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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AMERICAN TEL & TELCOM30177109561,83515,889SH SOLE 15,88900
ASTORIA FINANCIALCOM46265104237,86317,685SH SOLE 17,68500
ASTEC INDUSCOM46224101526,56012,000SH SOLE 12,00000
BANK OF AMERICACOM60505104852,46655,463SH SOLE 55,46300
BP PLCCOM5562210447,813,391906,415SH SOLE 906,41500
BRISTOL MYERS SQUIBBCOM1101221081,341,30227,650SH SOLE 27,65000
BLACKBERRYCOM09228F10317,105,4081,670,450SH SOLE 1,670,45000
CITIGROUPCOM17296710165,240,2821,385,144SH SOLE 1,385,14400
CHEVRONTEXACOCOM166764100833,9536,388SH SOLE 6,38800
COMCAST CL ACOM20030N1011,301,90924,253SH SOLE 24,25300
CTM MEDIA CL ACOM22944D104701,11910,341SH SOLE 10,34100
EXXON MOBILECOM30231G1021,780,42517,684SH SOLE 17,68400
FIRST NIAGARA FINANCIALCOM33582V1081,206,854138,084SH SOLE 138,08400
FLUSHING FINANCIALCOM343873105207,94510,119SH SOLE 10,11900
GENERAL ELECTRICCOM369604103394,20015,000SH SOLE 15,00000
GENIE ELECTRICCOM9035143445,155,849655,127SH SOLE 655,12700
HOLOGICCOM43644010139,082,8311,541,729SH SOLE 1,541,72900
IBMCOM459200101590,5783,258SH SOLE 3,25800
IDT CORP CL BCOM44884730911,586,808665,144SH SOLE 665,14400
KEYCORP NEWCOM493267108266,09418,569SH SOLE 18,56900
LANDMARK SAVINGS BANKCOM5149281001,400,55770,486SH SOLE 70,48600
MERCKCOM58933110764,796,3081,120,074SH SOLE 1,120,07400
MONSANTOCOM66166W1011,108,6958,888SH SOLE 8,88800
MBIACOM55262C10027,851,0392,522,739SH SOLE 2,522,73900
NAM TAI PPTYCOMG6390710228,459,8623,774,517SH SOLE 3,774,51700
NAVIENTCOM63938C10816,153,026912,085SH SOLE 912,08500
NEW YORK COMMUNITYCOM64944510359,528,1113,725,163SH SOLE 3,725,16300
NEWMARKET GROUPCOM651587107372,505950SH SOLE 95000
NOVARTIS ADRCOM66987V1092,387,09526,368SH SOLE 26,36800
NY TIMES CL ACOM65011110768,625,9394,511,896SH SOLE 4,511,89600
OLD REPUBLICCOM68022310434,473,7602,265,645SH SOLE 2,265,64500
PHI INC NON-VOTINGCOM7166042021,260,43928,280SH SOLE 28,28000
PFIZERCOM71708110362,164,4382,124,489SH SOLE 2,124,48900
PATTERSON ENERGYCOM70348110131,577,165903,754SH SOLE 903,75400
QUESTAR CORPCOM748356102395,56015,950SH SOLE 15,95000
SEABOARD CORPCOM81154310734,310,26711,360SH SOLE 11,36000
SLM CORPCOM78443P1067,576,103911,685SH SOLE 911,68500
STRAIGHT PATH COMMCOM8625781013,407,657334,084SH SOLE 334,08400
STERLING BANCORPCOM85917A10016,761,8761,396,823SH SOLE 1,396,82300
TRINITY PLACE HOLDINGSCOM89656D1017,797,1601,199,563SH SOLE 1,199,56300
USG INCCOM903293405572,47019,000SH SOLE 19,00000
VOXX INTERNATIONALCOM91829F10419,421,7132,063,944SH SOLE 2,063,94400
VOLVOCOM928856400137,69010,000SH SOLE 10,00000