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 204 15,000 SH   SOLE 0 15,000 0 0
STEALTHGAS INC COM Y81669106 680 205,400 SH   SOLE 0 205,400 0 0
ALICO INC COM 016230104 1,878 54,990 SH   SOLE 0 54,990 0 0
ALTABA INC COM COM 021346101 11,592 175,000 SH   SOLE 0 175,000 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 120 175,000 SH   SOLE 0 175,000 0 0
BRT APARTMENTS CORP COM COM 055645303 9,065 845,641 SH   SOLE 0 845,641 0 0
BARNES & NOBLE ED INC COM 06777U101 8,723 1,340,000 SH   SOLE 0 1,340,000 0 0
BARNES & NOBLE INC COM 067774109 18,050 2,375,000 SH   SOLE 0 2,375,000 0 0
CORNING INC COM 219350105 19,747 660,000 SH   SOLE 0 660,000 0 0
DOLBY LABORATORIES INC COM 25659T107 748 13,000 SH   SOLE 0 13,000 0 0
EXCO RESOURCES INC COM NEW COM 269279501 26 19,300 SH   SOLE 0 19,300 0 0
EMMIS COMMUNICATIONS CORP COM 291525400 780 235,000 SH   SOLE 0 235,000 0 0
EVINE LIVE INC COM 300487105 905 870,000 SH   SOLE 0 870,000 0 0
GRIFFIN INL RLTY INC COM 398231100 2,289 62,958 SH   SOLE 0 62,958 0 0
GYRODYNE LLC COM 403829104 2,185 101,500 SH   SOLE 0 101,500 0 0
LANDS END INC NEW COM 51509F105 2,640 200,021 SH   SOLE 0 200,021 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 279 25,000 SH   SOLE 0 25,000 0 0
REALNETWORKS INC COM 75605L708 528 110,000 SH   SOLE 0 110,000 0 0
SAGA COMMUNICATIONS INC COM 786598300 52,984 1,161,936 SH   SOLE 0 1,161,936 0 0
SANOFI RIGHT 12/31/2020 RTS 80105N113 216 600,000 SH   SOLE 0 600,000 0 0
SEARS HOMETOWN & OUTLET STORES INC COM 812362101 64 25,000 SH   SOLE 0 25,000 0 0
TEJON RANCH CO COM 879080109 58,975 2,795,000 SH   SOLE 0 2,795,000 0 0