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

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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
AMREP CORP NEW COM 032159105 2,816 355,127 SH   DFND   0 355,127 0
AMREP CORP NEW COM 032159105 29 3,644 SH   SOLE   3,644 0 0
CRA INTL INC COM 12618T105 8,841 332,505 SH   DFND   0 332,505 0
DEMAND MEDIA INC COM NEW 24802N208 9,597 1,686,643 SH   DFND   0 1,686,643 0
DEMAND MEDIA INC COM NEW 24802N208 1,280 225,000 SH Call DFND   0 225,000 0
DIVERSICARE HEALTHCARE SVCS COM 255104101 5,014 501,404 SH   DFND   0 501,404 0
FRANKLIN COVEY CO COM 353469109 7,794 437,594 SH   DFND   0 437,594 0
FRANKLIN COVEY CO COM 353469109 8,615 483,700 SH Call DFND   0 483,700 0
FRANKLIN COVEY CO COM 353469109 7,012 393,700 SH Put DFND   0 393,700 0
FRANKLIN COVEY CO COM 353469109 276 15,508 SH   SOLE   15,508 0 0
INTERSECTIONS INC COM 460981301 5,966 3,296,115 SH   DFND   0 3,296,115 0
INTERSECTIONS INC COM 460981301 29 16,165 SH   SOLE   16,165 0 0
SPARK NETWORKS INC COM 84651P100 5,730 3,626,358 SH   DFND   0 3,626,358 0
SPARK NETWORKS INC COM 84651P100 108 68,652 SH   SOLE   68,652 0 0
SPARK NETWORKS INC COM 84651P100 0 25,000 SH Call SOLE   25,000 0 0
EPLUS INC COM 294268107 189 2,000 SH   DFND   0 2,000 0
EPLUS INC COM 294268107 57 600 SH   SOLE   600 0 0
ROSETTA STONE INC COM 777780107 16,374 1,930,935 SH   DFND   0 1,930,935 0
ROSETTA STONE INC COM 777780107 848 100,000 SH Call DFND   0 100,000 0
ROSETTA STONE INC COM 777780107 859 101,292 SH   SOLE   101,292 0 0
ROSETTA STONE INC COM 777780107 188 22,200 SH Call SOLE   22,200 0 0
TUCOWS INC COM NEW 898697206 14,943 466,961 SH   DFND   0 466,961 0
TUCOWS INC COM NEW 898697206 7,734 241,700 SH Call DFND   0 241,700 0
TUCOWS INC COM NEW 898697206 5,280 165,000 SH Put DFND   0 165,000 0
TRAVELZOO INC COM NEW 89421Q205 6,425 500,795 SH   DFND   0 500,795 0
TRAVELZOO INC COM NEW 89421Q205 3,977 310,000 SH Call DFND   0 310,000 0
TRAVELZOO INC COM NEW 89421Q205 1,219 95,000 SH Put DFND   0 95,000 0
TRAVELZOO INC COM NEW 89421Q205 22 1,706 SH   SOLE   1,706 0 0