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 140 12,513 SH   SOLE 0 12,513 0 0
STEALTHGAS INC COM Y81669106 1,290 325,000 SH   SOLE 0 325,000 0 0
AT&T INC COM 00206R102 461 14,370 SH   SOLE 0 14,370 0 0
ALICO INC COM 016230104 2,089 65,913 SH   SOLE 0 65,913 0 0
ALTABA INC COM COM 021346101 12,812 175,000 SH   SOLE 0 175,000 0 0
BRT APARTMENTS CORP COM COM 055645303 5,228 410,000 SH   SOLE 0 410,000 0 0
BARNES & NOBLE ED INC COM 06777U101 7,558 1,340,000 SH   SOLE 0 1,340,000 0 0
BARNES & NOBLE INC COM 067774109 15,081 2,375,000 SH   SOLE 0 2,375,000 0 0
CIGNA CORPORATION COM 125509109 1,360 8,000 SH   SOLE 0 8,000 0 0
CHARTER COMMUNICATIONS INC NEW COM 16119P108 586 2,000 SH   SOLE 0 2,000 0 0
CORNING INC COM 219350105 22,008 800,000 SH   SOLE 0 800,000 0 0
EMMIS COMMUNICATIONS CORP COM 291525400 846 160,000 SH   SOLE 0 160,000 0 0
EVINE LIVE INC COM 300487105 1,035 841,712 SH   SOLE 0 841,712 0 0
GYRODYNE LLC COM 403829104 2,101 101,500 SH   SOLE 0 101,500 0 0
HRG GROUP INC COM 40434J100 131 10,000 SH   SOLE 0 10,000 0 0
LANDS END INC NEW COM 51509F105 6,417 230,000 SH   SOLE 0 230,000 0 0
NEW YORK REIT INC COM 64976L208 1,322 72,500 SH   SOLE 0 72,500 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 290 25,000 SH   SOLE 0 25,000 0 0
REALNETWORKS INC COM 75605L708 278 75,000 SH   SOLE 0 75,000 0 0
SAGA COMMUNICATIONS INC COM 786598300 44,735 1,161,936 SH   SOLE 0 1,161,936 0 0
SANOFI RIGHT 12/31/2020 RTS 80105N113 250 500,000 SH   SOLE 0 500,000 0 0
SEARS HOMETOWN & OUTLET STORES INC COM 812362101 53 25,000 SH   SOLE 0 25,000 0 0
SPRINT CORP COM 85207U105 272 50,000 SH   SOLE 0 50,000 0 0
TEJON RANCH CO COM 879080109 89,246 3,672,659 SH   SOLE 0 3,672,659 0 0
VAXART INC COM 92243A200 6 1,818 SH   SOLE 0 1,818 0 0