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 GRP I COM 00922R105 3,210 408,954 SH   SOLE   408,954 0 0
ALERE INC COM 01449J105 5,100 148,480 SH   SOLE   148,480 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 7,881 263,233 SH   SOLE   263,233 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 2,149 2,000 SH   SOLE   2,000 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 1,894 60,000 SH   SOLE   60,000 0 0
AMERICAN EAGLE ENERGY CORP COM 02554F102 1,620 226,600 SH   SOLE   226,600 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,479 29,572 SH   SOLE   29,572 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 45,232 3,226,227 SH   SOLE   3,226,227 0 0
AMTRUST FINL SVCS INC COM 032359309 2,037 54,162 SH   SOLE   54,162 0 0
AON PLC SHS CL A G0408V102 38,228 453,588 SH   SOLE   453,588 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6,768 54,160 SH   SOLE   54,160 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,488 19,281 SH   SOLE   19,281 0 0
CBS CORP NEW CL A 124857202 14,438 233,618 SH   SOLE   233,618 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 10,640 122,094 SH   SOLE   122,094 0 0
CIT GROUP INC COM NEW 125581801 2,086 42,548 SH   SOLE   42,548 0 0
CITIGROUP INC COM NEW 172967424 1,166 24,493 SH   SOLE   24,493 0 0
CLEARWATER PAPER CORP COM 18538R103 49,249 785,851 SH   SOLE   785,851 0 0
COMMSCOPE HLDG CO INC COM 20337X109 30,270 1,226,482 SH   SOLE   1,226,482 0 0
CVS CAREMARK CORPORATION COM 126650100 3,803 50,804 SH   SOLE   50,804 0 0
CYRUSONE INC COM 23283R100 2,049 98,357 SH   SOLE   98,357 0 0
DIGITALGLOBE INC COM NEW 25389M877 15,782 544,007 SH   SOLE   544,007 0 0
DIRECTV COM 25490A309 1,880 24,598 SH   SOLE   24,598 0 0
DISCOVER FINL SVCS COM 254709108 5,024 86,346 SH   SOLE   86,346 0 0
EASTMAN CHEM CO COM 277432100 1,522 17,655 SH   SOLE   17,655 0 0
ENCORE CAP GROUP INC COM 292554102 1,510 33,048 SH   SOLE   33,048 0 0
ENZO BIOCHEM INC COM 294100102 2,672 642,349 SH   SOLE   642,349 0 0
ERA GROUP INC COM 26885G109 2,365 80,674 SH   SOLE   80,674 0 0
ESTERLINE TECHNOLOGIES CORP COM 297425100 23,379 219,436 SH   SOLE   219,436 0 0
EXPEDIA INC DEL COM NEW 30212P303 1,201 16,560 SH   SOLE   16,560 0 0
FTD COS INC COM 30281V108 6,669 209,645 SH   SOLE   209,645 0 0
GARMIN LTD SHS H2906T109 1,426 25,801 SH   SOLE   25,801 0 0
GENERAL MTRS CO COM 37045V100 1,218 35,399 SH   SOLE   35,399 0 0
GLOBE SPECIALTY METALS INC COM 37954N206 15,239 731,941 SH   SOLE   731,941 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 243 50,000 SH   SOLE   50,000 0 0
HD SUPPLY HLDGS INC COM 40416M105 28,197 1,078,278 SH   SOLE   1,078,278 0 0
HUNTSMAN CORP COM 447011107 2,185 89,476 SH   SOLE   89,476 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 3,213 45,000 SH   SOLE   45,000 0 0
IDT CORP CL B NEW 448947507 2,308 138,513 SH   SOLE   138,513 0 0
ING U S INC COM 45685E106 58,459 1,611,773 SH   SOLE   1,611,773 0 0
INNOPHOS HOLDINGS INC COM 45774N108 19,577 345,268 SH   SOLE   345,268 0 0
INTERDIGITAL INC COM 45867G101 24,952 753,596 SH   SOLE   753,596 0 0
JPMORGAN CHASE & CO COM 46625H100 1,854 30,536 SH   SOLE   30,536 0 0
KAR AUCTION SVCS INC COM 48238T109 53,694 1,769,173 SH   SOLE   1,769,173 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 4,853 116,667 SH   SOLE   116,667 0 0
LIBERTY GLOBAL PLC SHS CL C G548OU120 4,750 116,667 SH   SOLE   116,667 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 39,683 1,374,552 SH   SOLE   1,374,552 0 0
LIN MEDIA LLC CL A COM 532771102 671 25,302 SH   SOLE   25,302 0 0
LOWES COS INC COM 540424108 2,644 60,032 SH   SOLE   60,032 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 5,931 66,681 SH   SOLE   66,681 0 0
MAIDEN HOLDINGS LTD SHS G5753U112 627 50,214 SH   SOLE   50,214 0 0
MARATHON PETE CORP COM 56585A102 2,177 25,017 SH   SOLE   25,017 0 0
MARRIOTT INTL INC NEW CL A 571903202 1,792 31,985 SH   SOLE   31,985 0 0
METLIFE INC COM 59156R108 1,699 32,180 SH   SOLE   32,180 0 0
MONEYGRAM INTL INC COM NEW 60935Y208 11,472 650,000 SH   SOLE   650,000 0 0
MYLAN INC COM 628530107 7,322 149,954 SH   SOLE   149,954 0 0
NATUS MEDICAL INC DEL COM 639050103 28,456 1,102,947 SH   SOLE   1,102,947 0 0
NEWCASTLE INVT CORP COM 65105M108 2,621 557,580 SH   SOLE   557,580 0 0
NEWS CORP NEW CL A 65249B109 40,483 2,350,935 SH   SOLE   2,350,935 0 0
NORDION INC COM 65563C105 21,687 1,882,556 SH   SOLE   1,882,556 0 0
OCWEN FINL CORP COM NEW 675746309 8,531 217,741 SH   SOLE   217,741 0 0
OFS CAP CORP COM 67103B100 1,699 135,775 SH   SOLE   135,775 0 0
ORTHOFIX INTL N V COM N6748L102 2,077 68,900 SH   SOLE   68,900 0 0
OWENS ILL INC COM NEW 690768403 1,514 44,761 SH   SOLE   44,761 0 0
PENTAIR LTD SHS H6169Q108 20,521 258,650 SH   SOLE   258,650 0 0
PERION NETWORK LTD SHS M78673106 11,111 1,005,512 SH   SOLE   1,005,512 0 0
PRINCIPAL FINL GROUP INC COM 74251V102 1,150 25,000 SH   SOLE   25,000 0 0
REALOGY HLDGS CORP COM 75605Y106 5,422 124,783 SH   SOLE   124,783 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 44,210 4,837,028 SH   SOLE   4,837,028 0 0
ROUSE PPTYS INC COM 779287101 33,089 1,919,318 SH   SOLE   1,919,318 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 38,035 894,510 SH   SOLE   894,510 0 0
SEAWORLD ENTMT INC COM 81282V100 3,582 118,492 SH   SOLE   118,492 0 0
SIMON PPTY GROUP INC NEW COM 828806109 842 5,136 SH   SOLE   5,136 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 1,355 50,000 SH   SOLE   50,000 0 0
SIRIUS XM HLDGS INC COM 82968B103 1,368 427,538 SH   SOLE   427,538 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 11,756 292,806 SH   SOLE   292,806 0 0
SKECHERS U S A INC CL A 830566105 2,499 68,402 SH   SOLE   68,402 0 0
SOUTHWESTERN ENERGY CO COM 845467109 882 19,174 SH   SOLE   19,174 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,206 17,846 SH   SOLE   17,846 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 15,233 81,457 SH   SOLE   81,457 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 2,819 100,000 SH   SOLE   100,000 0 0
STARWOOD PPTY TR INC COM 85571B105 1,665 70,587 SH   SOLE   70,587 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 696 24,187 SH   SOLE   24,187 0 0
STATE STR CORP COM 857477103 5,539 79,642 SH   SOLE   79,642 0 0
STRAIGHT PATH COMMUNICATNS I CL B 862578101 1,574 213,856 SH   SOLE   213,856 0 0
SUNEDISON INC COM 86732Y109 563 29,878 SH   SOLE   29,878 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 2,417 92,200 SH   SOLE   92,200 0 0
TESORO CORP COM 881609101 2,132 42,149 SH   SOLE   42,149 0 0
TIMKEN CO COM 887389104 705 12,000 SH   SOLE   12,000 0 0
TITAN INTL INC ILL COM 88830M102 8,082 425,617 SH   SOLE   425,617 0 0
TRIPADVISOR INC COM 896945201 1,121 12,377 SH   SOLE   12,377 0 0
UNITED RENTALS INC COM 911363109 3,849 40,543 SH   SOLE   40,543 0 0
URS CORP NEW COM 903236107 7,312 155,381 SH   SOLE   155,381 0 0
VALERO ENERGY CORP NEW COM 91913Y100 1,092 20,563 SH   SOLE   20,563 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 2,678 56,168 SH   SOLE   56,168 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 190 5,151 SH   SOLE   5,151 0 0
WAUSAU PAPER CORP COM 943315101 29,691 2,332,371 SH   SOLE   2,332,371 0 0
WESTMORELAND COAL CO COM 960878106 5,734 192,545 SH   SOLE   192,545 0 0
WPX ENERGY INC COM 98212B103 1,236 68,530 SH   SOLE   68,530 0 0