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 3,161 140,481 SH   DFND   140,481 0 0
AMBAC FINL GROUP INC COM NEW 023139884 8,155 362,448 SH   DFND 1 362,448 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 5,150 110,300 SH   DFND   110,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 27,519 589,400 SH   DFND 1 589,400 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 872 13,355 SH   DFND   13,355 0 0
AMERISERV FINL INC COM 03074A102 639 172,749 SH   DFND   172,749 0 0
ANADARKO PETE CORP COM 032511107 1,395 20,000 SH   DFND   20,000 0 0
ARCH COAL INC CL A 039380407 781 10,000 SH   DFND   10,000 0 0
ARCH COAL INC CL A 039380407 12,193 156,214 SH   DFND 1 156,214 0 0
BANK AMER CORP COM 060505104 6,718 303,997 SH   DFND   303,997 0 0
BANK AMER CORP COM 060505104 17,680 800,000 SH   DFND 1 800,000 0 0
BANK AMER CORP COM 060505104 6,188 280,000 SH Call DFND   280,000 0 0
BANK AMER CORP COM 060505104 3,978 180,000 SH Call DFND 1 180,000 0 0
BARNES & NOBLE INC COM 067774109 2,050 183,816 SH   DFND   183,816 0 0
BARNES & NOBLE INC COM 067774109 4,874 437,125 SH   DFND 1 437,125 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,618 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 2,507 619,790 SH   DFND 1 619,790 0 0
CAPITAL ONE FINL CORP COM 14040H105 9,673 110,879 SH   DFND   110,879 0 0
CAPITAL ONE FINL CORP COM 14040H105 21,199 242,999 SH   DFND 1 242,999 0 0
CAROLINA TR BANCSHARES INC COM 14422P105 372 58,161 SH   DFND   58,161 0 0
CAVCO INDS INC DEL COM 149568107 571 5,717 SH   DFND   5,717 0 0
CAVCO INDS INC DEL COM 149568107 7,194 72,051 SH   DFND 1 72,051 0 0
CB FINL SVCS INC COM 12479G101 799 30,907 SH   DFND   30,907 0 0
CITIGROUP INC COM NEW 172967424 13,580 228,510 SH   DFND   228,510 0 0
CITIGROUP INC COM NEW 172967424 23,772 400,000 SH   DFND 1 400,000 0 0
CITIGROUP INC COM NEW 172967424 3,940 66,300 SH Call DFND   66,300 0 0
CITIGROUP INC COM NEW 172967424 12,706 213,800 SH Call DFND 1 213,800 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,647 373,887 SH   DFND   373,887 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,396 112,343 SH   DFND 1 112,343 0 0
CITIZENS FIRST CORP COM 17462Q107 2,510 139,437 SH   DFND   139,437 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 862 44,354 SH   DFND   44,354 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 7,466 1,330,802 SH   DFND 1 1,330,802 0 0
COLONY BANKCORP INC COM 19623P101 4,284 324,559 SH   DFND   324,559 0 0
COLONY BANKCORP INC COM 19623P101 1,975 149,626 SH   DFND 1 149,626 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 5,234 365,733 SH   DFND   365,733 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 17,229 1,203,967 SH   DFND 1 1,203,967 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,536 92,220 SH   DFND   92,220 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 17,575 357,281 SH   DFND 1 357,281 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 11,351 627,117 SH   DFND   627,117 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 25,860 1,428,721 SH   DFND 1 1,428,721 0 0
ENTEGRA FINL CORP COM 29363J108 1,441 69,947 SH   DFND   69,947 0 0
ESSA BANCORP INC COM 29667D104 1,881 119,675 SH   DFND   119,675 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,568 66,236 SH   DFND   66,236 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 1,179 101,670 SH   DFND   101,670 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 2,176 182,106 SH   DFND   182,106 0 0
FIRST US BANCSHARES INC COM 33744V103 184 16,600 SH   DFND   16,600 0 0
FIRST UTD CORP COM 33741H107 2,089 130,995 SH   DFND   130,995 0 0
FIRST UTD CORP COM 33741H107 3,504 219,698 SH   DFND 1 219,698 0 0
HAWTHORN BANCSHARES INC COM 420476103 9,737 550,123 SH   DFND   550,123 0 0
HMN FINL INC COM 40424G108 7,548 431,295 SH   DFND   431,295 0 0
HOPFED BANCORP INC COM 439734104 3,542 263,142 SH   DFND   263,142 0 0
IES HLDGS INC COM 44951W106 187,818 9,807,718 SH   DFND   9,807,718 0 0
IES HLDGS INC COM 44951W106 48,783 2,547,427 SH   DFND 1 2,547,427 0 0
JPMORGAN CHASE & CO COM 46625H100 7,175 83,155 SH   DFND   83,155 0 0
JPMORGAN CHASE & CO COM 46625H100 1,510 17,500 SH Call DFND   17,500 0 0
JPMORGAN CHASE & CO COM 46625H100 4,315 50,000 SH Call DFND 1 50,000 0 0
LOUISIANA PAC CORP COM 546347105 577 30,474 SH   DFND   30,474 0 0
LSB INDS INC COM 502160104 1,685 200,062 SH   DFND   200,062 0 0
LSB INDS INC COM 502160104 15,983 1,898,180 SH   DFND 1 1,898,180 0 0
MACKINAC FINL CORP COM 554571109 958 71,140 SH   DFND   71,140 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 435 11,235 SH   DFND   11,235 0 0
OCEANFIRST FINL CORP COM 675234108 2,131 70,952 SH   DFND   70,952 0 0
PATRICK INDS INC COM 703343103 71,069 931,439 SH   DFND   931,439 0 0
PEOPLES BANCORP N C INC COM 710577107 9,444 376,704 SH   DFND   376,704 0 0
PEOPLES BANCORP N C INC COM 710577107 3,544 141,361 SH   DFND 1 141,361 0 0
PEOPLES FINL CORP MISS COM 71103B102 5,049 312,642 SH   DFND   312,642 0 0
POAGE BANKSHARES INC COM 730206109 1,423 75,676 SH   DFND   75,676 0 0
PREMIER FINL BANCORP INC COM 74050M105 953 47,399 SH   DFND   47,399 0 0
SB FINL GROUP INC COM 78408D105 3,846 239,619 SH   DFND   239,619 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 200 25,289 SH   DFND   25,289 0 0
SHORE BANCSHARES INC COM 825107105 1,953 128,095 SH   DFND   128,095 0 0
SKYLINE CORP COM 830830105 12,595 816,250 SH   DFND 1 816,250 0 0
SMARTFINANCIAL INC COM NEW 83190L208 1,005 54,130 SH   DFND   54,130 0 0
SOUTHWESTERN ENERGY CO COM 845467109 649 60,000 SH   DFND   60,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 6,761 121,667 SH   DFND   121,667 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 14,911 268,333 SH   DFND 1 268,333 0 0
SUNCOKE ENERGY INC COM 86722A103 11,168 984,817 SH   DFND 1 984,817 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 4,622 240,112 SH   DFND 1 240,112 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 6,617 240,350 SH   DFND   240,350 0 0
TRAVELCENTERS AMER LLC COM 894174101 1,361 191,700 SH   DFND   191,700 0 0
TRAVELCENTERS AMER LLC COM 894174101 605 85,175 SH   DFND 1 85,175 0 0
UNITED BANCSHARES INC OHIO COM 909458101 6,893 321,875 SH   DFND   321,875 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,448 86,696 SH   DFND   86,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 4,880 545,867 SH   DFND   545,867 0 0
UNITED CONTL HLDGS INC COM 910047109 6,042 82,900 SH   DFND   82,900 0 0
UNITED CONTL HLDGS INC COM 910047109 24,648 338,200 SH   DFND 1 338,200 0 0
WESTMORELAND COAL CO COM 960878106 4,502 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 17,117 968,686 SH   DFND 1 968,686 0 0
WILLBROS GROUP INC DEL COM 969203108 11,539 3,561,472 SH   DFND 1 3,561,472 0 0
WINNEBAGO INDS INC COM 974637100 3,356 106,019 SH   DFND   106,019 0 0
WINNEBAGO INDS INC COM 974637100 11,689 369,305 SH   DFND 1 369,305 0 0
WVS FINL CORP COM 929358109 720 48,912 SH   DFND   48,912 0 0