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 2,543 159,132 SH   DFND   159,132 0 0
AMBAC FINL GROUP INC COM NEW 023139884 8,564 535,928 SH   DFND 1 535,928 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,467 124,300 SH   DFND   124,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 85,766 1,648,396 SH   DFND 1 1,648,396 0 0
AMERISERV FINL INC COM 03074A102 1,471 354,482 SH   DFND   354,482 0 0
ARCH COAL INC CL A 039380407 6,987 75,000 SH   DFND 1 75,000 0 0
BANCORP INC DEL COM 05969A105 3,195 323,413 SH   DFND   323,413 0 0
BANK AMER CORP COM 060505104 17,733 600,701 SH   DFND   600,701 0 0
BANK AMER CORP COM 060505104 48,305 1,636,350 SH   DFND 1 1,636,350 0 0
BANK AMER CORP COM 060505104 11,218 380,000 SH Call DFND 1 380,000 0 0
BARNES & NOBLE INC COM 067774109 1,535 229,092 SH   DFND   229,092 0 0
BARNES & NOBLE INC COM 067774109 9,279 1,384,852 SH   DFND 1 1,384,852 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,088 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 964 354,490 SH   DFND 1 354,490 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,329 73,600 SH   DFND   73,600 0 0
CAPITAL ONE FINL CORP COM 14040H105 35,683 358,339 SH   DFND 1 358,339 0 0
CAROLINA TR BANCSHARES INC COM 14422P105 728 76,268 SH   DFND   76,268 0 0
CAROLINA FINANCIAL CORP COM 143873107 2,167 58,326 SH   DFND   58,326 0 0
CAVCO INDS INC DEL COM 149568107 670 4,390 SH   DFND   4,390 0 0
CAVCO INDS INC DEL COM 149568107 16,919 110,872 SH   DFND 1 110,872 0 0
CB FINL SVCS INC COM 12479G101 1,414 47,125 SH   DFND   47,125 0 0
CIT GROUP INC COM 125581801 5,081 103,219 SH   DFND   103,219 0 0
CIT GROUP INC COM 125581801 10,922 221,852 SH   DFND 1 221,852 0 0
CIT GROUP INC COM 125581801 1,359 27,600 SH Call DFND   27,600 0 0
CIT GROUP INC COM 125581801 6,538 132,800 SH Call DFND 1 132,800 0 0
CITIGROUP INC COM NEW 172967424 20,054 269,510 SH   DFND   269,510 0 0
CITIGROUP INC COM NEW 172967424 82,958 1,114,882 SH   DFND 1 1,114,882 0 0
CITIGROUP INC COM NEW 172967424 19,250 258,700 SH Call DFND   258,700 0 0
CITIGROUP INC COM NEW 172967424 118,639 1,594,400 SH Call DFND 1 1,594,400 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 5,459 404,336 SH   DFND   404,336 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,675 124,104 SH   DFND 1 124,104 0 0
CITIZENS FIRST CORP COM 17462Q107 3,377 140,711 SH   DFND   140,711 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 976 44,354 SH   DFND   44,354 0 0
CLEVELAND-CLIFFS INC COM 185899101 23,339 3,236,976 SH   DFND 1 3,236,976 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 3,197 718,436 SH   DFND 1 718,436 0 0
COLONY BANKCORP INC COM 19623P101 5,148 352,609 SH   DFND   352,609 0 0
COLONY BANKCORP INC COM 19623P101 2,950 202,069 SH   DFND 1 202,069 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,388 96,220 SH   DFND   96,220 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 45,298 808,884 SH   DFND 1 808,884 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 6,032 316,953 SH   DFND   316,953 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 38,177 2,006,149 SH   DFND 1 2,006,149 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 3,330 175,000 SH Call DFND   175,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 10,942 575,000 SH Call DFND 1 575,000 0 0
ENTEGRA FINL CORP COM 29363J108 2,104 71,947 SH   DFND   71,947 0 0
ESSA BANCORP INC COM 29667D104 4,234 270,211 SH   DFND   270,211 0 0
FIDELITY D&D BANCORP INC COM 29667D105 216 5,236 SH   DFND   5,236 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,444 66,236 SH   DFND   66,236 0 0
FIFTH THIRD BANCORP COM 316773100 1,884 62,093 SH   DFND   62,093 0 0
FIFTH THIRD BANCORP COM 316773100 4,551 150,000 SH   DFND 1 150,000 0 0
FIRST BANK/WILLIAMSTOWN NJ COM 31931U102 1,408 101,670 SH   DFND   101,670 0 0
FIRST US BANCSHARES INC COM 33744V103 315 24,610 SH   DFND   24,610 0 0
FIRST UTD CORP COM 33741H107 3,817 219,367 SH   DFND   219,367 0 0
FIRST UTD CORP COM 33741H107 5,893 338,696 SH   DFND 1 338,696 0 0
HAWTHORN BANCSHARES INC COM 420476103 11,830 570,127 SH   DFND   570,127 0 0
HMN FINL INC COM 40424G108 8,259 432,395 SH   DFND   432,395 0 0
HOPFED BANCORP INC COM 439734104 4,679 331,825 SH   DFND   331,825 0 0
IES HLDGS INC COM 44951W106 168,181 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 44,945 2,605,499 SH   DFND 1 2,605,499 0 0
IF BANCORP INC COM 44951J105 2,138 108,727 SH   DFND   108,727 0 0
JPMORGAN CHASE & CO COM 46625H100 3,385 31,655 SH   DFND   31,655 0 0
JPMORGAN CHASE & CO COM 46625H100 535 5,000 SH Call DFND   5,000 0 0
JPMORGAN CHASE & CO COM 46625H100 5,347 50,000 SH Call DFND 1 50,000 0 0
LSB INDS INC COM 502160104 2,076 237,041 SH   DFND   237,041 0 0
LSB INDS INC COM 502160104 22,559 2,575,236 SH   DFND 1 2,575,236 0 0
MACKINAC FINL CORP COM 554571109 1,742 109,566 SH   DFND   109,566 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 899 18,653 SH   DFND   18,653 0 0
MVB FINANCIAL CORP COM 553810102 1,183 58,837 SH   DFND   58,837 0 0
MVC CAPITAL INC COM 553829102 5,086 481,661 SH   DFND 1 481,661 0 0
OCEANFIRST FINL CORP COM 675234108 1,862 70,952 SH   DFND   70,952 0 0
PATRICK INDS INC COM 703343103 85,573 1,232,158 SH   DFND   1,232,158 0 0
PEABODY ENERGY CORP COM 704551100 4,877 123,881 SH   DFND 1 123,881 0 0
PEOPLES BANCORP N C INC COM 710577107 12,840 418,374 SH   DFND   418,374 0 0
PEOPLES BANCORP N C INC COM 710577107 4,611 150,243 SH   DFND 1 150,243 0 0
POAGE BANKSHARES INC COM 730206109 1,589 75,676 SH   DFND   75,676 0 0
PREMIER FINL BANCORP INC COM 74050M105 1,414 70,399 SH   DFND   70,399 0 0
REGIONS FINL CORP NEW COM 7591EP100 3,440 199,078 SH   DFND   199,078 0 0
REGIONS FINL CORP NEW COM 7591EP100 10,368 600,000 SH   DFND 1 600,000 0 0
REPUBLIC BANCORP KY CL A 760281204 4,345 114,276 SH   DFND   114,276 0 0
SB FINL GROUP INC COM 78408D105 4,431 239,619 SH   DFND   239,619 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 1,587 218,775 SH   DFND   218,775 0 0
SHORE BANCSHARES INC COM 825107105 2,139 128,095 SH   DFND   128,095 0 0
SKYLINE CORP COM 830830105 15,632 1,216,527 SH   DFND 1 1,216,527 0 0
SMARTFINANCIAL INC COM NEW 83190L208 1,175 54,130 SH   DFND   54,130 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 11,515 195,666 SH   DFND   195,666 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 66,524 1,130,400 SH   DFND 1 1,130,400 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 4,093 209,369 SH   DFND 1 209,369 0 0
SUNCOKE ENERGY INC COM 86722A103 24,799 2,068,327 SH   DFND 1 2,068,327 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 12,639 724,277 SH   DFND 1 724,277 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 6,231 236,731 SH   DFND   236,731 0 0
TRONOX LTD-CL A COM Q9235V101 923 45,000 SH   DFND   45,000 0 0
TRONOX LTD-CL A COM Q9235V101 10,211 497,846 SH   DFND 1 497,846 0 0
UNITED BANCSHARES INC OHIO COM 909458101 7,123 320,875 SH   DFND   320,875 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,782 86,696 SH   DFND   86,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 3,920 429,384 SH   DFND   429,384 0 0
UNITED CONTL HLDGS INC COM 910047109 7,272 107,900 SH   DFND   107,900 0 0
UNITED CONTL HLDGS INC COM 910047109 92,692 1,375,255 SH   DFND 1 1,375,255 0 0
UNITED CONTL HLDGS INC COM 910047109 18,535 275,000 SH Call DFND 1 275,000 0 0
UNIVERSAL FOREST PRODUCTS COM 913543104 1,491 39,635 SH   DFND   39,635 0 0
UNIVERSAL FOREST PRODUCTS COM 913543104 10,676 283,776 SH   DFND 1 283,776 0 0
WESTMORELAND COAL CO COM 960878106 308 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 1,280 1,058,145 SH   DFND 1 1,058,145 0 0
WILLBROS GROUP INC DEL COM 969203108 6,035 4,250,094 SH   DFND 1 4,250,094 0 0
WINNEBAGO INDS INC COM 974637100 1,559 28,043 SH   DFND 1 28,043 0 0
WVS FINL CORP COM 929358109 1,554 100,341 SH   DFND   100,341 0 0