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
AMBAC FINL GROUP INC COM 023139884 20,218 823,198 SH   DFND 1, 2 823,198 0 0
AMBAC FINL GROUP INC WTS 023139116 436 29,200 SH   DFND 1, 2 0 0 29,200
AMERIANA BANCORP COM 023613102 201 15,167 SH   DFND 1, 2 15,167 0 0
AMKOR TECHNOLOGY INC COM 031652100 3,970 647,711 SH   DFND 1, 2 647,711 0 0
ANADARKO PETE CORP COM 032511107 7,932 100,000 SH Call DFND 1, 2 0 0 100,000
APACHE CORP COM 037411105 859 10,000 SH   DFND 1, 2 10,000 0 0
APACHE CORP COM 037411105 11,172 130,000 SH Call DFND 1, 2 0 0 130,000
ASB BANCORP INC N C COM 00213T109 550 31,900 SH   DFND 1, 2 31,900 0 0
ASSURED GUARANTY LTD COM G0585R106 27,133 1,150,169 SH   DFND 1, 2 1,150,169 0 0
ASSURED GUARANTY LTD COM G0585R106 4,718 200,000 SH Call DFND 1, 2 0 0 200,000
ATLANTIC COAST FINL CORP COM 048426100 3,248 750,000 SH   DFND 1, 2 750,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,274 94,955 SH   DFND 1, 2 94,955 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,661 100,000 SH Call DFND 1, 2 0 0 100,000
CAPITAL SR LIVING CORP COM 140475104 38,747 1,615,137 SH   DFND 1, 2 1,615,137 0 0
CHARTER FINL CORP MD COM 16122W108 1,617 150,124 SH   DFND 1, 2 150,124 0 0
CITIGROUP INC COM 172967424 5,576 107,000 SH   DFND 1, 2 107,000 0 0
CITIGROUP INC COM 172967424 20,844 400,000 SH Call DFND 1, 2 0 0 400,000
CLEAR CHANNEL OUTDOOR HLDGS COM 18451C109 6,342 625,494 SH   DFND 1, 2 625,494 0 0
CLIFFS NAT RES INC COM 18683K101 4,849 185,000 SH Put DFND 1, 2 0 0 185,000
COOPER TIRE & RUBR CO COM 216831107 2,404 100,000 SH Call DFND 1, 2 0 0 100,000
COWEN GROUP INC NEW COM 223622101 12,865 3,290,375 SH   DFND 1, 2 3,290,375 0 0
DEVON ENERGY CORP NEW COM 25179M103 5,289 85,490 SH   DFND 1, 2 85,490 0 0
DEVON ENERGY CORP NEW COM 25179M103 49,694 803,200 SH Call DFND 1, 2 0 0 803,200
EASTERN VA BANKSHARES INC COM 277196101 337 48,200 SH   DFND 1, 2 48,200 0 0
EMERITUS CORP COM 291005106 1,000 46,200 SH   DFND 1, 2 46,200 0 0
EQUINIX INC COM 29444U502 763 4,300 SH   DFND 1, 2 4,300 0 0
EQUINIX INC COM 29444U502 36,377 205,000 SH Call DFND 1, 2 0 0 205,000
EXPRESS SCRIPTS HLDG CO COM 30219G108 1,054 15,000 SH   DFND 1, 2 15,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 56,192 800,000 SH Call DFND 1, 2 0 0 800,000
EXXON MOBIL CORP COM 30231G102 304 3,000 SH   DFND 1, 2 3,000 0 0
EXXON MOBIL CORP COM 30231G102 36,432 360,000 SH Call DFND 1, 2 0 0 360,000
FOREST CITY ENTERPRISES INC COM 345550107 18,417 964,208 SH   DFND 1, 2 964,208 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 177 1,000 SH   DFND 1, 2 1,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,545 20,000 SH Call DFND 1, 2 0 0 20,000
GREIF INC COM 397624206 49,452 841,459 SH   DFND 1, 2 841,459 0 0
GROUPON INC COM 399473107 15,699 1,334,400 SH Put DFND 1, 2 0 0 1,334,400
HARTFORD FINL SVCS GROUP INC COM 416515104 145 4,000 SH   DFND 1, 2 4,000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 22,658 625,400 SH Call DFND 1, 2 0 0 625,400
HESS CORP COM 42809H107 4,150 50,000 SH Call DFND 1, 2 0 0 50,000
HOPFED BANCORP INC COM 439734104 407 35,753 SH   DFND 1, 2 35,753 0 0
INDEPENDENT BANK CORP MICH COM 453838609 612 51,000 SH   DFND 1, 2 51,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 9,379 50,000 SH Call DFND 1, 2 0 0 50,000
INTERVEST BANCSHARES CORP COM 460927106 2,606 346,949 SH   DFND 1, 2 346,949 0 0
IRON MTN INC COM 462846106 205 6,741 SH   DFND 1, 2 6,741 0 0
IRON MTN INC COM 462846106 11,876 391,300 SH Call DFND 1, 2 0 0 391,300
KENTUCKY FIRST FED BANCORP COM 491292108 422 52,717 SH   DFND 1, 2 52,717 0 0
LAKE SHORE BANCORP INC COM 510700107 2,339 191,692 SH   DFND 1, 2 191,692 0 0
LAPORTE BANCORP INC MD COM 516651106 167 15,052 SH   DFND 1, 2 15,052 0 0
LEAPFROG ENTERPRISES INC COM 52186N106 794 100,000 SH Call DFND 1, 2 0 0 100,000
LENNAR CORP COM 526057302 6,433 190,774 SH   DFND 1, 2 190,774 0 0
LEVEL 3 COMMUNICATIONS INC COM 52729N308 1,659 50,000 SH   DFND 1, 2 50,000 0 0
LIBERTY INTERACTIVE CORP COM 53071M104 17,279 588,700 SH   DFND 1, 2 588,700 0 0
LIBERTY INTERACTIVE CORP COM 53071M104 5,870 200,000 SH Call DFND 1, 2 0 0 200,000
LORAL SPACE & COMMUNICATNS I COM 543881106 8,409 103,831 SH   DFND 1, 2 103,831 0 0
LUXFER HLDGS PLC COM 550678106 209 10,000 SH   DFND 1, 2 10,000 0 0
MICRON TECHNOLOGY INC COM 595112103 6,525 300,000 SH Call DFND 1, 2 0 0 300,000
MTR GAMING GROUP INC COM 553769100 8,763 1,698,220 SH   DFND 1, 2 1,698,220 0 0
NATIONAL WESTN LIFE INS CO COM 638522102 13,047 58,363 SH   DFND 1, 2 58,363 0 0
NEWMONT MINING CORP COM 651639106 274 11,900 SH   DFND 1, 2 11,900 0 0
NEWMONT MINING CORP COM 651639106 8,325 361,500 SH Call DFND 1, 2 0 0 361,500
NORTHFIELD BANCORP INC DEL COM 66611T108 7,922 600,140 SH   DFND 1, 2 600,140 0 0
OCONEE FED FINL CORP COM 675607105 357 20,277 SH   DFND 1, 2 20,277 0 0
OPPENHEIMER HLDGS INC COM 683797104 1,725 69,607 SH   DFND 1, 2 69,607 0 0
PEOPLES BANCORP N C INC COM 710577107 366 25,794 SH   DFND 1, 2 25,794 0 0
POWERSECURE INTL INC COM 73936N105 1,016 59,200 SH   DFND 1, 2 59,200 0 0
PREMIER FINL BANCORP INC COM 74050M105 174 12,314 SH   DFND 1, 2 12,314 0 0
PROSHARES TR II COM 74347W627 13,278 98,400 SH Call DFND 1, 2 0 0 98,400
PSB HLDGS INC COM 69360W108 406 63,582 SH   DFND 1, 2 63,582 0 0
STONEGATE MTG CORP COM 86181Q300 1,837 111,111 SH   DFND 1, 2 111,111 0 0
STRAIGHT PATH COMMUNICATNS I COM 862578101 459 56,007 SH   DFND 1, 2 56,007 0 0
TEXAS PAC LD TR COM 882610108 11,444 114,598 SH   DFND 1, 2 114,598 0 0
THE ADT CORPORATION COM 00101J106 4,047 100,000 SH Call DFND 1, 2 0 0 100,000
TIVO INC COM 888706108 656 50,000 SH   DFND 1, 2 50,000 0 0
UNITED BANCSHARES INC OHIO COM 909458101 339 23,710 SH   DFND 1, 2 23,710 0 0
UT/100 INGERSOLL-RAND PLC UT/33 ALLEGION COM 9EQ3CNI21 7,632 100,000 SH Call DFND 1, 2 0 0 100,000
UT/25 IPATH S&P 500 VIX SHORT- TERM FUTUR COM 9EQ3BZRQ2 5,054 118,750 SH Put DFND 1, 2 0 0 118,750
WESTERN DIGITAL CORP COM 958102105 11,746 140,000 SH Call DFND 1, 2 0 0 140,000
WESTERN UN CO COM 959802109 4,313 250,000 SH Call DFND 1, 2 0 0 250,000
WOLVERINE BANCORP INC COM 977880103 284 13,318 SH   DFND 1, 2 13,318 0 0
WPX ENERGY INC COM 98212B103 5,299 260,000 SH   DFND 1, 2 260,000 0 0
WRIGHT MED GROUP INC COM 98235T115 426 1,320,074 SH   DFND 1, 2 1,320,074 0 0
XEROX CORP COM 984121103 19,219 1,535,300 SH   DFND 1, 2 1,535,300 0 0
XEROX CORP COM 984121103 18,758 1,541,300 SH Call DFND 1, 2 0 0 1,541,300
AERCAP HOLDINGS NV COM N00985106 384 10,000 SH   SOLE   10,000 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 790 25,000 SH   SOLE   25,000 0 0
APOLLO COMMERCIAL REAL ESTAT COM 03762U105 163 10,000 SH   SOLE   10,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 401 100,000 SH   SOLE   100,000 0 0
AMREP CORP COM 032159105 398 56,902 SH   SOLE   56,902 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 630 20,000 SH   SOLE   20,000 0 0
COSI INC COM 22122P200 40 23,544 SH   SOLE   23,544 0 0
DOUBLE EAGLE PETROLEUM CO COM 258570209 46 19,908 SH   SOLE   19,908 0 0
DEX MEDIA INC COM 25213A107 83 12,206 SH   SOLE   12,206 0 0
ELDORADO GOLD CORP COM 284902103 87 15,300 SH   SOLE   15,300 0 0
FOREST CITY ENTERPRISES-CL B COM 345550305 290 15,300 SH   SOLE   15,300 0 0
FERRO CORP COM 315405100 345 26,902 SH   SOLE   26,902 0 0
ROYCE FOCUS TRUST INC COM 78080N108 90 11,859 SH   SOLE   11,859 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 104 40,969 SH   SOLE   40,969 0 0
LIMONEIRA CO COM 532746104 722 27,168 SH   SOLE   27,168 0 0
SPARK NETWORKS INC COM 84651P100 276 44,800 SH   SOLE   44,800 0 0
MAG SILVER CORP COM 55903Q104 612 111,300 SH   SOLE   111,300 0 0
MDC PARTNERS INC-A COM 552697104 274 10,744 SH   SOLE   10,744 0 0
MICROSOFT CORP COM 594918104 599 16,000 SH   SOLE   16,000 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 249 25,000 SH   SOLE   25,000 0 0
ROSETTA RESOURCES INC COM 777779307 865 18,000 SH   SOLE   18,000 0 0
SALEM COMMUNICATIONS -CL A COM 794093104 401 46,099 SH   SOLE   46,099 0 0
SEALED AIR CORP COM 81211K100 4,628 135,920 SH   SOLE   135,920 0 0
SEAGATE TECHNOLOGY COM G7945M107 562 10,000 SH   SOLE   10,000 0 0
ADVSHRS TRIMTAB FLOAT SHRINK COM 00768Y818 890 18,352 SH   SOLE   18,352 0 0
ZAZA ENERGY CORP COM 98919T100 33 34,300 SH   SOLE   34,300 0 0