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
1ST UNITED BANCORP INC FLA COM 33740N105 6,177 725,002 SH   DFND 0 725,002 0
ACTAVIS PLC SHS G0083B108 22,918 94,987 SH   DFND 0 94,987 0
ACTAVIS PLC SHS G0083B108 1,175 85,300 SH Put DFND 0 85,300 0
ALLERGAN INC COM 018490102 36,923 207,210 SH   DFND 0 207,210 0
ALLY FINL INC COM 02005N100 7,474 322,992 SH   DFND 0 322,992 0
AMBIT BIOSCIENCES CORP COM 02318X100 2,148 139,510 SH   DFND 0 139,510 0
AMER RLTY CAP HEALTHCAR TR I COM 02917R108 7,022 669,998 SH   DFND 0 669,998 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 2 10,100 SH Put DFND 0 10,100 0
ANADARKO PETE CORP COM 032511107 4,790 47,220 SH   DFND 0 47,220 0
ANNALY CAP MGMT INC COM 035710409 2 25,200 SH Put DFND 0 25,200 0
ANNIES INC COM 03600T104 4,668 101,695 SH   DFND 0 101,695 0
APACHE CORP COM 037411105 7,040 75,000 SH   DFND 0 75,000 0
ASTRAZENECA PLC SPONSORED ADR 046353108 6,434 90,064 SH   DFND 0 90,064 0
ASTRAZENECA PLC SPONSORED ADR 046353108 110 140,700 SH Put DFND 0 140,700 0
ATHLON ENERGY INC COM 047477104 3,494 59,999 SH   DFND 0 59,999 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 9,325 312,399 SH   DFND 0 312,399 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 25 125,000 SH Put DFND 0 125,000 0
B/E AEROSPACE INC COM 073302101 1,780 21,200 SH   DFND 0 21,200 0
B/E AEROSPACE INC COM 073302101 235 20,000 SH Put DFND 0 20,000 0
BALLY TECHNOLOGIES INC COM 05874B107 3,951 48,959 SH   DFND 0 48,959 0
BANK KY FINL CORP COM 062896105 2,632 56,943 SH   DFND 0 56,943 0
BARRICK GOLD CORP COM 067901108 1,953 133,195 SH   DFND 0 133,195 0
BAXTER INTL INC COM 071813109 5,311 74,000 SH   DFND 0 74,000 0
BGC PARTNERS INC CL A 05541T101 7,021 944,923 SH   DFND 0 944,923 0
BGC PARTNERS INC CL A 05541T101 35 346,400 SH Call DFND 0 346,400 0
BLACKBERRY LTD COM 09228F103 1,117 112,376 SH   DFND 0 112,376 0
BRINKS CO COM 109696104 6,270 260,799 SH   DFND 0 260,799 0
BURGER KING WORLDWIDE INC COM 121220107 89 2,989 SH   DFND 0 2,989 0
BURGER KING WORLDWIDE INC COM 121220107 1,165 97,500 SH Put DFND 0 97,500 0
CASCADE BANCORP COM NEW 147154207 1,366 270,495 SH   DFND 0 270,495 0
CHIQUITA BRANDS INTL INC COM 170032809 4,858 342,110 SH   DFND 0 342,110 0
CITIZENS FINL GROUP INC COM 174610105 1,077 46,000 SH   DFND 0 46,000 0
CLOROX CO DEL COM 189054109 3,462 36,051 SH   DFND 0 36,051 0
CME GROUP INC COM 12572Q105 304 3,800 SH   DFND 0 3,800 0
CME GROUP INC COM 12572Q105 96 25,000 SH Put DFND 0 25,000 0
COLONIAL FINL SVCS INC COM 19566B101 346 26,000 SH   DFND 0 26,000 0
COMPUWARE CORP COM 205638109 27,721 2,612,688 SH   DFND 0 2,612,688 0
COMPUWARE CORP COM 205638109 27 532,900 SH Put DFND 0 532,900 0
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 440 11,842 SH   DFND 0 11,842 0
CONAGRA FOODS INC COM 205887102 7,575 229,265 SH   DFND 0 229,265 0
CONCUR TECHNOLOGIES INC COM 206708109 10,146 80,006 SH   DFND 0 80,006 0
CONCUR TECHNOLOGIES INC COM 206708109 1 15,000 SH Put DFND 0 15,000 0
CONVERSANT INC COM 21249J105 9,420 275,022 SH   DFND 0 275,022 0
COVISINT CORP COM 22357R103 1,038 250,000 SH   DFND 0 250,000 0
DHT HOLDINGS INC SHS NEW Y2065G121 924 150,000 SH   DFND 0 150,000 0
DIME CMNTY BANCSHARES COM 253922108 2,676 185,845 SH   DFND 0 185,845 0
DIRECTV COM 25490A309 20,782 240,199 SH   DFND 0 240,199 0
DISH NETWORK CORP CL A 25470M109 25 25,000 SH Put DFND 0 25,000 0
DISH NETWORK CORP CL A 25470M109 5,787 89,612 SH   DFND 0 89,612 0
DOLLAR GEN CORP NEW COM 256677105 8,274 135,400 SH   DFND 0 135,400 0
DOLLAR TREE INC COM 256746108 1 12,500 SH Call DFND 0 12,500 0
DONNELLEY R R & SONS CO COM 257867101 4,936 299,893 SH   DFND 0 299,893 0
DRESSER-RAND GROUP INC COM 261608103 16,673 202,683 SH   DFND 0 202,683 0
EBAY INC COM 278642103 1,133 20,000 SH   DFND 0 20,000 0
EINSTEIN NOAH REST GROUP INC COM 28257U104 1,008 50,000 SH   DFND 0 50,000 0
ENDO INTL PLC SHS G30401106 157 2,302 SH   DFND 0 2,302 0
ENDO INTL PLC SHS G30401106 4 22,700 SH Call DFND 0 22,700 0
ENVENTIS CORP COM 29402J101 2,273 125,000 SH   DFND 0 125,000 0
FAMILY DLR STORES INC COM 307000109 26,806 347,054 SH   DFND 0 347,054 0
FAMILY DLR STORES INC COM 307000109 65 100,000 SH Put DFND 0 100,000 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 1,327 96,429 SH   DFND 0 96,429 0
FNB CORP PA COM 302520101 123 10,224 SH   DFND 0 10,224 0
FOSTER WHEELER AG COM H27178104 6,830 216,018 SH   DFND 0 216,018 0
FRANKLIN FINL CORP VA COM 35353C102 2,302 123,709 SH   DFND 0 123,709 0
GENTIVA HEALTH SERVICES INC COM 37247A102 839 50,000 SH   DFND 0 50,000 0
GLIMCHER RLTY TR SH BEN INT 379302102 5,856 432,501 SH   DFND 0 432,501 0
GLOBALSTAR INC COM 378973408 1,176 1,680,000 SH Put DFND 0 1,680,000 0
GLOBALSTAR INC COM 378973408 6,149 1,680,000 SH   DFND 0 1,680,000 0
GROUPON INC COM CL A 399473107 2,165 324,121 SH   DFND 0 324,121 0
HARVEST NATURAL RESOURCES IN COM 41754V103 136 36,964 SH   DFND 0 36,964 0
HEWLETT PACKARD CO COM 428236103 17 25,000 SH Put DFND 0 25,000 0
HUBBELL INC CL B 443510201 3,013 25,000 SH   DFND 0 25,000 0
HUDSON CITY BANCORP COM 443683107 7,595 781,348 SH   DFND 0 781,348 0
INTEL CORP COM 458140100 7 121,500 SH Put DFND 0 121,500 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 10 25,000 SH Put DFND 0 25,000 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 4,305 255,185 SH   DFND 0 255,185 0
INTERNATIONAL RECTIFIER CORP COM 460254105 3,014 76,804 SH   DFND 0 76,804 0
ISHARES TR CHINA LG-CAP ETF 464287184 25 23,800 SH Put DFND 0 23,800 0
ISHARES TR RUSSELL 2000 ETF 464287655 350 3,200 SH   DFND 0 3,200 0
ISHARES TR RUSSELL 2000 ETF 464287655 747 129,600 SH Put DFND 0 129,600 0
ISLE OF CAPRI CASINOS INC COM 464592104 432 57,644 SH   DFND 0 57,644 0
JETPAY CORP COM 477177109 20 13,330 SH   DFND 0 13,330 0
JOY GLOBAL INC COM 481165108 8 15,000 SH Call DFND 0 15,000 0
LIN MEDIA LLC CL A COM 532771102 4,440 200,001 SH   DFND 0 200,001 0
LIPOSCIENCE INC COM 53630M108 410 79,100 SH   DFND 0 79,100 0
LORAL SPACE & COMMUNICATNS I COM 543881106 7,844 109,239 SH   DFND 0 109,239 0
LSB FINL CORP COM 501925101 1,130 28,105 SH   DFND 0 28,105 0
M & T BK CORP COM 55261F104 374 37,500 SH Put DFND 0 37,500 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 2,848 211,247 SH   DFND 0 211,247 0
MEADOWBROOK INS GROUP INC COM 58319P108 7,609 1,300,735 SH   DFND 0 1,300,735 0
MEDTRONIC INC COM 585055106 5,153 83,174 SH   DFND 0 83,174 0
MORGANS HOTEL GROUP CO COM 61748W108 1,096 135,831 SH   DFND 0 135,831 0
MOVE INC COM NEW 62458M207 2,096 100,000 SH   DFND 0 100,000 0
MULTIMEDIA GAMES HLDG CO INC COM 625453105 3,745 103,998 SH   DFND 0 103,998 0
NATIONAL INTERSTATE CORP COM 63654U100 19,975 715,935 SH   DFND 0 715,935 0
NEWCASTLE INVT CORP NEW COM NEW 65105M504 2,878 226,998 SH   DFND 0 226,998 0
NEWMONT MINING CORP COM 651639106 7,682 333,263 SH   DFND 0 333,263 0
NOKIA CORP SPONSORED ADR 654902204 7,631 901,989 SH   DFND 0 901,989 0
NORTH VALLEY BANCORP COM NEW 66304M204 3,836 177,767 SH   DFND 0 177,767 0
NUANCE COMMUNICATIONS INC COM 67020Y100 3,418 221,700 SH   DFND 0 221,700 0
NUANCE COMMUNICATIONS INC COM 67020Y100 47 525,500 SH Call DFND 0 525,500 0
NUANCE COMMUNICATIONS INC COM 67020Y100 172 221,700 SH Put DFND 0 221,700 0
NVIDIA CORP COM 67066G104 1,858 100,701 SH   DFND 0 100,701 0
NVIDIA CORP COM 67066G104 10 150,000 SH Put DFND 0 150,000 0
OFFICE DEPOT INC COM 676220106 13 199,900 SH Call DFND 0 199,900 0
OFFICE DEPOT INC COM 676220106 291 806,800 SH Put DFND 0 806,800 0
OFFICE DEPOT INC COM 676220106 4,380 852,094 SH   DFND 0 852,094 0
OMNIAMERICAN BANCORP INC COM 68216R107 20,750 798,380 SH   DFND 0 798,380 0
OMNIVISION TECHNOLOGIES INC COM 682128103 2,916 110,199 SH   DFND 0 110,199 0
OVERSTOCK COM INC DEL COM 690370101 2,637 156,430 SH   DFND 0 156,430 0
PENN WEST PETE LTD NEW COM 707887105 316 46,826 SH   DFND 0 46,826 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 57 50,000 SH Put DFND 0 50,000 0
PROSHARES TR SHRT 20+YR TRE 74347X849 5,430 195,730 SH   DFND 0 195,730 0
PROTECTIVE LIFE CORP COM 743674103 11,818 170,270 SH   DFND 0 170,270 0
QUANTUM CORP COM DSSG 747906204 668 576,271 SH   DFND 0 576,271 0
REALD INC COM 75604L105 3,864 412,400 SH   DFND 0 412,400 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 199 19,633 SH   DFND 0 19,633 0
RF MICRODEVICES INC COM 749941100 2,509 217,417 SH   DFND 0 217,417 0
SAFEWAY INC COM NEW 786514208 1,217 35,486 SH   DFND 0 35,486 0
SALIX PHARMACEUTICALS INC COM 795435106 12,353 79,062 SH   DFND 0 79,062 0
SHANDA GAMES LTD SP ADR REPTG A 81941U105 512 78,212 SH   DFND 0 78,212 0
SHUTTERFLY INC COM 82568P304 8,754 179,600 SH   DFND 0 179,600 0
SIGMA ALDRICH CORP COM 826552101 12,921 94,999 SH   DFND 0 94,999 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 17 6,200 SH Call DFND 0 6,200 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 290 25,000 SH Put DFND 0 25,000 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 11,479 136,348 SH   DFND 0 136,348 0
SOLITARIO EXPL & RTY CORP COM 8342EP107 1,325 1,103,779 SH   DFND 0 1,103,779 0
SONY CORP ADR NEW 835699307 3,777 209,360 SH   DFND 0 209,360 0
SOUTHSIDE BANCSHARES INC COM 84470P109 285 30,000 SH Put DFND 0 30,000 0
SP BANCORP INC COM 78468K106 4,506 154,830 SH   DFND 0 154,830 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 819 264,800 SH Put DFND 0 264,800 0
SYMMETRY MED INC COM 871546206 1,674 165,934 SH   DFND 0 165,934 0
SYNOVUS FINL CORP COM NEW 87161C501 1,300 55,002 SH   DFND 0 55,002 0
TF FINL CORP COM 872391107 2,234 53,750 SH   DFND 0 53,750 0
TIBCO SOFTWARE INC COM 88632Q103 10,634 450,001 SH   DFND 0 450,001 0
TIM HORTONS INC COM 88706M103 29,199 370,998 SH   DFND 0 370,998 0
TIME WARNER CABLE INC COM 88732J207 20,032 139,604 SH   DFND 0 139,604 0
TIVO INC COM 888706108 4,745 370,885 SH   DFND 0 370,885 0
T-MOBILE US INC COM 872590104 10,102 349,897 SH   DFND 0 349,897 0
T-MOBILE US INC COM 872590104 446 110,000 SH Put DFND 0 110,000 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 15,821 156,258 SH   DFND 0 156,258 0
TW TELECOM INC COM 87311L104 7,906 190,003 SH   DFND 0 190,003 0
UNITED STATES CELLULAR CORP COM 911684108 603 16,999 SH   DFND 0 16,999 0
URS CORP NEW COM 903236107 1,152 20,001 SH   DFND 0 20,001 0
VAIL RESORTS INC COM 91879Q109 11,017 126,979 SH   DFND 0 126,979 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 3,074 23,428 SH   DFND 0 23,428 0
WHITING PETE CORP NEW COM 966387102 1,534 19,776 SH   DFND 0 19,776 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 78 283,400 SH Put DFND 0 283,400 0
XRS CORP COM 983845108 125 22,543 SH   DFND 0 22,543 0
ZAGG INC COM 98884U108 946 169,564 SH   DFND 0 169,564 0
ZILLOW INC CL A 98954A107 2,521 21,732 SH   DFND 0 21,732 0