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
ARC GROUP WORLDWIDE INC COM 00213H105 1,986 845,075 SH   SOLE   845,075 0 0
B RILEY FINL INC COM 05580M108 7,206 422,627 SH   SOLE   422,627 0 0
BBX CAP CORP NEW CL A 05491N104 7,331 994,746 SH   SOLE   994,746 0 0
CAESARS ACQUISITION CO CL A 12768T103 7,585 353,600 SH   SOLE   353,600 0 0
DHX MEDIA LTD SHS VAR VTG 252406608 2,433 565,800 SH   SOLE   565,800 0 0
GREAT ELM CAP GROUP INC COM NEW 39036P209 8,530 2,402,792 SH   SOLE   2,402,792 0 0
IAC INTERACTIVECORP COM 44919P508 44,454 378,075 SH   SOLE   378,075 0 0
INFORMATION SERVICES GROUP I COM 45675Y104 6,143 1,528,033 SH   SOLE   1,528,033 0 0
INTEVAC INC COM 461148108 8,396 993,621 SH   SOLE   993,621 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 8,891 60,000 SH Put SOLE   60,000 0 0
LIBERTY EXPEDIA HOLDINGS SER A COM 53046P109 3,187 60,000 SH   SOLE   60,000 0 0
LIBERTY INTERACTIVE CORP LBT VEN COM A NE 53071M856 5,027 87,350 SH   SOLE   87,350 0 0
LIONS GATE ENTMNT CORP CL B NON VTG 535919500 7,232 227,500 SH   SOLE   227,500 0 0
PRGX GLOBAL INC COM NEW 69357C503 10,816 1,545,176 SH   SOLE   1,545,176 0 0
RESOURCE CAP CORP COM NEW 76120W708 2,846 263,975 SH   SOLE   263,975 0 0
TURNING PT BRANDS INC COM 90041L105 6,380 375,308 SH   SOLE   375,308 0 0