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
RED LION HOTELS CORP COM 756764106 9,554 1,229,981 SH   SOLE   1,229,981 0 0
L S B INDUSTRIES INC COM 502160104 8,229 796,696 SH   SOLE   796,696 0 0
RENT A CENTER INC COM 76009C100 5,736 489,500 SH   SOLE   489,500 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 5,435 329,000 SH   SOLE   329,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 5,344 192,604 SH   SOLE   192,604 0 0
DISH NETWORK CORP CLASS A CL A 25470M109 4,868 77,580 SH   SOLE   77,580 0 0
READING INTERNATIONAL INC CL A 755408101 4,609 285,800 SH   SOLE   285,800 0 0
ALPHABET INC. CLASS C CAP STK CL C 02079K107 4,341 4,778 SH   SOLE   4,778 0 0
WELBILT INC COM 949090104 4,147 220,000 SH   SOLE   220,000 0 0
LIONS GATE ENTMT F CLASS B CL B NON VTG 535919500 3,984 151,600 SH   SOLE   151,600 0 0
ALLERGAN PLC F SHS G0177J108 3,929 16,165 SH   SOLE   16,165 0 0
BLACKHAWK NETWORK COM 09238E104 3,836 88,000 SH   SOLE   88,000 0 0
ALLY FINANCIAL INC COM 02005N100 3,812 182,450 SH   SOLE   182,450 0 0
MICRON TECHNOLOGY INC COM 595112103 3,804 127,400 SH   SOLE   127,400 0 0
APPLE INC COM 037833100 3,350 23,264 SH   SOLE   23,264 0 0
MONDELEZ INTL INC CL A 609207105 3,325 77,000 SH   SOLE   77,000 0 0
KINGSTONE COS INC COM 496719105 3,054 199,657 SH   SOLE   199,657 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,915 144,117 SH   SOLE   144,117 0 0
CONIFER HLDGS INC COM 20731J102 2,674 387,567 SH   SOLE   387,567 0 0
JAMES FINANCIAL GRP COM 470299108 2,625 175,527 SH   SOLE   175,527 0 0
ATENTO SA F SHS L0427L105 2,523 226,348 SH   SOLE   226,348 0 0
PARAGON COMMERCIAL COM NEW 69911U403 2,506 47,769 SH   SOLE   47,769 0 0
HARTE-HANKS INCORPOR COM 416196103 2,473 2,401,600 SH   SOLE   2,401,600 0 0
HOSTESS BRANDS INC CL A 44109J106 2,463 153,000 SH   SOLE   153,000 0 0
LIONS GATE ENTMT F CLASS A CL B NON VTG 535919401 2,215 78,500 SH   SOLE   78,500 0 0
A T & T INC COM 00206R102 2,214 58,716 SH   SOLE   58,716 0 0
EDGEWELL PERS CARE CO COM 28035Q102 2,128 28,000 SH   SOLE   28,000 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,023 103,753 SH   SOLE   103,753 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 1,904 18,200 SH   SOLE   18,200 0 0
TIVO CORPORATION COM 88870P106 1,883 101,000 SH   SOLE   101,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 1,862 143,850 SH   SOLE   143,850 0 0
SELECT BANCORP INC NEW COM 81617L108 1,828 149,642 SH   SOLE   149,642 0 0
LENNAR CORP CLASS CL B 526057302 1,816 40,394 SH   SOLE   40,394 0 0
NORTHWEST PIPE COMP COM 667746101 1,761 108,343 SH   SOLE   108,343 0 0
SALISBURY BANCORP INC COM 795226109 1,712 41,724 SH   SOLE   41,724 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 1,669 40,470 SH   SOLE   40,470 0 0
CENTENE CORP DEL COM 15135B101 1,629 20,418 SH   SOLE   20,418 0 0
SCHWAB US DIVIDEND EQUITY ETF US DIVIDEND EQ 808524797 1,604 35,577 SH   SOLE   35,577 0 0
DRIVE SHACK INC CL A 526057104 1,599 30,000 SH   SOLE   30,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,526 28,400 SH   SOLE   28,400 0 0
CODORUS VY BANCORP INC COM 192025104 1,505 5,302 SH   SOLE   5,302 0 0
DOVER MOTORSPORTS INC COM 260174107 1,457 694,000 SH   SOLE   694,000 0 0
AMERICAN RIVIERA BK COM 029326105 1,420 84,800 SH   SOLE   84,800 0 0
PSB HOLDINGS INC COM 69360W108 1,414 21,099 SH   SOLE   21,099 0 0
CITIGROUP INC COM NEW 172967424 1,409 21,073 SH   SOLE   21,073 0 0
FRESH DEL MONTE PRODUCE INC ORD G36738105 1,384 27,200 SH   SOLE   27,200 0 0
CHURCH & DWIGHT CO COM 171340102 1,307 25,200 SH   SOLE   25,200 0 0
SCHWAB US LARGE CAP ETF US LRG CAP ETF 808524201 1,306 22,613 SH   SOLE   22,613 0 0
HOMETOWN BANKSHARES COM 43787N108 1,295 120,484 SH   SOLE   120,484 0 0
JOHNSON & JOHNSON COM 478160104 1,286 9,728 SH   SOLE   9,728 0 0
LEUCADIA NATIONAL CO COM 527288104 1,253 47,900 SH   SOLE   47,900 0 0
MITEL NETWORKS CORP F COM 60671Q104 1,249 170,000 SH   SOLE   170,000 0 0
INTERNAP CORP COM 45885A300 1,234 336,468 SH   SOLE   336,468 0 0
FEDERAL AGRIC MTG CORP CL C 313148306 1,219 18,846 SH   SOLE   18,846 0 0
HEXCEL CORP NEW COM 428291108 1,137 21,550 SH   SOLE   21,550 0 0
STEWARDSHIP FINL CO COM 860326107 1,081 115,000 SH   SOLE   115,000 0 0
SOUTHWESTERN ENERGY COM 845467909 1,068 175,800 SH   SOLE   175,800 0 0
BLUEROCK RESIDENTIAL REIT COM CL A 09627J102 1,022 79,290 SH   SOLE   79,290 0 0
O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 1,018 519,844 SH   SOLE   519,844 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 950 42,150 SH   SOLE   42,150 0 0
FIRST FNDTN INC COM 32026V104 830 50,550 SH   SOLE   50,550 0 0
ORBOTECH LTD ORD M75253100 828 25,395 SH   SOLE   25,395 0 0
NORTHEAST BANCORP COM NEW 663904209 808 39,725 SH   SOLE   39,725 0 0
CATERPILLAR INC DEL COM 149123101 775 7,216 SH   SOLE   7,216 0 0
WASTE MGMT INC DEL COM 94106L109 755 10,300 SH   SOLE   10,300 0 0
PFIZER INC COM 717081103 753 22,430 SH   SOLE   22,430 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 740 75,000 SH   SOLE   75,000 0 0
PURECYCLE CORP COM NEW 746228303 740 95,510 SH   SOLE   95,510 0 0
NOODLES & COMPANY CLASS A COM CL A 65540B105 702 180,000 SH   SOLE   180,000 0 0
SCHWAB INTERNATIONAL EQUITY ETF INTL EQTY ETF 808524805 659 20,758 SH   SOLE   20,758 0 0
PROCTER & GAMBLE CO COM 742718109 657 7,547 SH   SOLE   7,547 0 0
CORCEPT THERAPEUTICS COM 218352102 613 52,000 SH   SOLE   52,000 0 0
COLONY BANKCORP INC COM 19623P101 612 44,682 SH   SOLE   44,682 0 0
HORIZON BANCORP IND COM 440407104 608 23,090 SH   SOLE   23,090 0 0
ROYAL GOLD INC COM 780287108 557 7,130 SH   SOLE   7,130 0 0
TEMPUR SEALY INTL COM 88023U101 533 10,000 SH   SOLE   10,000 0 0
ALASKA COMMUNICATIONS SYS GR COM 01167P101 528 240,000 SH   SOLE   240,000 0 0
BANCORP INC DEL COM 05969A105 523 69,000 SH   SOLE   69,000 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 512 22,224 SH   SOLE   22,224 0 0
EXXON MOBIL CORP COM 30231G102 496 6,144 SH   SOLE   6,144 0 0
SEACHANGE INTL INC COM 811699107 474 178,422 SH   SOLE   178,422 0 0
CALAVO GROWERS INC COM 128246105 448 6,500 SH   SOLE   6,500 0 0
CARRIZO OIL & GAS COM 144577103 444 25,500 SH   SOLE   25,500 0 0
COCA COLA CO COM 191216100 421 9,398 SH   SOLE   9,398 0 0
ISHARES TR DOW JONES US ETF 464287846 412 3,400 SH   SOLE   3,400 0 0
HOMETRUST BANCSHARES COM 437872104 366 15,000 SH   SOLE   15,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 333 1,050 SH   SOLE   1,050 0 0
CASELLA WASTE SYS INC CL A 147448104 328 20,000 SH   SOLE   20,000 0 0
MADISON SQUARE GARDE CLASS A CL A 55825T103 328 1,666 SH   SOLE   1,666 0 0
SCHWAB EMERGING MARKETS EQUITY ETF EMRG MKTEQ ETF 808524706 256 10,331 SH   SOLE   10,331 0 0
NORTHWEST BANCORP COM 335834107 240 20,000 SH   SOLE   20,000 0 0
VEREIT INC REIT COM 92339V100 221 27,200 SH   SOLE   27,200 0 0
SCHWAB INTERNATNAL SMALL CAP EQY ETF INTL SCEQT ETF 808524888 187 5,562 SH   SOLE   5,562 0 0
EVOGENE LTD F SHS M4119S104 163 32,300 SH   SOLE   32,300 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 161 2,060 SH   SOLE   2,060 0 0
ISHARES MSCI STH KOR ETF 464286772 156 2,310 SH   SOLE   2,310 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 152 452 SH   SOLE   452 0 0
INVESTORS BANCORP INC NEW COM 46146L101 146 11,000 SH   SOLE   11,000 0 0
CUI GLOBAL INC COM NEW 126576206 142 37,127 SH   SOLE   37,127 0 0
TIDEWATER INC CITIZN COM 886423102 142 197,700 SH   SOLE   197,700 0 0
AEROJET ROCKETDYNE H COM 007800105 138 6,675 SH   SOLE   6,675 0 0
ARLINGTON ASSET INVT CLASS A CL A NEW 041356205 138 10,100 SH   SOLE   10,100 0 0
VOYA PRIME RATE TR SH BEN INT 92913A100 107 20,000 SH   SOLE   20,000 0 0
CLIFTON BANCORP INC COM 186873105 95 5,800 SH   SOLE   5,800 0 0
BOB EVANS FARMS INC COM 096761901 71 1,000 SH   SOLE   1,000 0 0
BIOSCRIP INC COM 09069N108 67 25,000 SH   SOLE   25,000 0 0
QUALCOMM INC COM 747525103 55 1,000 SH   SOLE   1,000 0 0
PACIFIC PREMIER BANCORP COM 69478X105 35 966 SH   SOLE   966 0 0
CALPINE CORP COM NEW 131347304 27 2,000 SH   SOLE   2,000 0 0
CHANTICLEER HLDGS INC COM PAR $.0001 N 15930P404 24 7,979 SH   SOLE   7,979 0 0
BRINKS CO COM 109696104 20 300 SH   SOLE   300 0 0