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
Acacia Resh Corp ACACIA TCH COM 003881307 6,280 411,014 SH   SOLE   0 0 411,014
Bassett Furniture COM 070203104 297 20,000 SH   SOLE   0 0 20,000
Berkshire Hathaway CL B NEW 084670702 31 250 SH   SOLE   0 0 250
Callaway Golf Co COM 131193104 3,259 318,926 SH   SOLE   0 0 318,926
Customers Bancorp COM 23204G100 1,916 91,783 SH   SOLE   0 0 91,783
Datawatch Corp Com COM NEW 237917208 6,002 221,304 SH   SOLE   0 0 221,304
Dominion Res INC VA NEW COM 25746U109 71 1,000 SH   SOLE   0 0 1,000
Dynex Capital Inc COM NEW 26817Q506 1,413 157,864 SH   SOLE   0 0 157,864
Emmis Communications CL A 291525103 819 255,934 SH   SOLE   0 0 255,934
Exxon Mobil Corp COM 30231G102 52 529 SH   SOLE   0 0 529
Felcor Lodging Tr INC PFD CV A $1.95 31430F200 1,168 47,000 SH   SOLE   0 0 47,000
Fly Leasing Ltd SPONSORED ADR 34407D109 5,719 381,235 SH   SOLE   0 0 381,235
Franklin Finl Corp COM 35353C102 1 65 SH   SOLE   0 0 65
Frontier Communications Corp COM 35906A108 0 40 SH   SOLE   0 0 40
Genworth Finl Inc COM CL A 37247D106 1,651 93,113 SH   SOLE   0 0 93,113
Intl Business Mach COM 459200101 23 118 SH   SOLE   0 0 118
Johnson & Johnson COM 478160104 26 268 SH   SOLE   0 0 268
Kofax Ltd COM USD G5307C105 2,077 239,604 SH   SOLE   0 0 239,604
Lee Enterprises Inc COM 523768109 1,050 234,880 SH   SOLE   0 0 234,880
M B T Financial Corp COM 578877102 773 157,128 SH   SOLE   0 0 157,128
Mattersight Corp COM 577097108 1,526 220,196 SH   SOLE   0 0 220,196
Mcclatchy Co Hldgs CL A 579489105 2,422 377,304 SH   SOLE   0 0 377,304
New Media Investment COM 64704V106 5 360 SH   SOLE   0 0 360
New Residential Invt Corp COM 64828T102 751 116,043 SH   SOLE   0 0 116,043
Newcastle Invt Corp COM 65105M108 24 5,000 SH   SOLE   0 0 5,000
Northstar Rlty Fin Corp COM 66704R100 121 7,500 SH   SOLE   0 0 7,500
Pernix Therapeutics Hldgs In COM 71426V108 3,947 737,797 SH   SOLE   0 0 737,797
Physicians Realty COM 71943U104 6,860 492,787 SH   SOLE   0 0 492,787
Pike Corp COM 721283109 737 68,470 SH   SOLE   0 0 68,470
Planar Sys Inc COM 726900103 135 65,933 SH   SOLE   0 0 65,933
Quality Distr Inc Fla COM 74756M102 2,070 159,346 SH   SOLE   0 0 159,346
Radisys Corp com 750459109 1,777 495,000 SH   SOLE   0 0 495,000
Rand Logistics Inc com 752182105 207 30,000 SH   SOLE   0 0 30,000
Riverview Bancorp Inc. com 769397100 430 125,468 SH   SOLE   0 0 125,468
Royal Dutch Shell Plc spons adr a 780259206 13 183 SH   SOLE   0 0 183
Schulman A Inc com 808194104 2,402 66,245 SH   SOLE   0 0 66,245
Senomyx Inc com 81724Q107 2,612 244,753 SH   SOLE   0 0 244,753
Sequans Communications S A Sponsored ADS 817323108 2,721 964,994 SH   SOLE   0 0 964,994
Silver Bay Realty Tr Corp COM 82735Q102 3 219 SH   SOLE   0 0 219
Sotherly Hotels Inc com 83600C103 2,928 459,710 SH   SOLE   0 0 459,710
Sterling Construction Co Inc. Com 859241101 166 19,192 SH   SOLE   0 0 19,192
Summit Hotel PPTYS com 866082100 3,587 386,532 SH   SOLE   0 0 386,532
Travelcenters of America LLC Com 894174101 0 25 SH   SOLE   0 0 25
Two Hbrs Invt Corp com 90187B101 779 75,948 SH   SOLE   0 0 75,948
U S Concrete Inc Com COM NEW 90333L201 629 26,767 SH   SOLE   0 0 26,767
Vertex Energy Inc com 92534K107 1,139 176,616 SH   SOLE   0 0 176,616
Western Rfng Logistics LP Com Unit Rep LTP 95931Q205 2,432 78,066 SH   SOLE   0 0 78,066