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
AV HOMES INC COM 00234P102 1,007 69,142 SH   DFND   0 69,142 0
AMREP CORP NEW COM 032159105 1,718 447,483 SH   DFND   0 447,483 0
AMREP CORP NEW COM 032159105 94 24,500 SH   SOLE   24,500 0 0
COVISINT CORP COM 22357R103 3,337 1,259,200 SH   DFND   0 1,259,200 0
CRA INTERNATIONAL INC COM 12618T105 2,792 92,071 SH   DFND   0 92,071 0
DEMAND MEDIA INC COM NEW 24802N208 2,068 337,900 SH   DFND   0 337,900 0
DIVERSICARE HEALTHCARE SVCS COM 255104101 2,840 300,492 SH   DFND   0 300,492 0
EGAIN CORP COM NEW 28225C806 3 500 SH   SOLE   500 0 0
EXA CORP COM 300614500 5,200 444,086 SH   DFND   0 444,086 0
FRANKLIN COVEY CO COM 353469109 9,632 497,534 SH   DFND   0 497,534 0
FRANKLIN COVEY CO COM 353469109 2,261 116,798 SH   SOLE   116,798 0 0
FIVE STAR QUALITY CARE COM 33832D106 8,764 2,111,811 SH   DFND   0 2,111,811 0
HOOPER HOLMES INC COM 439104100 587 1,140,687 SH   DFND   0 1,140,687 0
ID SYSTEMS INC COM 449489103 6,076 908,207 SH   DFND   0 908,207 0
INTERSECTIONS INC COM 460981301 11,623 2,972,677 SH   DFND   0 2,972,677 0
INTERSECTIONS INC COM 460981301 75 19,191 SH   SOLE   19,191 0 0
IPASS INC COM 46261V108 1,376 1,004,100 SH   DFND   0 1,004,100 0
LIBERATOR MEDICAL HOLDINGS INC COM 53012L108 29 10,000 SH   DFND   0 10,000 0
LGI HOMES INC COM 50187T106 3,009 201,678 SH   DFND   0 201,678 0
SPARK NETWORKS INC COM 84651P100 10,950 3,050,210 SH   DFND   0 3,050,210 0
SPARK NETWORKS INC COM 84651P100 1,168 325,352 SH   SOLE   325,352 0 0
SPARK NETWORKS INC CALL 84651P900 180 50,000 SH Call SOLE   50,000 0 0
ORBITZ WORLDWIDE INC COM 68557K109 782 95,000 SH   DFND   0 95,000 0
EPLUS INC COM 294268107 12,960 171,220 SH   DFND   0 171,220 0
EPLUS INC COM 294268107 53 700 SH   SOLE   700 0 0
INTERNET PATENTS CORP COM 46063G101 6 2,333 SH   SOLE   2,333 0 0
ROSETTA STONE INC COM 777780107 17,757 1,819,364 SH   DFND   0 1,819,364 0
ROSETTA STONE INC COM 777780107 3,020 309,383 SH   SOLE   309,383 0 0
TUCOWS INC COM NEW 898697206 18,639 960,269 SH   DFND   0 960,269 0
TRAVELZOO INC COM NEW 89421Q205 8,458 670,183 SH   DFND   0 670,183 0
TRAVELZOO INC COM NEW 89421Q205 247 19,592 SH   SOLE   19,592 0 0