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 INC COM 00922R105 18,798 2,198,642 SH   SOLE   2,198,642 0 0
ALLY FINL INC COM 02005N100 2,142 105,108 SH   SOLE   105,108 0 0
BANK COMM HLDGS COM 06424J103 665 115,013 SH   SOLE   115,013 0 0
BLUE HILLS BANCORP INC COM 095573101 967 69,817 SH   SOLE   69,817 0 0
CAPITAL SOUTHWEST CORP COM 140501107 69,615 1,468,662 SH   SOLE   1,468,662 0 0
CARETRUST REIT INC COM 14174T107 15,992 1,408,986 SH   SOLE   1,408,986 0 0
CHURCHILL DOWNS INC COM 171484108 2,538 18,969 SH   SOLE   18,969 0 0
CLIFTON BANCORP INC COM 186873105 1,311 94,477 SH   SOLE   94,477 0 0
CROWN CRAFTS INC COM 228309100 4,045 493,256 SH   SOLE   493,256 0 0
DEALERTRACK TECHNOLOGIES INC COM 242309102 632 10,000 SH   SOLE   10,000 0 0
EBIX INC COM NEW 278715206 3,070 122,995 SH   SOLE   122,995 0 0
FINISH LINE INC CL A 317923100 606 31,400 SH   SOLE   31,400 0 0
GAIN CAP HLDGS INC COM 36268W100 322 44,212 SH   SOLE   44,212 0 0
GAIN CAP HLDGS INC NOTE 4.125% 12/01/18 36268WAB6 7,064 7,500,000 PRN   SOLE   7,500,000 0 0
HERBALIFE LTD COM USD SHS G4412G101 7,358 135,000 SH Put SOLE   135,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 1,619 224,603 SH   SOLE   224,603 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 10,920 100,000 SH Put SOLE   100,000 0 0
KEARNY FINL CORP MD COM 48716P108 2,925 255,034 SH   SOLE   255,034 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 30,562 409,351 SH   SOLE   409,351 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 66 10,000 SH Put SOLE   10,000 0 0
MODUSLINK GLOBAL SOLUTIONS INC NOTE 5.250% 3/01/19 60786LAB3 6,874 8,500,000 PRN   SOLE   8,500,000 0 0
NELNET INC CL A 64031N108 5,201 150,262 SH   SOLE   150,262 0 0
ORION MARINE GROUP INC COM 68628V308 2,952 493,589 SH   SOLE   493,589 0 0
OSI SYSTEMS INC COM 671044105 1,862 24,189 SH   SOLE   24,189 0 0
PERCEPTRON INC COM 71361F100 1,128 148,664 SH   SOLE   148,664 0 0
REALD INC COM 75604L105 980 101,972 SH   SOLE   101,972 0 0
SIGMA ALDRICH CORP COM 826552101 9,387 67,572 SH   SOLE   67,572 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 1,615 63,790 SH   SOLE   63,790 0 0
SOLARCITY CORP COM 83416T100 4,004 93,740 SH   SOLE   93,740 0 0
STAR GAS PARTNERS L P UNIT LTD PARTNR 85512C105 3,167 372,983 SH   SOLE   372,983 0 0
SUMMER INFANT INC COM 865646103 691 401,527 SH   SOLE   401,527 0 0
SUNEDISON INC COM 86732Y109 460 64,000 SH Call SOLE   64,000 0 0
SYMMETRY SURGICAL INC COM 87159G100 306 34,358 SH   SOLE   34,358 0 0
TARO PHARMACEUTICAL INDUSTRIES INDS LTD SHS M8737E108 15,673 109,687 SH   SOLE   109,687 0 0
THORATEC CORP COM NEW 885175307 7,591 119,998 SH   SOLE   119,998 0 0
TOWER INTL INC COM 891826109 1,452 61,100 SH   SOLE   61,100 0 0
TOWER SEMICONDUCTOR LTD SHS NEW M87915274 4,579 355,814 SH   SOLE   355,814 0 0
ULTRAPETROL BAHAMAS LTD COM P94398107 861 2,099,806 SH   SOLE   2,099,806 0 0
VAIL RESORTS INC COM 91879Q109 14,286 136,470 SH   SOLE   136,470 0 0
VIAD CORP COM NEW 92552R406 8,916 307,557 SH   SOLE   307,557 0 0
WATERSTONE FINL INC MD COM 94188P101 2,682 198,993 SH   SOLE   198,993 0 0
WORLD PT TERMS LP UNIT REP LTD PT 98159G107 2,494 186,103 SH   SOLE   186,103 0 0
XENIA HOTELS & RESORTS INC COM 984017103 5,892 337,439 SH   SOLE   337,439 0 0