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
AMBAC FINL GROUP INC COM NEW 023139884 158 10,000 SH   DFND   10,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,580 100,000 SH   DFND 1 100,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 603 38,164 SH   DFND 2 38,164 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 10,868 265,000 SH   DFND 1 265,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 3,976 96,942 SH   DFND 2 96,942 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,454 45,410 SH   DFND 2 45,410 0 0
ANADARKO PETE CORP COM 032511107 1,801 38,665 SH   DFND 2 38,665 0 0
BANK OF AMERICA CORPORATION COM 060505104 656 48,500 SH   DFND   48,500 0 0
BANK OF AMERICA CORPORATION COM 060505104 5,138 380,000 SH   DFND 1 380,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 3,752 277,480 SH   DFND 2 277,480 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,434 180,000 SH Call DFND   180,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 6,490 480,000 SH Call DFND 1 480,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 270 20,000 SH Call DFND 2 20,000 0 0
BARNES & NOBLE INC COM 067774109 10,791 873,066 SH   DFND 1 873,066 0 0
BARNES & NOBLE INC COM 067774109 3,188 257,906 SH   DFND 2 257,906 0 0
BARNES & NOBLE ED INC COM 06777U101 3,518 358,949 SH   DFND 1 358,949 0 0
BARNES & NOBLE ED INC COM 06777U101 1,432 146,099 SH   DFND 2 146,099 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,204 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,866 619,790 SH   DFND 1 619,790 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,797 112,500 SH   DFND 1 112,500 0 0
CAPITAL ONE FINL CORP COM 14040H105 603 8,700 SH   DFND 2 8,700 0 0
CAROLINA TR BK LINCOLNTON NC COM 144200102 198 33,629 SH   DFND   33,629 0 0
CAVCO INDS INC DEL COM 149568107 1,221 13,069 SH   DFND 1 13,069 0 0
CITIGROUP INC COM NEW 172967424 313 7,500 SH   DFND   7,500 0 0
CITIGROUP INC COM NEW 172967424 5,845 140,000 SH   DFND 1 140,000 0 0
CITIGROUP INC COM NEW 172967424 4,614 110,510 SH   DFND 2 110,510 0 0
CITIGROUP INC COM NEW 172967424 522 12,500 SH Call DFND   12,500 0 0
CITIGROUP INC COM NEW 172967424 5,323 127,500 SH Call DFND 1 127,500 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,416 381,648 SH   DFND   381,648 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 700 78,166 SH   DFND 1 78,166 0 0
CITIZENS FIRST CORP COM 17462Q107 1,583 114,707 SH   DFND   114,707 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 457 44,354 SH   DFND   44,354 0 0
COLONY BANKCORP INC COM 19623P101 2,003 217,963 SH   DFND   217,963 0 0
COLONY BANKCORP INC COM 19623P101 118 12,850 SH   DFND 1 12,850 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 8,762 180,000 SH   DFND 1 180,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,974 61,100 SH   DFND 2 61,100 0 0
ESSA BANCORP INC COM 29667D104 335 24,802 SH   DFND   24,802 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,062 66,236 SH   DFND   66,236 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 678 97,670 SH   DFND   97,670 0 0
FIRST FED NORTHN MICH BANCOR COM 32021X105 2,035 284,258 SH   DFND   284,258 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,567 189,910 SH   DFND   189,910 0 0
FIRST UTD CORP COM 33741H107 678 61,877 SH   DFND   61,877 0 0
FIRST UTD CORP COM 33741H107 1,916 175,000 SH   DFND 1 175,000 0 0
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 1,119 562,073 SH   DFND 1 562,073 0 0
HAWTHORN BANCSHARES INC COM 420476103 7,802 528,965 SH   DFND   528,965 0 0
HMN FINL INC COM 40424G108 4,799 426,234 SH   DFND   426,234 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 98,519 6,715,685 SH   DFND   6,715,685 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 97,694 6,659,457 SH   DFND 1 6,659,457 0 0
JPMORGAN CHASE & CO COM 46625H100 5,330 90,000 SH   DFND 1 90,000 0 0
JPMORGAN CHASE & CO COM 46625H100 4,812 81,255 SH   DFND 2 81,255 0 0
JPMORGAN CHASE & CO COM 46625H100 740 12,500 SH Call DFND   12,500 0 0
JPMORGAN CHASE & CO COM 46625H100 6,662 112,500 SH Call DFND 1 112,500 0 0
LOUISIANA PAC CORP COM 546347105 856 50,000 SH   DFND 1 50,000 0 0
LOUISIANA PAC CORP COM 546347105 690 40,285 SH   DFND 2 40,285 0 0
LSB INDS INC COM 502160104 11,598 909,615 SH   DFND 1 909,615 0 0
LSB INDS INC COM 502160104 2,001 156,960 SH   DFND 2 156,960 0 0
MACKINAC FINL CORP COM 554571109 530 51,693 SH   DFND   51,693 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,426 81,407 SH   DFND   81,407 0 0
OFFICE DEPOT INC COM 676220106 3,373 475,000 SH   DFND 1 475,000 0 0
OFFICE DEPOT INC COM 676220106 2,137 300,960 SH   DFND 2 300,960 0 0
PATRICK INDS INC COM 703343103 58,981 1,299,437 SH   DFND   1,299,437 0 0
PEOPLES BANCORP N C INC COM 710577107 6,943 373,304 SH   DFND   373,304 0 0
PEOPLES BANCORP N C INC COM 710577107 2,629 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 2,219 245,692 SH   DFND   245,692 0 0
POAGE BANKSHARES INC COM 730206109 1,279 77,123 SH   DFND   77,123 0 0
PREMIER FINL BANCORP INC COM 74050M105 679 43,090 SH   DFND   43,090 0 0
SB FINL GROUP INC COM 78408D105 2,305 223,566 SH   DFND   223,566 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 681 11,000 SH   DFND 2 11,000 0 0
SHORE BANCSHARES INC COM 825107105 1,535 128,095 SH   DFND   128,095 0 0
SKYLINE CORP COM 830830105 4,437 479,183 SH   DFND 1 479,183 0 0
SMARTFINANCIAL COM NEW 83190L208 749 40,475 SH   DFND   40,475 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 2,447 65,000 SH   DFND   65,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 10,539 280,000 SH   DFND 1 280,000 0 0
STAPLES INC COM 855030102 1,632 148,000 SH   DFND 2 148,000 0 0
SUNCOKE ENERGY INC COM 86722A103 2,667 410,296 SH   DFND 1 410,296 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 2,401 324,909 SH   DFND 1 324,909 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 4,060 262,450 SH   DFND   262,450 0 0
UNITED BANCSHARES INC OHIO COM 909458101 5,987 321,875 SH   DFND   321,875 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,183 86,696 SH   DFND   86,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 3,229 550,062 SH   DFND   550,062 0 0
UNITED CONTL HLDGS INC COM 910047109 8,865 148,100 SH   DFND 1 148,100 0 0
UNITED CONTL HLDGS INC COM 910047109 2,931 48,960 SH   DFND 2 48,960 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 7,501 1,126,250 SH   DFND 1 1,126,250 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 341 51,250 SH   DFND 2 51,250 0 0
WESTMORELAND COAL CO COM 960878106 1,837 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 6,652 922,543 SH   DFND 1 922,543 0 0
WILLBROS GROUP INC DEL COM 969203108 8,748 4,106,992 SH   DFND 1 4,106,992 0 0
WILLBROS GROUP INC DEL COM 969203108 648 304,317 SH   DFND 2 304,317 0 0
WINNEBAGO INDS INC COM 974637100 2,386 106,287 SH   DFND 1 106,287 0 0
WINNEBAGO INDS INC COM 974637100 3,305 147,238 SH   DFND 2 147,238 0 0