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 242 20,000 SH   SOLE 0 20,000 0 0
STEALTHGAS INC COM Y81669106 599 150,000 SH   SOLE 0 150,000 0 0
ALICO INC COM 016230104 1,452 55,000 SH   SOLE 0 55,000 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 117 180,000 SH   SOLE 0 180,000 0 0
BRT RLTY TR COM 055645303 5,912 705,477 SH   SOLE 0 705,477 0 0
BARNES & NOBLE ED INC COM 06777U101 12,851 1,340,000 SH   SOLE 0 1,340,000 0 0
BARNES & NOBLE INC COM 067774109 21,969 2,375,000 SH   SOLE 0 2,375,000 0 0
CORNING INC COM 219350105 16,200 600,000 SH   SOLE 0 600,000 0 0
DOLBY LABORATORIES INC COM 25659T107 786 15,000 SH   SOLE 0 15,000 0 0
EXCO RESOURCES INC COM 269279402 179 289,500 SH   SOLE 0 289,500 0 0
EMMIS COMMUNICATIONS CORP COM 291525400 625 255,000 SH   SOLE 0 255,000 0 0
EVINE LIVE INC COM 300487105 1,114 870,000 SH   SOLE 0 870,000 0 0
GRIFFIN INL RLTY INC COM 398231100 3,384 109,322 SH   SOLE 0 109,322 0 0
GYRODYNE LLC COM 403829104 2,144 101,500 SH   SOLE 0 101,500 0 0
LANDS END INC NEW COM 51509F105 1,544 72,000 SH   SOLE 0 72,000 0 0
LIBERTY INTERACTIVE CORP COM 53071M104 1,001 50,000 SH   SOLE 0 50,000 0 0
MONSANTO CO NEW COM 61166W101 1,132 10,000 SH   SOLE 0 10,000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 1,901 30,000 SH   SOLE 0 30,000 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 456 35,000 SH   SOLE 0 35,000 0 0
PRISM TECHNOLOGIES GROUP INC COM 74273Y100 110 150,000 SH   SOLE 0 150,000 0 0
REALNETWORKS INC COM 75605L708 1,439 159,464 SH   SOLE 0 159,464 0 0
SAGA COMMUNICATIONS INC COM 786598300 61,093 1,196,723 SH   SOLE 0 1,196,723 0 0
SANOFI RIGHT 12/31/2020 RTS 80105N113 270 600,000 SH   SOLE 0 600,000 0 0
SEARS CDA INC COM 81234D109 4,016 2,975,000 SH   SOLE 0 2,975,000 0 0
SEARS HOMETOWN & OUTLET STORES INC COM 812362101 98 25,000 SH   SOLE 0 25,000 0 0
SYNGENTA AG SPONSORED ADR COM 87160A100 3,540 40,000 SH   SOLE 0 40,000 0 0
TEJON RANCH CO COM 879080109 61,183 2,795,000 SH   SOLE 0 2,795,000 0 0
TIME WARNER INC COM 887317303 1,954 20,000 SH   SOLE 0 20,000 0 0
YAHOO INC COM 984332106 6,962 150,000 SH   SOLE 0 150,000 0 0