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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
ADVANTAGE OIL & GAS LTD COM 00765F101 1,077 200,000 SH   SOLE   200,000 0 0
AERCAP HOLDINGS NV SHS N00985106 5,139 117,723 SH   SOLE   117,723 0 0
AIRCASTLE LTD COM G0129K104 680 30,254 SH   SOLE   30,254 0 0
ALAMOS GOLD INC COM 011527108 3,224 550,000 SH   SOLE   550,000 0 0
ALEXCO RESOURCE CORP COM 01535P106 90 251,914 SH   SOLE   251,914 0 0
AMERICAN EAGLE ENERGY CORP COM NEW 02554F300 43 238,685 SH   SOLE   238,685 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,516 115,000 SH   SOLE   115,000 0 0
AVALON HLDGS CORP CL A 05343P109 527 189,969 SH   SOLE   189,969 0 0
BARCLAYS BANK PLC ETN DJUBSCOFFE38 06739H297 907 39,000 SH   SOLE   39,000 0 0
BOULDER GROWTH & INCOME FD I COM 101507101 881 102,834 SH   SOLE   102,834 0 0
CHESAPEAKE ENERGY CORP COM 165167107 2,974 210,000 SH   SOLE   210,000 0 0
CHEVIOT FINL CORP NEW COM 16677X105 1,075 70,000 SH   SOLE   70,000 0 0
CIFC CORP COM 12547R105 2,215 289,516 SH   SOLE   289,516 0 0
CIPHER PHARMACEUTICALS INC COM 17253X105 4,057 447,800 SH   SOLE   447,800 0 0
COASTWAY BANCORP INC COM 190632109 1,963 177,000 SH   SOLE   177,000 0 0
CONSOL ENERGY INC COM 20854P109 1,980 71,000 SH   SOLE   71,000 0 0
COWEN GROUP INC NEW CL A 223622101 1,170 225,000 SH   SOLE   225,000 0 0
ECLIPSE RES CORP COM 27890G100 365 65,000 SH   SOLE   65,000 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 131 22,000 SH   SOLE   22,000 0 0
FARMERS NATL BANC CORP COM 309627107 842 102,827 SH   SOLE   102,827 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 1,753 120,418 SH   SOLE   120,418 0 0
GASTAR EXPL INC NEW COM 36729W202 3,035 1,158,582 SH   SOLE   1,158,582 0 0
GOLDCORP INC NEW COM 380956409 1,031 44,945 SH   SOLE   44,945 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 252 4,469 SH   SOLE   4,469 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 506 8,939 SH   SOLE   8,939 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 689 17,878 SH   SOLE   17,878 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,366 35,756 SH   SOLE   35,756 0 0
MACKINAC FINL CORP COM 554571109 342 30,000 SH   SOLE   30,000 0 0
MAG SILVER CORP COM 55903Q104 2,682 433,100 SH   SOLE   433,100 0 0
MAYS J W INC COM 578473100 2,419 49,120 SH   SOLE   49,120 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 119 25,000 SH   SOLE   25,000 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 1,084 187,186 SH   SOLE   187,186 0 0
NAUGATUCK VY FINL CORP MD COM 63906P107 2,665 290,321 SH   SOLE   290,321 0 0
NEVSUN RES LTD COM 64156L101 427 100,000 SH   SOLE   100,000 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,869 126,900 SH   SOLE   126,900 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,843 3,381,450 SH   SOLE   3,381,450 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 2,549 97,300 SH   SOLE   97,300 0 0
POLONIA BACORP INC MD COM 73158Q109 900 70,000 SH   SOLE   70,000 0 0
POPULAR INC COM NEW 733174700 1,032 30,000 SH   SOLE   30,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 7,731 483,500 SH   SOLE   483,500 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 994 78,303 SH   SOLE   78,303 0 0
RANGE RES CORP COM 75281A109 1,041 20,000 SH   SOLE   20,000 0 0
RED LION HOTELS CORP COM 756764106 6,233 934,487 SH   SOLE   934,487 0 0
REIS INC COM 75936P105 4,621 180,209 SH   SOLE   180,209 0 0
SOUTHERN MO BANCORP INC COM 843380106 6,009 318,458 SH   SOLE   318,458 0 0
TURQUOISE HILL RES LTD COM 900435108 2,184 700,000 SH   SOLE   700,000 0 0
U S ENERGY CORP WYO COM 911805109 242 214,570 SH   SOLE   214,570 0 0
U S GLOBAL INVS INC CL A 902952100 115 36,118 SH   SOLE   36,118 0 0
UNITED BANCORP INC OHIO COM 909911109 118 15,000 SH   SOLE   15,000 0 0
VISHAY PRECISION GROUP INC COM 92835K103 503 31,565 SH   SOLE   31,565 0 0
VOLT INFORMATION SCIENCES IN COM 928703107 588 50,000 SH   SOLE   50,000 0 0
WATERSTONE FINL INC MD COM 94188P101 642 50,000 SH   SOLE   50,000 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,259 94,005 SH   SOLE   94,005 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,170 105,900 SH   SOLE   105,900 0 0
WILLIS LEASE FINANCE CORP COM 970646105 728 39,169 SH   SOLE   39,169 0 0
WOLVERINE BANCORP INC COM 977880103 1,610 65,700 SH   SOLE   65,700 0 0