANGUARD HEALTH SYSTEMS Common 922036207 252 12,000 SH   SOLE   12,000 0 0
VIRGINIA COMMERCE BNCP Common 92778Q109 788 50,591 SH   SOLE   50,591 0 0
VOLTERRA SEMI Common 928708106 575 25,000 SH   SOLE   25,000 0 0
WARNER CHILCOTT LTD Common G94368100 504 22,000 SH   SOLE   22,000 0 0
WISDOMTREE JAPAN HEDGE Common 97717W901 1,063 500,000 SH Call SOLE   500,000 0 0
WMS INDUSTRIES Common 929297109 513 19,780 SH   SOLE   19,780 0 0