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
AIR TRANSPORT SERVICES GROUP COM 00922R105 3,135 418,524 SH   SOLE   418,524 0 0
ALERE INCORP COM 01449J105 15,205 497,389 SH   SOLE   497,389 0 0
AMERICAN INTERNATIONAL GROUP INC COM NEW 026874784 15,840 325,720 SH   SOLE   325,720 0 0
AMERICAN REALTY CAPITAL COM 02917T104 32,258 2,644,126 SH   SOLE   2,644,126 0 0
AMTRUST FINANCIAL SERVICES COM 032359309 2,634 67,526 SH   SOLE   67,526 0 0
AON PLC SHS CL A G0408V102 32,040 430,417 SH   SOLE   430,417 0 0
APPLE INC COM 037833100 1,265 2,653 SH   SOLE   2,653 0 0
BABCOCK AND WILCOX CO. COM 05615F102 1,019 30,220 SH   SOLE   30,220 0 0
BARRICK GOLD CORP COM 067901108 260 13,984 SH   SOLE   13,984 0 0
BERKSHIRE HATHAWAY INC CL B NEW 084670702 5,046 44,452 SH   SOLE   44,452 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 1,347 19,599 SH   SOLE   19,599 0 0
CASH AMERICA INTL INC COM 14754D100 854 18,869 SH   SOLE   18,869 0 0
CHICAGO BRIDGE & IRON CO N.V. COM 167250109 39,875 588,383 SH   SOLE   588,383 0 0
CIT GROUP - INC COM NEW 125581801 4,078 83,615 SH   SOLE   83,615 0 0
CITIGROUP INC COM NEW 172967424 1,208 24,896 SH   SOLE   24,896 0 0
CLEARWATER PAPER CORP COM 18538R103 38,716 810,464 SH   SOLE   810,464 0 0
COMPUTER SCIENCES CORP COM 205363104 1,386 26,793 SH   SOLE   26,793 0 0
CORINTHIAN COLLEGES COM 218868107 721 327,691 SH   SOLE   327,691 0 0
CVS CAREMARK CORP COM 126650100 4,638 81,723 SH   SOLE   81,723 0 0
CYRUSONE INC COM 23283R100 2,542 133,795 SH   SOLE   133,795 0 0
DIGITALGLOBE INC COM NEW 25389M877 14,128 446,810 SH   SOLE   446,810 0 0
DIRECTTV COM 25490A309 1,803 30,155 SH   SOLE   30,155 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 4,393 86,914 SH   SOLE   86,914 0 0
EASTMAN CHEMICAL CO COM 277432100 1,375 17,655 SH   SOLE   17,655 0 0
ENCORE CAPITAL GROUP COM 292554102 1,536 33,564 SH   SOLE   33,564 0 0
ENZO BIOCHEMICALS COM 294100102 1,571 623,220 SH   SOLE   623,220 0 0
ERA GROUP COM 26885G109 2,487 91,512 SH   SOLE   91,512 0 0
EVOLUTION PETROLEUM COM 30049A107 2,326 206,558 SH   SOLE   206,558 0 0
FRANKLIN RESOURCES INC COM 354613101 1,423 28,152 SH   SOLE   28,152 0 0
FRONTLINE LTD. SHS G3682E127 265 100,000 SH   SOLE   100,000 0 0
GARMIN LTD SHS H2906T109 1,166 25,801 SH   SOLE   25,801 0 0
GENERAL MOTORS COM 37045V100 2,233 62,083 SH   SOLE   62,083 0 0
GLOBE SPECIALTY METALS INC COM 37954N206 13,871 900,139 SH   SOLE   900,139 0 0
GOOGLE INC. CL A 38259P508 2,014 2,299 SH   SOLE   2,299 0 0
HD SUPPLY HOLDINGS INC. COM 40416M105 549 25,000 SH   SOLE   25,000 0 0
IDT CORP CL B NEW 448947507 2,634 148,407 SH   SOLE   148,407 0 0
ING U S INC. COM 45685E106 29,554 1,011,769 SH   SOLE   1,011,769 0 0
INNOPHOS HOLDINGS INC COM 45774N108 23,758 450,142 SH   SOLE   450,142 0 0
JOHNSON CONTROLS INC. COM 478366107 1,543 37,192 SH   SOLE   37,192 0 0
JPMORGAN CHASE & CO COM 46625H100 2,112 40,863 SH   SOLE   40,863 0 0
KAR AUCTION SERVICES INC COM 48238T109 45,816 1,624,101 SH   SOLE   1,624,101 0 0
LAKES ENTERTAINMENT INC COM 51206P109 315 76,183 SH   SOLE   76,183 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 9,468 119,323 SH   SOLE   119,323 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 15,021 640,000 SH   SOLE   640,000 0 0
LIN MEDIA LLC CL A COM 532771102 1,346 66,330 SH   SOLE   66,330 0 0
LOEWS CORP COM 540424108 3,303 70,665 SH   SOLE   70,665 0 0
LUCAS ENERGY INC. COM NEW 549333201 186 150,000 SH   SOLE   150,000 0 0
LYONDELLBASELL INDUSTRIES SHS A N53745100 7,068 96,516 SH   SOLE   96,516 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 2,663 123,706 SH   SOLE   123,706 0 0
MAIDEN HOLDINGS LTD SHS G5753U112 11,467 970,947 SH   SOLE   970,947 0 0
MARATHON OIL CORP COM 565849106 3,267 93,676 SH   SOLE   93,676 0 0
MARATHON PETROLEUM - CORP COM 56585A102 5,487 85,306 SH   SOLE   85,306 0 0
MARRIOTT INTERNATIONAL INC. CL A 571903202 1,370 32,577 SH   SOLE   32,577 0 0
MCDERMOTT INTL INC COM 580037109 4,478 602,747 SH   SOLE   602,747 0 0
METHANEX CORP. COM 59151K108 1,016 19,825 SH   SOLE   19,825 0 0
METLIFE INC COM 59156R108 2,016 42,934 SH   SOLE   42,934 0 0
MORGAN STANLEY COM NEW 617446448 404 15,000 SH   SOLE   15,000 0 0
MYLAN INC. COM 628530107 5,756 150,801 SH   SOLE   150,801 0 0
NATUS MEDICAL INC. COM 639050103 15,747 1,110,478 SH   SOLE   1,110,478 0 0
NEWS CORP CL A 65249B109 35,069 2,183,609 SH   SOLE   2,183,609 0 0
NORDION INC COM 65563C105 16,101 1,865,754 SH   SOLE   1,865,754 0 0
NORTHSTAR REALTY FINANCE CORP COM 66704R100 186 20,000 SH   SOLE   20,000 0 0
OFS CAPITAL CORP COM 67103B100 2,080 164,300 SH   SOLE   164,300 0 0
OLD REPUBLIC INTL CORP COM 680223104 363 23,542 SH   SOLE   23,542 0 0
ORTHOFIX INTERNATIONAL NV COM N6748L102 4,563 219,683 SH   SOLE   219,683 0 0
OWENS ILL INC COM NEW 690768403 1,352 45,040 SH   SOLE   45,040 0 0
PENTAIR -LTD SHS H6169Q108 18,516 285,131 SH   SOLE   285,131 0 0
PERION NETWORK LTD. SHS M78673106 4,612 350,422 SH   SOLE   350,422 0 0
REALD INC COM 75604L105 209 29,789 SH   SOLE   29,789 0 0
REPUBLIC AIRWAYS HOLDINGS IN COM 760276105 46,186 3,882,824 SH   SOLE   3,882,824 0 0
ROVI CORP COM 779376102 2,786 145,308 SH   SOLE   145,308 0 0
ROWAN COS PLC SHS CL A G7665A101 3,321 90,443 SH   SOLE   90,443 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 29,701 860,661 SH   SOLE   860,661 0 0
SIMON PROPERTY GROUP INC COM 828806109 756 5,101 SH   SOLE   5,101 0 0
SIRIUS XM RADIO COM 82967N108 1,589 410,038 SH   SOLE   410,038 0 0
SIX FLAGS ENTERTAINMENT CORP COM 83001A102 11,895 352,017 SH   SOLE   352,017 0 0
SKECHERS USA INC CL A 830566105 1,893 60,854 SH   SOLE   60,854 0 0
SKYSTAR BIO-PHARMACEUTICAL CO COM PAR $.001 830884300 358 61,258 SH   SOLE   61,258 0 0
SMITHFIELD FOODS INC COM 832248108 705 20,746 SH   SOLE   20,746 0 0
SOUTHWESTERN ENERGY CO COM 845467109 711 19,540 SH   SOLE   19,540 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 5,662 44,176 SH   SOLE   44,176 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 17,257 102,717 SH   SOLE   102,717 0 0
STATE STREET CORP COM 857477103 6,429 97,774 SH   SOLE   97,774 0 0
STRAIGHT PATH COMMUNICATIONS CL B 862578101 1,062 201,923 SH   SOLE   201,923 0 0
SUNCOKE ENERGY - INC COM 86722A103 7,001 411,805 SH   SOLE   411,805 0 0
SUNEDISON INC. COM 86732Y109 4,445 557,729 SH   SOLE   557,729 0 0
SYMANTEC CORP COM 871503108 1,241 50,132 SH   SOLE   50,132 0 0
TELEPHONE & DATA SYSTEMS INC COM NEW 879433829 2,556 86,501 SH   SOLE   86,501 0 0
TESORO CORP COM 881609101 672 15,287 SH   SOLE   15,287 0 0
TETRA TECHNOLOGIES INC COM 88162F105 1,496 119,374 SH   SOLE   119,374 0 0
TIMKEN CO COM 887389104 626 10,360 SH   SOLE   10,360 0 0
TITAN INTERNATIONAL INC COM 88830M102 10,809 738,300 SH   SOLE   738,300 0 0
TIVO INC COM 888706108 1,813 145,753 SH   SOLE   145,753 0 0
TOWER GROUP INTERNATIONAL LTD COM G8988C105 400 57,085 SH   SOLE   57,085 0 0
TRINITY BIOTECH PLC SPONS ADR NEW 896438306 1,131 51,970 SH   SOLE   51,970 0 0
UNITED RENTALS INC COM 911363109 3,508 60,180 SH   SOLE   60,180 0 0
URS CORP Equity 903236107 8,325 154,876 SH   SOLE   154,876 0 0
VALERO ENERGY CORP COM 91913Y100 698 20,453 SH   SOLE   20,453 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 3,341 71,576 SH   SOLE   71,576 0 0
VODAFONE GROUP PLC SPONS ADR NEW 92857W209 3,806 108,200 SH   SOLE   108,200 0 0
W P CAREY INC COM 92936U109 902 13,943 SH   SOLE   13,943 0 0
WAUSAU PAPER CORP COM 943315101 42,748 3,290,876 SH   SOLE   3,290,876 0 0
WESTMORELAND COAL CO COM 960878106 1,885 143,021 SH   SOLE   143,021 0 0
WILLIAMS COS INC COM 969457100 922 25,368 SH   SOLE   25,368 0 0
WPX ENERGY COM 98212B103 3,292 170,915 SH   SOLE   170,915 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 1,023 88,240 SH   SOLE   88,240 0 0