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
AKEBIA THERAPEUTICS INC COM 00972D105 12,569 1,680,390 SH   SOLE   1,680,390 0 0
AMERICAS CAR MART INC COM 03062T105 6,443 228,156 SH   SOLE   228,156 0 0
ARQULE INC COM 04269E107 17,032 8,964,045 SH   SOLE   8,964,045 0 0
BANCORP INC DEL COM 05969A105 9,185 1,525,787 SH   SOLE   1,525,787 0 0
BRIDGEPOINT ED INC COM 10807M105 13,730 1,896,445 SH   SOLE   1,896,445 0 0
CASH AMER INTL INC COM 14754D100 2,063 48,394 SH   SOLE   48,394 0 0
CASTLE A M & CO COM 148411101 221 134,764 SH   SOLE   134,764 0 0
CHEMOCENTRYX INC COM 16383L106 1,925 428,687 SH   SOLE   428,687 0 0
CITI TRENDS INC COM 17306X102 18,609 1,198,280 SH   SOLE   1,198,280 0 0
CODEXIS INC COM 192005106 22,349 5,545,543 SH   SOLE   5,545,543 0 0
COGENTIX MED INC COM 19243A104 3,016 3,134,956 SH   SOLE   3,134,956 0 0
COLONY STARWOOD HOMES COM 19625X102 7,786 255,951 SH   SOLE   255,951 0 0
CROCS INC COM 227046109 12,614 1,118,223 SH   SOLE   1,118,223 0 0
DIAMOND RESORTS INTL INC COM 25272T104 50,917 1,699,487 SH   SOLE   1,699,487 0 0
DIAMOND RESORTS INTL INC COM 25272T104 41,944 1,400,000 SH Call SOLE   1,400,000 0 0
DOLBY LABORATORIES INC COM 25659T107 39,060 816,307 SH   SOLE   816,307 0 0
DOVER DOWNS GAMING & ENTMT I COM 260095104 1,136 1,071,772 SH   SOLE   1,071,772 0 0
DOVER MOTORSPORTS INC COM 260174107 2,598 1,197,313 SH   SOLE   1,197,313 0 0
EMERGENT CAP INC COM 29102N105 6,201 1,845,659 SH   SOLE   1,845,659 0 0
EMMIS COMMUNICATIONS CORP CL A 291525103 996 1,368,777 SH   SOLE   1,368,777 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 4,941 903,282 SH   SOLE   903,282 0 0
EZCORP INC CL A NON VTG 302301106 10,638 1,407,086 SH   SOLE   1,407,086 0 0
EZCORP INC NOTE 2.625% 6/1 302301AB2 4,622 5,500,000 PRN   SOLE   5,500,000 0 0
FALCONSTOR SOFTWARE INC COM 306137100 3,563 3,393,018 SH   SOLE   3,393,018 0 0
FERRARI N V COM N3167Y103 7,760 189,582 SH   SOLE   189,582 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 3,329 543,952 SH   SOLE   543,952 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 6,094 995,800 SH Call SOLE   995,800 0 0
FINTECH ACQUISITION CORP *W EXP 02/19/202 31809H118 318 397,363 SH   SOLE   397,363 0 0
FINTECH ACQUISITION CORP COM 31809H100 3,974 397,363 SH   SOLE   397,363 0 0
FIRST CASH FINL SVCS INC COM 31942D107 40,400 787,073 SH   SOLE   787,073 0 0
GOLDEN ENTMT INC COM 381013101 11,597 992,068 SH   SOLE   992,068 0 0
IMPERIAL HLDGS INC NOTE 8.500% 2/1 452834AE4 10,723 11,970,000 PRN   SOLE   11,970,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 74,737 650,000 SH Put SOLE   650,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 17,247 150,000 SH Put SOLE   150,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 34,494 300,000 SH Put SOLE   300,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 13,798 120,000 SH Call SOLE   120,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 28,745 250,000 SH Put SOLE   250,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 13,798 120,000 SH Put SOLE   120,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 22,996 200,000 SH Put SOLE   200,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,749 50,000 SH Put SOLE   50,000 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 3,962 2,063,792 SH   SOLE   2,063,792 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 1,920 1,000,000 SH Call SOLE   1,000,000 0 0
LINCOLN EDL SVCS CORP COM 533535100 3,301 2,200,494 SH   SOLE   2,200,494 0 0
LUXFER HLDGS PLC SPONSORED ADR 550678106 12,866 1,069,501 SH   SOLE   1,069,501 0 0
MACYS INC COM 55616P104 5,042 150,000 SH   SOLE   150,000 0 0
META FINL GROUP INC COM 59100U108 24,160 474,098 SH   SOLE   474,098 0 0
MFC BANCORP LTD COM 55278T105 740 337,978 SH   SOLE   337,978 0 0
OCWEN FINL CORP COM NEW 675746309 318 186,000 SH Call SOLE   186,000 0 0
ON DECK CAP INC COM 682163100 3,051 592,515 SH   SOLE   592,515 0 0
OWENS RLTY MTG INC COM 690828108 15,247 916,268 SH   SOLE   916,268 0 0
PAIN THERAPEUTICS INC COM 69562K100 12,560 5,735,324 SH   SOLE   5,735,324 0 0
PHARMATHENE INC COM 71714G102 7,935 3,252,045 SH   SOLE   3,252,045 0 0
PHOTOMEDEX INC COM PAR $0.01 719358301 349 1,384,777 SH   SOLE   1,384,777 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 26,885 250,000 SH Put SOLE   250,000 0 0
QAD INC CL A 74727D306 9,996 518,716 SH   SOLE   518,716 0 0
QAD INC CL B 74727D207 4,252 245,765 SH   SOLE   245,765 0 0
RADIANT LOGISTICS INC COM 75025X100 7,652 2,550,665 SH   SOLE   2,550,665 0 0
REGIONAL MGMT CORP COM 75902K106 2,536 172,974 SH   SOLE   172,974 0 0
REPUBLIC BANCORP KY CL A 760281204 5,286 191,314 SH   SOLE   191,314 0 0
RESTORATION HARDWARE HLDGS I COM 761283100 7,826 272,876 SH   SOLE   272,876 0 0
SAREPTA THERAPEUTICS INC COM 803607100 2,861 150,000 SH Call SOLE   150,000 0 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 23,110 1,769,558 SH   SOLE   1,769,558 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 27,267 2,967,002 SH   SOLE   2,967,002 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 6,433 700,000 SH Call SOLE   700,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 35,824 3,898,200 SH Call SOLE   3,898,200 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 29,570 1,386,290 SH   SOLE   1,386,290 0 0
SUNCOKE ENERGY INC COM 86722A103 2,702 464,182 SH   SOLE   464,182 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 1,052 97,375 SH   SOLE   97,375 0 0
TRANS WORLD ENTMT CORP COM 89336Q100 6,690 1,784,034 SH   SOLE   1,784,034 0 0
TRAVELCENTERS AMER LLC COM 894174101 1,244 152,511 SH   SOLE   152,511 0 0
UNIVERSAL TECHNICAL INST INC COM 913915104 111 49,003 SH   SOLE   49,003 0 0
WHITEHORSE FIN INC COM 96524V106 618 57,132 SH   SOLE   57,132 0 0
YAHOO INC COM 984332106 39,167 1,042,776 SH   SOLE   1,042,776 0 0