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 CORP COM CL A 001282102 397 48,195 SH   DFND 1 48,195 0 0
A H BELO CORP COM CL A 001282102 134 16,267 SH   SOLE   16,267 0 0
ADVENT SOFTWARE INC COM 007974108 222 5,025 SH   DFND 1 5,025 0 0
ADVENT SOFTWARE INC COM 007974108 471 10,675 SH   SOLE   10,675 0 0
ALLETE INC COM NEW 018522300 198 3,750 SH   DFND 1 3,750 0 0
ALLETE INC COM NEW 018522300 66 1,250 SH   SOLE   1,250 0 0
ALTEVA COM 02153V102 15 2,080 SH   DFND 1 2,080 0 0
ALTEVA COM 02153V102 5 693 SH   SOLE   693 0 0
AMC NETWORKS INC CL A 00164V103 504 6,572 SH   DFND 1 6,572 0 0
AMC NETWORKS INC CL A 00164V103 162 2,116 SH   SOLE   2,116 0 0
APPLE INC COM 037833100 1,765 14,186 SH   DFND 1 14,186 0 0
APPLE INC COM 037833100 475 3,814 SH   SOLE   3,814 0 0
AUSPEX PHARMACEUTICALS INC COM 05211J102 226 2,250 SH   DFND 1 2,250 0 0
AUSPEX PHARMACEUTICALS INC COM 05211J102 376 3,750 SH   SOLE   3,750 0 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 155 3,000 SH   DFND 1 3,000 0 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 361 7,000 SH   SOLE   7,000 0 0
BAKER HUGHES INC COM 057224107 1,669 26,250 SH   DFND 1 26,250 0 0
BAKER HUGHES INC COM 057224107 2,146 33,750 SH   SOLE   33,750 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 218 1 SH   DFND 1 1 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 218 1 SH   SOLE   1 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 432 23,592 SH   DFND 1 23,592 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 143 7,812 SH   SOLE   7,812 0 0
CAMBIUM LEARNING GRP INC COM 13201A107 158 50,047 SH   DFND 1 50,047 0 0
CAMBIUM LEARNING GRP INC COM 13201A107 58 18,418 SH   SOLE   18,418 0 0
CATAMARAN CORP COM 148887102 1,340 22,500 SH   DFND 1 22,500 0 0
CATAMARAN CORP COM 148887102 1,042 17,500 SH   SOLE   17,500 0 0
CENTURYLINK INC COM 156700106 999 28,927 SH   DFND 1 28,927 0 0
CENTURYLINK INC COM 156700106 318 9,201 SH   SOLE   9,201 0 0
CHEMTURA CORP COM NEW 163893209 348 12,750 SH   DFND 1 12,750 0 0
CHEMTURA CORP COM NEW 163893209 116 4,250 SH   SOLE   4,250 0 0
CHIMERA INVT CORP COM 16934Q109 485 154,500 SH   DFND 1 154,500 0 0
CHIMERA INVT CORP COM 16934Q109 162 51,500 SH   SOLE   51,500 0 0
CINCINNATI BELL INC NEW COM 171871106 3,278 928,624 SH   DFND 1 928,624 0 0
CINCINNATI BELL INC NEW PFD CV DEP1/20 171871403 544 10,989 SH   DFND 1 10,989 0 0
CINCINNATI BELL INC NEW COM 171871106 1,054 298,503 SH   SOLE   298,503 0 0
CINCINNATI BELL INC NEW PFD CV DEP1/20 171871403 176 3,561 SH   SOLE   3,561 0 0
CLARCOR INC COM 179895107 523 7,916 SH   DFND 1 7,916 0 0
CLARCOR INC COM 179895107 168 2,536 SH   SOLE   2,536 0 0
CLECO CORP NEW COM 12561W105 82 1,500 SH   DFND 1 1,500 0 0
CLECO CORP NEW COM 12561W105 278 5,100 SH   SOLE   5,100 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 212 10,383 SH   DFND 1 10,383 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 71 3,499 SH   SOLE   3,499 0 0
COURIER CORP COM 222660102 551 22,500 SH   DFND 1 22,500 0 0
COURIER CORP COM 222660102 1,525 62,300 SH   SOLE   62,300 0 0
CROWN MEDIA HLDGS INC CL A 228411104 5,709 1,427,162 SH   DFND 1 1,427,162 0 0
CROWN MEDIA HLDGS INC CL A 228411104 1,971 492,741 SH   SOLE   492,741 0 0
CYRUSONE INC COM 23283R100 1,326 42,610 SH   DFND 1 42,610 0 0
CYRUSONE INC COM 23283R100 442 14,202 SH   SOLE   14,202 0 0
DIRECTV COM 25490A309 4,016 47,188 SH   DFND 1 47,188 0 0
DIRECTV COM 25490A309 3,601 42,312 SH   SOLE   42,312 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 460 14,947 SH   DFND 1 14,947 0 0
DISCOVERY COMMUNICATNS NEW COM SER B 25470F203 78 2,505 SH   DFND 1 2,505 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 514 17,452 SH   DFND 1 17,452 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 162 5,282 SH   SOLE   5,282 0 0
DISCOVERY COMMUNICATNS NEW COM SER B 25470F203 24 780 SH   SOLE   780 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 179 6,062 SH   SOLE   6,062 0 0
DOLBY LABORATORIES INC COM 25659T107 558 14,625 SH   DFND 1 14,625 0 0
DOLBY LABORATORIES INC COM 25659T107 186 4,875 SH   SOLE   4,875 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 773 9,848 SH   DFND 1 9,848 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 247 3,149 SH   SOLE   3,149 0 0
DRESSER-RAND GROUP INC COM 261608103 3,555 44,250 SH   DFND 1 44,250 0 0
DRESSER-RAND GROUP INC COM 261608103 3,676 45,750 SH   SOLE   45,750 0 0
ENTRAVISION COMMUNICATIONS C CL A 29382R107 10 1,513 SH   DFND 1 1,513 0 0
ENTRAVISION COMMUNICATIONS C CL A 29382R107 4 580 SH   SOLE   580 0 0
EQUINIX INC COM PAR $0.001 29444U700 2,735 11,744 SH   DFND 1 11,744 0 0
EQUINIX INC COM PAR $0.001 29444U700 881 3,785 SH   SOLE   3,785 0 0
EXELIS INC COM 30162A108 183 7,500 SH   DFND 1 7,500 0 0
EXELIS INC COM 30162A108 1,279 52,500 SH   SOLE   52,500 0 0
FAMILY DLR STORES INC COM 307000109 1,783 22,500 SH   DFND 1 22,500 0 0
FAMILY DLR STORES INC COM 307000109 2,179 27,500 SH   SOLE   27,500 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 702 14,777 SH   DFND 1 14,777 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 217 4,570 SH   SOLE   4,570 0 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 611 15,000 SH   DFND 1 15,000 0 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 1,223 30,000 SH   SOLE   30,000 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 528 74,844 SH   DFND 1 74,844 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 160 22,748 SH   SOLE   22,748 0 0
GAMCO INVESTORS INC COM 361438104 1,298 16,528 SH   DFND 1 16,528 0 0
GAMCO INVESTORS INC COM 361438104 472 6,015 SH   SOLE   6,015 0 0
GANNETT INC COM 364730101 2,624 70,756 SH   DFND 1 70,756 0 0
GANNETT INC COM 364730101 803 21,668 SH   SOLE   21,668 0 0
GDL FUND COM SH BEN IT 361570104 1 119 SH   DFND 1 119 0 0
GDL FUND COM SH BEN IT 361570104 0 45 SH   SOLE   45 0 0
GENCORP INC COM 368682100 85 3,675 SH   DFND 1 3,675 0 0
GENCORP INC COM 368682100 25 1,058 SH   SOLE   1,058 0 0
GENUINE PARTS CO COM 372460105 1,167 12,522 SH   DFND 1 12,522 0 0
GENUINE PARTS CO COM 372460105 389 4,178 SH   SOLE   4,178 0 0
GOGO INC COM 38046C109 140 7,370 SH   DFND 1 7,370 0 0
GOGO INC COM 38046C109 47 2,457 SH   SOLE   2,457 0 0
GRAHAM HLDGS CO COM 384637104 3,501 3,335 SH   DFND 1 3,335 0 0
GRAHAM HLDGS CO COM 384637104 1,377 1,312 SH   SOLE   1,312 0 0
GRAY TELEVISION INC COM 389375106 10 708 SH   DFND 1 708 0 0
GRAY TELEVISION INC COM 389375106 4 286 SH   SOLE   286 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 45 1,700 SH   DFND 1 1,700 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 16 600 SH   SOLE   600 0 0
HOSPIRA INC COM 441060100 2,306 26,250 SH   DFND 1 26,250 0 0
HOSPIRA INC COM 441060100 2,086 23,750 SH   SOLE   23,750 0 0
INTEGRYS ENERGY GROUP INC COM 45822P105 270 3,750 SH   DFND 1 3,750 0 0
INTEGRYS ENERGY GROUP INC COM 45822P105 810 11,250 SH   SOLE   11,250 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 653 37,500 SH   DFND 1 37,500 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 218 12,500 SH   SOLE   12,500 0 0
INTERXION HOLDING N.V SHS N47279109 965 34,217 SH   DFND 1 34,217 0 0
INTERXION HOLDING N.V SHS N47279109 291 10,335 SH   SOLE   10,335 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 4,664 37,500 SH Put DFND 1 37,500 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,555 12,500 SH Put SOLE   12,500 0 0
KAR AUCTION SVCS INC COM 48238T109 321 8,468 SH   DFND 1 8,468 0 0
KAR AUCTION SVCS INC COM 48238T109 97 2,553 SH   SOLE   2,553 0 0
KRAFT FOODS GROUP INC COM 50076Q106 327 3,750 SH   DFND 1 3,750 0 0
KRAFT FOODS GROUP INC COM 50076Q106 109 1,250 SH   SOLE   1,250 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 0 1 SH   DFND 1 1 0 0
LGL GROUP INC COM 50186A108 9 2,289 SH   DFND 1 2,289 0 0
LGL GROUP INC COM 50186A108 3 811 SH   SOLE   811 0 0
LGL GROUP INC *W EXP 08/06/201 50186A116 2 5,870 SH   SOLE   5,870 0 0
LGL GROUP INC *W EXP 08/06/201 50186A116 6 20,430 SH   DFND 1 20,430 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 22 382 SH   DFND 1 382 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 56 992 SH   DFND 1 992 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 7 131 SH   SOLE   131 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 19 340 SH   SOLE   340 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 7 140 SH   DFND 1 140 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 7 140 SH   DFND 1 140 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 3 60 SH   SOLE   60 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 3 60 SH   SOLE   60 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 117 3,056 SH   DFND 1 3,056 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 59 1,528 SH   DFND 1 1,528 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 40 1,050 SH   SOLE   1,050 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 20 525 SH   SOLE   525 0 0
LIFE TIME FITNESS INC COM 53217R207 266 3,750 SH   DFND 1 3,750 0 0
LIFE TIME FITNESS INC COM 53217R207 444 6,250 SH   SOLE   6,250 0 0
LOEWS CORP COM 540424108 138 3,375 SH   DFND 1 3,375 0 0
LOEWS CORP COM 540424108 46 1,125 SH   SOLE   1,125 0 0
LORILLARD INC COM 544147101 343 5,250 SH   DFND 1 5,250 0 0
LORILLARD INC COM 544147101 245 3,750 SH   SOLE   3,750 0 0
LUMOS NETWORKS CORP COM 550283105 3 177 SH   DFND 1 177 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 2,520 29,766 SH   DFND 1 29,766 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 821 9,693 SH   SOLE   9,693 0 0
MAVENIR SYS INC COM 577675101 399 22,500 SH   DFND 1 22,500 0 0
MAVENIR SYS INC COM 577675101 931 52,500 SH   SOLE   52,500 0 0
MEDIA GEN INC NEW COM 58441K100 306 18,534 SH   DFND 1 18,534 0 0
MEDIA GEN INC NEW COM 58441K100 99 5,995 SH   SOLE   5,995 0 0
MERCURY GENL CORP NEW COM 589400100 422 7,310 SH   DFND 1 7,310 0 0
MERCURY GENL CORP NEW COM 589400100 138 2,390 SH   SOLE   2,390 0 0
MICROSOFT CORP COM 594918104 1,219 29,995 SH   DFND 1 29,995 0 0
MICROSOFT CORP COM 594918104 367 9,021 SH   SOLE   9,021 0 0
NEWS CORP NEW CL A 65249B109 1,737 108,487 SH   DFND 1 108,487 0 0
NEWS CORP NEW CL A 65249B109 579 36,162 SH   SOLE   36,162 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 1,703 29,766 SH   DFND 1 29,766 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 568 9,922 SH   SOLE   9,922 0 0
OFFICE DEPOT INC COM 676220106 69 7,500 SH   DFND 1 7,500 0 0
OFFICE DEPOT INC COM 676220106 115 12,500 SH   SOLE   12,500 0 0
ORBITZ WORLDWIDE INC COM 68557K109 219 18,750 SH   DFND 1 18,750 0 0
ORBITZ WORLDWIDE INC COM 68557K109 364 31,250 SH   SOLE   31,250 0 0
PENDRELL CORP COM 70686R104 103 78,848 SH   DFND 1 78,848 0 0
PENDRELL CORP COM 70686R104 27 20,982 SH   SOLE   20,982 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 386 7,500 SH   DFND 1 7,500 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 129 2,500 SH   SOLE   2,500 0 0
PEPCO HOLDINGS INC COM 713291102 523 19,500 SH   DFND 1 19,500 0 0
PEPCO HOLDINGS INC COM 713291102 1,058 39,445 SH   SOLE   39,445 0 0
PHARMACYCLICS INC COM 716933106 3,455 13,500 SH   DFND 1 13,500 0 0
PHARMACYCLICS INC COM 716933106 3,967 15,500 SH   SOLE   15,500 0 0
PHIBRO ANIMAL HEALTH CORP CL A COM 71742Q106 411 11,602 SH   DFND 1 11,602 0 0
PHIBRO ANIMAL HEALTH CORP CL A COM 71742Q106 135 3,800 SH   SOLE   3,800 0 0
POLYPORE INTL INC COM 73179V103 1,325 22,500 SH   DFND 1 22,500 0 0
POLYPORE INTL INC COM 73179V103 1,914 32,500 SH   SOLE   32,500 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 83 834 SH   DFND 1 834 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 139 1,390 SH   SOLE   1,390 0 0
RIVERBED TECHNOLOGY INC COM 768573107 314 15,000 SH   DFND 1 15,000 0 0
RIVERBED TECHNOLOGY INC COM 768573107 565 27,000 SH   SOLE   27,000 0 0
RLJ ENTMT INC COM 74965F104 6 4,076 SH   DFND 1 4,076 0 0
RLJ ENTMT INC COM 74965F104 2 1,124 SH   SOLE   1,124 0 0
ROLLINS INC COM 775711104 139 5,625 SH   DFND 1 5,625 0 0
ROLLINS INC COM 775711104 46 1,875 SH   SOLE   1,875 0 0
ROSS STORES INC COM 778296103 685 6,505 SH   DFND 1 6,505 0 0
ROSS STORES INC COM 778296103 221 2,095 SH   SOLE   2,095 0 0
SALIX PHARMACEUTICALS INC COM 795435106 5,190 30,033 SH   DFND 1 30,033 0 0
SALIX PHARMACEUTICALS INC COM 795435106 4,995 28,907 SH   SOLE   28,907 0 0
SCOTTS MIRACLE GRO CO CL A 810186106 470 6,997 SH   DFND 1 6,997 0 0
SCOTTS MIRACLE GRO CO CL A 810186106 148 2,203 SH   SOLE   2,203 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 815 11,882 SH   DFND 1 11,882 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 258 3,760 SH   SOLE   3,760 0 0
SHENANDOAH TELECOMMUNICATION COM 82312B106 461 14,809 SH   DFND 1 14,809 0 0
SHENANDOAH TELECOMMUNICATION COM 82312B106 138 4,428 SH   SOLE   4,428 0 0
SIGMA ALDRICH CORP COM 826552101 1,141 8,250 SH   DFND 1 8,250 0 0
SIGMA ALDRICH CORP COM 826552101 1,998 14,450 SH   SOLE   14,450 0 0
STARZ COM SER A 85571Q102 332 9,660 SH   DFND 1 9,660 0 0
STARZ COM SER A 85571Q102 117 3,393 SH   SOLE   3,393 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 35 1,825 SH   DFND 1 1,825 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 13 675 SH   SOLE   675 0 0
T MOBILE US INC COM 872590104 214 6,741 SH   DFND 1 6,741 0 0
T MOBILE US INC COM 872590104 71 2,247 SH   SOLE   2,247 0 0
TALISMAN ENERGY INC COM 87425E103 1,564 203,625 SH   DFND 1 203,625 0 0
TALISMAN ENERGY INC COM 87425E103 2,871 373,875 SH   SOLE   373,875 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 25 1,012 SH   DFND 1 1,012 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 7 300 SH   SOLE   300 0 0
TIME INC NEW COM 887228104 198 8,828 SH   DFND 1 8,828 0 0
TIME INC NEW COM 887228104 65 2,880 SH   SOLE   2,880 0 0
TIME WARNER CABLE INC COM 88732J207 1,124 7,500 SH   DFND 1 7,500 0 0
TIME WARNER CABLE INC COM 88732J207 749 5,000 SH   SOLE   5,000 0 0
TIME WARNER INC COM NEW 887317303 2,607 30,875 SH   DFND 1 30,875 0 0
TIME WARNER INC COM NEW 887317303 827 9,793 SH   SOLE   9,793 0 0
TOOTSIE ROLL INDS INC COM 890516107 756 22,289 SH   DFND 1 22,289 0 0
TOOTSIE ROLL INDS INC COM 890516107 238 7,024 SH   SOLE   7,024 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 2,663 25,400 SH   DFND 1 25,400 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 2,642 25,200 SH   SOLE   25,200 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 578 17,092 SH   DFND 1 17,092 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 193 5,708 SH   SOLE   5,708 0 0
VIACOM INC NEW CL A 92553P102 3,018 43,922 SH   DFND 1 43,922 0 0
VIACOM INC NEW CL A 92553P102 1,075 15,650 SH   SOLE   15,650 0 0
VIACOM INC NEW CL B 92553P201 3,965 58,049 SH   DFND 1 58,049 0 0
VIACOM INC NEW CL B 92553P201 1,274 18,651 SH   SOLE   18,651 0 0
VIACOM INC NEW CL B 92553P201 2,063 30,200 SH Call DFND 1 30,200 0 0
VIACOM INC NEW CL B 92553P201 669 9,800 SH Call SOLE   9,800 0 0
YAHOO INC COM 984332106 1,666 37,500 SH   DFND 1 37,500 0 0
YAHOO INC COM 984332106 555 12,500 SH   SOLE   12,500 0 0
ZOETIS INC CL A 98978V103 208 4,500 SH   DFND 1 4,500 0 0
ZOETIS INC CL A 98978V103 69 1,500 SH   SOLE   1,500 0 0