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 2,692 155,132 SH   DFND   155,132 0 0
AMBAC FINL GROUP INC COM NEW 023139884 6,976 402,051 SH   DFND 1 402,051 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,104 121,300 SH   DFND   121,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 65,288 1,297,453 SH   DFND 1 1,297,453 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 5,032 100,000 SH Call DFND 1 100,000 0 0
AMERISERV FINL INC COM 03074A102 1,029 248,028 SH   DFND   248,028 0 0
ANADARKO PETE CORP COM 032511107 907 20,000 SH   DFND   20,000 0 0
ARCH COAL INC CL A 039380407 17,369 254,300 SH   DFND 1 254,300 0 0
BANCORP INC DEL COM 05969A105 2,451 323,413 SH   DFND   323,413 0 0
BANK AMER CORP COM 060505104 12,106 498,997 SH   DFND   498,997 0 0
BANK AMER CORP COM 060505104 49,127 2,025,000 SH   DFND 1 2,025,000 0 0
BANK AMER CORP COM 060505104 8,491 350,000 SH Call DFND   350,000 0 0
BANK AMER CORP COM 060505104 10,432 430,000 SH Call DFND 1 430,000 0 0
BARNES & NOBLE INC COM 067774109 1,670 219,749 SH   DFND   219,749 0 0
BARNES & NOBLE INC COM 067774109 5,624 740,055 SH   DFND 1 740,055 0 0
BROADWIND ENERGY INC COM NEW 11161T207 2,016 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 3,124 619,790 SH   DFND 1 619,790 0 0
CAPITAL ONE FINL CORP COM 14040H105 11,429 138,336 SH   DFND   138,336 0 0
CAPITAL ONE FINL CORP COM 14040H105 53,403 646,372 SH   DFND 1 646,372 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,346 52,600 SH Call DFND 1 52,600 0 0
CAROLINA TR BANCSHARES INC COM 14422P105 570 76,268 SH   DFND   76,268 0 0
CAVCO INDS INC DEL COM 149568107 9,076 70,000 SH   DFND 1 70,000 0 0
CB FINL SVCS INC COM 12479G101 1,025 39,507 SH   DFND   39,507 0 0
CITIGROUP INC COM NEW 172967424 12,641 189,010 SH   DFND   189,010 0 0
CITIGROUP INC COM NEW 172967424 73,356 1,096,836 SH   DFND 1 1,096,836 0 0
CITIGROUP INC COM NEW 172967424 20,980 313,700 SH Call DFND   313,700 0 0
CITIGROUP INC COM NEW 172967424 158,613 2,371,600 SH Call DFND 1 2,371,600 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 5,469 391,169 SH   DFND   391,169 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,693 121,114 SH   DFND 1 121,114 0 0
CITIZENS FIRST CORP COM 17462Q107 3,115 140,711 SH   DFND   140,711 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 926 44,354 SH   DFND   44,354 0 0
CLIFFS NAT RES INC COM 18683K101 12,340 1,783,301 SH   DFND 1 1,783,301 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 9,896 2,803,518 SH   DFND 1 2,803,518 0 0
COLONY BANKCORP INC COM 19623P101 4,495 328,111 SH   DFND   328,111 0 0
COLONY BANKCORP INC COM 19623P101 2,670 194,881 SH   DFND 1 194,881 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,956 92,220 SH   DFND   92,220 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 29,568 550,198 SH   DFND 1 550,198 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 12,220 686,907 SH   DFND   686,907 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 30,731 1,727,442 SH   DFND 1 1,727,442 0 0
ENTEGRA FINL CORP COM 29363J108 1,637 71,947 SH   DFND   71,947 0 0
EQUUS TOTAL RETURN INC COM 294766100 351 148,618 SH   DFND 1 148,618 0 0
ESSA BANCORP INC COM 29667D104 3,441 233,750 SH   DFND   233,750 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,514 66,236 SH   DFND   66,236 0 0
FIFTH THIRD BANCORP COM 316773100 649 25,000 SH   DFND   25,000 0 0
FIFTH THIRD BANCORP COM 316773100 1,947 75,000 SH   DFND 1 75,000 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 1,184 101,670 SH   DFND   101,670 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 3,012 182,106 SH   DFND   182,106 0 0
FIRST US BANCSHARES INC COM 33744V103 186 16,600 SH   DFND   16,600 0 0
FIRST UTD CORP COM 33741H107 2,636 176,914 SH   DFND   176,914 0 0
FIRST UTD CORP COM 33741H107 4,392 294,769 SH   DFND 1 294,769 0 0
HAWTHORN BANCSHARES INC COM 420476103 11,986 572,127 SH   DFND   572,127 0 0
HMN FINL INC COM 40424G108 7,569 431,295 SH   DFND   431,295 0 0
HOPFED BANCORP INC COM 439734104 4,632 323,122 SH   DFND   323,122 0 0
IES HLDGS INC COM 44951W106 176,956 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 47,290 2,605,499 SH   DFND 1 2,605,499 0 0
IF BANCORP INC COM 44951J105 1,284 65,822 SH   DFND   65,822 0 0
JPMORGAN CHASE & CO COM 46625H100 4,264 46,655 SH   DFND   46,655 0 0
JPMORGAN CHASE & CO COM 46625H100 10,054 110,000 SH   DFND 1 110,000 0 0
JPMORGAN CHASE & CO COM 46625H100 457 5,000 SH Call DFND   5,000 0 0
JPMORGAN CHASE & CO COM 46625H100 4,570 50,000 SH Call DFND 1 50,000 0 0
KEYCORP NEW COM 493267108 1,499 80,000 SH   DFND   80,000 0 0
LSB INDS INC COM 502160104 2,428 235,041 SH   DFND   235,041 0 0
LSB INDS INC COM 502160104 24,746 2,395,552 SH   DFND 1 2,395,552 0 0
MACKINAC FINL CORP COM 554571109 1,481 105,896 SH   DFND   105,896 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 940 18,653 SH   DFND   18,653 0 0
MVC CAPITAL INC COM 553829102 2,059 208,827 SH   DFND 1 208,827 0 0
OCEANFIRST FINL CORP COM 675234108 1,924 70,952 SH   DFND   70,952 0 0
PATRICK INDS INC COM 703343103 65,306 896,439 SH   DFND   896,439 0 0
PEOPLES BANCORP N C INC COM 710577107 12,019 380,340 SH   DFND   380,340 0 0
PEOPLES BANCORP N C INC COM 710577107 4,510 142,725 SH   DFND 1 142,725 0 0
PEOPLES FINL CORP MISS COM 71103B102 5,793 421,341 SH   DFND   421,341 0 0
POAGE BANKSHARES INC COM 730206109 1,442 75,676 SH   DFND   75,676 0 0
PREMIER FINL BANCORP INC COM 74050M105 977 47,399 SH   DFND   47,399 0 0
REGIONS FINL CORP NEW COM 7591EP100 1,647 112,500 SH   DFND   112,500 0 0
REGIONS FINL CORP NEW COM 7591EP100 2,745 187,500 SH   DFND 1 187,500 0 0
REPUBLIC BANCORP KY CL A 760281204 3,502 98,093 SH   DFND   98,093 0 0
SB FINL GROUP INC COM 78408D105 4,045 239,619 SH   DFND   239,619 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 355 48,951 SH   DFND   48,951 0 0
SHORE BANCSHARES INC COM 825107105 2,107 128,095 SH   DFND   128,095 0 0
SKYLINE CORP COM 830830105 5,045 838,039 SH   DFND 1 838,039 0 0
SMARTFINANCIAL INC COM NEW 83190L208 1,293 54,130 SH   DFND   54,130 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 23,714 431,554 SH   DFND   431,554 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 84,376 1,535,496 SH   DFND 1 1,535,496 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 3,810 204,837 SH   DFND 1 204,837 0 0
SUNCOKE ENERGY INC COM 86722A103 21,999 2,018,258 SH   DFND 1 2,018,258 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 17,539 999,376 SH   DFND 1 999,376 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 5,288 240,350 SH   DFND   240,350 0 0
THOR INDS INC COM 885160101 17,640 168,773 SH   DFND 1 168,773 0 0
TRAVELCENTERS AMER LLC COM 894174101 530 129,341 SH   DFND   129,341 0 0
TRAVELCENTERS AMER LLC COM 894174101 338 82,480 SH   DFND 1 82,480 0 0
UNITED BANCSHARES INC OHIO COM 909458101 7,492 320,875 SH   DFND   320,875 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,643 86,696 SH   DFND   86,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 4,513 543,040 SH   DFND   543,040 0 0
UNITED CONTL HLDGS INC COM 910047109 6,313 83,900 SH   DFND   83,900 0 0
UNITED CONTL HLDGS INC COM 910047109 59,861 795,498 SH   DFND 1 795,498 0 0
WESTMORELAND COAL CO COM 960878106 1,241 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 5,139 1,055,145 SH   DFND 1 1,055,145 0 0
WILLBROS GROUP INC DEL COM 969203108 10,203 4,130,668 SH   DFND 1 4,130,668 0 0
WINNEBAGO INDS INC COM 974637100 2,292 65,494 SH   DFND   65,494 0 0
WINNEBAGO INDS INC COM 974637100 13,648 389,954 SH   DFND 1 389,954 0 0
WVS FINL CORP COM 929358109 1,517 94,236 SH   DFND   94,236 0 0