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
ACACIA RESH CORP ACACIA TCH COM 003881307 35,069 1,569,078 SH   SOLE   1,569,078 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105 2,625 397,157 SH   SOLE   397,157 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 14,451 323,294 SH   SOLE   323,294 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 28,111 1,842,156 SH   SOLE   1,842,156 0 0
AMTRUST FINANCIAL SERVICES I COM 032359309 2,351 65,846 SH   SOLE   65,846 0 0
AON PLC SHS CL A G0408V102 28,133 437,194 SH   SOLE   437,194 0 0
APPLE INC COM 037833100 2,916 7,353 SH   SOLE   7,353 0 0
BABCOCK & WILCOX CO NEW COM 05615F102 1,658 55,206 SH   SOLE   55,206 0 0
BARRICK GOLD CORP COM 067901108 301 19,107 SH   SOLE   19,107 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 5,521 49,330 SH   SOLE   49,330 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,242 19,771 SH   SOLE   19,771 0 0
CASH AMER INTL INC COM 14754D100 5,507 121,133 SH   SOLE   121,133 0 0
CHICAGO BRIDGE & IRON CO N V N Y REGISTRY SH 167250109 38,259 641,277 SH   SOLE   641,277 0 0
CIT GROUP INC COM NEW 125581801 3,418 73,298 SH   SOLE   73,298 0 0
CITIGROUP INC COM NEW 172967424 1,205 25,115 SH   SOLE   25,115 0 0
CLEARWATER PAPER CORP COM 18538R103 37,680 800,689 SH   SOLE   800,689 0 0
COLUMBIA LABS INC COM 197779101 124 191,635 SH   SOLE   191,635 0 0
CORINTHIAN COLLEGES INC COM 218868107 739 330,000 SH   SOLE   330,000 0 0
CROCS INC COM 227046109 825 50,000 SH   SOLE   50,000 0 0
CVS CAREMARK CORPORATION COM 126650100 4,657 81,441 SH   SOLE   81,441 0 0
CYRUSONE INC COM 23283R100 2,775 133,794 SH   SOLE   133,794 0 0
DIGITALGLOBE INC COM NEW 25389M877 26,673 860,150 SH   SOLE   860,150 0 0
DISCOVER FINL SVCS COM 254709108 4,126 86,615 SH   SOLE   86,615 0 0
EASTMAN CHEM CO COM 277432100 700 10,000 SH   SOLE   10,000 0 0
ENCORE CAP GROUP INC COM 292554102 2,288 69,100 SH   SOLE   69,100 0 0
ENZO BIOCHEM INC COM 294100102 1,134 545,077 SH   SOLE   545,077 0 0
ERA GROUP INC COM 26885G109 2,092 80,000 SH   SOLE   80,000 0 0
EVOLUTION PETROLEUM CORP COM 30049A107 2,187 200,433 SH   SOLE   200,433 0 0
FRANKLIN RES INC COM 354613101 2,546 18,719 SH   SOLE   18,719 0 0
FRONTLINE LTD SHS G3682E127 71 40,000 SH   SOLE   40,000 0 0
FURIEX PHARMACEUTICALS INC COM 36106P101 190 5,586 SH   SOLE   5,586 0 0
GENIE ENERGY LTD CL B 372284208 1,966 214,866 SH   SOLE   214,866 0 0
GLOBE SPECIALTY METALS INC COM 37954N206 12,281 1,129,820 SH   SOLE   1,129,820 0 0
GOOGLE INC CL A 38259P508 2,042 2,319 SH   SOLE   2,319 0 0
IDT CORP CL B NEW 448947507 5,792 309,925 SH   SOLE   309,925 0 0
IMMERSION CORP COM 452521107 331 25,000 SH   SOLE   25,000 0 0
ING U S INC COM 45685E106 26,727 987,679 SH   SOLE   987,679 0 0
INNOPHOS HOLDINGS INC COM 45774N108 23,135 490,458 SH   SOLE   490,458 0 0
INTERDIGITAL INC COM 45867G101 10,408 233,092 SH   SOLE   233,092 0 0
JPMORGAN CHASE & CO COM 46625H100 2,160 40,914 SH   SOLE   40,914 0 0
KAR AUCTION SVCS INC COM 48238T109 42,335 1,851,098 SH   SOLE   1,851,098 0 0
LAKES ENTMNT INC COM 51206P109 629 178,584 SH   SOLE   178,584 0 0
LAZARD LTD SHS A G54050102 1,476 45,924 SH   SOLE   45,924 0 0
LOEWS CORP COM 540424108 3,569 80,388 SH   SOLE   80,388 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 12,380 186,846 SH   SOLE   186,846 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 2,274 124,487 SH   SOLE   124,487 0 0
MAIDEN HOLDINGS LTD SHS G5753U112 11,488 1,023,885 SH   SOLE   1,023,885 0 0
MARATHON OIL CORP COM 565849106 4,227 122,227 SH   SOLE   122,227 0 0
MARATHON PETE CORP COM 56585A102 6,732 94,743 SH   SOLE   94,743 0 0
MARRIOTT INTL INC NEW CL A 571903202 1,327 32,863 SH   SOLE   32,863 0 0
META FINL GROUP INC COM 59100U108 549 20,902 SH   SOLE   20,902 0 0
METHANEX CORP COM 59151K108 1,071 25,000 SH   SOLE   25,000 0 0
METLIFE INC COM 59156R108 1,982 43,310 SH   SOLE   43,310 0 0
MYLAN INC COM 628530107 776 25,000 SH   SOLE   25,000 0 0
NATUS MEDICAL INC DEL COM 639050103 14,745 1,080,212 SH   SOLE   1,080,212 0 0
NEWS CORP CL A 65248E104 24,004 1,574,000 SH   SOLE   1,574,000 0 0
NORDION INC COM 65563C105 6,940 937,805 SH   SOLE   937,805 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 637 70,000 SH   SOLE   70,000 0 0
OFS CAP CORP COM 67103B100 2,109 177,199 SH   SOLE   177,199 0 0
OLD REP INTL CORP COM 680223104 17,089 1,327,835 SH   SOLE   1,327,835 0 0
ORTHOFIX INTL N V COM N6748L102 13,401 498,191 SH   SOLE   498,191 0 0
OWENS ILL INC COM NEW 690768403 1,263 45,436 SH   SOLE   45,436 0 0
PENTAIR LTD SHS H6169Q108 16,894 292,842 SH   SOLE   292,842 0 0
REALD INC COM 75604L105 1,798 129,364 SH   SOLE   129,364 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 50,026 4,415,393 SH   SOLE   4,415,393 0 0
ROVI CORP COM 779376102 9,176 401,736 SH   SOLE   401,736 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 31,495 807,346 SH   SOLE   807,346 0 0
SIMON PPTY GROUP INC NEW COM 828806109 790 5,000 SH   SOLE   5,000 0 0
SIRIUS XM RADIO INC COM 82967N108 1,374 410,038 SH   SOLE   410,038 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 16,974 482,752 SH   SOLE   482,752 0 0
SKYSTAR BIO-PHARMA CO COM PAR $.001 830884300 308 240,794 SH   SOLE   240,794 0 0
SLM CORP COM 78442P106 494 21,622 SH   SOLE   21,622 0 0
SMITHFIELD FOODS INC COM 832248108 675 20,599 SH   SOLE   20,599 0 0
SOUTHWESTERN ENERGY CO COM 845467109 1,162 31,817 SH   SOLE   31,817 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 5,244 44,025 SH   SOLE   44,025 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 16,421 102,364 SH   SOLE   102,364 0 0
STATE STR CORP COM 857477103 6,679 102,421 SH   SOLE   102,421 0 0
SUNCOKE ENERGY INC COM 86722A103 8,730 622,654 SH   SOLE   622,654 0 0
SUNEDISON INC COM 86732Y109 6,136 751,094 SH   SOLE   751,094 0 0
SYMANTEC CORP COM 871503108 1,117 49,692 SH   SOLE   49,692 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 1,898 77,000 SH   SOLE   77,000 0 0
TESORO CORP COM 881609101 794 15,169 SH   SOLE   15,169 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105 1,336 130,178 SH   SOLE   130,178 0 0
TIMKEN CO COM 887389104 1,126 20,000 SH   SOLE   20,000 0 0
TITAN INTL INC ILL COM 88830M102 15,740 933,039 SH   SOLE   933,039 0 0
TOWER GROUP INTL LTD COM G8988C105 3,540 172,587 SH   SOLE   172,587 0 0
TRINITY BIOTECH PLC SPON ADR NEW 896438306 2,290 135,918 SH   SOLE   135,918 0 0
UNITED RENTALS INC COM 911363109 6,191 124,047 SH   SOLE   124,047 0 0
URS CORP NEW COM 903236107 3,196 67,678 SH   SOLE   67,678 0 0
VALERO ENERGY CORP NEW COM 91913Y100 703 20,227 SH   SOLE   20,227 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 503 10,000 SH   SOLE   10,000 0 0
VISTEON CORP COM NEW 92839U206 2,707 42,886 SH   SOLE   42,886 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 3,787 131,759 SH   SOLE   131,759 0 0
W P CAREY INC COM 92936U109 2,736 41,355 SH   SOLE   41,355 0 0
WAUSAU PAPER CORP COM 943315101 35,953 3,153,792 SH   SOLE   3,153,792 0 0
WESTMORELAND COAL CO COM 960878106 2,273 202,402 SH   SOLE   202,402 0 0
WILLIAMS COS INC DEL COM 969457100 1,318 40,591 SH   SOLE   40,591 0 0
WPX ENERGY INC COM 98212B103 3,616 190,902 SH   SOLE   190,902 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 1,702 167,190 SH   SOLE   167,190 0 0