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
ALCOA INC COM 013817101 6,586 511,700 SH   DFND 2 511,700 0 0
ALLIED MOTION TECHNOLOGIES I COM 019330109 2,323 200,432 SH   DFND 1 200,432 0 0
AMBAC FINL GROUP INC COM NEW 023139884 6,319 203,639 SH   DFND   203,639 0 0
AMBAC FINL GROUP INC COM NEW 023139884 3,961 127,644 SH   DFND 2 127,644 0 0
AMERIANA BANCORP COM 023613102 3,514 258,786 SH   DFND   258,786 0 0
AMERIANA BANCORP COM 023613102 235 17,270 SH   DFND 1 17,270 0 0
ARCH COAL INC COM 039380100 17,363 3,602,194 SH   DFND 1 3,602,194 0 0
ARCH COAL INC COM 039380100 7,675 1,592,228 SH   DFND 2 1,592,228 0 0
BANK OF AMERICA CORPORATION COM 060505104 476 27,700 SH   DFND   27,700 0 0
BANK OF AMERICA CORPORATION COM 060505104 7,288 423,700 SH   DFND 1 423,700 0 0
BANK OF AMERICA CORPORATION COM 060505104 12,188 708,619 SH   DFND 2 708,619 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,580 150,000 SH Call DFND   150,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 22,959 1,334,800 SH Call DFND 1 1,334,800 0 0
BARNES & NOBLE INC COM 067774109 7,650 366,041 SH   DFND 1 366,041 0 0
BARNES & NOBLE INC COM 067774109 8,423 403,003 SH   DFND 2 403,003 0 0
BROADWIND ENERGY INC COM NEW 11161T207 4,888 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 12,784 1,046,170 SH   DFND 1 1,046,170 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 5,031 194,710 SH   DFND 2 194,710 0 0
CAPITAL ONE FINL CORP COM 14040H105 386 5,000 SH   DFND   5,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,315 94,800 SH   DFND 1 94,800 0 0
CAPITAL ONE FINL CORP COM 14040H105 6,690 86,701 SH   DFND 2 86,701 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,543 20,000 SH Call DFND   20,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 3,858 50,000 SH Call DFND 1 50,000 0 0
CITIGROUP INC COM NEW 172967424 660 13,861 SH   DFND   13,861 0 0
CITIGROUP INC COM NEW 172967424 2,380 50,000 SH   DFND 1 50,000 0 0
CITIGROUP INC COM NEW 172967424 10,173 213,715 SH   DFND 2 213,715 0 0
CITIGROUP INC COM NEW 172967424 1,666 35,000 SH Call DFND   35,000 0 0
CITIGROUP INC COM NEW 172967424 72,828 1,530,000 SH Call DFND 1 1,530,000 0 0
CLIFFS NAT RES INC COM 18683K101 5,463 267,025 SH   DFND 1 267,025 0 0
CLIFFS NAT RES INC COM 18683K101 5,115 250,000 SH Call DFND 1 250,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 4,043 289,438 SH   DFND   289,438 0 0
FIRST CTZNS BANC CORP COM NO PAR 319459202 364 39,392 SH   DFND   39,392 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 916 33,763 SH   DFND   33,763 0 0
FIRST FED NORTHN MICH BANCOR COM 32021X105 708 141,680 SH   DFND   141,680 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 10,252 310,000 SH   DFND 1 310,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 7,704 232,957 SH   DFND 2 232,957 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 20,183 610,300 SH Call DFND 1 610,300 0 0
GRIFFON CORP COM 398433102 1,287 107,822 SH   DFND 1 107,822 0 0
GRIFFON CORP COM 398433102 2,821 236,244 SH   DFND 2 236,244 0 0
HAWTHORN BANCSHARES INC COM 420476103 5,222 394,693 SH   DFND   394,693 0 0
HEWLETT PACKARD CO COM 428236103 971 30,000 SH Call DFND 1 30,000 0 0
HMN FINL INC COM 40424G108 3,474 352,706 SH   DFND   352,706 0 0
HUTTIG BLDG PRODS INC COM 448451104 136 29,614 SH   DFND 1 29,614 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 47,623 7,668,816 SH   DFND   7,668,816 0 0
INTEGRATED ELECTRICAL SVC COM 45811E301 19,315 3,110,308 SH   DFND 1 3,110,308 0 0
JEFFERSON BANCSHARES INC TEN COM 472375104 560 71,735 SH   DFND   71,735 0 0
JPMORGAN CHASE & CO COM 46625H100 832 13,700 SH   DFND   13,700 0 0
JPMORGAN CHASE & CO COM 46625H100 6,071 100,000 SH   DFND 1 100,000 0 0
JPMORGAN CHASE & CO COM 46625H100 7,103 116,993 SH   DFND 2 116,993 0 0
JPMORGAN CHASE & CO COM 46625H100 3,339 55,000 SH Call DFND   55,000 0 0
JPMORGAN CHASE & CO COM 46625H100 61,256 1,009,000 SH Call DFND 1 1,009,000 0 0
KRONOS WORLDWIDE INC COM 50105F105 557 33,413 SH   DFND 2 33,413 0 0
LSB INDS INC COM 502160104 11,259 300,872 SH   DFND 1 300,872 0 0
LSB INDS INC COM 502160104 9,379 250,630 SH   DFND 2 250,630 0 0
MACKINAC FINL CORP COM 554571109 631 50,334 SH   DFND   50,334 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 1,557 72,163 SH   DFND 2 72,163 0 0
MUTUALFIRST FINL INC COM 62845B104 3,527 185,629 SH   DFND   185,629 0 0
MUTUALFIRST FINL INC COM 62845B104 1,117 58,786 SH   DFND 2 58,786 0 0
NAVISTAR INTL CORP NEW COM 63934E108 12,546 370,420 SH   DFND 1 370,420 0 0
NAVISTAR INTL CORP NEW COM 63934E108 6,865 202,680 SH   DFND 2 202,680 0 0
PATRICK INDS INC COM 703343103 110,888 2,501,430 SH   DFND   2,501,430 0 0
PBF ENERGY INC CL A 69318G106 2,085 80,800 SH   DFND 2 80,800 0 0
PEOPLES BANCORP N C INC COM 710577107 5,797 371,604 SH   DFND   371,604 0 0
PEOPLES BANCORP N C INC COM 710577107 2,205 141,361 SH   DFND 1 141,361 0 0
POAGE BANKSHARES INC COM 730206109 833 58,641 SH   DFND   58,641 0 0
SKYLINE CORP COM 830830105 1,419 234,548 SH   DFND 1 234,548 0 0
STANDARD REGISTER CO COM 853887206 874 108,270 SH   DFND 1 108,270 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 849 82,832 SH   DFND   82,832 0 0
TECUMSEH PRODS CO CL A 878895200 2,790 404,286 SH   DFND 1 404,286 0 0
TECUMSEH PRODS CO CL A 878895200 1,574 228,103 SH   DFND 2 228,103 0 0
TIDEWATER INC COM 886423102 3,580 73,631 SH   DFND 2 73,631 0 0
UNITED BANCSHARES INC OHIO COM 909458101 4,444 283,625 SH   DFND   283,625 0 0
UNITED CMNTY BANCORP IND COM 90984R101 866 76,325 SH   DFND   76,325 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 3,044 776,485 SH   DFND   776,485 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 916 233,781 SH   DFND 2 233,781 0 0
WESTMORELAND COAL CO COM 960878106 29,554 992,395 SH   DFND   992,395 0 0
WILLBROS GROUP INC DEL COM 969203108 24,533 1,943,991 SH   DFND 1 1,943,991 0 0
WILLBROS GROUP INC DEL COM 969203108 2,840 225,022 SH   DFND 2 225,022 0 0
WINNEBAGO INDS INC COM 974637100 1,096 40,000 SH   DFND 1 40,000 0 0
WINNEBAGO INDS INC COM 974637100 3,927 143,360 SH   DFND 2 143,360 0 0