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
A. H. BELO CORPORATION CMN SERIES A Common Stock 001282102 141 20,485 SH   SOLE   20,485 0 0
ACTIONS SEMICONDUCTOR CO LTD ADR CMN Depositary Receipt 00507E107 784 265,683 SH   SOLE   265,683 0 0
ADVISORY BRD CO CMN Common Stock 00762W107 219 4,000 SH   SOLE   4,000 0 0
AEP INDUSTRIES INC CMN Common Stock 001031103 3,422 46,000 SH   SOLE   46,000 0 0
AETNA INC CMN Common Stock 00817Y108 441 6,942 SH   SOLE   6,942 0 0
AGILYSYS INC CMN Common Stock 00847J105 254 22,505 SH   SOLE   22,505 0 0
ALLIANCE ONE INTL INC. CMN Common Stock 018772103 570 149,980 SH   SOLE   149,980 0 0
ALLIANCEBERNSTEIN HOLDING LP CMN Partnership Shares 01881G106 625 30,000 SH   SOLE   30,000 0 0
AMERCO CMN Common Stock 023586100 453 2,800 SH   SOLE   2,800 0 0
AMERICAN EAGLE OUTFITTERS INC (NEW) Common Stock 02553E106 548 30,000 SH   SOLE   30,000 0 0
AMERICAN EXPRESS CO. CMN Common Stock 025816109 1,121 15,000 SH   SOLE   15,000 0 0
AMERICAN GREETINGS CORPORATION CMN CLASSA Common Stock 026375105 5,466 300,000 SH   SOLE   300,000 0 0
AMERICAN INTL GROUP, INC. CMN Common Stock 026874784 3,129 70,000 SH   SOLE   70,000 0 0
AMERICAN PUBLIC EDUCATION INC. CMN Common Stock 02913V103 465 12,500 SH   SOLE   12,500 0 0
APOLLO GLOBAL MANAGEMENT, LLC CMN CLASSA Partnership Shares 037612306 241 10,000 SH   SOLE   10,000 0 0
ARLINGTON ASSET INVESTMENT COR*P CMN CLASS A Common Stock 041356205 214 8,001 SH   SOLE   8,001 0 0
ARROW ELECTRONICS INC. CMN Common Stock 042735100 399 10,000 SH   SOLE   10,000 0 0
ASPEN INSURANCE HOLDINGS LTD CMN Common Stock G05384105 1,484 40,000 SH   SOLE   40,000 0 0
ASTA FUNDING INC CMN Common Stock 046220109 1,730 200,000 SH   SOLE   200,000 0 0
AUTODESK INC CMN Common Stock 052769106 339 10,000 SH   SOLE   10,000 0 0
AVNET INC. CMN Common Stock 053807103 504 15,000 SH   SOLE   15,000 0 0
AXIS CAPITAL HOLDINGS, LTD. CMN Common Stock G0692U109 229 5,000 SH   SOLE   5,000 0 0
BAKER HUGHES INC CMN Common Stock 057224107 461 10,000 SH   SOLE   10,000 0 0
BALTIC TRADING LTD CMN Common Stock Y0553W103 224 60,411 SH   SOLE   60,411 0 0
BANK OF AMERICA CORP CMN Common Stock 060505104 9,774 760,000 SH   SOLE   760,000 0 0
BANK OF MARIN BANCORP CMN Common Stock 063425102 202 5,046 SH   SOLE   5,046 0 0
BEASLEY BROADCAST GROUP INC CMN CLASS A Common Stock 074014101 272 32,469 SH   SOLE   32,469 0 0
BEL FUSE INC CL-B CMN CLASS B Common Stock 077347300 135 10,000 SH   SOLE   10,000 0 0
BENCHMARK ELECTRONICS INC CMN Common Stock 08160H101 201 10,000 SH   SOLE   10,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASSA Common Stock 084670108 36,249 215 SH   SOLE   215 0 0
BON-TON STORES INC CMN Common Stock 09776J101 343 19,000 SH   SOLE   19,000 0 0
BROADWIND ENERGY INC. CMN Common Stock 11161T207 659 137,894 SH   SOLE   137,894 0 0
C D I CORP CMN Common Stock 125071100 425 30,000 SH   SOLE   30,000 0 0
CAMBREX CORPORATION CMN Common Stock 132011107 140 10,000 SH   SOLE   10,000 0 0
CAMCO FINL CORP CMN Common Stock 132618109 759 231,410 SH   SOLE   231,410 0 0
CAMELOT INFORMATION SYSTEMS IN*C. ADR CMN Depositary Receipt 13322V105 133 76,699 SH   SOLE   76,699 0 0
CAMPBELL SOUP CO CMN Common Stock 134429109 896 20,000 SH   SOLE   20,000 0 0
CAPITAL ONE FINANCIAL CORP CMN Common Stock 14040H105 1,256 20,000 SH   SOLE   20,000 0 0
CAREER EDUCATION CORP CMN Common Stock 141665109 279 96,317 SH   SOLE   96,317 0 0
CARRIAGE SERVICES, INC. CMN Common Stock 143905107 3,060 180,557 SH   SOLE   180,557 0 0
CARROLS RESTAURANT GROUP INC CMN Common Stock 14574X104 1,292 200,000 SH   SOLE   200,000 0 0
CENTRAL GARDEN & PET CO CMN Common Stock 153527106 155 21,800 SH   SOLE   21,800 0 0
CENTURY CASINOS INC CMN Common Stock 156492100 346 100,000 SH   SOLE   100,000 0 0
CHESAPEAKE ENERGY CORPORATION CMN Common Stock 165167107 611 30,000 SH   SOLE   30,000 0 0
CHICO'S FAS INC CMN Common Stock 168615102 171 10,000 SH   SOLE   10,000 0 0
CHINA YUCHAI INTL LTD CMN Common Stock G21082105 176 10,000 SH   SOLE   10,000 0 0
CNINSURE INC. SPONSORED ADR CMN Depositary Receipt 18976M103 838 138,991 SH   SOLE   138,991 0 0
CNO FINANCIAL GROUP INC CMN Common Stock 12621E103 3,434 265,000 SH   SOLE   265,000 0 0
COCA-COLA COMPANY (THE) CMN Common Stock 191216100 1,604 40,000 SH   SOLE   40,000 0 0
COGENT COMMUNICATIONS GROUP IN*C CMN Common Stock 19239V302 563 20,000 SH   SOLE   20,000 0 0
COGO GROUP, INC CMN Common Stock G22538105 216 106,285 SH   SOLE   106,285 0 0
COLEMAN CABLE, INC. CMN Common Stock 193459302 2,754 152,514 SH   SOLE   152,514 0 0
CONTINENTAL MATERIALS CORP CMN Common Stock 211615307 405 26,190 SH   SOLE   26,190 0 0
COWEN GROUP, INC. CMN Common Stock 223622101 724 250,634 SH   SOLE   250,634 0 0
CREDIT SUISSE GROUP SPON ADR SPONSORED ADR CMN Depositary Receipt 225401108 271 10,244 SH   SOLE   10,244 0 0
CREE, INC. Put Options 225447101 78 433 SH Put SOLE   310 0 0
CSG SYSTEMS INTL INC CMN Common Stock 126349109 654 30,032 SH   SOLE   30,032 0 0
CULP INC CMN Common Stock 230215105 174 10,000 SH   SOLE   10,000 0 0
CVS CAREMARK CORPORATION CMN Common Stock 126650100 2,859 50,000 SH   SOLE   50,000 0 0
DANA HOLDING CORPORATION CMN Common Stock 235825205 578 30,000 SH   SOLE   30,000 0 0
DATALINK CORP CMN Common Stock 237934104 106 10,000 SH   SOLE   10,000 0 0
DELUXE CORP CMN Common Stock 248019101 347 10,000 SH   SOLE   10,000 0 0
DESWELL INDUSTRIES INC CMN Common Stock 250639101 124 50,000 SH   SOLE   50,000 0 0
DEX MEDIA INC NEW CMN Common Stock 25213A107 836 47,582 SH   SOLE   47,582 0 0
DGT HLDGS CORP CMN Common Stock 23328R206 257 20,000 SH   SOLE   20,000 0 0
DHT HOLDINGS INC CMN Common Stock Y2065G121 977 218,159 SH   SOLE   218,159 0 0
DISCOVER FINANCIAL SERVICES CMN Common Stock 254709108 719 15,100 SH   SOLE   15,100 0 0
DIXIE GROUP INC CMN CLASS A Common Stock 255519100 182 21,966 SH   SOLE   21,966 0 0
DOLAN MEDIA COMPANY CMN Common Stock 25659P402 82 50,033 SH   SOLE   50,033 0 0
DOVER DOWNS GAMING & ENTMT INC CMN Common Stock 260095104 505 325,742 SH   SOLE   325,742 0 0
DOVER MOTORSPORTS INC CMN Common Stock 260174107 161 74,663 SH   SOLE   74,663 0 0
DOVER SADDLERY, INC. CMN Common Stock 260412101 138 38,335 SH   SOLE   38,335 0 0
DST SYSTEM INC COMMON STOCK Common Stock 233326107 588 9,000 SH   SOLE   9,000 0 0
E*TRADE FINANCIAL CORPORATION CMN Common Stock 269246401 127 10,000 SH   SOLE   10,000 0 0
EASTERN VA BANKSHARES INC CMN Common Stock 277196101 188 37,642 SH   SOLE   37,642 0 0
EBAY INC. CMN Common Stock 278642103 2,069 40,000 SH   SOLE   40,000 0 0
EDCI HLDGS INC CMN Common Stock 268315207 550 174,500 SH   SOLE   174,500 0 0
EINSTEIN NOAH RESTAURANT GROUP, INC CMN Common Stock 28257U104 142 10,000 SH   SOLE   10,000 0 0
ENDURANCE SPECIALTY HLDGS LTD CMN Common Stock G30397106 1,286 25,000 SH   SOLE   25,000 0 0
ENGLOBAL CORPORATION CMN Common Stock 293306106 150 158,168 SH   SOLE   158,168 0 0
ENTEGRIS, INC. CMN Common Stock 29362U104 94 10,000 SH   SOLE   10,000 0 0
ENTERCOM COMMS. CORP CLASS A COMMON STOCK Common Stock 293639100 94 10,000 SH   SOLE   10,000 0 0
ENTRAVISION COMMUNICATIONS CP CMN CLASSA Common Stock 29382R107 3,169 515,256 SH   SOLE   515,256 0 0
EQUIFAX INC CMN Common Stock 294429105 589 10,000 SH   SOLE   10,000 0 0
EVEREST RE GROUP LTD CMN Common Stock G3223R108 641 5,000 SH   SOLE   5,000 0 0
FABRINET CMN Common Stock G3323L100 649 46,337 SH   SOLE   46,337 0 0
FACEBOOK, INC. CMN CLASS A Common Stock 30303M102 2,488 100,000 SH   SOLE   100,000 0 0
FAIR ISAAC INC CMN Common Stock 303250104 917 20,000 SH   SOLE   20,000 0 0
FEDERATED NATL HLDG CO CMN Common Stock 31422T101 244 25,000 SH   SOLE   25,000 0 0
FIESTA RESTAURANT GROUP, INC. CMN Common Stock 31660B101 5,153 150,000 SH   SOLE   150,000 0 0
FIRST CMNTY CORP S C CMN Common Stock 319835104 644 70,000 SH   SOLE   70,000 0 0
FIRST OF LONG ISLAND CORP CMN Common Stock 320734106 232 7,000 SH   SOLE   7,000 0 0
FIRSTMERIT CORP CMN Common Stock 337915102 2,294 114,533 SH   SOLE   114,533 0 0
FIVE STAR QUALITY CARE INC CMN Common Stock 33832D106 842 150,000 SH   SOLE   150,000 0 0
FLAGSTAR BANCORP, INC. CMN Common Stock 337930705 706 50,586 SH   SOLE   50,586 0 0
FLEXSTEEL INDUSTRIES INC CMN Common Stock 339382103 1,341 55,000 SH   SOLE   55,000 0 0
FLUOR CORPORATION CMN Common Stock 343412102 593 10,000 SH   SOLE   10,000 0 0
FLUSHING FINANCIAL CORPORATION CMN Common Stock 343873105 181 10,983 SH   SOLE   10,983 0 0
FOSTER WHEELER AG CMN Common Stock H27178104 261 12,000 SH   SOLE   12,000 0 0
GANNETT CO.INC. CMN Common Stock 364730101 1,957 80,000 SH   SOLE   80,000 0 0
GENCOR INDUSTRIES INC CMN Common Stock 368678108 432 60,758 SH   SOLE   60,758 0 0
GENERAL CABLE CORP CMN Common Stock 369300108 923 30,000 SH   SOLE   30,000 0 0
GENERAL MOTORS COMPANY CMN Common Stock 37045V100 333 10,000 SH   SOLE   10,000 0 0
GIBRALTAR INDUSTRIES INC CMN Common Stock 374689107 2,038 140,000 SH   SOLE   140,000 0 0
GLOBAL GEOPHYSICAL SERVICES IN*C CMN Common Stock 37946S107 500 105,837 SH   SOLE   105,837 0 0
GLOBAL SOURCES LIMITED CMN ISIN: BMG393001018 Common Stock G39300101 155 23,146 SH   SOLE   23,146 0 0
GOLDMAN SACHS GROUP, INC.(THE) CMN Common Stock 38141G104 3,479 23,000 SH   SOLE   23,000 0 0
GOOGLE, INC. CMN CLASS A Common Stock 38259P508 440 500 SH   SOLE   500 0 0
GRAPHIC PACKAGING HLDGCO CMN Common Stock 388689101 211 27,286 SH   SOLE   27,286 0 0
GROUPON INC CMN CLASS A Common Stock 399473107 342 40,000 SH   SOLE   40,000 0 0
H & R BLOCK INC. CMN Common Stock 093671105 555 20,000 SH   SOLE   20,000 0 0
H&E EQUIPMENT SERVICES INC CMN Common Stock 404030108 421 20,000 SH   SOLE   20,000 0 0
HANGER INC CMN Common Stock 41043F208 263 8,300 SH   SOLE   8,300 0 0
HANMI FINANCIAL CORPORATION CMN Common Stock 410495204 1,325 75,000 SH   SOLE   75,000 0 0
HARBINGER GROUP INC CMN Common Stock 41146A106 822 109,079 SH   SOLE   109,079 0 0
HARDINGE INC. COMMON STOCK Common Stock 412324303 1,035 70,000 SH   SOLE   70,000 0 0
HARVARD BIOSCIENCE INC CMN Common Stock 416906105 159 33,887 SH   SOLE   33,887 0 0
HAWTHORN BANCSHARES INC CMN Common Stock 420476103 335 26,801 SH   SOLE   26,801 0 0
HCA HOLDINGS, INC. CMN Common Stock 40412C101 2,705 75,000 SH   SOLE   75,000 0 0
HEALTH MANAGEMENT ASSOC. CL A CMN CLASSA Common Stock 421933102 472 30,000 SH   SOLE   30,000 0 0
HEALTH NET, INC. CMN Common Stock 42222G108 1,273 40,000 SH   SOLE   40,000 0 0
HERTZ GLOBAL HOLDINGS, INC. CMN Common Stock 42805T105 372 15,000 SH   SOLE   15,000 0 0
HOLLYFRONTIER CORP CMN Common Stock 436106108 1,070 25,000 SH   SOLE   25,000 0 0
HOLLYWOOD MEDIA CORP CMN Common Stock 436233100 356 265,511 SH   SOLE   265,511 0 0
HOOPER HOLMES INC CMN Common Stock 439104100 145 402,203 SH   SOLE   402,203 0 0
HORACE MANN EDUCATORS CORP CMN Common Stock 440327104 244 10,000 SH   SOLE   10,000 0 0
HORMEL FOODS CORP CMN Common Stock 440452100 386 10,000 SH   SOLE   10,000 0 0
HUBBELL INCORPORATED CLASS B CMN CLASS B Common Stock 443510201 446 4,500 SH   SOLE   4,500 0 0
HUDSON GLOBAL, INC. CMN Common Stock 443787106 37 15,000 SH   SOLE   15,000 0 0
HUTTIG BUILDING PRODUCTS INC CMN Common Stock 448451104 1,336 566,276 SH   SOLE   566,276 0 0
INDEPENDENCE HOLDING COMPANY (NEW) Common Stock 453440307 177 15,000 SH   SOLE   15,000 0 0
INDEPENDENT BANK CORP MASS CMN Common Stock 453836108 1,035 30,000 SH   SOLE   30,000 0 0
INFORMATION SVCS GRP, INC. CMN Common Stock 45675Y104 72 37,301 SH   SOLE   37,301 0 0
INFUSYSTEM HOLDINGS, INC. CMN Common Stock 45685K102 782 524,923 SH   SOLE   524,923 0 0
INSTEEL INDUSTRIES INC CMN Common Stock 45774W108 1,752 100,000 SH   SOLE   100,000 0 0
INTEGRATED ELECTRICAL SVC INC CMN Common Stock 45811E301 133 30,000 SH   SOLE   30,000 0 0
INTERTAPE POLYMER GROUP INC CMN Common Stock 460919103 866 69,980 SH   SOLE   69,980 0 0
INTERXION HOLDING N.V. CMN Common Stock N47279109 261 10,000 SH   SOLE   10,000 0 0
INVESTORS TITLE CO CMN Common Stock 461804106 284 4,000 SH   SOLE   4,000 0 0
ITT EDUCATIONAL SERVICES INC CMN Common Stock 45068B109 244 10,000 SH   SOLE   10,000 0 0
J.C. PENNEY CO INC (HLDNG CO) CMN Common Stock 708160106 342 20,000 SH   SOLE   20,000 0 0
JOURNAL COMMUNICATIONS INC CMN CLASS A Common Stock 481130102 150 20,000 SH   SOLE   20,000 0 0
JPMORGAN CHASE & CO CMN Common Stock 46625H100 2,692 51,000 SH   SOLE   51,000 0 0
JPS INDUSTRIES, INC. CMN Common Stock 46624E405 1,160 202,103 SH   SOLE   202,103 0 0
KELLY SERVICES INC(CL-A) CMN CLASS A Common Stock 488152208 1,158 66,280 SH   SOLE   66,280 0 0
KRAFT FOODS GROUP, INC. CMN Common Stock 50076Q106 1,118 20,018 SH   SOLE   20,018 0 0
KROGER COMPANY CMN Common Stock 501044101 518 15,000 SH   SOLE   15,000 0 0
LANNETT COMPANY, INC CMN Common Stock 516012101 476 40,000 SH   SOLE   40,000 0 0
LEAR CORPORATION CMN Common Stock 521865204 646 10,678 SH   SOLE   10,678 0 0
LEE ENTERPRISES INC CMN Common Stock 523768109 667 326,833 SH   SOLE   326,833 0 0
LIBBEY INC. CMN Common Stock 529898108 240 10,000 SH   SOLE   10,000 0 0
LINCOLN EDL SERVICES CORP CMN Common Stock 533535100 259 49,145 SH   SOLE   49,145 0 0
LKQ CORPORATION CMN Common Stock 501889208 2,575 100,000 SH   SOLE   100,000 0 0
LSI INDUSTRIES INC CMN Common Stock 50216C108 358 44,231 SH   SOLE   44,231 0 0
LUKOIL OIL CO SPONS ADR SPONSORED ADR CMN CLASS Depositary Receipt 677862104 720 12,500 SH   SOLE   12,500 0 0
LYONDELLBASELL INDUSTRIES N.V. CMN CLASSA Common Stock N53745100 1,325 20,000 SH   SOLE   20,000 0 0
MARSH & MCLENNAN CO INC CMN Common Stock 571748102 599 15,000 SH   SOLE   15,000 0 0
MASTERCARD INCORPORATED CMN CLASS A Common Stock 57636Q104 3,734 6,500 SH   SOLE   6,500 0 0
MATERIAL SCIENCES CORP CMN Common Stock 576674105 302 30,000 SH   SOLE   30,000 0 0
MCGRAW-HILL COMPANIES INC CMN Common Stock 580645109 2,660 50,000 SH   SOLE   50,000 0 0
MEDNAX INC CMN Common Stock 58502B106 330 3,600 SH   SOLE   3,600 0 0
MENS WEARHOUSE INC (THE) CMN Common Stock 587118100 3,407 90,000 SH   SOLE   90,000 0 0
MET-PRO CORPORATION CMN Common Stock 590876306 586 43,617 SH   SOLE   43,617 0 0
MFRI INC CMN Common Stock 552721102 247 21,680 SH   SOLE   21,680 0 0
MICROFINANCIAL INCORPORATED CMN Common Stock 595072109 785 100,000 SH   SOLE   100,000 0 0
MICROSOFT CORPORATION CMN Common Stock 594918104 345 10,000 SH   SOLE   10,000 0 0
MICROSTRATEGY INC CMN CLASS A Common Stock 594972408 217 2,500 SH   SOLE   2,500 0 0
MONDELEZ INTERNATIONAL, INC. CMN Common Stock 609207105 1,712 60,000 SH   SOLE   60,000 0 0
MONSTER WORLDWIDE INC. CMN Common Stock 611742107 53 10,719 SH   SOLE   10,719 0 0
MORGAN STANLEY CMN Call Options 617446448 365 518 SH Call SOLE   200 0 0
MORGAN STANLEY CMN Common Stock 617446448 15,269 625,000 SH   SOLE   625,000 0 0
MOVADO GROUP INC CMN Common Stock 624580106 338 10,000 SH   SOLE   10,000 0 0
MSCI INC. CMN Common Stock 55354G100 665 20,000 SH   SOLE   20,000 0 0
MUELLER WATER PRODUCTS, INC. CMN SERIESA Common Stock 624758108 939 135,855 SH   SOLE   135,855 0 0
NABORS INDUSTRIES LTD. CMN Common Stock G6359F103 1,301 85,000 SH   SOLE   85,000 0 0
NASDAQ OMX GROUP, INC. CMN Common Stock 631103108 328 10,000 SH   SOLE   10,000 0 0
NATHANS FAMOUS INC CMN Common Stock 632347100 366 7,000 SH   SOLE   7,000 0 0
NATL WESTN LIFE INS CO CL-A CMN CLASS A Common Stock 638522102 285 1,500 SH   SOLE   1,500 0 0
NCI BUILDING SYSTEMS, INC. CMN Common Stock 628852204 459 30,000 SH   SOLE   30,000 0 0
NEW HAMPSHIRE THRIFT BANCSHARES INC Common Stock 644722100 2,630 183,765 SH   SOLE   183,765 0 0
NN INC CMN Common Stock 629337106 114 10,000 SH   SOLE   10,000 0 0
OAKTREE CAPITAL GROUP, LLC CMN Partnership Shares 674001201 526 10,000 SH   SOLE   10,000 0 0
OMNICOM GROUP CMN Common Stock 681919106 629 10,000 SH   SOLE   10,000 0 0
OPTICAL CABLE CORP CMN Common Stock 683827208 144 32,496 SH   SOLE   32,496 0 0
PAR TECHNOLOGY CORP CMN Common Stock 698884103 153 38,085 SH   SOLE   38,085 0 0
PARTNERRE LTD BERMUDA CMN Common Stock G6852T105 2,264 25,000 SH   SOLE   25,000 0 0
PATTERSON-UTI ENERGY, INC. ORD CMN Common Stock 703481101 774 40,000 SH   SOLE   40,000 0 0
PENTAIR LTD CMN Common Stock H6169Q108 346 6,000 SH   SOLE   6,000 0 0
PEPSICO INC CMN Common Stock 713448108 8,997 110,000 SH   SOLE   110,000 0 0
PERCEPTRON INC CMN Common Stock 71361F100 600 76,103 SH   SOLE   76,103 0 0
PERFECT WORLD CO., LTD. SPONSORED ADR CMN Depositary Receipt 71372U104 956 54,900 SH   SOLE   54,900 0 0
PGT INC CMN Common Stock 69336V101 564 65,000 SH   SOLE   65,000 0 0
PHH CORPORATION CMN Common Stock 693320202 3,283 161,087 SH   SOLE   161,087 0 0
PHILIP MORRIS INTL INC CMN Common Stock 718172109 520 6,000 SH   SOLE   6,000 0 0
PHILLIPS 66 CMN Common Stock 718546104 3,181 54,000 SH   SOLE   54,000 0 0
PHOENIX COMPANIES INC. (THE) CMN Common Stock 71902E604 4,780 111,157 SH   SOLE   111,157 0 0
PLATINUM UNDERWRITERS HLDGS CMN Common Stock G7127P100 6,866 120,000 SH   SOLE   120,000 0 0
PNC FINANCIAL SERVICES GROUP CMN Common Stock 693475105 1,094 15,000 SH   SOLE   15,000 0 0
PPG INDUSTRIES, INC. CMN Common Stock 693506107 1,611 11,000 SH   SOLE   11,000 0 0
PRICESMART INC CMN Common Stock 741511109 219 2,500 SH   SOLE   2,500 0 0
PRIMEENERGY CORP CMN Common Stock 74158E104 208 5,615 SH   SOLE   5,615 0 0
PROGRESSIVE CORPORATION (THE) CMN Common Stock 743315103 508 20,000 SH   SOLE   20,000 0 0
PSYCHEMEDICS CORPORATION CMN Common Stock 744375205 843 78,495 SH   SOLE   78,495 0 0
PULTEGROUP INC. CMN Common Stock 745867101 949 50,000 SH   SOLE   50,000 0 0
QC HOLDINGS, INC. CMN Common Stock 74729T101 103 36,263 SH   SOLE   36,263 0 0
R R DONNELLEY & SONS CO CMN Common Stock 257867101 210 15,000 SH   SOLE   15,000 0 0
RAIT FINANCIAL TRUST CMN REIT 749227609 226 30,000 SH   SOLE   30,000 0 0
RCM TECHNOLOGIES INC CMN Common Stock 749360400 109 20,000 SH   SOLE   20,000 0 0
REALOGY HLDGS CORP CMN Common Stock 75605Y106 3,589 74,700 SH   SOLE   74,700 0 0
RENT-A-CENTER INC CMN Common Stock 76009N100 376 10,000 SH   SOLE   10,000 0 0
RESOURCE AMERICA INC CL-A CMN CLASS A Common Stock 761195205 521 61,273 SH   SOLE   61,273 0 0
ROCKWELL AUTOMATION INC CMN Common Stock 773903109 249 3,000 SH   SOLE   3,000 0 0
RPM INTERNATIONAL INC CMN Common Stock 749685103 799 25,000 SH   SOLE   25,000 0 0
SALEM COMMUNICATIONS CL-A CMN CLASS A Common Stock 794093104 150 20,045 SH   SOLE   20,045 0 0
SANMINA-SCI CORPORATION CMN Common Stock 801056102 144 10,000 SH   SOLE   10,000 0 0
SEARS HOLDINGS CORPORATION CMN Common Stock 812350106 631 15,000 SH   SOLE   15,000 0 0
SED INTERNATIONAL HLDGS INC CMN Common Stock 784109209 20 10,000 SH   SOLE   10,000 0 0
SERVICE CORP INTERNATL CMN Common Stock 817565104 361 20,000 SH   SOLE   20,000 0 0
SINCLAIR BROADCAST GROUP INC CMN CLASS A Common Stock 829226109 294 10,000 SH   SOLE   10,000 0 0
SL INDS INC CMN Common Stock 784413106 2,014 80,316 SH   SOLE   80,316 0 0
SPAR GROUP INC CMN Common Stock 784933103 2,477 907,290 SH   SOLE   907,290 0 0
SPDR GOLD TRUST ETF Mutual Fund 78463V107 2,245 18,850 SH   SOLE   18,850 0 0
SPDR S&P 500 ETF TRUST Mutual Fund 78462F103 20,855 130,000 SH   SOLE   130,000 0 0
STANLEY FURNITURE INC (NEW) CMN Common Stock 854305208 40 10,000 SH   SOLE   10,000 0 0
STARTEC INCORPORATED CMN Common Stock 85569C107 243 51,323 SH   SOLE   51,323 0 0
STATE STREET CORPORATION (NEW) CMN Common Stock 857477103 6,195 95,000 SH   SOLE   95,000 0 0
STEELCASE INC. CLASS A COMMON STOCK Common Stock 858155203 219 15,000 SH   SOLE   15,000 0 0
STEWART ENTERPRISES INC CLASS A Common Stock 860370105 3,280 250,000 SH   SOLE   250,000 0 0
STEWART INFORMATION SVCS CORP CMN Common Stock 860372101 2,095 80,000 SH   SOLE   80,000 0 0
STRATUS PPTYS INC CMN Common Stock 863167201 2,502 210,971 SH   SOLE   210,971 0 0
SUNTRUST BANKS INC $1.00 PAR CMN Common Stock 867914103 631 20,000 SH   SOLE   20,000 0 0
SUPERTEL HOSPITALITY INC CMN REIT 868526104 486 511,845 SH   SOLE   511,845 0 0
SURMODICS INC CMN Common Stock 868873100 200 10,000 SH   SOLE   10,000 0 0
SYMETRA FINANCIAL CORPORATION CMN Common Stock 87151Q106 575 35,952 SH   SOLE   35,952 0 0
SYPRIS SOLUTIONS INC (DE) CMN Common Stock 871655106 32 10,000 SH   SOLE   10,000 0 0
TECUMSEH PRODUCTS CO CL-A CMN CLASS A Common Stock 878895200 4,520 413,501 SH   SOLE   413,501 0 0
TEMPUR SEALY INTERNATIONAL INC CMN Common Stock 88023U101 878 20,000 SH   SOLE   20,000 0 0
THE BANK OF NY MELLON CORP CMN Common Stock 064058100 421 15,000 SH   SOLE   15,000 0 0
THE FINANCIAL SELECT SECTOR SPDR FUND Mutual Fund 81369Y605 1,139 58,597 SH   SOLE   58,597 0 0
THE RYLAND GROUP, INC. CMN Common Stock 783764103 201 5,000 SH   SOLE   5,000 0 0
THERAGENICS CORP CMN Common Stock 883375107 602 291,012 SH   SOLE   291,012 0 0
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