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

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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
AEP INDS INC COM 001031103 913 24,096 SH   SOLE   0 0 24,096
APCO OIL & GAS INTERNATIONAL SHS g0471f109 35,491 2,753,338 SH   SOLE   0 0 2,753,338
CELGENE CORP COM 151020104 1,780 18,780 SH   SOLE   0 0 18,780
CHEVRON CORP NEW COM 166764100 372 3,114 SH   SOLE   0 0 3,114
EASTERN CO COM 276317104 15,951 999,413 SH   SOLE   0 0 999,413
ECOLOGY & ENVIRONMENT INC CL A 278878103 236 24,445 SH   SOLE   0 0 24,445
EXXON MOBIL CORP COM 30231G102 328 3,492 SH   SOLE   0 0 3,492
GENERAL ELECTRIC CO COM 369604103 220 8,577 SH   SOLE   0 0 8,577
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 16,237 1,089,710 SH   SOLE   0 0 1,089,710
GRAHAM CORP COM 384556106 1,270 44,159 SH   SOLE   0 0 44,159
GSE SYS INC COM 36227k106 261 167,457 SH   SOLE   0 0 167,457
INTERNATIONAL BUSINESS MACHS COM 459200101 764 4,026 SH   SOLE   0 0 4,026
JOHNSON & JOHNSON COM 478160104 516 4,840 SH   SOLE   0 0 4,840
LILLY ELI & CO COM 532457108 285 4,394 SH   SOLE   0 0 4,394
M & T BK CORP COM 55261F104 1,012 8,211 SH   SOLE   0 0 8,211
MERCK & CO INC NEW COM 58933y105 614 10,350 SH   SOLE   0 0 10,350
MICROSOFT CORP COM 594918104 236 5,097 SH   SOLE   0 0 5,097
NANOSPHERE INC COM 63009F105 65 114,200 SH   SOLE   0 0 114,200
PFIZER INC COM 717081103 214 7,229 SH   SOLE   0 0 7,229
PMFG INC COM 69345P103 22,258 4,451,552 SH   SOLE   0 0 4,451,552
PRECISION CASTPARTS CORP COM 740189105 711 3,000 SH   SOLE   0 0 3,000
PROCTER & GAMBLE CO COM 742718109 892 10,649 SH   SOLE   0 0 10,649
PROSHARES TR PSHS ULSHT SP500 74347B300 820 33,222 SH   SOLE   0 0 33,222
RAND CAP CORP COM 752185108 887 287,064 SH   SOLE   0 0 287,064
TRANSCAT INC COM 893529107 14,457 1,579,996 SH   SOLE   0 0 1,579,996
UNION PAC CORP COM 907818108 517 4,772 SH   SOLE   0 0 4,772
UNITED STATES LIME & MINERAL COM 911922102 1,217 20,928 SH   SOLE   0 0 20,928