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

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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
BELMOND LTD COM G1154H107 1,485 150,000 SH   SOLE 0 150,000 0 0
STEALTHGAS INC COM Y81669106 454 120,000 SH   SOLE 0 120,000 0 0
ALICO INC COM 016230104 763 25,219 SH   SOLE 0 25,219 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 224 160,000 SH   SOLE 0 160,000 0 0
BRT RLTY TR COM 055645303 4,512 631,100 SH   SOLE 0 631,100 0 0
BARNES & NOBLE ED INC COM 06777U101 13,601 1,340,000 SH   SOLE 0 1,340,000 0 0
BARNES & NOBLE INC COM 067774109 27,013 2,380,000 SH   SOLE 0 2,380,000 0 0
CORNING INC COM 219350105 12,288 600,000 SH   SOLE 0 600,000 0 0
DOLBY LABORATORIES INC COM 25659T107 1,914 40,000 SH   SOLE 0 40,000 0 0
EMC CORP MASS COM 268648102 1,359 50,000 SH   SOLE 0 50,000 0 0
EXCO RESOURCES INC COM 269279402 376 289,500 SH   SOLE 0 289,500 0 0
EMMIS COMMUNICATIONS CORP COM 291525103 722 992,280 SH   SOLE 0 992,280 0 0
GRIFFIN INL RLTY INC COM 398231100 3,487 113,778 SH   SOLE 0 113,778 0 0
GYRODYNE LLC COM 403829104 2,032 101,500 SH   SOLE 0 101,500 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,277 15,000 SH   SOLE 0 15,000 0 0
LANDS END INC NEW COM 51509F105 1,396 85,000 SH   SOLE 0 85,000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 3,022 40,000 SH   SOLE 0 40,000 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 311 35,000 SH   SOLE 0 35,000 0 0
PRISM TECHNOLOGIES GROUP INC COM 74273Y100 34 125,274 SH   SOLE 0 125,274 0 0
PULTE GROUP INC COM 745867101 3,411 175,000 SH   SOLE 0 175,000 0 0
REALNETWORKS INC COM 75605L708 862 200,000 SH   SOLE 0 200,000 0 0
SAGA COMMUNICATIONS INC COM 786598300 51,738 1,308,500 SH   SOLE 0 1,308,500 0 0
SANOFI RIGHT 12/31/2020 RTS 80105N113 288 1,200,000 SH   SOLE 0 1,200,000 0 0
SEARS CDA INC COM 81234D109 8,758 2,938,800 SH   SOLE 0 2,938,800 0 0
SEARS HOMETOWN & OUTLET STORES INC COM 812362101 169 25,000 SH   SOLE 0 25,000 0 0
TEJON RANCH CO COM 879080109 66,074 2,795,000 SH   SOLE 0 2,795,000 0 0
TEREX CORP NEW COM 880779103 508 25,000 SH   SOLE 0 25,000 0 0
WINTHROP RLTY TR COM 976391300 1,143 130,000 SH   SOLE 0 130,000 0 0
YAHOO INC COM 984332106 5,634 150,000 SH   SOLE 0 150,000 0 0