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
7 DAYS GROUP HLDGS LTD ADR 81783J101 1,717 124,546 SH   DFND 0 124,546 0
ABBVIE INC COM 00287Y109 1,608 38,900 SH   DFND 0 38,900 0
ACQUITY GROUP LTD SPONSORED ADR 00489C103 521 40,325 SH   DFND 0 40,325 0
ACTAVIS INC COM 00507K103 9,668 76,600 SH   DFND 0 76,600 0
ACTAVIS INC COM 00507K103 69 20,000 SH Call DFND 0 0 0
ACTAVIS INC COM 00507K103 411 75,000 SH Put DFND 0 75,000 0
ALICO INC COM 016230104 1,462 36,440 SH   DFND 0 36,440 0
AMBAC FINL GROUP INC COM NEW 023139884 477 20,000 SH   DFND 0 20,000 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,801 40,296 SH   DFND 0 40,296 0
AMGEN INC COM 031162100 296 3,000 SH   DFND 0 3,000 0
ANAREN INC COM 032744104 1,850 80,629 SH   DFND 0 80,629 0
ANNALY CAP MGMT INC COM 035710409 2 10,000 SH Put DFND 0 10,000 0
ASSURED GUARANTY LTD COM G0585R106 221 10,000 SH   DFND 0 10,000 0
ASTEX PHARMACEUTICALS INC COM 04624B103 103 25,000 SH   DFND 0 25,000 0
ASTORIA FINL CORP COM 046265104 5,296 491,300 SH   DFND 0 491,300 0
ASTORIA FINL CORP COM 046265104 29 226,200 SH Call DFND 0 0 0
BAKER MICHAEL CORP COM 057149106 2,319 85,558 SH   DFND 0 85,558 0
BELO CORP COM SER A 080555105 984 70,565 SH   DFND 0 70,565 0
BGC PARTNERS INC CL A 05541T101 530 90,000 SH   DFND 0 90,000 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 160 39,300 SH   DFND 0 39,300 0
BIOGEN IDEC INC COM 09062X103 215 1,000 SH   DFND 0 1,000 0
BMC SOFTWARE INC COM 055921100 5,641 125,000 SH   DFND 0 125,000 0
BRISTOL MYERS SQUIBB CO COM 110122108 290 6,500 SH   DFND 0 6,500 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 336 20,000 SH   DFND 0 20,000 0
CAPITALSOURCE INC COM 14055X102 144 15,300 SH   DFND 0 15,300 0
CAPLEASE INC COM 140288101 3,135 371,500 SH   DFND 0 371,500 0
CARDINAL HEALTH INC COM 14149Y108 231 4,900 SH   DFND 0 4,900 0
CFS BANCORP INC COM 12525D102 1,129 105,362 SH   DFND 0 105,362 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 1,239 10,000 SH   DFND 0 10,000 0
CLEARWIRE CORP NEW CL A 18538Q105 2,656 531,675 SH   DFND 0 531,675 0
CNH GLOBAL N V SHS NEW N20935206 1,631 39,150 SH   DFND 0 39,150 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 5,092 211,118 SH   DFND 0 211,118 0
COMPUWARE CORP COM 205638109 2,079 201,044 SH   DFND 0 201,044 0
COOPER TIRE & RUBR CO COM 216831107 7,132 215,000 SH   DFND 0 215,000 0
CURRENCYSHS JAPANESE YEN TR JAPANESE YEN 23130A102 35 36,000 SH Put DFND 0 36,000 0
DELL INC COM 24702R101 8,008 601,000 SH   DFND 0 601,000 0
DIME CMNTY BANCSHARES COM 253922108 213 13,900 SH   DFND 0 13,900 0
DISH NETWORK CORP CL A 25470M109 2,714 63,840 SH   DFND 0 63,840 0
DOLE FOOD CO INC NEW COM 256603101 2,741 215,000 SH   DFND 0 215,000 0
DURATA THERAPEUTICS INC COM 26658A107 108 15,000 SH   DFND 0 15,000 0
E M C CORP MASS COM 268648102 590 25,000 SH   DFND 0 25,000 0
ELAN PLC ADR 284131208 1,061 75,000 SH   DFND 0 75,000 0
ENTERGY CORP NEW COM 29364G103 62 10,000 SH Call DFND 0 0 0
EQUAL ENERGY LTD COM 29390Q109 218 54,330 SH   DFND 0 54,330 0
EXACTTARGET INC COM 30064K105 2,529 75,000 SH   DFND 0 75,000 0
EXELON CORP COM 30161N101 772 25,000 SH   DFND 0 25,000 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 296 4,800 SH   DFND 0 4,800 0
FAIRPOINT COMMUNICATIONS INC COM NEW 305560302 253 30,339 SH   DFND 0 30,339 0
FEIHE INTL INC COM 31429Y103 953 128,730 SH   DFND 0 128,730 0
FERRO CORP COM 315405100 1,538 221,287 SH   DFND 0 221,287 0
FIFTH & PAC COS INC COM 316645100 896 40,100 SH   DFND 0 40,100 0
FIRST FINL HLDGS INC COM 320239106 353 16,659 SH   DFND 0 16,659 0
FIRST M & F CORP COM 320744105 1,399 88,479 SH   DFND 0 88,479 0
FIRSTENERGY CORP COM 337932107 373 10,000 SH   DFND 0 10,000 0
FISHER COMMUNICATIONS INC COM 337756209 4,745 115,500 SH   DFND 0 115,500 0
FLOW INTL CORP COM 343468104 1,188 321,977 SH   DFND 0 321,977 0
FOX CHASE BANCORP INC NEW COM 35137T108 918 54,000 SH   DFND 0 54,000 0
GARMIN LTD SHS H2906T109 1,617 44,700 SH   DFND 0 44,700 0
GILEAD SCIENCES INC COM 375558103 1,574 30,700 SH   DFND 0 30,700 0
GRAY TELEVISION INC COM 389375106 792 110,000 SH   DFND 0 110,000 0
HARRIS TEETER SUPERMARKETS I COM 414585109 839 17,900 SH   DFND 0 17,900 0
HEIDRICK & STRUGGLES INTL IN COM 422819102 2,129 127,329 SH   DFND 0 127,329 0
HERITAGE OAKS BANCORP COM 42724R107 486 78,700 SH   DFND 0 78,700 0
ICU MED INC COM 44930G107 937 12,999 SH   DFND 0 12,999 0
INSMED INC COM PAR $.01 457669307 196 16,400 SH   DFND 0 16,400 0
ISOFTSTONE HLDGS LTD SPONSORED ADS 46489B108 155 30,000 SH   DFND 0 30,000 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 75 10,000 SH   DFND 0 10,000 0
LAS VEGAS SANDS CORP COM 517834107 265 5,000 SH   DFND 0 5,000 0
LEAP WIRELESS INTL INC COM NEW 521863308 999 148,370 SH   DFND 0 148,370 0
LEAR CORP COM NEW 521865204 329 5,449 SH   DFND 0 5,449 0
LEARNING TREE INTL INC COM 522015106 602 185,758 SH   DFND 0 185,758 0
LENDER PROCESSING SVCS INC COM 52602E102 3,148 97,300 SH   DFND 0 97,300 0
LIFE TECHNOLOGIES CORP COM 53217V109 6,984 94,380 SH   DFND 0 94,380 0
LJ INTL INC ORD G55312105 986 500,370 SH   DFND 0 500,370 0
LSI CORPORATION COM 502161102 575 80,500 SH   DFND 0 80,500 0
MARKET LEADER INC COM 57056R103 1,928 180,210 SH   DFND 0 180,210 0
MCKESSON CORP COM 58155Q103 286 2,500 SH   DFND 0 2,500 0
MEDIVATION INC COM 58501N101 84 35,000 SH Put DFND 0 35,000 0
MEDIVATION INC COM 58501N101 3,632 73,825 SH   DFND 0 73,825 0
MET PRO CORP COM 590876306 4,048 301,200 SH   DFND 0 301,200 0
METLIFE INC COM 59156R108 1,830 40,000 SH   DFND 0 40,000 0
MONEYGRAM INTL INC COM NEW 60935Y208 770 34,010 SH   DFND 0 34,010 0
MPG OFFICE TR INC COM 553274101 1,990 633,711 SH   DFND 0 633,711 0
NEKTAR THERAPEUTICS COM 640268108 196 17,000 SH   DFND 0 17,000 0
NEOSTEM INC COM NEW 640650305 83 150,000 SH   DFND 0 150,000 0
NEPTUNE TECHNOLOGIES BIORESO COM 64077P108 33 10,000 SH   DFND 0 10,000 0
NEW YORK CMNTY BANCORP INC COM 649445103 490 35,000 SH   DFND 0 35,000 0
NEWPORT BANCORP INC COM 651754103 1,753 102,904 SH   DFND 0 102,904 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 1,325 87,600 SH   DFND 0 87,600 0
NII HLDGS INC CL B NEW 62913F201 500 75,000 SH   DFND 0 75,000 0
NOKIA CORP SPONSORED ADR 654902204 632 169,000 SH   DFND 0 169,000 0
NV ENERGY INC COM 67073Y106 5,180 220,800 SH   DFND 0 220,800 0
OFFICEMAX INC DEL COM 67622P101 460 45,000 SH   DFND 0 45,000 0
OMNIAMERICAN BANCORP INC COM 68216R107 771 35,000 SH   DFND 0 35,000 0
ONYX PHARMACEUTICALS INC COM 683399109 269 3,100 SH   DFND 0 3,100 0
OVERHILL FARMS INC COM 690212105 698 141,100 SH   DFND 0 141,100 0
PENN WEST PETE LTD NEW COM 707887105 43 129,900 SH Call DFND 0 0 0
PEOPLES FED BANCSHARES INC COM 711037101 849 47,000 SH   DFND 0 47,000 0
PEOPLES UNITED FINANCIAL INC COM 712704105 249 16,700 SH   DFND 0 16,700 0
PFIZER INC COM 717081103 728 26,000 SH   DFND 0 26,000 0
PHARMACYCLICS INC COM 716933106 258 3,250 SH   DFND 0 3,250 0
PITNEY BOWES INC COM 724479100 991 67,500 SH   DFND 0 67,500 0
POWER ONE INC NEW COM 73930R102 458 72,510 SH   DFND 0 72,510 0
PRIMUS TELECOMMUNICATIONS GR COM 741929301 311 26,016 SH   DFND 0 26,016 0
PROLOR BIOTECH INC COM 74344F106 126 20,000 SH   DFND 0 20,000 0
PVF CAPITAL CORP COM 693654105 1,754 438,520 SH   DFND 0 438,520 0
QLT INC COM 746927102 110 25,000 SH   DFND 0 25,000 0
RUE21 INC COM 781295100 1,543 37,076 SH   DFND 0 37,076 0
SAKS INC COM 79377W108 341 25,000 SH   DFND 0 25,000 0
SANOFI RIGHT 12/31/2020 80105N113 855 450,000 SH   DFND 0 450,000 0
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 455 43,000 SH   DFND 0 43,000 0
SMITHFIELD FOODS INC COM 832248108 5,587 170,600 SH   DFND 0 170,600 0
SOLITARIO EXPL & RTY CORP COM 8342EP107 654 727,200 SH   DFND 0 727,200 0
SOLTA MED INC COM 83438K103 562 246,707 SH   DFND 0 246,707 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,191 10,000 SH   DFND 0 10,000 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 80 500 SH   DFND 0 500 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 77 19,000 SH Put DFND 0 19,000 0
SPROTT RESOURCE LENDING CORP COM 85207J100 1,886 1,524,100 SH   DFND 0 1,524,100 0
STEWART ENTERPRISES INC CL A 860370105 3,029 230,850 SH   DFND 0 230,850 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 1,772 200,000 SH   DFND 0 200,000 0
TELEPHONE & DATA SYS INC COM NEW 879433829 5,702 231,333 SH   DFND 0 231,333 0
TIME WARNER CABLE INC COM 88732J207 562 5,000 SH   DFND 0 5,000 0
TIME WARNER CABLE INC COM 88732J207 54 3,500 SH Call DFND 0 0 0
TIMKEN CO COM 887389104 639 11,350 SH   DFND 0 11,350 0
T-MOBILE US INC COM 872590104 2,518 101,501 SH   DFND 0 101,501 0
TRIUS THERAPEUTICS INC COM 89685K100 218 26,900 SH   DFND 0 26,900 0
TRUE RELIGION APPAREL INC COM 89784N104 2,002 63,220 SH   DFND 0 63,220 0
UNITED STATES CELLULAR CORP COM 911684108 734 20,000 SH   DFND 0 20,000 0
UNITEDHEALTH GROUP INC COM 91324P102 321 4,900 SH   DFND 0 4,900 0
UNIVERSAL BUSINESS PMT SOL A COM 913384103 40 13,330 SH   DFND 0 13,330 0
UNIVEST CORP PA COM 915271100 717 37,600 SH   DFND 0 37,600 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 903 25,000 SH   DFND 0 25,000 0
VALLEY NATL BANCORP COM 919794107 474 50,000 SH   DFND 0 50,000 0
VERIFONE SYS INC COM 92342Y109 925 55,000 SH   DFND 0 55,000 0
VIACOM INC NEW CL B 92553P201 8,164 120,000 SH   DFND 0 120,000 0
VIRGINIA COMM BANCORP INC COM 92778Q109 405 29,021 SH   DFND 0 29,021 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 1,302 95,000 SH   DFND 0 95,000 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 52 83,200 SH Call DFND 0 0 0
WISDOMTREE TRUST JAPN HEDGE EQT 97717W851 93 142,700 SH Put DFND 0 142,700 0
WMS INDS INC COM 929297109 2,816 110,370 SH   DFND 0 110,370 0
ZOLTEK COS INC COM 98975W104 1,135 87,880 SH   DFND 0 87,880 0
ZYNGA INC CL A 98986T108 45 170,000 SH Call DFND 0 0 0