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
Abbott Laboratories Common 002824100 246 7,050 SH   SOLE 0 7,050 0 0
Abbvie Inc Common 00287Y109 237 5,739 SH   SOLE 0 5,739 0 0
Activis Inc. Common 00507K103 235 1,865 SH   SOLE 0 1,865 0 0
Air Industries Group Inc Common 00912N205 361 59,086 SH   SOLE 0 59,086 0 0
Altria Group Inc Common 02209S103 249 7,125 SH   SOLE 0 7,125 0 0
American International Group Common 026874784 11,173 249,947 SH   SOLE 0 249,947 0 0
American River Bankshares Common 029326105 1,455 176,972 SH   SOLE 0 176,972 0 0
Anadarko Petroleum Corp Common 032511107 347 4,040 SH   SOLE 0 4,040 0 0
Ares Capital Corp. Conv Bond 04010LAB9 1,420 1,300,000 PRN   SOLE 0 1,300,000 0 0
Berkshire Hathaway Inc Cl-B Common 084670702 15,752 140,746 SH   SOLE 0 140,746 0 0
Boston Private Financial Holdings Inc Common 101119105 154 14,440 SH   SOLE 0 14,440 0 0
Bristol-Myers Squibb Co Common 110122108 292 6,542 SH   SOLE 0 6,542 0 0
CableVision Systems Corp Common 12686C109 3,793 225,503 SH   SOLE 0 225,503 0 0
Capital Bank Financial Corp. Common 139794101 4,565 240,000 SH   SOLE 0 240,000 0 0
CenturyLink, Inc. Common 156700106 381 10,775 SH   SOLE 0 10,775 0 0
Citigroup Inc Common 172967424 8,590 179,071 SH   SOLE 0 179,071 0 0
Coca-Cola Co Common 191216100 307 7,642 SH   SOLE 0 7,642 0 0
Comtech Telecomm - Putable at 100 Conv Bond 205826AF7 1,430 1,400,000 PRN   SOLE 0 1,400,000 0 0
Consol Energy Inc Common 20854P109 4,603 169,856 SH   SOLE 0 169,856 0 0
Danaher Corp Common 235851102 9,698 153,201 SH   SOLE 0 153,201 0 0
Dell Inc Common 24702R101 10,374 778,530 SH   SOLE 0 778,530 0 0
Emerson Electric Co Common 291011104 231 4,235 SH   SOLE 0 4,235 0 0
Exxon Mobil Corp Common 30231G102 344 3,806 SH   SOLE 0 3,806 0 0
Fair Isaac & Co Common 303250104 1,604 35,006 SH   SOLE 0 35,006 0 0
First Financial Bancorp Warrants Warrant 320209117 364 72,720 SH   SOLE 0 72,720 0 0
General Electric Co Common 369604103 386 16,648 SH   SOLE 0 16,648 0 0
Genworth Financial Inc Cl-A Common 37247d106 301 26,383 SH   SOLE 0 26,383 0 0
Goldman Sachs Group Inc Common 38141G104 8,095 53,518 SH   SOLE 0 53,518 0 0
Google Inc Common 38259P508 13,499 15,333 SH   SOLE 0 15,333 0 0
Hartford Financial Service Group Warrants Warrant 416515120 6,093 278,210 SH   SOLE 0 278,210 0 0
Hewlett Packard Co Common 428236103 5,810 234,284 SH   SOLE 0 234,284 0 0
Horsehead Holding Corp Common 440694305 6,550 511,321 SH   SOLE 0 511,321 0 0
Horsehead Holding Corp Conv Bond 440694AB3 1,654 1,550,000 PRN   SOLE 0 1,550,000 0 0
Illinois Tool Works Inc Common 452308109 9,575 138,430 SH   SOLE 0 138,430 0 0
iShares Barclays 1-3 Year Cr ETF 464288646 3,716 35,382 SH   SOLE 0 35,382 0 0
iShares Barclays Aggregate ETF 464287226 5,734 53,485 SH   SOLE 0 53,485 0 0
Jefferies Group - Putable at 100 Conv Bond 472319AG7 2,174 2,040,000 PRN   SOLE 0 2,040,000 0 0
Johnson & Johnson Common 478160104 13,951 162,485 SH   SOLE 0 162,485 0 0
Key Energy Services Inc Common 492914106 5,688 956,022 SH   SOLE 0 956,022 0 0
Kohl's Corp Common 500255104 13,018 257,735 SH   SOLE 0 257,735 0 0
Kroger Co Common 501044101 9,005 260,702 SH   SOLE 0 260,702 0 0
L-3 Communications Corp - Callable after 2/1/11 Conv Bond 502413AW7 1,627 1,600,000 PRN   SOLE 0 1,600,000 0 0
Leucadia National Corp Common 527288104 11,169 425,967 SH   SOLE 0 425,967 0 0
Lincoln National Corp Warrants Warrant 534187117 446 16,540 SH   SOLE 0 16,540 0 0
Linear Tech - Putable at 100 Conv Bond 535678AC0 1,310 1,255,000 PRN   SOLE 0 1,255,000 0 0
Live Nation Inc. - Putable at 100 Conv Bond 538034AB5 1,718 1,700,000 PRN   SOLE 0 1,700,000 0 0
Loews Corp. Common 540424108 10,949 246,596 SH   SOLE 0 246,596 0 0
Mednax Inc Common 58502B106 275 2,998 SH   SOLE 0 2,998 0 0
Microsoft Corp Common 594918104 8,370 242,305 SH   SOLE 0 242,305 0 0
Morgans Hotel GR Convt. Conv Bond 61748WAB4 1,522 1,551,000 PRN   SOLE 0 1,551,000 0 0
National Bank Holdings Corp. Common 633707104 5,168 262,314 SH   SOLE 0 262,314 0 0
National Presto Industries Common 637215104 8,845 122,796 SH   SOLE 0 122,796 0 0
Orion Marine Group Inc Common 68628V308 11,723 969,680 SH   SOLE 0 969,680 0 0
Park National Corp Common 700658107 1,570 22,823 SH   SOLE 0 22,823 0 0
Paychex Inc Common 704326107 367 10,042 SH   SOLE 0 10,042 0 0
Rait Financial Trust - Putable at 100 Conv Bond 749227AA2 2,353 1,940,000 PRN   SOLE 0 1,940,000 0 0
Redwood Trust Inc. Conv Bond 758075AB1 1,671 1,700,000 PRN   SOLE 0 1,700,000 0 0
Republic Services Inc Common 760759100 8,833 260,240 SH   SOLE 0 260,240 0 0
RTI Intl Metals Conv Bond 74973WAB3 1,600 1,700,000 PRN   SOLE 0 1,700,000 0 0
Sandisk Corp. Conv Bond 80004CAD3 2,133 1,600,000 PRN   SOLE 0 1,600,000 0 0
Sirius XM Radio Inc. Common 82967N108 34 10,034 SH   SOLE 0 10,034 0 0
Smith & Wesson Holding Corp Common 831756101 9,360 937,900 SH   SOLE 0 937,900 0 0
Spectrum Brands Holdings, Inc. Common 84763R101 9,576 168,390 SH   SOLE 0 168,390 0 0
State Bank Financial Corp. Common 856190103 1,293 86,000 SH   SOLE 0 86,000 0 0
Stryker Corp Common 863667101 8,123 125,580 SH   SOLE 0 125,580 0 0
Synovus Financial Corp Common 87161C105 42 14,345 SH   SOLE 0 14,345 0 0
Thermo Fisher Scientific Inc Common 883556102 7,837 92,600 SH   SOLE 0 92,600 0 0
Time Warner Inc Common 887317303 253 4,368 SH   SOLE 0 4,368 0 0
Tower Group Inc Conv Bond 891777AC8 1,783 1,700,000 PRN   SOLE 0 1,700,000 0 0
Tower Group International Common G8988C105 10,495 511,703 SH   SOLE 0 511,703 0 0
Trinity Industries - Putable at 100 Conv Bond 896522AF6 1,782 1,520,000 PRN   SOLE 0 1,520,000 0 0
United Parcel Service Inc Cl-B Common 911312106 4,380 50,650 SH   SOLE 0 50,650 0 0
UniTek Global Services Common 91324T302 1,346 961,469 SH   SOLE 0 961,469 0 0
Vantage Drilling Company Common G93205113 41 20,000 SH   SOLE 0 20,000 0 0
Walgreen Co Common 931422109 11,287 255,361 SH   SOLE 0 255,361 0 0
Wal-Mart Stores Inc Common 931142103 327 4,387 SH   SOLE 0 4,387 0 0
Waste Management Inc Common 94106L109 242 6,009 SH   SOLE 0 6,009 0 0
WellPoint Inc Common 94973V107 10,240 125,127 SH   SOLE 0 125,127 0 0
Wells Fargo & Co Common 949746101 10,344 250,650 SH   SOLE 0 250,650 0 0
Xerox Corp Common 984121103 9,949 1,096,935 SH   SOLE 0 1,096,935 0 0