<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>ALLIANCE NEW YORK MUN INC FD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>018714105</cusip>
			<value>527</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41261</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>41261</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMTRUST FINL SVCS INC</nameOfIssuer>
			<titleOfClass>NOTE 5.500%12/1</titleOfClass>
			<cusip>032359AC5</cusip>
			<value>8250</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>5000000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APOLLO RESIDENTIAL MTG INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03763V102</cusip>
			<value>2929</value>
			<shrsOrPrnAmt>
				<sshPrnamt>175200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>175200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARIAD PHARMACEUTICALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>04033A100</cusip>
			<value>637</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
			<titleOfClass>CL B NEW</titleOfClass>
			<cusip>084670702</cusip>
			<value>9049</value>
			<shrsOrPrnAmt>
				<sshPrnamt>71500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>71500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BLACKHAWK NETWORK HLDGS INC</nameOfIssuer>
			<titleOfClass>CL B</titleOfClass>
			<cusip>09238E203</cusip>
			<value>5090</value>
			<shrsOrPrnAmt>
				<sshPrnamt>189567</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>189567</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BLACKROCK NY MUNI INC QLTY T</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09249U105</cusip>
			<value>183</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13841</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>13841</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOSTON PRIVATE FINL HLDGS IN</nameOfIssuer>
			<titleOfClass>DEP SHS</titleOfClass>
			<cusip>101119303</cusip>
			<value>1074</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43205</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>43205</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOYD GAMING CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>103304101</cusip>
			<value>849</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>70000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CASH AMERICA INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14754D100</cusip>
			<value>5267</value>
			<shrsOrPrnAmt>
				<sshPrnamt>118549</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>118549</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CODEXIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>192005106</cusip>
			<value>1551</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1062500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>1062500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COVIDIEN PLC</nameOfIssuer>
			<titleOfClass>SHS</titleOfClass>
			<cusip>G2554F113</cusip>
			<value>9511</value>
			<shrsOrPrnAmt>
				<sshPrnamt>105464</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>105464</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CRESUD S A C I F Y A</nameOfIssuer>
			<titleOfClass>SPONSORED ADR</titleOfClass>
			<cusip>226406106</cusip>
			<value>2219</value>
			<shrsOrPrnAmt>
				<sshPrnamt>170000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>170000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DURECT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>266605104</cusip>
			<value>9082</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4990000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>4990000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EATON VANCE NEW YORK MUN BD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>27827Y109</cusip>
			<value>1440</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115189</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>115189</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXACT SCIENCES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30063P105</cusip>
			<value>17030</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1000000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Put</putCall>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>1000000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXACT SCIENCES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30063P105</cusip>
			<value>15327</value>
			<shrsOrPrnAmt>
				<sshPrnamt>900000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>900000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GALMED PHARMACEUTICALS LTD</nameOfIssuer>
			<titleOfClass>SHS</titleOfClass>
			<cusip>M47238106</cusip>
			<value>2577</value>
			<shrsOrPrnAmt>
				<sshPrnamt>264546</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>264546</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GAMING &amp; LEISURE PPTYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36467J108</cusip>
			<value>7968</value>
			<shrsOrPrnAmt>
				<sshPrnamt>234565</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>234565</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GEVO INC</nameOfIssuer>
			<titleOfClass>NOTE 7.500% 7/0</titleOfClass>
			<cusip>374396AA7</cusip>
			<value>10670</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18400000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>18400000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARVARD APPARATUS REGENER TE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>41690A106</cusip>
			<value>1505</value>
			<shrsOrPrnAmt>
				<sshPrnamt>143989</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>143989</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IRSA INVERSIONES Y REP S A</nameOfIssuer>
			<titleOfClass>GLOBL DEP RCPT</titleOfClass>
			<cusip>450047204</cusip>
			<value>7785</value>
			<shrsOrPrnAmt>
				<sshPrnamt>475000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>475000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ISHARES SILVER TRUST</nameOfIssuer>
			<titleOfClass>ISHARES</titleOfClass>
			<cusip>46428Q109</cusip>
			<value>6379</value>
			<shrsOrPrnAmt>
				<sshPrnamt>315000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Put</putCall>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>315000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ISHARES SILVER TRUST</nameOfIssuer>
			<titleOfClass>ISHARES</titleOfClass>
			<cusip>46428Q109</cusip>
			<value>10125</value>
			<shrsOrPrnAmt>
				<sshPrnamt>500000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>500000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KBR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48242W106</cusip>
			<value>477</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LINN ENERGY LLC</nameOfIssuer>
			<titleOfClass>UNIT LTD LIAB</titleOfClass>
			<cusip>536020100</cusip>
			<value>1064</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32902</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>32902</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LINN ENERGY LLC</nameOfIssuer>
			<titleOfClass>UNIT LTD LIAB</titleOfClass>
			<cusip>536020100</cusip>
			<value>3235</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Put</putCall>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LIQUID HOLDINGS GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>53633A101</cusip>
			<value>1051</value>
			<shrsOrPrnAmt>
				<sshPrnamt>550000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>550000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MDC HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>552676108</cusip>
			<value>2423</value>
			<shrsOrPrnAmt>
				<sshPrnamt>80000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>80000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595112103</cusip>
			<value>7183</value>
			<shrsOrPrnAmt>
				<sshPrnamt>218000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>218000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONDELEZ INTL INC</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>609207105</cusip>
			<value>3498</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>93000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NATIONAL GEN HLDGS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>636220303</cusip>
			<value>4307</value>
			<shrsOrPrnAmt>
				<sshPrnamt>247500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>247500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NAVIENT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>63938C108</cusip>
			<value>3365</value>
			<shrsOrPrnAmt>
				<sshPrnamt>190000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>190000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWS CORP NEW</nameOfIssuer>
			<titleOfClass>CL B</titleOfClass>
			<cusip>65249B208</cusip>
			<value>11431</value>
			<shrsOrPrnAmt>
				<sshPrnamt>655100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>655100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORDIC AMERICAN TANKERS LIMI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G65773106</cusip>
			<value>477</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>50000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NUVEEN NY AMT-FREE MUN INCOM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>670656107</cusip>
			<value>17713</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1351100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>1351100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NUVEEN NY DIVID ADVNTG MUN F</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67066X107</cusip>
			<value>684</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49805</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>49805</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NUVEEN NY DIV ADVANTG MUN FD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67070A101</cusip>
			<value>1127</value>
			<shrsOrPrnAmt>
				<sshPrnamt>83750</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>83750</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PREFERRED APT CMNTYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74039L103</cusip>
			<value>3082</value>
			<shrsOrPrnAmt>
				<sshPrnamt>347461</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>347461</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REGIONAL MANAGEMENT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75902K106</cusip>
			<value>3868</value>
			<shrsOrPrnAmt>
				<sshPrnamt>250000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>250000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROYAL BK SCOTLND GRP PLC 5.750% PERP SR:L</nameOfIssuer>
			<titleOfClass>SP ADR L RP PF</titleOfClass>
			<cusip>780097788</cusip>
			<value>1200</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>52000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RYMAN HOSPITALITY PPTYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78377T107</cusip>
			<value>11315</value>
			<shrsOrPrnAmt>
				<sshPrnamt>235000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>235000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SEARS HOMETOWN AND OUTLET ST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>812362101</cusip>
			<value>895</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41704</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>41704</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SEQUENTIAL BRANDS GROUP INC</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>817340201</cusip>
			<value>9961</value>
			<shrsOrPrnAmt>
				<sshPrnamt>721325</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>721325</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SIBANYE GOLD LTD</nameOfIssuer>
			<titleOfClass>SPONSORED ADR</titleOfClass>
			<cusip>825724206</cusip>
			<value>12015</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1089300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>1089300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86181Q300</cusip>
			<value>6729</value>
			<shrsOrPrnAmt>
				<sshPrnamt>482336</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>482336</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOWER GROUP INC</nameOfIssuer>
			<titleOfClass>NOTE 5.000% 9/1</titleOfClass>
			<cusip>891777AC8</cusip>
			<value>9110</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10686000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>10686000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VIRNETX HOLDING CORPORATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92823T108</cusip>
			<value>1314</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Put</putCall>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>74600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALERO ENERGY CORPORATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>3982</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>79500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALTER ENERGY, INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>93317Q105</cusip>
			<value>1090</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Put</putCall>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WRIGHT MED GROUP INC</nameOfIssuer>
			<titleOfClass>RIGHT 03/01/2019</titleOfClass>
			<cusip>98235T115</cusip>
			<value>894</value>
			<shrsOrPrnAmt>
				<sshPrnamt>600000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>600000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XCERRA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98400J108</cusip>
			<value>4095</value>
			<shrsOrPrnAmt>
				<sshPrnamt>450000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>1</otherManager>
			<votingAuthority>
				<Sole>450000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
