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 2,399 99,139 SH   DFND 2 99,139 0 0
AMERIANA BANCORP COM 023613102 3,660 222,477 SH   DFND   222,477 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,263 118,670 SH   DFND 2 118,670 0 0
ANADARKO PETE CORP COM 032511107 7,110 85,855 SH   DFND 2 85,855 0 0
BANK OF AMERICA CORPORATION COM 060505104 945 61,400 SH   DFND   61,400 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,309 150,000 SH   DFND 1 150,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 12,900 838,199 SH   DFND 2 838,199 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,649 172,100 SH Call DFND   172,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 25,112 1,631,700 SH Call DFND 1 1,631,700 0 0
BARNES & NOBLE INC COM 067774109 20,307 855,024 SH   DFND 1 855,024 0 0
BARNES & NOBLE INC COM 067774109 13,757 579,263 SH   DFND 2 579,263 0 0
BROADWIND ENERGY INC COM NEW 11161T207 2,000 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 5,140 1,028,059 SH   DFND 1 1,028,059 0 0
CITIGROUP INC COM NEW 172967424 871 16,900 SH   DFND   16,900 0 0
CITIGROUP INC COM NEW 172967424 2,318 45,000 SH   DFND 1 45,000 0 0
CITIGROUP INC COM NEW 172967424 10,290 199,725 SH   DFND 2 199,725 0 0
CITIGROUP INC COM NEW 172967424 515 10,000 SH Call DFND   10,000 0 0
CITIGROUP INC COM NEW 172967424 18,032 350,000 SH Call DFND 1 350,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,963 215,683 SH   DFND   215,683 0 0
COLONY BANKCORP INC COM 19623P101 405 50,045 SH   DFND   50,045 0 0
COMMUNITY FINL CORP MD COM 20368X101 326 16,306 SH   DFND   16,306 0 0
CREDIT SUISSE NASSAU BRH ETN LKD 32 22542D571 2,250 1,000,000 SH   DFND 1 1,000,000 0 0
CREDIT SUISSE NASSAU BRH ETN LKD 32 22542D571 169 75,030 SH   DFND 2 75,030 0 0
CREDIT SUISSE NASSAU BRH VS 3XLGCRUDE ETN 22542D589 7,865 3,575,000 SH   DFND 1 3,575,000 0 0
CREDIT SUISSE NASSAU BRH VS 3XLGCRUDE ETN 22542D589 928 422,035 SH   DFND 2 422,035 0 0
DAKOTA PLAINS HLDGS INC COM 234255107 185 100,000 SH   DFND 1 100,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,057 23,500 SH   DFND 2 23,500 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 3,290 194,919 SH   DFND   194,919 0 0
FIFTH THIRD BANCORP COM 316773100 768 40,750 SH   DFND 2 40,750 0 0
FIRST CTZNS BANC CORP COM NO PAR 319459202 435 39,392 SH   DFND   39,392 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 1,108 33,763 SH   DFND   33,763 0 0
FIRST FED NORTHN MICH BANCOR COM 32021X105 1,604 269,609 SH   DFND   269,609 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,204 150,448 SH   DFND   150,448 0 0
FREEPORT-MCMORAN INC CL B 35671D857 4,502 237,592 SH   DFND 2 237,592 0 0
GAMESTOP CORP NEW CL A 36467W109 9,074 239,035 SH   DFND 2 239,035 0 0
HAWTHORN BANCSHARES INC COM 420476103 6,759 504,774 SH   DFND   504,774 0 0
HESS CORP COM 42809H107 2,715 40,000 SH   DFND 1 40,000 0 0
HESS CORP COM 42809H107 5,733 84,470 SH   DFND 2 84,470 0 0
HMN FINL INC COM 40424G108 4,635 383,063 SH   DFND   383,063 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 83,613 9,501,450 SH   DFND   9,501,450 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 33,899 3,852,167 SH   DFND 1 3,852,167 0 0
JPMORGAN CHASE & CO COM 46625H100 666 11,000 SH   DFND   11,000 0 0
JPMORGAN CHASE & CO COM 46625H100 2,423 40,000 SH   DFND 1 40,000 0 0
JPMORGAN CHASE & CO COM 46625H100 11,830 195,278 SH   DFND 2 195,278 0 0
JPMORGAN CHASE & CO COM 46625H100 1,515 25,000 SH Call DFND   25,000 0 0
JPMORGAN CHASE & CO COM 46625H100 28,473 470,000 SH Call DFND 1 470,000 0 0
LSB INDS INC COM 502160104 16,526 399,866 SH   DFND 1 399,866 0 0
LSB INDS INC COM 502160104 13,357 323,187 SH   DFND 2 323,187 0 0
MACKINAC FINL CORP COM 554571109 573 50,334 SH   DFND   50,334 0 0
MARATHON OIL CORP COM 565849106 7,079 271,115 SH   DFND 2 271,115 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 1,348 40,000 SH   DFND 1 40,000 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 826 24,500 SH   DFND 2 24,500 0 0
MARKET VECTORS ETF TR OIL SVCS ETF 57060U191 4,382 130,000 SH Call DFND 1 130,000 0 0
MUTUALFIRST FINL INC COM 62845B104 2,876 124,785 SH   DFND   124,785 0 0
NAVISTAR INTL CORP NEW COM 63934E108 6,785 230,000 SH   DFND 1 230,000 0 0
NAVISTAR INTL CORP NEW COM 63934E108 8,826 299,180 SH   DFND 2 299,180 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 220 14,952 SH   DFND   14,952 0 0
OFFICE DEPOT INC COM 676220106 5,520 600,000 SH   DFND 1 600,000 0 0
OFFICE DEPOT INC COM 676220106 17,387 1,889,907 SH   DFND 2 1,889,907 0 0
PATRICK INDS INC COM 703343103 112,253 1,802,680 SH   DFND   1,802,680 0 0
PBF ENERGY INC CL A 69318G106 10,092 297,510 SH   DFND 2 297,510 0 0
PEOPLES BANCORP N C INC COM 710577107 6,864 371,604 SH   DFND   371,604 0 0
PEOPLES BANCORP N C INC COM 710577107 2,611 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 2,591 254,017 SH   DFND   254,017 0 0
POAGE BANKSHARES INC COM 730206109 1,191 77,592 SH   DFND   77,592 0 0
PREMIER FINL BANCORP INC COM 74050M105 518 34,029 SH   DFND   34,029 0 0
SB FINL GROUP INC COM 78408D105 1,954 185,233 SH   DFND   185,233 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 853 11,000 SH   DFND 2 11,000 0 0
SHORE BANCSHARES INC COM 825107105 1,183 128,890 SH   DFND   128,890 0 0
SKYLINE CORP COM 830830105 1,382 390,405 SH   DFND 1 390,405 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 2,044 171,059 SH   DFND   171,059 0 0
TECUMSEH PRODS CO CL A 878895200 992 355,575 SH   DFND 1 355,575 0 0
TECUMSEH PRODS CO CL A 878895200 626 224,491 SH   DFND 2 224,491 0 0
UNITED BANCSHARES INC OHIO COM 909458101 4,935 325,123 SH   DFND   325,123 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,241 96,696 SH   DFND   96,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 3,041 556,908 SH   DFND   556,908 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 166 12,500 SH   DFND 2 12,500 0 0
WESTMORELAND COAL CO COM 960878106 15,017 561,190 SH   DFND   561,190 0 0
WESTMORELAND COAL CO COM 960878106 2,053 76,721 SH   DFND 1 76,721 0 0
WILLBROS GROUP INC DEL COM 969203108 9,120 2,755,201 SH   DFND 1 2,755,201 0 0
WILLBROS GROUP INC DEL COM 969203108 980 295,977 SH   DFND 2 295,977 0 0
WINNEBAGO INDS INC COM 974637100 4,747 223,300 SH   DFND 1 223,300 0 0
WINNEBAGO INDS INC COM 974637100 9,423 443,243 SH   DFND 2 443,243 0 0