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
ALEXANDER & BALDWIN INC COM 014491104 899 25,000 SH   DFND 1 25,000 0 0
ALLIANCE NEW YORK MUN INC FD COM 018714105 726 57,748 SH   DFND 1 57,748 0 0
AMTRUST FINL SVCS INC NOTE 5.500%12/1 032359AC5 7,950 5,000,000 PRN   DFND 1 5,000,000 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 2,703 175,200 SH   DFND 1 175,200 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 540 100,000 SH   DFND 1 100,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,904 35,500 SH   DFND 1 35,500 0 0
BLACKHAWK NETWORK HLDGS INC CL B 09238E203 969 30,000 SH   DFND 1 30,000 0 0
BLACKROCK NY MUNI INC QLTY T COM 09249U105 456 35,047 SH   DFND 1 35,047 0 0
BOSTON PRIVATE FINL HLDGS IN DEP SHS 101119303 871 35,100 SH   DFND 1 35,100 0 0
CASH AMERICA INTL INC COM 14754D100 12,702 290,000 SH   DFND 1 290,000 0 0
CAESARS ACQUISITION CO-CL A COM 12768T103 3,870 408,700 SH   DFND 1 408,700 0 0
CGI GROUP INC. CL A SUB VTG 39945C109 11,144 330,000 SH Put DFND 1 330,000 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 355 100,000 SH Put DFND 1 100,000 0 0
CODEXIS INC COM 192005106 2,476 1,062,500 SH   DFND 1 1,062,500 0 0
COVIDIEN PLC SHS G2554F113 16,437 190,000 SH   DFND 1 190,000 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 2,359 216,400 SH   DFND 1 216,400 0 0
DURECT CORP COM 266605104 7,753 5,274,124 SH   DFND 1 5,274,124 0 0
EATON VANCE NEW YORK MUN BD COM 27827Y109 2,134 173,076 SH   DFND 1 173,076 0 0
EXACT SCIENCES CORP COM 30063P105 19,380 1,000,000 SH Put DFND 1 1,000,000 0 0
EXACT SCIENCES CORP COM 30063P105 17,442 900,000 SH Call DFND 1 900,000 0 0
EZCORP INC-CL A COM 302301106 1,487 150,000 SH   DFND 1 150,000 0 0
GALMED PHARMACEUTICALS LTD SHS M47238106 2,140 248,800 SH   DFND 1 248,800 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 4,944 160,000 SH   DFND 1 160,000 0 0
GEVO INC NOTE 7.500% 7/0 374396AA7 11,190 16,100,000 PRN   DFND 1 16,100,000 0 0
HARVARD APPARATUS REGENER TE COM 41690A106 1,335 164,800 SH   DFND 1 164,800 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 6,392 464,500 SH   DFND 1 464,500 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 5,150 315,000 SH Put DFND 1 315,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 8,175 500,000 SH Call DFND 1 500,000 0 0
KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 6,996 75,000 SH Put DFND 1 75,000 0 0
KKR & CO LP COM UNITS 48248M102 6,489 291,000 SH   DFND 1 291,000 0 0
LEUCADIA NATIONAL CORP COM 527288104 15,377 645,000 SH   DFND 1 645,000 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 992 32,902 SH   DFND 1 32,902 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 3,014 100,000 SH Put DFND 1 100,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,211 24,400 SH Put DFND 1 24,400 0 0
MDC HOLDINGS INC COM 552676108 2,363 93,340 SH   DFND 1 93,340 0 0
MICRON TECHNOLOGY INC COM 595112103 7,469 218,000 SH   DFND 1 218,000 0 0
NATIONAL GEN HLDGS CORP COM 636220303 4,180 247,500 SH   DFND 1 247,500 0 0
NEWS CORP CL A 65249B109 327 20,000 SH   DFND 1 20,000 0 0
NEWS CORP NEW CL B 65249B208 10,567 655,100 SH   DFND 1 655,100 0 0
NUVEEN NY AMT-FREE MUN INCOM COM 670656107 17,294 1,351,100 SH   DFND 1 1,351,100 0 0
NUVEEN NY DIVID ADVNTG MUN F COM 67066X107 1,204 90,305 SH   DFND 1 90,305 0 0
NUVEEN NY DIV ADVANTG MUN FD COM 67070A101 1,163 88,291 SH   DFND 1 88,291 0 0
PREFERRED APT CMNTYS INC COM 74039L103 468 56,222 SH   DFND 1 56,222 0 0
REGIONAL MANAGEMENT CORP COM 75902K106 6,022 335,501 SH   DFND 1 335,501 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 10,529 222,600 SH   DFND 1 222,600 0 0
SEARS HOMETOWN AND OUTLET ST COM 812362101 646 41,704 SH   DFND 1 41,704 0 0
SEQUENTIAL BRANDS GROUP INC COM NEW 817340201 6,250 500,000 SH   DFND 1 500,000 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 9,322 1,099,300 SH   DFND 1 1,099,300 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 6,973 60,000 SH Put DFND 1 60,000 0 0
STONEGATE MTG CORP COM 86181Q300 6,395 492,336 SH   DFND 1 492,336 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,279 40,000 SH Put DFND 1 40,000 0 0
VANGUARD NAT RES LLC COM UNIT 92205F106 2,307 84,000 SH Put DFND 1 84,000 0 0
WALTER ENERGY, INC. COM 93317Q105 1,463 625,000 SH Put DFND 1 625,000 0 0
WRIGHT MED GROUP INC RIGHT 03/01/2019 98235T115 1,290 600,000 SH   DFND 1 600,000 0 0
XCERRA CORP COM 98400J108 4,406 450,000 SH   DFND 1 450,000 0 0
ZAZA ENERGY CORP COM 98919T407 163 45,000 SH   DFND 1 45,000 0 0