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 291 7,557 SH   SOLE   7,557 0 0
Abbvie Inc Common 00287Y109 316 6,147 SH   SOLE   6,147 0 0
Air Industries Group Inc Common 00912N205 528 56,276 SH   SOLE   56,276 0 0
Altria Group Inc Common 02209S103 352 9,404 SH   SOLE   9,404 0 0
American International Group Common 026874784 13,209 264,121 SH   SOLE   264,121 0 0
American River Bankshares Common 029326105 1,470 159,272 SH   SOLE   159,272 0 0
Anadarko Petroleum Corp Common 032511107 341 4,020 SH   SOLE   4,020 0 0
Ares Capital Corp. Conv Bond 04010LAB9 1,415 1,300,000 PRN   SOLE   1,300,000 0 0
AT&T Inc Common 00206R102 338 9,641 SH   SOLE   9,641 0 0
Bank of New York Mellon Common 064058100 275 7,792 SH   SOLE   7,792 0 0
Barrick Gold Corp Common 067901108 216 12,092 SH   SOLE   12,092 0 0
Berkshire Hathaway Inc Cl-B Common 084670702 16,497 132,010 SH   SOLE   132,010 0 0
Boeing Co Common 097023105 290 2,312 SH   SOLE   2,312 0 0
Bridgeline Digital In Common 10807Q205 319 315,789 SH   SOLE   315,789 0 0
Bristol-Myers Squibb Co Common 110122108 362 6,965 SH   SOLE   6,965 0 0
Capital Bank Financial Corp. Common 139794101 5,444 216,822 SH   SOLE   216,822 0 0
CenturyLink, Inc. Common 156700106 308 9,381 SH   SOLE   9,381 0 0
Chevron Corp Common 166764100 209 1,761 SH   SOLE   1,761 0 0
Cisco Systems Inc Common 17275R102 9,638 429,985 SH   SOLE   429,985 0 0
Citigroup Inc Common 172967424 8,062 169,372 SH   SOLE   169,372 0 0
Coca-Cola Co Common 191216100 308 7,972 SH   SOLE   7,972 0 0
Consol Energy Inc Common 20854P109 6,754 169,050 SH   SOLE   169,050 0 0
Danaher Corp Common 235851102 11,040 147,198 SH   SOLE   147,198 0 0
Dean Foods Company Common 242370203 199 12,850 SH   SOLE   12,850 0 0
Emerson Electric Co Common 291011104 296 4,424 SH   SOLE   4,424 0 0
Exxon Mobil Corp Common 30231G102 492 5,040 SH   SOLE   5,040 0 0
Fair Isaac & Co Common 303250104 1,881 34,008 SH   SOLE   34,008 0 0
First Financial Bancorp Warrants Warrant 320209117 465 72,720 SH   SOLE   72,720 0 0
General Electric Co Common 369604103 540 20,859 SH   SOLE   20,859 0 0
Genworth Financial Inc Cl-A Common 37247d106 240 13,563 SH   SOLE   13,563 0 0
Goldcorp Inc. Common 380956409 371 15,170 SH   SOLE   15,170 0 0
Goldman Sachs Group Inc Common 38141G104 8,387 51,187 SH   SOLE   51,187 0 0
Google Inc Common 38259P508 6,346 5,694 SH   SOLE   5,694 0 0
Hartford Financial Service Group Warrants Warrant 416515120 6,350 238,167 SH   SOLE   238,167 0 0
Hewlett Packard Co Common 428236103 7,757 239,703 SH   SOLE   239,703 0 0
Horsehead Holding Corp Common 440694305 6,104 362,882 SH   SOLE   362,882 0 0
Illinois Tool Works Inc Common 452308109 9,837 120,948 SH   SOLE   120,948 0 0
iShares Barclays 1-3 Year Cr ETF 464288646 9,140 86,653 SH   SOLE   86,653 0 0
Jefferies Group - Putable at 100 Conv Bond 472319AG7 2,171 2,040,000 PRN   SOLE   2,040,000 0 0
Johnson & Johnson Common 478160104 14,861 151,287 SH   SOLE   151,287 0 0
Key Energy Services Inc Common 492914106 8,753 947,336 SH   SOLE   947,336 0 0
Kohl's Corp Common 500255104 13,888 244,504 SH   SOLE   244,504 0 0
Kroger Co Common 501044101 8,999 206,169 SH   SOLE   206,169 0 0
L-3 Communications Corp - Callable after 2/1/11 Conv Bond 502413AW7 2,130 1,600,000 PRN   SOLE   1,600,000 0 0
Leucadia National Corp Common 527288104 11,599 414,247 SH   SOLE   414,247 0 0
Lincoln National Corp Warrants Warrant 534187117 687 16,540 SH   SOLE   16,540 0 0
Linear Tech - Putable at 100 Conv Bond 535678AC0 1,499 1,255,000 PRN   SOLE   1,255,000 0 0
Loews Corp. Common 540424108 10,530 239,042 SH   SOLE   239,042 0 0
Mednax Inc Common 58502B106 346 5,586 SH   SOLE   5,586 0 0
Microsoft Corp Common 594918104 9,746 237,759 SH   SOLE   237,759 0 0
Morgans Hotel GR Convt. Conv Bond 61748WAB4 1,535 1,551,000 PRN   SOLE   1,551,000 0 0
National Bank Holdings Corp. Common 633707104 4,758 237,089 SH   SOLE   237,089 0 0
National Presto Industries Common 637215104 9,607 123,098 SH   SOLE   123,098 0 0
Newmont Mining Corp Common 651639106 293 12,500 SH   SOLE   12,500 0 0
Park National Corp Common 700658107 1,755 22,823 SH   SOLE   22,823 0 0
Paychex Inc Common 704326107 362 8,493 SH   SOLE   8,493 0 0
Pepsico Inc Common 713448108 207 2,474 SH   SOLE   2,474 0 0
RAIT Financial Trust Common 749227609 322 37,877 SH   SOLE   37,877 0 0
Rait Financial Trust - Putable at 100 Conv Bond 749227AB0 2,145 2,200,000 PRN   SOLE   2,200,000 0 0
Rait Financial Trust - Putable at 100 Conv Bond 749227AA2 190 140,000 PRN   SOLE   140,000 0 0
Redwood Trust Inc. Conv Bond 758075AB1 1,811 1,700,000 PRN   SOLE   1,700,000 0 0
Republic Services Inc Common 760759100 8,408 246,129 SH   SOLE   246,129 0 0
Royal Dutch Shell Plc Cl-A Common 780259206 223 3,057 SH   SOLE   3,057 0 0
RTI Intl Metals Conv Bond 74973WAB3 1,671 1,700,000 PRN   SOLE   1,700,000 0 0
Sandisk Corp. Conv Bond 80004CAD3 1,809 1,100,000 PRN   SOLE   1,100,000 0 0
Sirius XM Radio Inc. Common 82968B103 32 10,034 SH   SOLE   10,034 0 0
Smith & Wesson Holding Corp Common 831756101 12,764 873,077 SH   SOLE   873,077 0 0
SPDR Gold Trust Common 78463V107 210 1,695 SH   SOLE   1,695 0 0
Spectrum Brands Holdings, Inc. Common 84763R101 12,162 152,598 SH   SOLE   152,598 0 0
State Bank Financial Corp. Common 856190103 1,534 86,717 SH   SOLE   86,717 0 0
Stryker Corp Common 863667101 9,569 117,456 SH   SOLE   117,456 0 0
Synovus Financial Corp Common 87161C105 47 13,925 SH   SOLE   13,925 0 0
Thermo Fisher Scientific Inc Common 883556102 9,299 77,335 SH   SOLE   77,335 0 0
Time Warner Inc Common 887317303 258 3,956 SH   SOLE   3,956 0 0
United Parcel Service Inc Cl-B Common 911312106 4,935 50,679 SH   SOLE   50,679 0 0
URS Corp. Common 903236107 11,161 237,160 SH   SOLE   237,160 0 0
Vantage Drilling Company Common G93205113 34 20,000 SH   SOLE   20,000 0 0
Wal-Mart Stores Inc Common 931142103 376 4,913 SH   SOLE   4,913 0 0
Waste Management Inc Common 94106L109 333 7,924 SH   SOLE   7,924 0 0
WellPoint Inc Common 94973V107 11,493 115,453 SH   SOLE   115,453 0 0
Wells Fargo & Co Common 949746101 11,456 230,315 SH   SOLE   230,315 0 0
Xerox Corp Common 984121103 11,623 1,028,559 SH   SOLE   1,028,559 0 0