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
ARI NETWORK SERVICES INC (NEW) CMN COM 001930205 54 12,200 SH   SOLE   12,200 0 0
ADVANCE AUTO PARTS, INC. CMN COM 00751Y106 1,603 10,000 SH   SOLE   10,000 0 0
AGNICO EAGLE MINES LTD CMN COM 008474108 3,851 106,500 SH   SOLE   106,500 0 0
AGROFRESH SOLUTIONS, INC. CMN COM 00856G109 6,598 1,031,006 SH   SOLE   1,031,006 0 0
WTS/AGROFRESH SOLUTIONS 11.5000 EXP02/19/2019 WTS 00856G117 798 797,926 SH Call SOLE   797,926 0 0
ALPHA PRO TECH LTD CMN COM 020772109 7 3,600 SH   SOLE   3,600 0 0
ALPHABET INC. CMN CLASS C COM 02079K107 7,450 10,000 SH   SOLE   10,000 0 0
AMAZON.COM INC CMN COM 023135106 7,124 12,000 SH   SOLE   12,000 0 0
AMERCO CMN COM 023586100 357 1,000 SH   SOLE   1,000 0 0
WTS/AMERICAN INTERNATIONAL GRO 45.0000 EXP01/19/2021 WTS 026874156 374 20,000 SH Call SOLE   20,000 0 0
AMERICAN INTL GROUP, INC. CMN COM 026874784 541 10,000 SH   SOLE   10,000 0 0
AMERICAN SHARED HOSP SVCS CMN COM 029595105 167 75,058 SH   SOLE   75,058 0 0
APPLE, INC. CMN COM 037833100 33 300 SH   SOLE   300 0 0
APPLIED MATERIALS INC CMN COM 038222105 212 10,000 SH   SOLE   10,000 0 0
ARALEZ PHARMACEUTICALS INC. CMN COM 03852X100 4 1,076 SH   SOLE   1,076 0 0
ARCHROCK, INC. CMN COM 03957W106 880 110,000 SH   SOLE   110,000 0 0
ARES COMMERCIAL REAL ESTATE CO CMN COM 04013V108 761 69,472 SH   SOLE   69,472 0 0
ARROW ELECTRONICS INC. CMN COM 042735100 478 7,426 SH   SOLE   7,426 0 0
AXCELIS TECHNOLOGIES, INC. CMN COM 054540109 38 13,516 SH   SOLE   13,516 0 0
BANK OF AMERICA CORP CMN COM 060505104 2,028 150,000 SH   SOLE   150,000 0 0
WTS/BANK OF AMERICA CORP 13.3000 EXP01/16/2019 WTS 060505146 648 166,600 SH Call SOLE   166,600 0 0
BAXALTA INCORPORATED CMN COM 07177M103 4,040 100,000 SH   SOLE   100,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A COM 084670108 11,740 55 SH   SOLE   55 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 13,430 500,010 SH   SOLE   500,010 0 0
BLUCORA INC CMN COM 095229100 5 1,000 SH   SOLE   1,000 0 0
BOULDER GROWTH & INCOME FD INC MUTUAL FUND COM 101507101 566 72,106 SH   SOLE   72,106 0 0
BOULEVARD ACQUISITION CORP. II CORP II UNIT OTHER 10157Q201 995 100,000 SH   SOLE   100,000 0 0
CBL & ASSOC PROPERTIES, INC. CMN COM 124830100 1,190 100,000 SH   SOLE   100,000 0 0
CSW INDUSTRIALS, INC. CMN COM 126402106 236 7,477 SH   SOLE   7,477 0 0
CU BANCORP CMN COM 126534106 157 7,397 SH   SOLE   7,397 0 0
CAPITAL SOUTHWEST CORPORATION MUTUAL FUND COM 140501107 104 7,477 SH   SOLE   7,477 0 0
CAPITOL ACQUISITION CORP III UNIT OTHER 14055M205 985 100,000 SH   SOLE   100,000 0 0
CAPSTEAD MORTGAGE CORPORATION CMN COM 14067E506 198 20,000 SH   SOLE   20,000 0 0
CASH AMER INTL INC CMN COM 14754D100 386 10,000 SH   SOLE   10,000 0 0
CENTRAL SECURITIES CORP. MUTUAL FUND COM 155123102 113 5,900 SH   SOLE   5,900 0 0
CHEMOURS COMPANY (THE) CMN COM 163851108 140 20,000 SH   SOLE   20,000 0 0
CITY OFFICE REIT, INC. CMN COM 178587101 212 18,600 SH   SOLE   18,600 0 0
CIVEO CORP CMN COM 17878Y108 1 1,000 SH   SOLE   1,000 0 0
CONTINENTAL MATERIALS CORP CMN COM 211615307 56 4,771 SH   SOLE   4,771 0 0
CORENERGY INFRASTRUCTURE TRUST INC. CMN COM 21870U502 161 8,000 SH   SOLE   8,000 0 0
VELOCITYSHARES DAILY INVERSE VIX MEDIUM TERM ETN ETF 22542D829 10,276 252,665 SH   SOLE   252,665 0 0
DANAHER CORPORATION CMN COM 235851102 949 10,000 SH   SOLE   10,000 0 0
DEL TACO RESTAURANTS INC CMN COM 245496104 1 100 SH   SOLE   100 0 0
WTS/DEL TACO RESTAURANTS INC 11.5000 EXP01/06/2018 WTS 245496112 138 53,457 SH Call SOLE   53,457 0 0
DIAMOND HILL INVESTMENT GROUP CMN COM 25264R207 177 1,000 SH   SOLE   1,000 0 0
DIGIRAD CORPORATION CMN COM 253827109 149 30,000 SH   SOLE   30,000 0 0
DIXIE GROUP INC CMN CLASS A COM 255519100 4 1,000 SH   SOLE   1,000 0 0
DOVER DOWNS GAMING & ENTMT INC CMN COM 260095104 17 16,157 SH   SOLE   16,157 0 0
ELLINGTON RESIDENTIAL MORT REIT CMN COM 288578107 1,032 86,225 SH   SOLE   86,225 0 0
EMERGENT CAPITAL, INC CMN COM 29102N105 893 222,125 SH   SOLE   222,125 0 0
ENVIROSTAR INC CMN COM 29414M100 247 75,874 SH   SOLE   75,874 0 0
EXPEDITORS INTL WASH INC CMN COM 302130109 244 5,000 SH   SOLE   5,000 0 0
E Z CORP INC CL-A NON VTG CMN CLASS A COM 302301106 1,583 533,092 SH   SOLE   533,092 0 0
FEDERATED NATL HLDG CO CMN COM 31422T101 979 49,800 SH   SOLE   49,800 0 0
FIRST CMNTY CORP S C CMN COM 319835104 278 19,301 SH   SOLE   19,301 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 7,513 1,571,782 SH   SOLE   1,571,782 0 0
FULL HOUSE RESORTS CMN COM 359678109 1 1,000 SH   SOLE   1,000 0 0
GENVEC INC CMN COM 37246C307 10 11,800 SH   SOLE   11,800 0 0
GIBRALTAR INDUSTRIES INC CMN COM 374689107 1,093 38,233 SH   SOLE   38,233 0 0
GILEAD SCIENCES CMN COM 375558103 2,388 26,000 SH   SOLE   26,000 0 0
GOLUB CAPITAL BDC LLC MUTUAL FUND COM 38173M102 1,394 80,527 SH   SOLE   80,527 0 0
GREAT AJAX CORP CMN COM 38983D300 280 25,000 SH   SOLE   25,000 0 0
GUARANTY FEDERAL BANCSHARES INC COM 40108P101 75 5,000 SH   SOLE   5,000 0 0
HARVARD BIOSCIENCE INC CMN COM 416906105 19 6,200 SH   SOLE   6,200 0 0
HEARTLAND FINL USA INC CMN COM 42234Q102 10 326 SH   SOLE   326 0 0
HERCULES CAPITAL INC . COM 427096508 12 1,000 SH   SOLE   1,000 0 0
HISTOGENICS CORP CMN COM 43358V109 2 1,000 SH   SOLE   1,000 0 0
HUDSON GLOBAL, INC. CMN COM 443787106 11 4,845 SH   SOLE   4,845 0 0
PUT/HUM @ 185 EXP 01/20/2017 PUT 444859102 430 200 SH Put SOLE   200 0 0
CALL/HUM @ 185 EXP 01/20/2017 CALL 444859102 410 200 SH Call SOLE   200 0 0
ISTAR INC CMN COM 45031U101 193 20,000 SH   SOLE   20,000 0 0
INSPERITY INC CMN COM 45778Q107 52 1,000 SH   SOLE   1,000 0 0
IRIDEX CORP CMN COM 462684101 153 15,000 SH   SOLE   15,000 0 0
ISHARES MSCI JAPAN ETF ge. ETF 464286848 2,282 200,000 SH   SOLE   200,000 0 0
PUT/IWM @ 88 EXP 04/15/2016 PUT 464287655 3 2,000 SH Put SOLE   2,000 0 0
ISHARES MSCI IRELAND CAPPED ETF ETF 46429B507 238 5,911 SH   SOLE   5,911 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 5,922 100,000 SH   SOLE   100,000 0 0
JMP GROUP LLC. CMN COM 46629U107 283 54,174 SH   SOLE   54,174 0 0
JAKKS PACIFIC INC CMN COM 47012E106 74 9,900 SH   SOLE   9,900 0 0
KEMET CORPORATION CMN COM 488360207 1 100 SH   SOLE   100 0 0
LANDMARK BANCORP INC CMN COM 51504L107 263 10,500 SH   SOLE   10,500 0 0
LEUCADIA NATIONAL CORP CMN COM 527288104 330 20,400 SH   SOLE   20,400 0 0
LIBERTY TRIPADVISOR HLDGS INC CMN SERIES A COM 531465102 1,108 50,000 SH   SOLE   50,000 0 0
LINDBLAD EXPEDITIONS HLDGS INC CMN COM 535219109 1,215 122,200 SH   SOLE   122,200 0 0
WTS/LINDBLAD EXPEDITIONS HLDGS IN 11.5000 EXP05/15/2016 WTS 535219117 363 142,900 SH Call SOLE   142,900 0 0
LORAL SPACE &COMMUNICATION INC*. CMN COM 543881106 69 1,957 SH   SOLE   1,957 0 0
LUBYS INC CMN STOCK CMN COM 549282101 4 900 SH   SOLE   900 0 0
MGIC INVESTMENT CORP COMMON STOCK COM 552848103 4,136 539,300 SH   SOLE   539,300 0 0
MRV COMMUNICATIONS, INC. CMN COM 553477407 16 1,800 SH   SOLE   1,800 0 0
MAIN STREET CAPITAL CORP MUTUAL FUND COM 56035L104 702 22,400 SH   SOLE   22,400 0 0
MARLIN BUSINESS SERVICES, INC. CMN COM 571157106 306 21,400 SH   SOLE   21,400 0 0
MICROSOFT CORPORATION CMN COM 594918104 11,285 204,326 SH   SOLE   204,326 0 0
MODUSLINK GLOBAL SOLUTIONS, IN*C CMN COM 60786L206 294 200,000 SH   SOLE   200,000 0 0
MONSTER WORLDWIDE INC. CMN COM 611742107 451 138,304 SH   SOLE   138,304 0 0
MORGAN STANLEY CHINA A SHARE FUND, INC. COM 617468103 17 1,000 SH   SOLE   1,000 0 0
NATIONAL OILWELL VARCO, INC. COMMON STOCK CMN COM 637071101 31 1,000 SH   SOLE   1,000 0 0
NATIONSTAR MTG HLDGS INC CMN COM 63861C109 10 1,000 SH   SOLE   1,000 0 0
NEW IRELAND FUND INC MUTUAL FUND COM 645673104 376 28,986 SH   SOLE   28,986 0 0
NEW MOUNTAIN FINANCE CORP MUTUAL FUND COM 647551100 13 1,000 SH   SOLE   1,000 0 0
NICHOLAS FINANCIAL, INC. CMN COM 65373J209 3,819 353,900 SH   SOLE   353,900 0 0
OCWEN FINANCIAL CORPORATION CMN COM 675746309 2 1,000 SH   SOLE   1,000 0 0
PARK ELECTROCHEMICAL CRP CMN COM 700416209 16 1,000 SH   SOLE   1,000 0 0
PENNANTPARK INVESTMENT CORP MUTUAL FUND COM 708062104 9 1,405 SH   SOLE   1,405 0 0
PENNANTPARK FLOATING RATE CAP LTD COM 70806A106 73 6,245 SH   SOLE   6,245 0 0
PEPSICO INC CMN COM 713448108 102 1,000 SH   SOLE   1,000 0 0
PINNACLE ENTERTAINMENT INC. CMN COM 723456109 365 10,400 SH   SOLE   10,400 0 0
PROSHARES SHORT VIX SHORT-TERM FUTURES EXCHANGE TRADED FUND ETF 74347W627 10,106 200,000 SH   SOLE   200,000 0 0
CALL/SVXY @ 35 EXP 01/20/2017 CALL 74347W627 80 40 SH Call SOLE   40 0 0
CALL/SVXY @ 40 EXP 01/19/2018 CALL 74347W627 405 200 SH Call SOLE   200 0 0
CALL/SVXY @ 40 EXP 01/20/2017 CALL 74347W627 332 200 SH Call SOLE   200 0 0
QCR HOLDINGS INC CMN COM 74727A104 24 1,000 SH   SOLE   1,000 0 0
RADIANT LOGISTICS INC CMN COM 75025X100 30 8,410 SH   SOLE   8,410 0 0
RESOLUTE FOREST PRODUCTS INC CMN COM 76117W109 6 1,000 SH   SOLE   1,000 0 0
ROYAL GOLD, INC. CMN COM 780287108 5 100 SH   SOLE   100 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 313,104 1,523,471 SH   SOLE   1,523,471 0 0
PUT/SPY @ 170 EXP 04/15/2016 PUT 78462F103 15 10,000 SH Put SOLE   10,000 0 0
SAFEGUARD SCIENTIFICS INC CMN COM 786449207 37 2,800 SH   SOLE   2,800 0 0
SILVER RUN ACQUISITION CORP. UNIT OTHER 82811P200 518 50,000 SH   SOLE   50,000 0 0
SOLAR CAPITAL LTD. MUTUAL FUND COM 83413U100 86 5,000 SH   SOLE   5,000 0 0
TCP CAP CORP MUTUAL FUND COM 87238Q103 15 1,000 SH   SOLE   1,000 0 0
THL CREDIT INC MUTUAL FUND COM 872438106 238 21,964 SH   SOLE   21,964 0 0
TRI POINTE GROUP INC CMN COM 87265H109 353 30,000 SH   SOLE   30,000 0 0
TEMPLETON GLOBAL INCOME FUND MUTUAL FUND COM 880198106 261 40,000 SH   SOLE   40,000 0 0
TOLL BROTHERS, INC. CMN COM 889478103 715 24,231 SH   SOLE   24,231 0 0
TRIANGLE CAPITAL CORPORATION MUTUAL FUND COM 895848109 21 1,000 SH   SOLE   1,000 0 0
TRUSTCO BANK CORP NY CMN COM 898349105 1,576 260,000 SH   SOLE   260,000 0 0
U.S. GLOBAL INVESTORS INC A CMN COM 902952100 2 1,000 SH   SOLE   1,000 0 0
U.S. GEOTHERMAL, INC. CMN COM 90338S102 277 410,200 SH   SOLE   410,200 0 0
UNWIRED PLANET, INC. CMN COM 91531F202 162 16,666 SH   SOLE   16,666 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 30,936 380,756 SH   SOLE   380,756 0 0
VANGUARD WHITEHALL FUNDS-VANGU*ARD HIGH DIVIDEND YIELD IDX FD (VANGUARD HIGH DIVIDEND YIELD ETF ETF 921946406 1,374 19,900 SH   SOLE   19,900 0 0
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND ETF ETF 922042775 23 542 SH   SOLE   542 0 0
VANGUARD S&P 500 ETF ETF 922908363 275,112 1,459,018 SH   SOLE   1,459,018 0 0
VIAD CORP CMN COM 92552R406 682 23,400 SH   SOLE   23,400 0 0
VIDEOCON D2H LTD ADR CMN COM 92657J101 368 50,000 SH   SOLE   50,000 0 0
VIRTU FINANCIAL, INC. CMN CLASS A COM 928254101 7,050 318,849 SH   SOLE   318,849 0 0
VOLT INFO SCIENCES, INC. CMN COM 928703107 1,328 176,401 SH   SOLE   176,401 0 0
WL ROSS HOLDING CORP. CMN COM 92939D104 1,003 100,000 SH   SOLE   100,000 0 0
WEBSTER FINANCIAL CORP CMN COM 947890109 126 3,500 SH   SOLE   3,500 0 0
WINTHROP REALTY TRUST CMN COM 976391300 3,026 230,500 SH   SOLE   230,500 0 0
XENON PHARMACEUTICALS INC. CMN COM 98420N105 480 68,690 SH   SOLE   68,690 0 0
CALL/YUM @ 85 EXP 01/20/2017 CALL 988498101 122 200 SH Call SOLE   200 0 0
ALLERGAN PLC CMN COM G0177J108 268 1,000 SH   SOLE   1,000 0 0
ELECTRUM SPL ACQUISITION CORP UNIT OTHER G3105C120 491 50,000 SH   SOLE   50,000 0 0
ESSENT GROUP LTD. CMN COM G3198U102 42 2,000 SH   SOLE   2,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 429 19,696 SH   SOLE   19,696 0 0
NORD ANGLIA EDUCATION, INC. CMN COM G6583A102 209 10,000 SH   SOLE   10,000 0 0