The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| Air Castle Ltd. | COM | g0129k104 | 14,228 | 742,588 | SH | SOLE | 742,588 | 0 | 0 | ||
| Alco Stores Inc. | COM | 001600105 | 3,113 | 329,435 | SH | SOLE | 329,435 | 0 | 0 | ||
| Alliance One International Inc. | COM | 018772103 | 14,359 | 4,707,907 | SH | SOLE | 4,707,907 | 0 | 0 | ||
| American International Group Inc. Warrant | *W EXP 01/19/202 | 026874156 | 3,766 | 185,982 | SH | SOLE | 185,982 | 0 | 0 | ||
| Aspen Insurance Holdings Ltd. | SHS | G05384105 | 5,611 | 135,825 | SH | SOLE | 135,825 | 0 | 0 | ||
| Aurico Gold Inc. | COM | 05155C105 | 5,173 | 1,413,395 | SH | SOLE | 1,413,395 | 0 | 0 | ||
| Ballantyne Strong Inc. | COM | 058516105 | 400 | 86,343 | SH | SOLE | 86,343 | 0 | 0 | ||
| Baltic Trading Limited | COM | Y0553W103 | 1,215 | 188,741 | SH | SOLE | 188,741 | 0 | 0 | ||
| Bassett Furniture Industries | COM | 070203104 | 4,476 | 292,918 | SH | SOLE | 292,918 | 0 | 0 | ||
| Bowl America Inc. - Class A | CL A | 102565108 | 232 | 16,224 | SH | SOLE | 16,224 | 0 | 0 | ||
| Brandywine Realty Trust | SH BEN INT NEW | 105368203 | 147 | 10,400 | SH | SOLE | 10,400 | 0 | 0 | ||
| BRT Realty Trust | SH BEN INT NEW | 055645303 | 4,470 | 632,198 | SH | SOLE | 632,198 | 0 | 0 | ||
| Cal Dive International Inc. | COM | 12802T101 | 9,202 | 4,577,890 | SH | SOLE | 4,577,890 | 0 | 0 | ||
| California First National Bank Corp. | COM | 130222102 | 3,386 | 224,244 | SH | SOLE | 224,244 | 0 | 0 | ||
| Century Casinos Inc. | COM | 156492100 | 1,887 | 362,110 | SH | SOLE | 362,110 | 0 | 0 | ||
| Citi Trends Inc. | COM | 17306X102 | 2,915 | 171,482 | SH | SOLE | 171,482 | 0 | 0 | ||
| Coeur D Alene Mines Corp. | COM NEW | 192108504 | 11,599 | 1,069,044 | SH | SOLE | 1,069,044 | 0 | 0 | ||
| CommonWealth REIT | COM SH BEN INT | 203233101 | 5,713 | 245,101 | SH | SOLE | 245,101 | 0 | 0 | ||
| Delta Apparel Inc. | COM | 247368103 | 9,517 | 560,469 | SH | SOLE | 560,469 | 0 | 0 | ||
| Endeavour International | COM NEW | 29259G200 | 890 | 169,556 | SH | SOLE | 169,556 | 0 | 0 | ||
| EPL Oil & Gas Inc. | COM | 26883D108 | 5,804 | 203,655 | SH | SOLE | 203,655 | 0 | 0 | ||
| First Federal Northern Michigan Bancorp. | COM | 32021X105 | 192 | 35,640 | SH | SOLE | 35,640 | 0 | 0 | ||
| Frequency Electronics, Inc. | COM | 358010106 | 2,644 | 226,574 | SH | SOLE | 226,574 | 0 | 0 | ||
| Frisch's Restaurants, Inc. | COM | 358748101 | 669 | 26,101 | SH | SOLE | 26,101 | 0 | 0 | ||
| Globus Maritime | COM | Y27265209 | 1,332 | 336,472 | SH | SOLE | 336,472 | 0 | 0 | ||
| Hardinge Inc. | COM | 412324303 | 4,866 | 336,266 | SH | SOLE | 336,266 | 0 | 0 | ||
| Horsehead Holdings | COM | 440694305 | 2,035 | 125,517 | SH | SOLE | 125,517 | 0 | 0 | ||
| Ingram Micro Inc. | CL A | 457153104 | 8,223 | 350,500 | SH | SOLE | 350,500 | 0 | 0 | ||
| Integrated Electrical Services, Inc. | COM | 45811E301 | 780 | 144,801 | SH | SOLE | 144,801 | 0 | 0 | ||
| International Tower Hill Mines Ltd. | COM | 46050R102 | 28 | 68,500 | SH | SOLE | 68,500 | 0 | 0 | ||
| Jetblue Airways | COM | 477143101 | 4,373 | 512,076 | SH | SOLE | 512,076 | 0 | 0 | ||
| Lake Shore Gold Corp. | COM | 510728108 | 1,797 | 3,905,895 | SH | SOLE | 3,905,895 | 0 | 0 | ||
| LTX-Credence Corporation | COM NEW | 502403207 | 333 | 41,670 | SH | SOLE | 41,670 | 0 | 0 | ||
| Lubys. Inc. | COM | 549282101 | 2,439 | 315,936 | SH | SOLE | 315,936 | 0 | 0 | ||
| Magnum Hunter Resources | COM | 55973b102 | 14,128 | 1,932,678 | SH | SOLE | 1,932,678 | 0 | 0 | ||
| McDermott International Inc. | COM | 580037109 | 12,988 | 1,417,854 | SH | SOLE | 1,417,854 | 0 | 0 | ||
| McEwen Mining Inc. | COM | 58039P107 | 904 | 461,094 | SH | SOLE | 461,094 | 0 | 0 | ||
| Mercer International Inc. | COM | 588056101 | 8,350 | 837,511 | SH | SOLE | 837,511 | 0 | 0 | ||
| Mitcham Industies, Inc. | COM | 606501104 | 3,427 | 193,489 | SH | SOLE | 193,489 | 0 | 0 | ||
| Natuzzi S.p.A. | ADR | 63905A101 | 1,031 | 398,065 | SH | SOLE | 398,065 | 0 | 0 | ||
| Nevsun Resources Ltd. | COM | 64156L101 | 8,591 | 2,587,629 | SH | SOLE | 2,587,629 | 0 | 0 | ||
| Olympic Steel Inc. | COM | 68162K106 | 5,244 | 180,937 | SH | SOLE | 180,937 | 0 | 0 | ||
| Patterson-UTI Energy Inc. | COM | 703481101 | 12,640 | 499,209 | SH | SOLE | 499,209 | 0 | 0 | ||
| Peabody Energy Corp. | COM | 704549104 | 7,746 | 396,601 | SH | SOLE | 396,601 | 0 | 0 | ||
| Photronics Inc. | COM | 719405102 | 13,611 | 1,507,359 | SH | SOLE | 1,507,359 | 0 | 0 | ||
| PMC Commercial Trust | SH BEN INT | 693434102 | 935 | 108,720 | SH | SOLE | 108,720 | 0 | 0 | ||
| Resolute Forest Products Inc. | COM | 76117W109 | 9,723 | 606,922 | SH | SOLE | 606,922 | 0 | 0 | ||
| Ruby Tuesday | COM | 781182100 | 8,511 | 1,228,087 | SH | SOLE | 1,228,087 | 0 | 0 | ||
| Sanmina-SCi Corp | COM | 801056102 | 6,869 | 411,290 | SH | SOLE | 411,290 | 0 | 0 | ||
| Spartan Stores Inc. | COM | 846822104 | 3,722 | 153,290 | SH | SOLE | 153,290 | 0 | 0 | ||
| StarTek, Inc. | COM | 85569C107 | 4,366 | 672,728 | SH | SOLE | 672,728 | 0 | 0 | ||
| Stone Energy Corporation | COM | 861642106 | 6,956 | 201,100 | SH | SOLE | 201,100 | 0 | 0 | ||
| Superior Industries International Inc. | COM | 868168105 | 4,269 | 206,935 | SH | SOLE | 206,935 | 0 | 0 | ||
| Swift Energy | COM | 870738101 | 8,747 | 647,957 | SH | SOLE | 647,957 | 0 | 0 | ||
| SWS Group Inc. | COM | 78503N107 | 3,801 | 625,213 | SH | SOLE | 625,213 | 0 | 0 | ||
| Sypris Solutions Inc. | COM | 871655106 | 3,617 | 1,182,091 | SH | SOLE | 1,182,091 | 0 | 0 | ||
| Tandy Brands Accessories Inc. | COM | 875378101 | 61 | 247,400 | SH | SOLE | 247,400 | 0 | 0 | ||
| Tecumseh Products Company - Class A | CL A | 878895200 | 12,188 | 1,346,765 | SH | SOLE | 1,346,765 | 0 | 0 | ||
| Tecumseh Products Company - Class B | CL B | 878895101 | 5,274 | 580,856 | SH | SOLE | 580,856 | 0 | 0 | ||
| Tower Group Inc.5.000% Due 09-15-14 | NOTE 5.000% 09-15-14 | 891777AC8 | 2,541 | 3,000,000 | PRN | SOLE | 3,000,000 | 0 | 0 | ||
| U.S. Global Investors | CL A | 902952100 | 774 | 304,623 | SH | SOLE | 304,623 | 0 | 0 | ||
| Ultra Petrol Bahamas | COM | P94398107 | 468 | 125,017 | SH | SOLE | 125,017 | 0 | 0 | ||
| Universal Stainless & Alloy Products Inc. | COM | 913837100 | 8,323 | 230,813 | SH | SOLE | 230,813 | 0 | 0 | ||
| Versar Inc. | COM | 925297103 | 1,143 | 236,557 | SH | SOLE | 236,557 | 0 | 0 | ||
| White Mountains Insurance Group | COM | g9618e107 | 5,259 | 8,721 | SH | SOLE | 8,721 | 0 | 0 | ||
| WPX Energy Inc. | COM | 98212B103 | 22,761 | 1,116,816 | SH | SOLE | 1,116,816 | 0 | 0 | ||
| Zaza Energy Corp. | COM | 98919T100 | 1,624 | 1,699,639 | SH | SOLE | 1,699,639 | 0 | 0 | ||