<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
   <infoTable>
       <nameOfIssuer>ACXIOM CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>005125109</cusip>
       <value>2495</value>
       <shrsOrPrnAmt>
           <sshPrnamt>110000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>110000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMERICAN INTL GROUP INC</nameOfIssuer>
       <titleOfClass>COM NEW</titleOfClass>
       <cusip>026874784</cusip>
       <value>5811</value>
       <shrsOrPrnAmt>
           <sshPrnamt>130000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ANGIES LIST INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>034754101</cusip>
       <value>1859</value>
       <shrsOrPrnAmt>
           <sshPrnamt>70000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>70000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>APPLE INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>037833100</cusip>
       <value>6741</value>
       <shrsOrPrnAmt>
           <sshPrnamt>17000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>17000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ASTEX PHARMACEUTICALS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>04624B103</cusip>
       <value>1521</value>
       <shrsOrPrnAmt>
           <sshPrnamt>370000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>370000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BLUCORA INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>095229100</cusip>
       <value>4172</value>
       <shrsOrPrnAmt>
           <sshPrnamt>225000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>225000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BODY CENT CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>09689U102</cusip>
       <value>3330</value>
       <shrsOrPrnAmt>
           <sshPrnamt>250000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>250000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BRAVO BRIO RESTAURANT GROUP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>10567B109</cusip>
       <value>2281</value>
       <shrsOrPrnAmt>
           <sshPrnamt>128000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>128000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BROOKFIELD ASSET MGMT INC</nameOfIssuer>
       <titleOfClass>CL A LTD VT SH</titleOfClass>
       <cusip>112585104</cusip>
       <value>2702</value>
       <shrsOrPrnAmt>
           <sshPrnamt>75000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BROOKFIELD ASSET MGMT INC</nameOfIssuer>
       <titleOfClass>CL A LTD VT SH</titleOfClass>
       <cusip>112585104</cusip>
       <value>2161</value>
       <shrsOrPrnAmt>
           <sshPrnamt>60000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>60000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>COACH INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>189754104</cusip>
       <value>3568</value>
       <shrsOrPrnAmt>
           <sshPrnamt>62500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>62500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>COTT CORP QUE</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>22163N106</cusip>
       <value>2460</value>
       <shrsOrPrnAmt>
           <sshPrnamt>315000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>315000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>E M C CORP MASS</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>268648102</cusip>
       <value>2716</value>
       <shrsOrPrnAmt>
           <sshPrnamt>115000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>E M C CORP MASS</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>268648102</cusip>
       <value>2953</value>
       <shrsOrPrnAmt>
           <sshPrnamt>125000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>125000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>FIRST AMERN FINL CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>31847R102</cusip>
       <value>6943</value>
       <shrsOrPrnAmt>
           <sshPrnamt>315000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</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>2087</value>
       <shrsOrPrnAmt>
           <sshPrnamt>110000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES TR</nameOfIssuer>
       <titleOfClass>RUSSELL 2000</titleOfClass>
       <cusip>464287655</cusip>
       <value>4850</value>
       <shrsOrPrnAmt>
           <sshPrnamt>50000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>50000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>KOHLS CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>500255104</cusip>
       <value>2526</value>
       <shrsOrPrnAmt>
           <sshPrnamt>50000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>50000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>LIFELOCK INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>53224V100</cusip>
       <value>878</value>
       <shrsOrPrnAmt>
           <sshPrnamt>75000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>75000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>MAGNACHIP SEMICONDUCTOR CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>55933J203</cusip>
       <value>1644</value>
       <shrsOrPrnAmt>
           <sshPrnamt>90000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>90000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>MFC INDL LTD</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>55278T105</cusip>
       <value>625</value>
       <shrsOrPrnAmt>
           <sshPrnamt>77500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>77500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>PEREGRINE SEMICONDUCTOR CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>71366R703</cusip>
       <value>2291</value>
       <shrsOrPrnAmt>
           <sshPrnamt>210000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>210000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>PICO HLDGS INC</nameOfIssuer>
       <titleOfClass>COM NEW</titleOfClass>
       <cusip>693366205</cusip>
       <value>1886</value>
       <shrsOrPrnAmt>
           <sshPrnamt>90000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ROSETTA STONE INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>777780107</cusip>
       <value>2196</value>
       <shrsOrPrnAmt>
           <sshPrnamt>149000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>149000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SKULLCANDY INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>83083J104</cusip>
       <value>2489</value>
       <shrsOrPrnAmt>
           <sshPrnamt>455851</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>455851</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
       <titleOfClass>TR UNIT</titleOfClass>
       <cusip>78462F103</cusip>
       <value>9625</value>
       <shrsOrPrnAmt>
           <sshPrnamt>60000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>60000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>TETRA TECHNOLOGIES INC DEL</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>88162F105</cusip>
       <value>1539</value>
       <shrsOrPrnAmt>
           <sshPrnamt>150000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>150000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>WORLD ACCEP CORP DEL</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>981419104</cusip>
       <value>1478</value>
       <shrsOrPrnAmt>
           <sshPrnamt>17000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>17000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>WPX ENERGY INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>98212B103</cusip>
       <value>2841</value>
       <shrsOrPrnAmt>
           <sshPrnamt>150000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>XPO LOGISTICS INC</nameOfIssuer>
       <titleOfClass>NOTE 4.500%10/0</titleOfClass>
       <cusip>983793AA8</cusip>
       <value>872</value>
       <shrsOrPrnAmt>
           <sshPrnamt>705</sshPrnamt>
           <sshPrnamtType>PRN</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>705</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
</informationTable>
