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
AMERICAN AIRLS GROUP INC COM 02376R102 26,815 500,000 SH   SOLE 500,000 0 0
BANK AMER CORP COM 060505104 17,890 1,000,000 SH   SOLE 1,000,000 0 0
CASCADE MICROTECH INC COM 147322101 13,149 900,000 SH   SOLE 900,000 0 0
CITIGROUP INC COM NEW 172967424 18,939 350,000 SH   SOLE 350,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 3,855 872,117 SH   SOLE 872,117 0 0
EBAY INC COM 278642103 561 10,000 SH   SOLE 10,000 0 0
GENIE ENERGY LTD CL B 372284208 1,854 300,000 SH   SOLE 300,000 0 0
HONEYWELL INTL INC COM 438516106 12,490 125,000 SH   SOLE 125,000 0 0
IRIDEX CORP COM 462684101 7,955 925,000 SH   SOLE 925,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 9,570 80,000 SH   SOLE 80,000 0 0
LEGG MASON INC COM 524901105 8,545 160,100 SH   SOLE 160,100 0 0
METLIFE INC COM 59156R108 9,466 175,000 SH   SOLE 175,000 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 4,212 200,000 SH   SOLE 200,000 0 0
ORKLA ASA-SPON ADR CL B 686331109 1,005 150,000 SH   SOLE 150,000 0 0
PAR PETE CORP COM NEW 69888T207 6,803 418,632 SH   SOLE 418,632 0 0
RENTECH NITROGEN PARTNERS L COM UNIT 760113100 5,358 509,800 SH   SOLE 509,800 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 7,266 600,000 SH   SOLE 600,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,704 15,000 SH   SOLE 15,000 0 0
SPECTRANETICS CORP COM 84760C107 346 10,000 SH   SOLE 10,000 0 0