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 2,386 1,135,965 SH   SOLE   1,135,965 0 0
B RILEY FINL INC COM 05580M108 8,186 452,277 SH   SOLE   452,277 0 0
BBX CAP CORP NEW CL A 05491N104 4,504 565,178 SH   SOLE   565,178 0 0
EMCORE CORP COM NEW 290846203 3,718 576,500 SH   SOLE   576,500 0 0
EXPRESS INC COM 30219E103 1,062 104,600 SH   SOLE   104,600 0 0
GRAY TELEVISION INC COM 389375106 3,769 225,000 SH   SOLE   225,000 0 0
GREAT ELM CAP GROUP INC COM NEW 39036P209 9,731 2,402,792 SH   SOLE   2,402,792 0 0
GREENHILL & CO INC COM 395259104 3,955 202,800 SH   SOLE   202,800 0 0
IAC INTERACTIVECORP COM 44919P508 48,068 393,100 SH   SOLE   393,100 0 0
INFORMATION SERVICES GROUP I COM 45675Y104 6,592 1,580,784 SH   SOLE   1,580,784 0 0
INTEVAC INC COM 461148108 6,806 993,621 SH   SOLE   993,621 0 0
INTL FCSTONE INC COM 46116V105 5,274 124,000 SH   SOLE   124,000 0 0
LIBERTY INTERACTIVE CORP LBT VEN COM A NE 53071M856 5,823 107,350 SH   SOLE   107,350 0 0
PRGX GLOBAL INC COM NEW 69357C503 12,246 1,724,818 SH   SOLE   1,724,818 0 0
RESOURCE CAP CORP COM NEW 76120W708 1,958 208,975 SH   SOLE   208,975 0 0
TEGNA INC COM 87901J105 3,520 250,000 SH   SOLE   250,000 0 0
TURNING PT BRANDS INC COM 90041L105 8,984 425,201 SH   SOLE   425,201 0 0