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 4,032 203,132 SH   DFND   203,132 0 0
AMBAC FINL GROUP INC COM NEW 023139884 19,979 1,006,522 SH   DFND 1 1,006,522 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 5,288 139,300 SH   DFND   139,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 53,601 1,412,039 SH   DFND 1 1,412,039 0 0
AMERISERV FINL INC COM 03074A102 1,264 308,252 SH   DFND   308,252 0 0
BANK AMER CORP COM 060505104 13,833 490,701 SH   DFND   490,701 0 0
BANK AMER CORP COM 060505104 39,329 1,395,151 SH   DFND 1 1,395,151 0 0
BANK AMER CORP COM 060505104 5,638 200,000 SH Call DFND 1 0 0 0
BROADWIND ENERGY INC COM NEW 11161T207 368 155,741 SH   DFND   155,741 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 69 1,832 SH   DFND   1,832 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 1,129 30,076 SH   DFND 1 30,076 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,333 14,503 SH   DFND   14,503 0 0
CAVCO INDS INC DEL COM 149568107 9,154 44,085 SH   DFND 1 44,085 0 0
CB FINL SVCS INC COM 12479G101 1,445 41,995 SH   DFND   41,995 0 0
CIT GROUP INC COM NEW 125581801 1,664 33,000 SH   DFND   33,000 0 0
CIT GROUP INC COM NEW 125581801 5,041 100,000 SH   DFND 1 100,000 0 0
CIT GROUP INC COM NEW 125581801 14,498 287,600 SH Call DFND   0 0 0
CIT GROUP INC COM NEW 125581801 19,297 382,800 SH Call DFND 1 0 0 0
CITIGROUP INC COM NEW 172967424 11,879 177,510 SH   DFND   177,510 0 0
CITIGROUP INC COM NEW 172967424 40,820 609,983 SH   DFND 1 609,983 0 0
CITIGROUP INC COM NEW 172967424 16,730 250,000 SH Call DFND   0 0 0
CITIGROUP INC COM NEW 172967424 38,847 580,500 SH Call DFND 1 0 0 0
CITIGROUP INC W EXP 01/04/201 172967226 8 662,406 SH   DFND   662,406 0 0
CITIGROUP INC W EXP 01/04/201 172967226 30 2,387,221 SH   DFND 1 2,387,221 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,043 215,038 SH   DFND   215,038 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,752 123,830 SH   DFND 1 123,830 0 0
CITIZENS FIRST CORP COM 17462Q107 2,451 93,978 SH   DFND   93,978 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 447 18,440 SH   DFND   18,440 0 0
COLONY BANKCORP INC COM 19623P101 2,028 120,000 SH   DFND   120,000 0 0
COLONY BANKCORP INC COM 19623P101 2,322 137,387 SH   DFND 1 137,387 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,767 96,220 SH   DFND   96,220 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 10,651 215,000 SH   DFND 1 215,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 2,124 200,000 SH   DFND   200,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 4,885 460,000 SH   DFND 1 460,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 1,859 175,000 SH Call DFND   0 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 18,961 1,785,400 SH Call DFND 1 0 0 0
ENTEGRA FINL CORP COM 29363J108 1,821 62,138 SH   DFND   62,138 0 0
ESSA BANCORP INC COM 29667D104 3,272 206,704 SH   DFND   206,704 0 0
ESSA BANCORP INC COM 29667D104 1,281 80,906 SH   DFND 1 80,906 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 452 17,795 SH   DFND   17,795 0 0
FIRST BANK/WILLIAMSTOWN NJ COM 31931U102 1,247 89,716 SH   DFND   89,716 0 0
FIRST SOLAR INC COM 336433107 671 12,734 SH   DFND   12,734 0 0
FIRST SOLAR INC COM 336433107 9,098 172,766 SH   DFND 1 172,766 0 0
FIRST US BANCSHARES INC COM 33744V103 287 24,610 SH   DFND   24,610 0 0
FIRST US BANCSHARES INC COM 33744V103 244 20,903 SH   DFND 1 20,903 0 0
FIRST UTD CORP COM 33741H107 2,045 100,000 SH   DFND   100,000 0 0
FIRST UTD CORP COM 33741H107 7,083 346,368 SH   DFND 1 346,368 0 0
HAWTHORN BANCSHARES INC COM 420476103 6,255 285,599 SH   DFND   285,599 0 0
HMN FINL INC COM 40424G108 5,594 278,304 SH   DFND   278,304 0 0
IES HLDGS INC COM 44951W106 163,307 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 43,038 2,569,418 SH   DFND 1 2,569,418 0 0
IF BANCORP INC COM 44951J105 1,631 68,227 SH   DFND   68,227 0 0
IF BANCORP INC COM 44951J105 239 10,000 SH   DFND 1 10,000 0 0
LOUISIANA-PACI CORP COM 546347105 1,323 48,620 SH   DFND   48,620 0 0
LOUISIANA-PACI CORP COM 546347105 8,057 296,000 SH   DFND 1 296,000 0 0
LSB INDS INC COM 502160104 1,252 236,156 SH   DFND   236,156 0 0
LSB INDS INC COM 502160104 13,633 2,572,292 SH   DFND 1 2,572,292 0 0
MACKINAC FINL CORP COM 554571109 4,373 263,772 SH   DFND   263,772 0 0
MOHAWK INDS INC COM 608190104 429 2,000 SH   DFND   2,000 0 0
MOHAWK INDS INC COM 608190104 2,571 12,000 SH   DFND 1 12,000 0 0
MVB FINANCIAL CORP COM 553810102 461 25,544 SH   DFND   25,544 0 0
MVC CAPITAL INC COM 553829102 292 30,691 SH   DFND 1 30,691 0 0
PATRICK INDS INC COM 703343103 55,395 974,409 SH   DFND   974,409 0 0
PATRICK INDS INC COM 703343103 13,880 244,160 SH   DFND 1 244,160 0 0
PEOPLES BANCORP N C INC COM 710577107 12,581 392,789 SH   DFND   392,789 0 0
PEOPLES BANCORP N C INC COM 710577107 4,666 145,664 SH   DFND 1 145,664 0 0
PREMIER FINL BANCORP INC COM 74050M105 1,643 87,998 SH   DFND   87,998 0 0
REGIONS FINL CORP NEW COM 7591EP100 533 30,000 SH   DFND   30,000 0 0
REPUBLIC BANCORP KY CL A 760281204 5,177 114,276 SH   DFND   114,276 0 0
REPUBLIC BANCORP KY CL A 760281204 1,209 26,686 SH   DFND 1 26,686 0 0
SB FINL GROUP INC COM 78408D105 1,075 52,894 SH   DFND   52,894 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 2,204 254,745 SH   DFND   254,745 0 0
SHORE BANCSHARES INC COM 825107105 770 40,500 SH   DFND   40,500 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 19,901 326,250 SH   DFND   326,250 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 39,802 652,497 SH   DFND 1 652,497 0 0
SKYLINE CHAMPION CORPORATION COM 830830105 39,794 1,135,676 SH   DFND 1 1,135,676 0 0
SUNCOKE ENERGY INC COM 86722A103 7,370 550,000 SH   DFND 1 550,000 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 3,078 114,687 SH   DFND   114,687 0 0
THOR INDS INC COM 885160101 1,383 14,200 SH   DFND   14,200 0 0
THOR INDS INC COM 885160101 19,985 205,206 SH   DFND 1 205,206 0 0
TRONOX LTD-CL A SHS CL A Q9235V101 624 31,700 SH   DFND   31,700 0 0
TRONOX LTD-CL A SHS CL A Q9235V101 8,196 416,465 SH   DFND 1 416,465 0 0
UNITED BANCSHARES INC OHIO COM 909458101 7,006 318,442 SH   DFND   318,442 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 777 70,734 SH   DFND   70,734 0 0
UNITED CONTL HLDGS INC COM 910047109 7,175 102,900 SH   DFND   102,900 0 0
UNITED CONTL HLDGS INC COM 910047109 40,867 586,075 SH   DFND 1 586,075 0 0
UNIVERSAL FST PROD COM 913543104 2,570 70,192 SH   DFND   70,192 0 0
UNIVERSAL FST PROD COM 913543104 14,210 388,030 SH   DFND 1 388,030 0 0
WHIRLPOOL CORP COM 963320106 658 4,500 SH   DFND   4,500 0 0
WHIRLPOOL CORP COM 963320106 5,425 37,100 SH   DFND 1 37,100 0 0
WINNEBAGO INDS INC COM 974637100 20,174 496,896 SH   DFND 1 496,896 0 0
WVS FINL CORP COM 929358109 1,749 105,652 SH   DFND   105,652 0 0