0000906344-12-000030.txt : 20120214 0000906344-12-000030.hdr.sgml : 20120214 20120214151129 ACCESSION NUMBER: 0000906344-12-000030 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 EFFECTIVENESS DATE: 20120214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBF Capital, LLC CENTRAL INDEX KEY: 0001134621 IRS NUMBER: 680383896 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06357 FILM NUMBER: 12608431 BUSINESS ADDRESS: STREET 1: 100 DRAKES LANDING ROAD STREET 2: SUITE 300 CITY: GREENBRAE STATE: CA ZIP: 94904 BUSINESS PHONE: (415) 464-4475 MAIL ADDRESS: STREET 1: 100 DRAKES LANDING ROAD STREET 2: SUITE 300 CITY: GREENBRAE STATE: CA ZIP: 94904 FORMER COMPANY: FORMER CONFORMED NAME: RBF LLC DATE OF NAME CHANGE: 20010213 13F-HR 1 rbf4q11.txt FORM 13F - FOURTH QUARTER 2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2011 Check here if Amendment [ ]; Amendment Number: This amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: RBF CAPITAL, LLC Address: 100 Drakes Landing Road, Suite 300 Greenbrae, CA 94904 13F File Number: 028-06357 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it that all information contained herein is true, correct and complete and that it is understood that all required items, statements, schedules, lists and tables are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Richard B. Fullerton Title: Managing Member Phone: 415-464-4478 Signature, Place and Date of Signing: /s/ Richard B. Fullerton Greenbrae, CA February 2, 2012 -------------------------- --------------------- ------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 311 Form 13F Information Table Value Total: 221,746 (x$1000) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE RBF CAPITAL, LLC FORM 13F INFORMATION TABLE - FOURTH QUARTER 2011
TITLE VALUE SHARES/ SH/ PUT/ INVT OTH VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRN MGRS SOLE SHARED NONE ========================================================================================================================= U.S. CONCRETE INC 144A 9.5% 08/31/2015 Convertible 90333LAE2 197 201,000 PRN Sole 201,000 SER: CONV DMJS Bond ASSET ACCEPTANCE CAPITAL CORP CMN Common Stock 04543P100 446 114,016 SH Sole 114,016 AMERISOURCEBERGEN CORPORATION CMN Common Stock 03073E105 1,116 30,000 SH Sole 30,000 CAMBIUM LEARNING GROUP, INC. CMN Common Stock 13201A107 54 18,000 SH Sole 18,000 ACE LIMITED CMN Common Stock H0023R105 771 11,000 SH Sole 11,000 ACCENTURE PLC CMN Common Stock G1151C901 266 5,000 SH Sole 5,000 ACTIONS SEMICONDUCTOR CO LTD ADR CMN Dep. Receipt 00507E107 731 399,721 SH Sole 399,721 AUTODESK INC CMN Common Stock 052769106 212 7,000 SH Sole 7,000 ADVANCE AMER, CASH ADVANCE CMN Common Stock 00739W107 318 35,545 SH Sole 35,545 CENTERS,INC. AMERICAN EAGLE OUTFITTERS INC (NEW) Common Stock 02553E106 459 30,000 SH Sole 30,000 AEP INDUSTRIES INC CMN Common Stock 001031103 2,393 85,000 SH Sole 85,000 AETNA INC CMN Common Stock 00817Y108 633 15,000 SH Sole 15,000 ASSURED GUARANTY LTD. CMN Common Stock G0585R106 1,314 100,000 SH Sole 100,000 ASPEN INSURANCE HOLDINGS LTD CMN Common Stock G05384105 928 35,000 SH Sole 35,000 AMN HEALTHCARE SERVICES INC CMN Common Stock 001744101 389 87,804 SH Sole 87,804 AMERICAN INTL GROUP, INC. CMN Common Stock 026874784 1,297 55,900 SH Sole 55,900 AMERICAN LORAIN CORPORATION CMN Common Stock 027297100 129 80,334 SH Sole 80,334 ALTERRA CAPITAL HOLDINGS LIMIT CMN Common Stock G0229R108 236 10,000 SH Sole 10,000 AMERICAN NATIONAL BANKSHARES CMN Common Stock 027745108 263 13,505 SH Sole 13,505 AMERICAN RIVER BANKSHARES CMN Common Stock 029326105 51 11,292 SH Sole 11,292 AON CORPORATION CMN Common Stock 037389103 328 7,000 SH Sole 7,000 APOLLO GLOBAL MANAGEMENT, LLC CMN CLASS A Common Stock 037612306 124 10,000 SH Sole 10,000 APOGEE ENTERPRISES INC CMN Common Stock 037598109 124 10,093 SH Sole 10,093 APOLLO GROUP CLASS A COMMON STOCK Common Stock 037604105 1,347 25,000 SH Sole 25,000 AEROPOSTALE, INC. CMN Common Stock 007865108 763 50,000 SH Sole 50,000 ARROW ELECTRONICS INC. CMN Common Stock 042735100 374 10,000 SH Sole 10,000 ASTA FUNDING INC CMN Common Stock 046220109 1,257 157,494 SH Sole 157,494 AMERICAN SAFETY INSURANCE HLDS CMN Common Stock G02995101 481 22,103 SH Sole 22,103 AVNET INC. CMN Common Stock 053807103 933 30,000 SH Sole 30,000 AMERICAN EXPRESS CO. CMN Common Stock 025816109 943 20,000 SH Sole 20,000 BANK OF AMERICA CORP CMN Common Stock 060505104 3,058 550,000 SH Sole 550,000 CALL/BAC @ 7 EXP 05/19/2012 Equity Option 060505904 2 100 SH CALL Sole 100 CALL/BAC @ 8 EXP 05/19/2012 Equity Option 060505904 1 100 SH CALL Sole 100 CALL/BAC @ 10 EXP 08/18/2012 Equity Option 060505904 3 300 SH CALL Sole 300 CALL/BAC @ 11 EXP 08/18/2012 Equity Option 060505904 0 79 SH CALL Sole 79 CALL/BAC @ 5 EXP 01/19/2013 Equity Option 060505904 15 100 SH CALL Sole 100 CALL/BAC @ 10 EXP 01/19/2013 Equity Option 060505904 3 150 SH CALL Sole 150 CALL/BAC @ 12.5 EXP 01/19/2013 Equity Option 060505904 5 500 SH CALL Sole 500 EINSTEIN NOAH RESTAURANT GROUP, INC CMN Common Stock 28257U104 255 16,139 SH Sole 16,139 BANNER CORPORATION CMN Common Stock 06652V208 245 14,285 SH Sole 14,285 BEASLEY BROADCAST GROUP INC CMN CLASS A Common Stock 074014101 102 32,469 SH Sole 32,469 BRUNSWICK CORP. CMN Common Stock 117043109 272 15,037 SH Sole 15,037 BEL FUSE INC CL-B CMN CLASS B Common Stock 077347300 498 26,558 SH Sole 26,558 BEACON FEDERAL BANCORP INC CMN Common Stock 073582108 173 12,468 SH Sole 12,468 BANKFINANCIAL CORP. CMN Common Stock 06643P104 130 23,553 SH Sole 23,553 GENERAL CABLE CORP CMN Common Stock 369300108 1,173 46,900 SH Sole 46,900 THE BANK OF NY MELLON CORP CMN Common Stock 064058100 697 35,000 SH Sole 35,000 BP P.L.C. SPONSORED ADR CMN Dep. Receipt 055622104 1,282 30,000 SH Sole 30,000 BRADY CORP CLASS-A CMN CLASS A Common Stock 104674106 352 11,151 SH Sole 11,151 BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A Common Stock 084670108 17,213 150 SH Sole 150 BASSETT FURNITURE CMN Common Stock 070203104 1,243 165,964 SH Sole 165,964 BURNHAM HOLDINGS INC CMN Common Stock 122295108 148 10,968 SH Sole 10,968 BROADVISION, INC CMN Common Stock 111412706 222 20,288 SH Sole 20,288 BLUEGREEN CORPORATION CMN Common Stock 096231105 439 156,106 SH Sole 156,106 CACHE INC NEW CMN Common Stock 127150308 124 20,000 SH Sole 20,000 CAMCO FINL CORP CMN Common Stock 132618109 264 211,410 SH Sole 211,410 CALLIDUS SOFTWARE INC CMN Common Stock 13123E500 287 44,700 SH Sole 44,700 AVIS BUDGET GROUP, INC. CMN Common Stock 053774105 289 27,000 SH Sole 27,000 CHINA INTEGRATED ENERGY INC CMN Common Stock 16948P105 39 100,610 SH Sole 100,610 CAMBREX CORPORATION CMN Common Stock 132011107 291 40,490 SH Sole 40,490 CBIZ, INC. CMN Common Stock 124805102 502 82,144 SH Sole 82,144 CROSS CTRY HEALTHCARE INC CMN Common Stock 227483104 227 40,857 SH Sole 40,857 C D I CORP CMN Common Stock 125071100 659 47,728 SH Sole 47,728 CENTRAL BANCORP INC CMN Common Stock 152418109 1,262 74,005 SH Sole 74,005 CAREER EDUCATION CORP CMN Common Stock 141665109 199 25,000 SH Sole 25,000 CULP INC CMN Common Stock 230215105 298 35,000 SH Sole 35,000 C&D TECHNOLOGIES INC CMN Common Stock 124661208 598 61,455 SH Sole 61,455 CHEMTURA CORPORATION CMN Common Stock 163893209 493 43,507 SH Sole 43,507 CHICO'S FAS INC CMN Common Stock 168615102 668 60,000 SH Sole 60,000 CNINSURE INC. SPONSORED ADR CMN Dep. Receipt 18976M103 69 10,000 SH Sole 10,000 CENTURY BANCORP INC CL-A NON VTG CLASS A Common Stock 156432106 242 8,573 SH Sole 8,573 CNO FINANCIAL GROUP INC CMN Common Stock 12621E103 1,417 224,633 SH Sole 224,633 CENTURY CASINOS INC CMN Common Stock 156492100 282 111,365 SH Sole 111,365 COMPASS DIVERSIFIED HOLDINGS CMN Part. Shares 20451Q104 128 10,300 SH Sole 10,300 CAPITAL ONE FINANCIAL CORP CMN Common Stock 14040H105 846 20,000 SH Sole 20,000 COWEN GROUP, INC. CMN Common Stock 223622101 2,778 1,072,609 SH Sole 1,072,609 CITIZENS REPUBLIC BANCORP INC CMN Common Stock 174420307 1,824 160,000 SH Sole 160,000 CHROMCRAFT REVINGTON INC COM CMN Common Stock 171117104 11 10,491 SH Sole 10,491 CRAWFORD & CO CL-A CMN CLASS A Common Stock 224633206 43 10,552 SH Sole 10,552 CROWN CRAFTS INC CMN Common Stock 228309100 36 10,830 SH Sole 10,830 COGDELL SPENCER INC CMN REIT 19238U107 1,190 280,000 SH Sole 280,000 CARRIAGE SERVICES, INC. CMN Common Stock 143905107 1,057 188,810 SH Sole 188,810 CHARLES & COLVARD LTD CMN Common Stock 159765106 35 13,702 SH Sole 13,702 CONTINENTAL MATERIALS CORP CMN Common Stock 211615307 313 26,190 SH Sole 26,190 CVS CAREMARK CORPORATION CMN Common Stock 126650100 1,631 40,000 SH Sole 40,000 COVENANT TRANSPORTATION GRP INC CMN Common Stock 22284P105 82 27,708 SH Sole 27,708 CLASS A CHEVRON CORPORATION CMN Common Stock 166764100 638 6,000 SH Sole 6,000 CYBEROPTICS CORP CMN Common Stock 232517102 300 38,480 SH Sole 38,480 DANA HOLDING CORPORATION CMN Common Stock 235825205 486 40,000 SH Sole 40,000 DIME COMMUNITY BANCSHARES CMN Common Stock 253922108 126 10,000 SH Sole 10,000 DOVER DOWNS GAMING & ENTMT INC CMN Common Stock 260095104 734 342,925 SH Sole 342,925 DISCOVER FINANCIAL SERVICES CMN Common Stock 254709108 674 28,100 SH Sole 28,100 DGT HOLDINGS CORP CMN Common Stock 23328R107 2,023 184,279 SH Sole 184,279 DOVER SADDLERY, INC. CMN Common Stock 260412101 1,512 377,896 SH Sole 377,896 DSP GROUP INC CMN Common Stock 23332B106 155 29,798 SH Sole 29,798 DESWELL INDUSTRIES INC CMN Common Stock 250639101 155 72,033 SH Sole 72,033 DATALINK CORP CMN Common Stock 237934104 158 19,084 SH Sole 19,084 DOVER MOTORSPORTS INC CMN Common Stock 260174107 81 78,163 SH Sole 78,163 DIXIE GROUP INC CMN CLASS A Common Stock 255519100 88 30,030 SH Sole 30,030 EBAY INC. CMN Common Stock 278642103 1,062 35,000 SH Sole 35,000 EDCI HLDGS INC CMN Common Stock 268315207 1,248 249,500 SH Sole 249,500 EQUIFAX INC CMN Common Stock 294429105 387 10,000 SH Sole 10,000 ENDURANCE SPECIALTY HLDGS LTD CMN Common Stock G30397106 1,148 30,000 SH Sole 30,000 ENERGIZER HOLDINGS, INC. CMN Common Stock 29266R108 232 3,000 SH Sole 3,000 ENTEGRIS, INC. CMN Common Stock 29362U104 175 20,000 SH Sole 20,000 ENSCO PLC SPON ADR Dep. Receipt 29358Q109 375 8,000 SH Sole 8,000 E*TRADE FINANCIAL CORPORATION CMN Common Stock 269246401 796 100,000 SH Sole 100,000 ENTERCOM COMMS. CORP CLASS A COMMON STOCK Common Stock 293639100 62 10,000 SH Sole 10,000 ENTRAVISION COMMUNICATIONS CP CMN CLASS A Common Stock 29382R107 1,647 1,056,048 SH Sole 1,056,048 FROZEN FOOD EXPRESS INDS INC CMN Common Stock 359360104 507 392,734 SH Sole 392,734 FLUSHING FINANCIAL CORPORATION CMN Common Stock 343873105 189 15,000 SH Sole 15,000 FAIR ISAAC INC CMN Common Stock 303250104 785 21,900 SH Sole 21,900 FIFTH THIRD BANCORP CMN Common Stock 316773100 636 50,000 SH Sole 50,000 FLANDERS CORPORATION CMN Common Stock 338494107 229 75,000 SH Sole 75,000 FLEXSTEEL INDUSTRIES INC CMN Common Stock 339382103 877 63,347 SH Sole 63,347 FIRST PLACE FINANCIAL CORPORATION CMN Common Stock 33610T109 28 54,781 SH Sole 54,781 FIVE STAR QUALITY CARE INC CMN Common Stock 33832D106 556 185,223 SH Sole 185,223 GENCOR INDUSTRIES INC CMN Common Stock 368678108 910 131,083 SH Sole 131,083 W.R. GRACE & CO (NEW) CMN Common Stock 38388F108 1,107 24,100 SH Sole 24,100 AGRIA CORPORATION SPONSORED ADR CMN Dep. Receipt 00850H103 90 86,579 SH Sole 86,579 U.S. GLOBAL INVESTORS INC A CMN Common Stock 902952100 222 36,800 SH Sole 36,800 GOLDMAN SACHS GROUP, INC.(THE) CMN Common Stock 38141G104 2,035 22,500 SH Sole 22,500 GLOBAL SOURCES LIMITED CMN ISIN: Common Stock G39300101 668 137,629 SH Sole 137,629 BMG393001018 HANMI FINANCIAL CORPORATION CMN Common Stock 410495204 1,076 145,377 SH Sole 145,377 HARVARD BIOSCIENCE INC CMN Common Stock 416906105 131 33,887 SH Sole 33,887 HUTTIG BUILDING PRODUCTS INC CMN Common Stock 448451104 294 566,276 SH Sole 566,276 HARDINGE INC. COMMON STOCK Common Stock 412324303 882 109,622 SH Sole 109,622 H&E EQUIPMENT SERVICES INC CMN Common Stock 404030108 671 50,000 SH Sole 50,000 HOLLYFRONTIER CORP CMN Common Stock 436106108 725 30,980 SH Sole 30,980 HOOPER HOLMES INC CMN Common Stock 439104100 241 402,203 SH Sole 402,203 HUDSON HIGHLAND GROUP, INC. CMN Common Stock 443792106 1,741 363,366 SH Sole 363,366 DOT HILL SYSTEMS CORP CMN Common Stock 25848T109 27 20,000 SH Sole 20,000 HEELYS, INC. CMN Common Stock 42279M107 253 136,820 SH Sole 136,820 HOLLYWOOD MEDIA CORP CMN Common Stock 436233100 577 454,300 SH Sole 454,300 H & R BLOCK INC. CMN Common Stock 093671105 653 40,000 SH Sole 40,000 HORMEL FOODS CORP CMN Common Stock 440452100 469 16,000 SH Sole 16,000 HEIDRICK & STRUGGLES INC. CMN Common Stock 422819102 392 18,206 SH Sole 18,206 HERTZ GLOBAL HOLDINGS, INC. CMN Common Stock 42805T105 448 38,200 SH Sole 38,200 HUBBELL INCORPORATED CLASS B CMN CLASS B Common Stock 443510201 301 4,500 SH Sole 4,500 HUMANA INC. CMN Common Stock 444859102 263 3,000 SH Sole 3,000 HAWTHORN BANCSHARES INC CMN Common Stock 420476103 150 24,780 SH Sole 24,780 MARINEMAX INC CMN Common Stock 567908108 132 20,200 SH Sole 20,200 ISHARES DOW JONES U.S. UTILITIES Mutual Fund 464287697 486 5,500 SH Sole 5,500 SECTORINDEX FUND ETF INTEGRATED ELECTRICAL SVC INC CMN Common Stock 45811E301 56 30,000 SH Sole 30,000 INDEPENDENCE HOLDING COMPANY (NEW) Common Stock 453440307 852 104,806 SH Sole 104,806 INFORMATION SVCS GRP, INC. CMN Common Stock 45675Y104 202 195,781 SH Sole 195,781 INSTEEL INDUSTRIES INC CMN Common Stock 45774W108 1,997 181,695 SH Sole 181,695 INFUSYSTEM HOLDINGS, INC. CMN Common Stock 45685K102 1,597 991,627 SH Sole 991,627 INVESTORS TITLE CO CMN Common Stock 461804106 236 6,598 SH Sole 6,598 INTERTAPE POLYMER GROUP INC CMN Common Stock 460919103 353 108,533 SH Sole 108,533 ITURAN LOCATION & CONTROL LTD CMN Common Stock M6158M104 137 10,016 SH Sole 10,016 JOE'S JEANS INC CMN Common Stock 47777N101 178 339,786 SH Sole 339,786 JPMORGAN CHASE & CO CMN Common Stock 46625H100 1,164 35,000 SH Sole 35,000 JPS INDUSTRIES, INC. CMN Common Stock 46624E405 1,499 202,608 SH Sole 202,608 JOURNAL COMMUNICATIONS INC CMN CLASS A Common Stock 481130102 132 30,000 SH Sole 30,000 KELLY SERVICES INC(CL-A) CMN CLASS A Common Stock 488152208 202 14,744 SH Sole 14,744 KEYCORP CMN Common Stock 493267108 615 80,000 SH Sole 80,000 KRAFT FOODS INC. CMN CLASS A Common Stock 50075N104 2,767 74,056 SH Sole 74,056 KORN/FERRY INTERNATIONAL CMN Common Stock 500643200 172 10,070 SH Sole 10,070 KKR & CO. L.P. CMN Part. Shares 48248M102 128 10,000 SH Sole 10,000 COCA-COLA COMPANY (THE) CMN Common Stock 191216100 1,329 19,000 SH Sole 19,000 LAWSON PRODUCTS INC CMN Common Stock 520776105 178 11,568 SH Sole 11,568 LIBBEY INC. CMN Common Stock 529898108 255 20,000 SH Sole 20,000 LANNETT COMPANY, INC CMN Common Stock 516012101 295 66,792 SH Sole 66,792 LYDALL INC CMN Common Stock 550819106 1,201 126,530 SH Sole 126,530 LINCOLN EDL SERVICES CORP CMN Common Stock 533535100 115 14,510 SH Sole 14,510 LKQ CORPORATION CMN Common Stock 501889208 1,654 55,000 SH Sole 55,000 LYONDELLBASELL INDUSTRIES N.V.CMN CLASSA Common Stock N53745100 650 20,000 SH Sole 20,000 LSI INDUSTRIES INC CMN Common Stock 50216C108 363 60,520 SH Sole 60,520 MASTERCARD INCORPORATED CMN CLASS A Common Stock 57636Q104 2,796 7,500 SH Sole 7,500 MATERIAL SCIENCES CORP CMN Common Stock 576674105 1,885 229,320 SH Sole 229,320 MBIA INC CMN Common Stock 55262C100 116 10,000 SH Sole 10,000 MEDNAX INC CMN Common Stock 58502B106 360 5,000 SH Sole 5,000 MAIDENFORM BRANDS, INC. CMN Common Stock 560305104 183 10,000 SH Sole 10,000 MFRI INC CMN Common Stock 552721102 221 31,880 SH Sole 31,880 MCGRAW-HILL COMPANIES INC CMN Common Stock 580645109 2,024 45,000 SH Sole 45,000 MFC INDUSTRIAL LTD CMN Common Stock 55278T105 291 41,518 SH Sole 41,518 MARSH & MCLENNAN CO INC CMN Common Stock 571748102 496 15,700 SH Sole 15,700 MIDWESTONE FINANCIAL GROUP INC CMN Common Stock 598511103 528 36,100 SH Sole 36,100 MOVADO GROUP INC CMN Common Stock 624580106 257 14,165 SH Sole 14,165 MRV COMMUNICATIONS, INC CMN Common Stock 553477100 817 950,063 SH Sole 950,063 MORGAN STANLEY CMN Common Stock 617446448 1,906 126,000 SH Sole 126,000 CALL/MS @ 15 EXP 01/21/2012 Equity Option 617446908 9 100 SH CALL Sole 100 CALL/MS @ 16 EXP 01/21/2012 Equity Option 617446908 5 110 SH CALL Sole 110 CALL/MS @ 17.5 EXP 01/21/2012 Equity Option 617446908 2 103 SH CALL Sole 103 CALL/MS @ 19 EXP 01/21/2012 Equity Option 617446908 2 300 SH CALL Sole 300 CALL/MS @ 20 EXP 01/21/2012 Equity Option 617446908 1 300 SH CALL Sole 300 CALL/MS @ 21 EXP 01/21/2012 Equity Option 617446908 1 211 SH CALL Sole 211 CALL/MS @ 11 EXP 04/21/2012 Equity Option 617446908 47 100 SH CALL Sole 100 CALL/MS @ 12 EXP 04/21/2012 Equity Option 617446908 40 100 SH CALL Sole 100 CALL/MS @ 13 EXP 04/21/2012 Equity Option 617446908 64 200 SH CALL Sole 200 CALL/MS @ 15 EXP 04/21/2012 Equity Option 617446908 80 400 SH CALL Sole 400 CALL/MS @ 16 EXP 04/21/2012 Equity Option 617446908 8 50 SH CALL Sole 50 CALL/MS @ 17 EXP 04/21/2012 Equity Option 617446908 6 51 SH CALL Sole 51 CALL/MS @ 19 EXP 04/21/2012 Equity Option 617446908 10 150 SH CALL Sole 150 CALL/MS @ 21 EXP 04/21/2012 Equity Option 617446908 7 200 SH CALL Sole 200 CALL/MS @ 22 EXP 04/21/2012 Equity Option 617446908 2 72 SH CALL Sole 72 CALL/MS @ 20 EXP 01/18/2014 Equity Option 617446908 9 30 SH CALL Sole 30 MICROSOFT CORPORATION CMN Common Stock 594918104 2,207 85,000 SH Sole 85,000 MICROSTRATEGY INC CMN CLASS A Common Stock 594972408 306 2,821 SH Sole 2,821 MENS WEARHOUSE INC (THE) CMN Common Stock 587118100 846 26,100 SH Sole 26,100 NCI BUILDING SYSTEMS, INC. CMN Common Stock 628852204 510 46,931 SH Sole 46,931 NASDAQ OMX GROUP, INC. CMN Common Stock 631103108 245 10,000 SH Sole 10,000 NEW HAMPSHIRE THRIFT BANCSHARES INC Common Stock 644722100 2,020 178,765 SH Sole 178,765 NN INC CMN Common Stock 629337106 60 10,000 SH Sole 10,000 OPTICAL CABLE CORP CMN Common Stock 683827208 83 26,005 SH Sole 26,005 ORIENTAL FINANCIAL GROUP CMN Common Stock 68618W100 164 13,570 SH Sole 13,570 ONE LIBERTY PROPERTIES INC CMN REIT 682406103 330 20,000 SH Sole 20,000 OMNICOM GROUP CMN Common Stock 681919106 624 14,000 SH Sole 14,000 PACER INTERNATIONAL INC CMN Common Stock 69373H106 54 10,000 SH Sole 10,000 PAR TECHNOLOGY CORP CMN Common Stock 698884103 242 61,385 SH Sole 61,385 PARLUX FRAGRANCES CMN Common Stock 701645103 74 14,564 SH Sole 14,564 PC-TEL INC CMN Common Stock 69325Q105 182 26,547 SH Sole 26,547 PEPSICO INC CMN Common Stock 713448108 2,654 40,000 SH Sole 40,000 PROGRESSIVE CORPORATION (THE) CMN Common Stock 743315103 488 25,000 SH Sole 25,000 PGT INC CMN Common Stock 69336V101 305 296,373 SH Sole 296,373 PHH CORPORATION CMN Common Stock 693320202 1,391 130,000 SH Sole 130,000 PULTE HOMES, INC. CMN Common Stock 745867101 820 130,000 SH Sole 130,000 PARKWAY PROPERTIES INC MD CMN REIT 70159Q104 147 14,950 SH Sole 14,950 PRESIDENTIAL LIFE CORP CMN Common Stock 740884101 2,498 250,025 SH Sole 250,025 PHILIP MORRIS INTL INC CMN Common Stock 718172109 471 6,000 SH Sole 6,000 PSYCHEMEDICS CORPORATION CMN Common Stock 744375205 777 85,358 SH Sole 85,358 PNC FINANCIAL SERVICES GROUP CMN Common Stock 693475105 865 15,000 SH Sole 15,000 PINNACLE AIRLINES CORP CMN Common Stock 723443107 66 80,000 SH Sole 80,000 PACIFIC PREMIER BANCORP CMN Common Stock 69478X105 124 19,519 SH Sole 19,519 PPL CORPORATION CMN Common Stock 69351T106 265 9,000 SH Sole 9,000 PERCEPTRON INC CMN Common Stock 71361F100 506 106,203 SH Sole 106,203 PARTNERRE LTD BERMUDA CMN Common Stock G6852T105 1,573 24,500 SH Sole 24,500 PLATINUM UNDERWRITERS HLDGS CMN Common Stock G7127P100 5,535 162,275 SH Sole 162,275 P.A.M. TRANSPORTATION SVCS INC CMN Common Stock 693149106 300 31,544 SH Sole 31,544 PARKVALE FINANCIAL CORP CMN Common Stock 701492100 1,004 40,857 SH Sole 40,857 QC HOLDINGS, INC. CMN Common Stock 74729T101 121 30,000 SH Sole 30,000 QLT INC. CMN Common Stock 746927102 572 79,489 SH Sole 79,489 QUALITY DISTRIBUTION, INC. CMN Common Stock 74756M102 498 44,300 SH Sole 44,300 RAIT FINANCIAL TRUST CMN REIT 749227609 143 30,000 SH Sole 30,000 RENT-A-CENTER INC CMN Common Stock 76009N100 370 10,000 SH Sole 10,000 RCM TECHNOLOGIES INC CMN Common Stock 749360400 137 26,497 SH Sole 26,497 REDDY ICE HOLDINGS, INC. CMN Common Stock 75734R105 72 300,075 SH Sole 300,075 EVEREST RE GROUP LTD CMN Common Stock G3223R108 529 6,287 SH Sole 6,287 RESOURCE AMERICA INC CL-A CMN CLASS A Common Stock 761195205 583 125,000 SH Sole 125,000 RICK'S CABARET INTERNATIONAL INC (NEW) Common Stock 765641303 513 60,658 SH Sole 60,658 GIBRALTAR INDUSTRIES INC CMN Common Stock 374689107 2,518 180,389 SH Sole 180,389 SALEM COMMUNICATIONS CL-A CMN CLASS A Common Stock 794093104 52 20,045 SH Sole 20,045 SANMINA-SCI CORPORATION CMN Common Stock 800907206 93 10,000 SH Sole 10,000 SINCLAIR BROADCAST GROUP INC CMN CLASS A Common Stock 829226109 113 10,000 SH Sole 10,000 SEABRIGHT HLDG INC CMN Common Stock 811656107 93 12,200 SH Sole 12,200 CHARLES SCHWAB CORPORATION CMN Common Stock 808513105 225 20,000 SH Sole 20,000 SERVICE CORP INTERNATL CMN Common Stock 817565104 213 20,000 SH Sole 20,000 STEELCASE INC. 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