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
ALCO Stores Inc. COM 001600105 2,503 264,919 SH   DFND 1 0 264,919 0
Alleghany Corp. COM 017175100 29,797 74,500 SH   DFND 1 0 74,500 0
Allscripts Healthcare Solutn COM 01988P108 7,382 477,500 SH   DFND 1 0 477,500 0
American River Bankshares COM 029326105 2,410 255,000 SH   DFND 1 0 255,000 0
Axiall Corp COM 05463D100 949 20,000 SH   DFND 1 0 20,000 0
BRT Realty Trust SH BEN INT NEW 055645303 1,190 168,369 SH   DFND 1 0 168,369 0
The Bancorp Bank COM 05969F104 5,642 315,000 SH   DFND 1 0 315,000 0
Bank of America Corporation COM 060505104 779 50,000 SH   SOLE   50,000 0 0
Barnes & Noble Inc. COM 067774109 10,166 680,000 SH   DFND 1 0 680,000 0
Becton, Dickinson & Co. COM 075887109 22,098 200,000 SH   DFND 1 0 200,000 0
Big 5 Sporting Goods Corp. COM 08915P101 4,113 207,500 SH   DFND 1 0 207,500 0
Blount International, Inc. COM 095180105 8,320 575,000 SH   DFND 1 0 575,000 0
Boeing Co. COM 097023105 2,730 20,000 SH   SOLE   20,000 0 0
Boston Scientific Corp. COM 101137107 24,040 2,000,000 SH   DFND 1 0 2,000,000 0
CIT Group Inc. COM NEW 125581801 18,636 357,500 SH   DFND 1 0 357,500 0
Cache, Inc. COM NEW 127150308 20,561 3,786,635 SH   DFND 1 0 3,786,635 0
Cape Bancorp Inc. COM 139209100 2,633 259,200 SH   DFND 1 0 259,200 0
Castle A M & Co. COM 148411101 8,382 567,500 SH   DFND 1 0 567,500 0
Charter Financial Corporation MD COM 16122W108 492 45,725 SH   DFND 1 0 45,725 0
Clearwater Paper Corp. COM 18538R103 525 10,000 SH   DFND 1 0 10,000 0
Clifton Savings Bancorp, Inc. COM 18712Q103 2,531 197,700 SH   DFND 1 0 197,700 0
Columbia Banking System, Inc. COM 197236102 19,793 720,000 SH   DFND 1 0 720,000 0
Crocs, Inc. COM 227046109 1,433 90,000 SH   DFND 1 0 90,000 0
Demand Media, Inc. COM 24802N109 3,606 625,000 SH   DFND 1 0 625,000 0
Dolby Laboratories Inc. COM 25659T107 16,203 420,200 SH   DFND 1 0 420,200 0
Donegal Group Inc. COM CL A 257701201 2,385 150,000 SH   DFND 1 0 150,000 0
Du Pont E I De Nemours & Co COM 263534109 19,491 300,000 SH   DFND 1 0 300,000 0
Du Pont E I De Nemours & Co COM 263534109 1,299 20,000 SH   SOLE   20,000 0 0
Enzon Pharmaceuticals Inc. COM 293904108 868 748,200 SH   DFND 1 0 748,200 0
Exxon Mobil Corp. COM 30231G102 1,214 12,000 SH   SOLE   12,000 0 0
FXCM Inc COM CL A 302693106 29,986 1,680,828 SH   DFND 1 0 1,680,828 0
FTD Companies, Inc. COM 30281V108 2,444 75,000 SH   DFND 1 0 75,000 0
Farmer Bros Co. COM 307675108 8,500 365,300 SH   DFND 1 0 365,300 0
Farmer Bros Co. COM 307675108 62 2,800 SH   SOLE   2,800 0 0
First Security Group Inc. COM NEW 336312025 13,984 6,080,000 SH   DFND 1 0 6,080,000 0
Forest City Enterprises Inc. CL A 345550107 17,095 895,000 SH   DFND 1 0 895,000 0
Franklin Financial Corp VA COM 35353C102 14,119 713,798 SH   DFND 1 0 713,798 0
GAMCO Investors Inc. COM 361438104 1,931 22,200 SH   DFND 1 0 22,200 0
Gencorp Inc. COM 368682100 13,317 739,000 SH   DFND 1 0 739,000 0
Gencorp Inc. COM 368682100 447 24,794 SH   SOLE   24,794 0 0
General Electric Co. COM 369604103 1,402 50,000 SH   SOLE   50,000 0 0
General Motors Co. W EXP 7/10/2019 37045V126 1,156 50,000 SH   DFND 1 0 50,000 0
Getty Realty Corp. COM 374297109 3,247 176,756 SH   DFND 1 0 176,756 0
Getty Realty Corp. COM 374297109 665 36,218 SH   SOLE   36,218 0 0
Great Florida Bk Miami Lakes Fla CL A 390528107 92 28,469 SH   SOLE   28,469 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 16,260 345,000 SH   DFND 1 0 345,000 0
Gyrodyne Co. America Inc. COM 403820103 78 6,110 SH   SOLE   6,110 0 0
Hardinge, Inc. COM 412324303 4,269 295,000 SH   DFND 1 0 295,000 0
Harris Corp Del COM 413875105 22,688 325,000 SH   DFND 1 0 325,000 0
Heritage Commerce Corp. COM 426927109 5,338 647,794 SH   DFND 1 0 647,794 0
Heritage Oaks Bancorp COM 42724R107 8,749 1,166,575 SH   DFND 1 0 1,166,575 0
Hess Corporation COM 42809H107 45,443 547,500 SH   DFND 1 0 547,500 0
Hess Corporation COM 42809H107 12,450 150,000 SH   SOLE   150,000 0 0
HomeTrust Bancshares, Inc. COM 437872104 4,797 300,000 SH   DFND 1 0 300,000 0
Hospira Inc. COM 441060100 16,512 400,000 SH   DFND 1 0 400,000 0
Hugoton RTY TR TEX UNIT BEN INT 444717102 263 35,000 SH   SOLE   35,000 0 0
Intel Corp. COM 458140100 12,978 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 35,039 1,350,000 SH   SOLE   1,350,000 0 0
Johnson & Johnson COM 478160104 3,206 35,000 SH   SOLE   35,000 35,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 21,353 304,002 SH   DFND 1 0 304,002 0
Kemper Corp. Del COM 488401100 409 10,000 SH   SOLE   10,000 10,000 0
Liberty Interactive Corp INT COM SER A 53071M104 734 25,000 SH   DFND 1 0 25,000 0
MVC Capital Inc. COM 553829102 140 10,400 SH   SOLE   10,400 0 0
National Presto Industries, Inc. COM 637215104 7,889 98,000 SH   DFND 1 0 98,000 0
News Corp CL A 65248E104 7,208 400,000 SH   DFND 1 0 400,000 0
Northeast Bancorp COM NEW 663904209 2,748 286,800 SH   DFND 1 0 286,800 0
Northfield Bancorp Inc COM 66611T105 9,240 700,000 SH   DFND 1 0 700,000 0
Novagold Resources Inc. COM NEW 66987E206 254 100,000 SH   DFND 1 0 100,000 0
Old Republic Intl Corp. COM 680223104 364 21,093 SH   SOLE   21,093 0 0
OmniAmerican Bancorp Inc COM 68216R107 11,819 552,800 SH   DFND 1 0 552,800 0
Oneok Inc. COM 682680103 18,654 300,000 SH   DFND 1 0 300,000 0
Orient Express Hotels Ltd COM CL A G67743107 1,435 95,000 SH   DFND 1 0 95,000 0
Penford Corp. COM 707051108 320 24,935 SH   DFND 1 0 24,935 0
Penny JC Inc. COM 708160106 3,337 364,700 SH   DFND 1 0 364,700 0
Pfizer Inc. COM 717081103 5,820 190,000 SH   DFND 1 0 190,000 0
Pfizer Inc. COM 717081103 4,812 157,100 SH   SOLE   157,100 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 733 14,363 SH   SOLE   14,363 0 0
Prudential Bancorp Inc. PA COM 744319104 970 89,887 SH   DFND 1 0 89,887 0
Quanex Building Products COM 747619104 1,494 75,000 SH   DFND 1 0 75,000 0
Resolute Forest Products Inc. COM 76117W109 7,743 483,306 SH   DFND 1 0 483,306 0
Royal Dutch Shell PLC Spon ADR A 780259206 1,068 14,979 SH   SOLE   14,979 0 0
Ruths Hospitality Group Inc. COM 783332109 19,954 1,404,200 SH   DFND 1 0 1,404,200 0
SI Financial Group Inc MD COM 78425V104 628 52,152 SH   DFND 1 0 52,152 0
SandRidge Energy, Inc. COM 80007P307 1,518 250,000 SH   DFND 1 0 250,000 0
Sanofi RIGHT 12/31/2020 80105N113 1,700 5,000,000 SH   DFND 1 0 5,000,000 0
Sanofi RIGHT 12/31/2020 80105N113 102 300,000 SH   SOLE   300,000 0 0
Seacoast Banking Corp of Florida COM NEW 811707801 3,405 279,070 SH   DFND 1 0 279,070 0
Symetra Financial Corp. COM 87151Q106 14,030 740,000 SH   DFND 1 0 740,000 0
Symetra Financial Corp. COM 87151Q106 9,196 485,000 SH   SOLE   485,000 0 0
Tejon Ranch Co. COM 879080109 19,115 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Co. W EXP 8/31/2016 879080133 422 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Inds Ltd. ADR 881624209 16,032 400,000 SH   DFND 1 0 400,000 0
United Financial Bancorp, Inc. COM 91030T109 1,517 80,300 SH   DFND 1 0 80,300 0
Universal Stainless & Alloy Inc. COM 913837100 2,990 82,909 SH   DFND 1 0 82,909 0
ViroPharma Inc. COM 928241108 19,940 400,000 SH   DFND 1 0 400,000 0
Vornado Realty Trust SH BEN INT 929042109 8,879 100,000 SH   DFND 1 0 100,000 0
Wright Medical Group Inc. COM 98235T107 1,550 774,852 SH   DFND 1 0 774,852 0
Yadkin Valley Financial Corp COM 984314104 6,086 357,140 SH   DFND 1 0 357,140 0