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
ACXIOM CORP COM 005125109 1,531 67,500 SH   OTR 1 67,500 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 8,278 185,184 SH   SOLE   185,184 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,900 42,500 SH   OTR 1 42,500 0 0
APPLE INC COM 037833100 397 1,000 SH   SOLE   1,000 0 0
APPLE INC COM 037833100 4,357 11,000 SH   OTR 1 11,000 0 0
APPLE INC COM 037833100 1,269 3,200 SH Call SOLE   3,200 0 0
ATLANTICUS HLDGS CORP COM 04914Y102 53 14,918 SH   SOLE   14,918 0 0
AVIS BUDGET GROUP COM 053774105 2,156 75,000 SH   SOLE   75,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 5,989 53,507 SH   SOLE   53,507 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,623 14,500 SH Call SOLE   14,500 0 0
BLUCORA INC COM 095229100 2,966 160,000 SH   OTR 1 160,000 0 0
BODY CENT CORP COM 09689U102 2,264 170,000 SH   OTR 1 170,000 0 0
BRAVO BRIO RESTAURANT GROUP COM 10567B109 1,443 81,000 SH   OTR 1 81,000 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 2,702 75,000 SH   OTR 1 75,000 0 0
CINCINNATI BELL INC NEW COM 171871106 732 239,100 SH Call SOLE   239,100 0 0
CITIGROUP INC COM NEW 172967424 1,340 27,932 SH   SOLE   27,932 0 0
COACH INC COM 189754104 2,284 40,000 SH   OTR 1 40,000 0 0
COINSTAR INC COM 19259P300 587 10,000 SH   OTR 1 10,000 0 0
COTT CORP QUE COM 22163N106 1,640 210,000 SH   OTR 1 210,000 0 0
DECKERS OUTDOOR CORP COM 243537107 2,806 55,545 SH   SOLE   55,545 0 0
DELIA'S INC NEW COM 246911101 2,625 2,652,099 SH   SOLE   2,652,099 0 0
DEX MEDIA INC NEW COM 25213A107 527 30,000 SH   SOLE   30,000 0 0
E M C CORP MASS COM 268648102 2,953 125,000 SH   OTR 1 125,000 0 0
EGAIN CORP COM NEW 28225C806 333 34,653 SH   SOLE   34,653 0 0
FIRST AMERN FINL CORP COM 31847R102 4,628 210,000 SH   OTR 1 210,000 0 0
FRANKLIN COVEY CO COM 353469109 251 18,667 SH   SOLE   18,667 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T107 2,994 1,837,000 SH Put SOLE   1,837,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,329 8,789 SH   SOLE   8,789 0 0
GRAMERCY PPTY TR INC COM 38489R100 866 192,512 SH   SOLE   192,512 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 3,001 121,000 SH   SOLE   121,000 0 0
HOWARD HUGHES CORP COM 44267D107 8,022 71,564 SH   SOLE   71,564 0 0
IRIDIUM COMMUNICATIONS INC COM 46269C102 3,033 390,862 SH   SOLE   390,862 0 0
IRIDIUM COMMUNICATIONS INC COM 46269C102 543 70,000 SH Call SOLE   70,000 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 261 16,700 SH   SOLE   16,700 0 0
PENNEY J C INC COM 708160106 4,953 290,000 SH Call SOLE   290,000 0 0
KOHLS CORP COM 500255104 1,515 30,000 SH   OTR 1 30,000 0 0
MFC INDL LTD COM 55278T105 391 48,500 SH   OTR 1 48,500 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 1,736 95,000 SH   OTR 1 95,000 0 0
MILLER INDS INC TENN COM NEW 600551204 1,304 84,800 SH   OTR 1 84,800 0 0
MITCHAM INDS INC COM 606501104 628 37,400 SH   OTR 1 37,400 0 0
NETFLIX INC COM 64110L106 2,673 12,665 SH   SOLE   12,665 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 410 29,667 SH   SOLE   29,667 0 0
PEREGRINE SEMICONDUCTOR CORP COM 71366R703 1,691 155,000 SH   OTR 1 155,000 0 0
PICO HLDGS INC COM NEW 693366205 734 35,000 SH   OTR 1 35,000 0 0
PREMIER EXIBITIONS INC COM 74051E102 638 366,605 SH   SOLE   366,605 0 0
PRIMUS TELECOMMUNICATIONS GR COM 741929301 568 47,531 SH   SOLE   47,531 0 0
PROMOTORA DE INFORMACIONES S ADR CL A SHS 74343G204 299 295,680 SH   SOLE   295,680 0 0
PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 1,602 1,392,588 SH   SOLE   1,392,588 0 0
READING INTERNATIONAL INC CL A 755408101 135 21,246 SH   OTR 1 21,246 0 0
ROSETTA STONE INC COM 777780107 435 29,500 SH   SOLE   29,500 0 0
ROSETTA STONE INC COM 777780107 1,327 90,000 SH   OTR 1 90,000 0 0
SANOFI RIGHT 12/31/2020 80105N113 95 50,000 SH   SOLE   50,000 0 0
SEARS HOMETOWN & OUTLET STOR COM 812362101 2,057 47,059 SH   SOLE   47,059 0 0
SKULLCANDY INC COM 83083J104 1,823 333,968 SH   OTR 1 333,968 0 0
SPARK NETWORKS INC COM 84651P100 4,046 478,807 SH   SOLE   478,807 0 0
TETRA TECH INC NEW COM 88162G103 2,351 100,000 SH   OTR 1 100,000 0 0
TRANSCEPT PHARMACEUTICALS IN COM 89354M106 182 60,100 SH   OTR 1 60,100 0 0
TWO HBRS INVT CORP COM 90187B101 447 43,645 SH   SOLE   43,645 0 0
TWO HBRS INVT CORP *W EXP 11/07/201 90187B119 14 12,669 SH   SOLE   12,669 0 0
VITACOST COM INC COM 92847A200 203 23,975 SH   SOLE   23,975 0 0
WPX ENERGY INC COM 98212B103 1,894 100,000 SH   OTR 1 100,000 0 0
XPO LOGISTICS INC NOTE 4.500%10/0 983793AA8 653 525,000 SH   OTR 1 525,000 0 0