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 2,798 148,349 SH   DFND   148,349 0 0
AMBAC FINL GROUP INC COM NEW 023139884 7,281 386,051 SH   DFND 1 386,051 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 4,666 110,300 SH   DFND   110,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 39,062 923,453 SH   DFND 1 923,453 0 0
AMERISERV FINL INC COM 03074A102 930 248,028 SH   DFND   248,028 0 0
ANADARKO PETE CORP COM 032511107 1,240 20,000 SH   DFND   20,000 0 0
ARCH COAL INC CL A 039380407 11,079 160,712 SH   DFND 1 160,712 0 0
BANCORP INC DEL COM 05969A105 1,463 286,914 SH   DFND   286,914 0 0
BANK AMER CORP COM 060505104 8,410 356,497 SH   DFND   356,497 0 0
BANK AMER CORP COM 060505104 28,839 1,222,500 SH   DFND 1 1,222,500 0 0
BANK AMER CORP COM 060505104 2,359 100,000 SH Call DFND   100,000 0 0
BANK AMER CORP COM 060505104 4,246 180,000 SH Call DFND 1 180,000 0 0
BARNES & NOBLE INC COM 067774109 1,698 183,516 SH   DFND   183,516 0 0
BARNES & NOBLE INC COM 067774109 5,412 585,125 SH   DFND 1 585,125 0 0
BROADWIND ENERGY INC COM NEW 11161T207 3,332 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 5,163 619,790 SH   DFND 1 619,790 0 0
CAPITAL ONE FINL CORP COM 14040H105 2,069 23,879 SH   DFND   23,879 0 0
CAROLINA TR BANCSHARES INC COM 14422P105 488 61,494 SH   DFND   61,494 0 0
CAVCO INDS INC DEL COM 149568107 8,387 72,051 SH   DFND 1 72,051 0 0
CF INDS HLDGS INC COM 125269100 440 15,000 SH   DFND   15,000 0 0
CF INDS HLDGS INC COM 125269100 8,823 300,604 SH   DFND 1 300,604 0 0
CB FINL SVCS INC COM 12479G101 1,056 37,307 SH   DFND   37,307 0 0
CITIGROUP INC COM NEW 172967424 10,379 173,510 SH   DFND   173,510 0 0
CITIGROUP INC COM NEW 172967424 58,127 971,705 SH   DFND 1 971,705 0 0
CITIGROUP INC COM NEW 172967424 10,839 181,200 SH Call DFND   181,200 0 0
CITIGROUP INC COM NEW 172967424 34,779 581,400 SH Call DFND 1 581,400 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 5,178 373,887 SH   DFND   373,887 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,604 115,843 SH   DFND 1 115,843 0 0
CITIZENS FIRST CORP COM 17462Q107 2,540 140,711 SH   DFND   140,711 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 983 44,354 SH   DFND   44,354 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 10,321 2,253,554 SH   DFND 1 2,253,554 0 0
COLONY BANKCORP INC COM 19623P101 4,495 324,559 SH   DFND   324,559 0 0
COLONY BANKCORP INC COM 19623P101 2,646 191,066 SH   DFND 1 191,066 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 23,283 1,568,967 SH   DFND 1 1,568,967 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,238 92,220 SH   DFND   92,220 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 20,461 445,198 SH   DFND 1 445,198 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 6,176 359,925 SH   DFND   359,925 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 17,134 998,498 SH   DFND 1 998,498 0 0
ENTEGRA FINL CORP COM 29363J108 1,654 69,947 SH   DFND   69,947 0 0
ESSA BANCORP INC COM 29667D104 3,095 212,260 SH   DFND   212,260 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,482 66,236 SH   DFND   66,236 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 1,215 101,670 SH   DFND   101,670 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 2,209 182,106 SH   DFND   182,106 0 0
FIRST US BANCSHARES INC COM 33744V103 206 16,600 SH   DFND   16,600 0 0
FIRST UTD CORP COM 33741H107 2,388 164,722 SH   DFND   164,722 0 0
FIRST UTD CORP COM 33741H107 3,981 274,524 SH   DFND 1 274,524 0 0
HAWTHORN BANCSHARES INC COM 420476103 11,608 550,123 SH   DFND   550,123 0 0
HMN FINL INC COM 40424G108 7,785 431,295 SH   DFND   431,295 0 0
HOPFED BANCORP INC COM 439734104 4,275 298,616 SH   DFND   298,616 0 0
IES HLDGS INC COM 44951W106 176,469 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 47,160 2,605,499 SH   DFND 1 2,605,499 0 0
IF BANCORP INC COM 44951J105 632 31,738 SH   DFND   31,738 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 16,498 120,000 SH   DFND 1 120,000 0 0
JPMORGAN CHASE & CO COM 46625H100 2,781 31,655 SH   DFND   31,655 0 0
JPMORGAN CHASE & CO COM 46625H100 4,392 50,000 SH   DFND 1 50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 439 5,000 SH Call DFND   5,000 0 0
JPMORGAN CHASE & CO COM 46625H100 4,392 50,000 SH Call DFND 1 50,000 0 0
LOUISIANA PAC CORP COM 546347105 756 30,474 SH   DFND   30,474 0 0
LSB INDS INC COM 502160104 2,205 235,041 SH   DFND   235,041 0 0
LSB INDS INC COM 502160104 21,840 2,328,339 SH   DFND 1 2,328,339 0 0
MACKINAC FINL CORP COM 554571109 976 71,140 SH   DFND   71,140 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 842 18,653 SH   DFND   18,653 0 0
OCEANFIRST FINL CORP COM 675234108 1,999 70,952 SH   DFND   70,952 0 0
PATRICK INDS INC COM 703343103 63,558 896,439 SH   DFND   896,439 0 0
PEOPLES BANCORP N C INC COM 710577107 11,296 380,340 SH   DFND   380,340 0 0
PEOPLES BANCORP N C INC COM 710577107 4,239 142,725 SH   DFND 1 142,725 0 0
PEOPLES FINL CORP MISS COM 71103B102 5,505 365,774 SH   DFND   365,774 0 0
POAGE BANKSHARES INC COM 730206109 1,476 75,676 SH   DFND   75,676 0 0
PREMIER FINL BANCORP INC COM 74050M105 997 47,399 SH   DFND   47,399 0 0
SB FINL GROUP INC COM 78408D105 4,006 239,619 SH   DFND   239,619 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 256 35,598 SH   DFND   35,598 0 0
SHORE BANCSHARES INC COM 825107105 2,140 128,095 SH   DFND   128,095 0 0
SKYLINE CORP COM 830830105 7,765 824,302 SH   DFND 1 824,302 0 0
SMARTFINANCIAL INC COM NEW 83190L208 1,139 54,130 SH   DFND   54,130 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 11,724 214,692 SH   DFND   214,692 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 55,015 1,007,408 SH   DFND 1 1,007,408 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 3,353 174,625 SH   DFND 1 174,625 0 0
SUNCOKE ENERGY INC COM 86722A103 17,591 1,963,258 SH   DFND 1 1,963,258 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 13,255 863,511 SH   DFND 1 863,511 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 5,177 240,350 SH   DFND   240,350 0 0
THOR INDS INC COM 885160101 8,652 90,000 SH   DFND 1 90,000 0 0
TRAVELCENTERS AMER LLC COM 894174101 815 133,667 SH   DFND   133,667 0 0
TRAVELCENTERS AMER LLC COM 894174101 520 85,175 SH   DFND 1 85,175 0 0
UNITED BANCSHARES INC OHIO COM 909458101 6,678 320,875 SH   DFND   320,875 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,535 86,696 SH   DFND   86,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 4,529 543,040 SH   DFND   543,040 0 0
UNITED CONTL HLDGS INC COM 910047109 5,856 82,900 SH   DFND   82,900 0 0
UNITED CONTL HLDGS INC COM 910047109 32,671 462,498 SH   DFND 1 462,498 0 0
WESTMORELAND COAL CO COM 960878106 3,700 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 14,211 978,686 SH   DFND 1 978,686 0 0
WILLBROS GROUP INC DEL COM 969203108 10,593 3,865,981 SH   DFND 1 3,865,981 0 0
WINNEBAGO INDS INC COM 974637100 3,101 106,019 SH   DFND   106,019 0 0
WINNEBAGO INDS INC COM 974637100 13,938 476,503 SH   DFND 1 476,503 0 0
WVS FINL CORP COM 929358109 1,131 75,649 SH   DFND   75,649 0 0