<SEC-DOCUMENT>0001251109-21-000044.txt : 20210812
<SEC-HEADER>0001251109-21-000044.hdr.sgml : 20210812
<ACCEPTANCE-DATETIME>20210812091131
ACCESSION NUMBER:		0001251109-21-000044
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210630
FILED AS OF DATE:		20210812
DATE AS OF CHANGE:		20210812
EFFECTIVENESS DATE:		20210812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WITTENBERG INVESTMENT MANAGEMENT, INC.
		CENTRAL INDEX KEY:			0001697790
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-17731
		FILM NUMBER:		211165674

	BUSINESS ADDRESS:	
		STREET 1:		650 CONCORD STREET
		STREET 2:		SUITE 203
		CITY:			CARLISLE
		STATE:			MA
		ZIP:			01741
		BUSINESS PHONE:		978-610-6871

	MAIL ADDRESS:	
		STREET 1:		650 CONCORD STREET
		STREET 2:		SUITE 203
		CITY:			CARLISLE
		STATE:			MA
		ZIP:			01741
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001697790</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2021</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2021</reportCalendarOrQuarter>
      <filingManager>
        <name>WITTENBERG INVESTMENT MANAGEMENT, INC.</name>
        <address>
          <com:street1>650 CONCORD STREET</com:street1>
          <com:street2>SUITE 203</com:street2>
          <com:city>CARLISLE</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>01741</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-17731</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Beth N. Lowson, Esq.</name>
      <title>Attorney-in-fact for Joel B. Wittenberg</title>
      <phone>914-220-1919</phone>
      <signature>Beth N. Lowson</signature>
      <city>White Plains</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>08-12-2021</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>74</tableEntryTotal>
      <tableValueTotal>248165</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
    </summaryPage>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>wittenberg2Q2021export.xlsx.xml
<DESCRIPTION>WITTENBERG 13F Q2 2021
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<ns1:informationTable xmlns:ns1="http://www.sec.gov/edgar/document/thirteenf/informationtable">
	<ns1:infoTable>
		<ns1:nameOfIssuer>ADAMS RESOURCES &amp; ENERGY INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM NEW</ns1:titleOfClass>
		<ns1:cusip>006351308</ns1:cusip>
		<ns1:value>1118</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>40372</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>40372</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>ALJ REGIONAL HOLDINGS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>001627108</ns1:cusip>
		<ns1:value>282</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>155757</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>155757</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>ALPHABET INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>CAP STK CL A</ns1:titleOfClass>
		<ns1:cusip>02079K305</ns1:cusip>
		<ns1:value>16084</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>6587</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>6562</ns1:Shared>
			<ns1:None>25</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>ALPHABET INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>CAP STK CL C</ns1:titleOfClass>
		<ns1:cusip>02079K107</ns1:cusip>
		<ns1:value>19063</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>7606</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>7581</ns1:Shared>
			<ns1:None>25</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>AMERICAN EXPRESS CO</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>025816109</ns1:cusip>
		<ns1:value>530</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>3210</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>3210</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>APACHE CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>037411105</ns1:cusip>
		<ns1:value>1298</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>60000</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>60000</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>APPLE INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>037833100</ns1:cusip>
		<ns1:value>29552</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>215771</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>215471</ns1:Shared>
			<ns1:None>300</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>AT&amp;T INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>00206R102</ns1:cusip>
		<ns1:value>402</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>13957</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>13957</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>AUDACY INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A</ns1:titleOfClass>
		<ns1:cusip>05070N103</ns1:cusip>
		<ns1:value>2893</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>671292</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>671292</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>AVALON HOLDINGS CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A</ns1:titleOfClass>
		<ns1:cusip>05343P109</ns1:cusip>
		<ns1:value>63</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>13457</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>13457</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>AVIS BUDGET GROUP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>053774105</ns1:cusip>
		<ns1:value>3094</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>39719</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>39119</ns1:Shared>
			<ns1:None>600</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>BANK OF AMERICA CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>060505104</ns1:cusip>
		<ns1:value>1479</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>35863</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>35863</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL B NEW</ns1:titleOfClass>
		<ns1:cusip>084670702</ns1:cusip>
		<ns1:value>55008</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>197927</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>197199</ns1:Shared>
			<ns1:None>728</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>BP PLC</ns1:nameOfIssuer>
		<ns1:titleOfClass>SPONSORED ADR</ns1:titleOfClass>
		<ns1:cusip>055622104</ns1:cusip>
		<ns1:value>624</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>23600</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>23600</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>BROOKFIELD ASSET MANAGEMENT</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A LTD VT SH</ns1:titleOfClass>
		<ns1:cusip>112585104</ns1:cusip>
		<ns1:value>482</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>9450</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>9450</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>CATO CORP NEW</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A</ns1:titleOfClass>
		<ns1:cusip>149205106</ns1:cusip>
		<ns1:value>264</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>15622</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>15622</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>CENTRAL SECURITIES CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>155123102</ns1:cusip>
		<ns1:value>286</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>6768</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>6768</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>CHIPOTLE MEXICAN GRILL INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>169656105</ns1:cusip>
		<ns1:value>471</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>304</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>304</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>COMCAST CORP NEW</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A</ns1:titleOfClass>
		<ns1:cusip>20030N101</ns1:cusip>
		<ns1:value>1042</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>18270</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>18270</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>COSTCO WHOLESALE CORP NEW</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>22160K105</ns1:cusip>
		<ns1:value>440</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>1113</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>1113</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>DASEKE INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>23753F107</ns1:cusip>
		<ns1:value>2373</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>366214</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>366214</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>DASEKE INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>W EXP 02/27/2022</ns1:titleOfClass>
		<ns1:cusip>23753F115</ns1:cusip>
		<ns1:value>140</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>1204806</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>1204806</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>DISCOVERY INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM SER C</ns1:titleOfClass>
		<ns1:cusip>25470F302</ns1:cusip>
		<ns1:value>5544</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>191308</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>190808</ns1:Shared>
			<ns1:None>500</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>DISNEY WALT CO</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM DISNEY</ns1:titleOfClass>
		<ns1:cusip>254687106</ns1:cusip>
		<ns1:value>756</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>4303</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>4303</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>EASTERN CO</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>276317104</ns1:cusip>
		<ns1:value>409</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>13472</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>13472</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>EURONAV NV</ns1:nameOfIssuer>
		<ns1:titleOfClass>SHS</ns1:titleOfClass>
		<ns1:cusip>B38564108</ns1:cusip>
		<ns1:value>103</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>11000</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>11000</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>GOLDMAN SACHS GROUP INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>38141G104</ns1:cusip>
		<ns1:value>1063</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>2802</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>2802</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>GREENLIGHT CAPITAL RE LTD</ns1:nameOfIssuer>
		<ns1:titleOfClass>CLASS A</ns1:titleOfClass>
		<ns1:cusip>G4095J109</ns1:cusip>
		<ns1:value>478</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>52395</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>52395</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>HOPE BANCORP INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>43940T109</ns1:cusip>
		<ns1:value>146</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>10327</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>10327</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>IMMUNOVANT</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>45258J102</ns1:cusip>
		<ns1:value>676</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>64000</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>64000</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>JEFFERIES FINL GROUP INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>47233W109</ns1:cusip>
		<ns1:value>2243</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>65584</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>65584</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>J.P. MORGAN CHASE &amp; CO</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>46625H100</ns1:cusip>
		<ns1:value>7644</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>49142</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>49142</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>JOHNSON &amp; JOHNSON</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>478160104</ns1:cusip>
		<ns1:value>399</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>2424</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>2424</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LEE ENTERPRISES INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>523768109</ns1:cusip>
		<ns1:value>275</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>9714</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>9714</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY BROADBAND CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM SER A</ns1:titleOfClass>
		<ns1:cusip>530307107</ns1:cusip>
		<ns1:value>3095</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>18404</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>18404</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY BROADBAND CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM SER C</ns1:titleOfClass>
		<ns1:cusip>530307305</ns1:cusip>
		<ns1:value>5950</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>34261</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>34261</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY GLOBAL PLC</ns1:nameOfIssuer>
		<ns1:titleOfClass>SHS CLASS A</ns1:titleOfClass>
		<ns1:cusip>G5480U104</ns1:cusip>
		<ns1:value>244</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>8972</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>8972</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY GLOBAL PLC</ns1:nameOfIssuer>
		<ns1:titleOfClass>SHS CLASS C</ns1:titleOfClass>
		<ns1:cusip>G5480U120</ns1:cusip>
		<ns1:value>1809</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>66887</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>66887</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY GLOBAL PLC</ns1:nameOfIssuer>
		<ns1:titleOfClass>LILAC SHS CLASS A</ns1:titleOfClass>
		<ns1:cusip>G9001E102</ns1:cusip>
		<ns1:value>1075</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>77587</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>76587</ns1:Shared>
			<ns1:None>1000</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY GLOBAL PLC</ns1:nameOfIssuer>
		<ns1:titleOfClass>LILAC SHS CLASS C</ns1:titleOfClass>
		<ns1:cusip>G9001E128</ns1:cusip>
		<ns1:value>3589</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>254546</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>254277</ns1:Shared>
			<ns1:None>269</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM C BRAVES GRP</ns1:titleOfClass>
		<ns1:cusip>531229888</ns1:cusip>
		<ns1:value>330</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>11890</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>11890</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM SER A FRMLA</ns1:titleOfClass>
		<ns1:cusip>531229870</ns1:cusip>
		<ns1:value>372</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>8733</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>8733</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM SER C FRMLA</ns1:titleOfClass>
		<ns1:cusip>531229854</ns1:cusip>
		<ns1:value>733</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>15194</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>15194</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM A SIRIUSXM</ns1:titleOfClass>
		<ns1:cusip>531229409</ns1:cusip>
		<ns1:value>4661</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>100071</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>100071</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM C SIRIUSXM</ns1:titleOfClass>
		<ns1:cusip>531229607</ns1:cusip>
		<ns1:value>5851</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>126129</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>125773</ns1:Shared>
			<ns1:None>356</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIBERTY TRIPADVISOR HLDGS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM SER A</ns1:titleOfClass>
		<ns1:cusip>531465102</ns1:cusip>
		<ns1:value>4571</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>1123153</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>1123153</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIMBACH HOLDINGS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>53263P105</ns1:cusip>
		<ns1:value>135</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>14597</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>14597</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LIVE NATION ENTERTAINMENT INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>538034109</ns1:cusip>
		<ns1:value>2592</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>29589</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>29589</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>LORAL SPACE &amp; COMMUNICATIONS</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>543881106</ns1:cusip>
		<ns1:value>828</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>21325</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>21325</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>MCDONALDS CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>580135101</ns1:cusip>
		<ns1:value>295</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>1275</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>1275</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>MERCURY GENERAL CORP NEW</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>589400100</ns1:cusip>
		<ns1:value>704</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>10845</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>10445</ns1:Shared>
			<ns1:None>400</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>MERRIMACK PHARMACEUTICALS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM NEW</ns1:titleOfClass>
		<ns1:cusip>590328209</ns1:cusip>
		<ns1:value>1210</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>189294</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>189294</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>MICROSOFT CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>594918104</ns1:cusip>
		<ns1:value>5519</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>20373</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>20298</ns1:Shared>
			<ns1:None>75</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>NEXPOINT RESIDENTIAL TRUST INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>65341D102</ns1:cusip>
		<ns1:value>388</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>7061</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>7061</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>PATRIOT TRANSPORTATION HOLDING INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>70338W105</ns1:cusip>
		<ns1:value>434</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>38552</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>38552</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>PRICESMART INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>741511109</ns1:cusip>
		<ns1:value>1665</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>18298</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>18048</ns1:Shared>
			<ns1:None>250</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>QURATE RETAIL INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM SER A</ns1:titleOfClass>
		<ns1:cusip>74915M100</ns1:cusip>
		<ns1:value>182</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>13900</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>13900</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>READING INTERNATIONAL INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A</ns1:titleOfClass>
		<ns1:cusip>755408101</ns1:cusip>
		<ns1:value>8826</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>1266299</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>1262699</ns1:Shared>
			<ns1:None>3600</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>SCRIPPS E W CO OHIO</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A NEW</ns1:titleOfClass>
		<ns1:cusip>811054402</ns1:cusip>
		<ns1:value>306</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>15000</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>15000</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>SHAW COMMUNICATIONS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL B CONV</ns1:titleOfClass>
		<ns1:cusip>82028K200</ns1:cusip>
		<ns1:value>2282</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>78909</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>77209</ns1:Shared>
			<ns1:None>1700</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>SIRIUS XM HOLDINGS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>82968B103</ns1:cusip>
		<ns1:value>71</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>10805</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>10805</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>SURO CAPITAL CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM NEW</ns1:titleOfClass>
		<ns1:cusip>86887Q109</ns1:cusip>
		<ns1:value>671</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>49748</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>49748</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>SYNCHRONY FINANCIAL</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>87165B103</ns1:cusip>
		<ns1:value>268</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>5520</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>5520</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>THRYV HOLDINGS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM NEW</ns1:titleOfClass>
		<ns1:cusip>866029206</ns1:cusip>
		<ns1:value>692</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>19334</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>19334</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>TIDEWATER INC NEW</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>88642R109</ns1:cusip>
		<ns1:value>2383</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>197748</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>197748</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>UNIVAR SOLUTIONS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>91336L107</ns1:cusip>
		<ns1:value>3661</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>150149</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>150149</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>UNIVERSAL STAINLESS &amp; ALLOY</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>913837100</ns1:cusip>
		<ns1:value>1788</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>177583</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>177583</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>US BANCORP DEL</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM NEW</ns1:titleOfClass>
		<ns1:cusip>902973304</ns1:cusip>
		<ns1:value>635</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>11150</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>11150</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>VERSO CORP</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A</ns1:titleOfClass>
		<ns1:cusip>92531L207</ns1:cusip>
		<ns1:value>6553</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>370204</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>368704</ns1:Shared>
			<ns1:None>1500</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>WELLS FARGO CO NEW</ns1:nameOfIssuer>
		<ns1:titleOfClass>PERP PRD CNV A</ns1:titleOfClass>
		<ns1:cusip>949746804</ns1:cusip>
		<ns1:value>4341</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>2844</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>2844</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>WELLS FARGO CO NEW</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM NEW</ns1:titleOfClass>
		<ns1:cusip>949746101</ns1:cusip>
		<ns1:value>11193</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>247138</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>247138</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>WYNDHAM DESTINATIONS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>98310W108</ns1:cusip>
		<ns1:value>606</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>10190</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>10190</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>WYNDHAM HOTELS &amp; RESORTS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>COM</ns1:titleOfClass>
		<ns1:cusip>98311A105</ns1:cusip>
		<ns1:value>508</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>7027</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>7027</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
	<ns1:infoTable>
		<ns1:nameOfIssuer>ZOETIS INC</ns1:nameOfIssuer>
		<ns1:titleOfClass>CL A</ns1:titleOfClass>
		<ns1:cusip>98978V103</ns1:cusip>
		<ns1:value>425</ns1:value>
		<ns1:shrsOrPrnAmt>
			<ns1:sshPrnamt>2282</ns1:sshPrnamt>
			<ns1:sshPrnamtType>SH</ns1:sshPrnamtType>
		</ns1:shrsOrPrnAmt>
		<ns1:investmentDiscretion>OTR</ns1:investmentDiscretion>
		<ns1:votingAuthority>
			<ns1:Sole>0</ns1:Sole>
			<ns1:Shared>2282</ns1:Shared>
			<ns1:None>0</ns1:None>
		</ns1:votingAuthority>
	</ns1:infoTable>
</ns1:informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>