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
ABBVIE INC COM 00287Y109 15 91,800 SH Call DFND 0 91,800 0
ABBVIE INC COM 00287Y109 129 25,000 SH Put DFND 0 25,000 0
ABBVIE INC COM 00287Y109 4,769 72,875 SH   DFND 0 72,875 0
ACTAVIS PLC SHS G0083B108 11,318 43,968 SH   DFND 0 43,968 0
ACTAVIS PLC SHS G0083B108 43 21,000 SH Call DFND 0 21,000 0
ACTAVIS PLC SHS G0083B108 125 41,800 SH Put DFND 0 41,800 0
ACTUATE CORP COM 00508B102 2,004 303,673 SH   DFND 0 303,673 0
ALASKA COMMUNICATIONS SYS GR COM 01167P101 1,682 939,532 SH   DFND 0 939,532 0
ALLERGAN INC COM 018490102 13,053 61,401 SH   DFND 0 61,401 0
ALMOST FAMILY INC COM 020409108 1,174 40,554 SH   DFND 0 40,554 0
AMAZON COM INC COM 023135106 6 10,000 SH Call DFND 0 10,000 0
AMC NETWORKS INC CL A 00164V103 3,189 50,001 SH   DFND 0 50,001 0
AMEDISYS INC COM 023436108 1,133 38,594 SH   DFND 0 38,594 0
AMER RLTY CAP HEALTHCAR TR I COM 02917R108 943 79,230 SH   DFND 0 79,230 0
AMERICAN AIRLS GROUP INC COM 02376R102 19 81,300 SH Put DFND 0 81,300 0
AMERICAN AIRLS GROUP INC COM 02376R102 4,360 81,300 SH   DFND 0 81,300 0
AMREIT INC NEW CL B 03216B208 8,667 326,563 SH   DFND 0 326,563 0
ANNALY CAP MGMT INC COM 035710409 1 25,200 SH Put DFND 0 25,200 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 2,161 93,120 SH   DFND 0 93,120 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 5,339 315,000 SH   DFND 0 315,000 0
AVIV REIT INC MD COM 05381L101 11,904 345,251 SH   DFND 0 345,251 0
B/E AEROSPACE INC COM 073302101 4,061 70,000 SH   DFND 0 70,000 0
B/E AEROSPACE INC COM 073302101 654 70,000 SH Put DFND 0 70,000 0
BANK KY FINL CORP COM 062896105 11,142 230,832 SH   DFND 0 230,832 0
BARRICK GOLD CORP COM 067901108 2,113 196,534 SH   DFND 0 196,534 0
BLACKBERRY LTD COM 09228F103 1,922 175,000 SH   DFND 0 175,000 0
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 1,203 50,000 SH   DFND 0 50,000 0
BTU INTL INC COM 056032105 299 92,143 SH   DFND 0 92,143 0
CARBONITE INC COM 141337105 2,600 182,180 SH   DFND 0 182,180 0
CAREFUSION CORP COM 14170T101 19,026 320,635 SH   DFND 0 320,635 0
CASCADE BANCORP COM NEW 147154207 1,318 253,997 SH   DFND 0 253,997 0
CHIQUITA BRANDS INTL INC COM 170032809 6,507 450,001 SH   DFND 0 450,001 0
CHYRONHEGO CORP COM 171607104 147 52,466 SH   DFND 0 52,466 0
CIMATRON LTD ORD M23798107 1,897 214,086 SH   DFND 0 214,086 0
CLECO CORP NEW COM 12561W105 1,963 36,001 SH   DFND 0 36,001 0
CLIFFS NAT RES INC COM 18683K101 43 142,500 SH Call DFND 0 142,500 0
CME GROUP INC COM 12572Q105 718 8,100 SH   DFND 0 8,100 0
CME GROUP INC COM 12572Q105 5 20,000 SH Call DFND 0 20,000 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 21 25,000 SH Call DFND 0 25,000 0
COMCAST CORP NEW CL A 20030N101 83 100,700 SH Put DFND 0 100,700 0
COVANCE INC COM 222816100 12,350 118,936 SH   DFND 0 118,936 0
COVIDIEN PLC SHS G2554F113 43 103,700 SH Put DFND 0 103,700 0
COVIDIEN PLC SHS G2554F113 14,067 137,533 SH   DFND 0 137,533 0
COVIDIEN PLC SHS G2554F113 8 50,000 SH Call DFND 0 50,000 0
COVISINT CORP COM 22357R103 122 46,160 SH   DFND 0 46,160 0
CREE INC COM 225447101 4,347 134,901 SH   DFND 0 134,901 0
CUBIST PHARMACEUTICALS INC COM 229678107 17,584 174,700 SH   DFND 0 174,700 0
CUBIST PHARMACEUTICALS INC COM 229678107 34 174,700 SH Put DFND 0 174,700 0
CUMULUS MEDIA INC CL A 231082108 997 235,600 SH   DFND 0 235,600 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 712 49,862 SH   DFND 0 49,862 0
DIGITAL RIV INC COM 25388B104 10 100,000 SH Put DFND 0 100,000 0
DIGITAL RIV INC COM 25388B104 4,846 195,952 SH   DFND 0 195,952 0
DIRECTV COM 25490A309 10,175 117,358 SH   DFND 0 117,358 0
DISH NETWORK CORP CL A 25470M109 6,560 90,000 SH   DFND 0 90,000 0
DISH NETWORK CORP CL A 25470M109 10 25,000 SH Put DFND 0 25,000 0
DOLLAR GEN CORP NEW COM 256677105 1,494 21,126 SH   DFND 0 21,126 0
DRESSER-RAND GROUP INC COM 261608103 7,908 96,672 SH   DFND 0 96,672 0
ENDO INTL PLC SHS G30401106 4,059 56,284 SH   DFND 0 56,284 0
ESB FINL CORP COM 26884F102 3,338 176,252 SH   DFND 0 176,252 0
FAMILY DLR STORES INC COM 307000109 22,418 283,023 SH   DFND 0 283,023 0
FRANKLIN FINL CORP VA COM 35353C102 3,176 149,950 SH   DFND 0 149,950 0
GLIMCHER RLTY TR SH BEN INT 379302102 14,035 1,021,473 SH   DFND 0 1,021,473 0
GLOBALSTAR INC COM 378973408 2,616 951,400 SH   DFND 0 951,400 0
GLOBALSTAR INC COM 378973408 761 951,400 SH Put DFND 0 951,400 0
GNC HLDGS INC COM CL A 36191G107 2,504 53,331 SH   DFND 0 53,331 0
HERITAGE FINL GROUP INC COM 42726X102 4,382 169,176 SH   DFND 0 169,176 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 3 50,000 SH Put DFND 0 50,000 0
HUDSON CITY BANCORP COM 443683107 7,911 781,717 SH   DFND 0 781,717 0
HUDSON VALLEY HOLDING CORP COM 444172100 3,380 124,455 SH   DFND 0 124,455 0
INTEGRATED SILICON SOLUTION COM 45812P107 2,486 150,001 SH   DFND 0 150,001 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 10,946 634,550 SH   DFND 0 634,550 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 3 25,000 SH Put DFND 0 25,000 0
INTERNATIONAL RECTIFIER CORP COM 460254105 7,624 191,075 SH   DFND 0 191,075 0
INTERVEST BANCSHARES CORP COM 460927106 3,015 300,000 SH   DFND 0 300,000 0
ISHARES IBOXX HI YD ETF 464288513 50 50,000 SH Put DFND 0 50,000 0
ISHARES TR RUSSELL 2000 ETF 464287655 383 3,200 SH   DFND 0 3,200 0
ISHARES TR RUSSELL 2000 ETF 464287655 344 200,000 SH Put DFND 0 200,000 0
JETPAY CORP COM 477177109 29 13,330 SH   DFND 0 13,330 0
JOY GLOBAL INC COM 481165108 0 15,000 SH Call DFND 0 15,000 0
JUNIPER NETWORKS INC COM 48203R104 1,060 47,500 SH   DFND 0 47,500 0
JUNIPER NETWORKS INC COM 48203R104 12 31,800 SH Put DFND 0 31,800 0
KLX INC COM 482539103 1,444 35,000 SH   DFND 0 35,000 0
KT CORP SPONSORED ADR 48268K101 534 37,848 SH   DFND 0 37,848 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 117 2,322 SH   DFND 0 2,322 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 278 5,745 SH   DFND 0 5,745 0
LORAL SPACE & COMMUNICATNS I COM 543881106 9,903 125,820 SH   DFND 0 125,820 0
M & T BK CORP COM 55261F104 249 49,200 SH Put DFND 0 49,200 0
MEAD JOHNSON NUTRITION CO COM 582839106 3,549 35,300 SH   DFND 0 35,300 0
MEDIA GEN INC NEW COM 58441K100 369 22,036 SH   DFND 0 22,036 0
MEDIA GEN INC NEW COM 58441K100 29 10,000 SH Call DFND 0 10,000 0
MICREL INC COM 594793101 2,545 175,383 SH   DFND 0 175,383 0
MICROFINANCIAL INC COM 595072109 1,345 131,767 SH   DFND 0 131,767 0
NATIONAL INTERSTATE CORP COM 63654U100 21,335 715,935 SH   DFND 0 715,935 0
NEWMONT MINING CORP COM 651639106 2,620 138,599 SH   DFND 0 138,599 0
NOKIA CORP SPONSORED ADR 654902204 3,361 427,663 SH   DFND 0 427,663 0
NUANCE COMMUNICATIONS INC COM 67020Y100 3 52,000 SH Call DFND 0 52,000 0
NVIDIA CORP COM 67066G104 4,854 242,081 SH   DFND 0 242,081 0
NVIDIA CORP COM 67066G104 19 100,000 SH Put DFND 0 100,000 0
PANTRY INC COM 698657103 927 25,001 SH   DFND 0 25,001 0
PETSMART INC COM 716768106 7,669 94,338 SH   DFND 0 94,338 0
PROTECTIVE LIFE CORP COM 743674103 18,621 267,356 SH   DFND 0 267,356 0
REALD INC COM 75604L105 4,528 383,710 SH   DFND 0 383,710 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 191 19,633 SH   DFND 0 19,633 0
REPUBLIC AWYS HLDGS INC COM 760276105 425 29,140 SH   DFND 0 29,140 0
ROCKWOOD HLDGS INC COM 774415103 13,677 173,571 SH   DFND 0 173,571 0
SALIX PHARMACEUTICALS INC COM 795435106 4,598 40,000 SH   DFND 0 40,000 0
SAPIENT CORP COM 803062108 6,519 261,999 SH   DFND 0 261,999 0
SIGMA ALDRICH CORP COM 826552101 19,448 141,676 SH   DFND 0 141,676 0
SIMPLICITY BANCORP COM 828867101 373 21,727 SH   DFND 0 21,727 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 84 62,200 SH Put DFND 0 62,200 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 19,038 518,183 SH   DFND 0 518,183 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 1 1,000 SH Call DFND 0 1,000 0
SOLITARIO EXPL & RTY CORP COM 8342EP107 1,048 1,139,071 SH   DFND 0 1,139,071 0
SONY CORP ADR NEW 835699307 1,556 76,000 SH   DFND 0 76,000 0
SOUTHSIDE BANCSHARES INC COM 84470P109 7,033 243,274 SH   DFND 0 243,274 0
SOUTHSIDE BANCSHARES INC COM 84470P109 336 30,000 SH Put DFND 0 30,000 0
SPANSION INC COM CL A NEW 84649R200 828 24,198 SH   DFND 0 24,198 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 554 250,000 SH Put DFND 0 250,000 0
STARZ COM SER A 85571Q102 4,943 166,421 SH   DFND 0 166,421 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 9,401 699,999 SH   DFND 0 699,999 0
SWS GROUP INC COM 78503N107 984 142,422 SH   DFND 0 142,422 0
SYMMETRY SURGICAL INC COM 87159G100 1,229 157,801 SH   DFND 0 157,801 0
TIME WARNER CABLE INC COM 88732J207 11,357 74,688 SH   DFND 0 74,688 0
TORNIER N V SHS N87237108 309 12,100 SH   DFND 0 12,100 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 689 25,002 SH   DFND 0 25,002 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 17,169 166,931 SH   DFND 0 166,931 0
VALLEY FINL CORP VA COM 919629105 3,348 169,000 SH   DFND 0 169,000 0
VITAMIN SHOPPE INC COM 92849E101 2,302 47,383 SH   DFND 0 47,383 0
VOLCANO CORPORATION COM 928645100 2,421 135,380 SH   DFND 0 135,380 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 7,920 8,000,000 PRN   DFND 0 8,000,000 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 1,191 76,404 SH   DFND 0 76,404 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 83 88,900 SH Put DFND 0 88,900 0
ZILLOW INC CL A 98954A107 8,377 79,110 SH   DFND 0 79,110 0
ZOETIS INC CL A 98978V103 267 124,000 SH Put DFND 0 124,000 0
ZOETIS INC CL A 98978V103 11,195 260,156 SH   DFND 0 260,156 0