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
CONSTELLIUM CL A N22035104 625,170 19,500 SH   DFND   0 19,500 0
CONSTELLIUM CL A N22035104 3,863,230 120,500 SH   SOLE   120,500 0 0
AV HOMES INC COM 00234P102 2,216,978 135,595 SH   SOLE   135,595 0 0
ALLY FINL INC COM 02005N100 6,375,673 266,653 SH   SOLE   266,653 0 0
AMAZON.COM COM 023135106 97,434 300 SH   DFND   0 300 0
AMAZON.COM COM 023135106 552,126 1,700 SH   SOLE   1,700 0 0
AMERICAN INTL GROUP COM NEW 026874784 2,614,382 47,900 SH   DFND   0 47,900 0
AMERICAN INTL GROUP COM NEW 026874784 15,920,986 291,700 SH   SOLE   291,700 0 0
ANHEUSER BUSCH CO. SPONSORED ADR 03524A108 2,356,270 20,500 SH   DFND   0 20,500 0
ANHEUSER BUSCH CO. SPONSORED ADR 03524A108 14,539,910 126,500 SH   SOLE   126,500 0 0
APPLE COMPUTER INC COM 037833100 362,427 3,900 SH Call DFND   0 3,900 0
APPLE COMPUTER INC COM 037833100 1,960,823 21,100 SH Call SOLE   21,100 0 0
BANK OF CALIFORNIA COM 05990K106 274,680 25,200 SH   DFND   0 25,200 0
BANK OF CALIFORNIA COM 05990K106 1,687,320 154,800 SH   SOLE   154,800 0 0
CALLAWAY GOLF CO COM 131193104 497,536 59,800 SH   DFND   0 59,800 0
CALLAWAY GOLF CO COM 131193104 2,996,864 360,200 SH   SOLE   360,200 0 0
CISCO SYSTEMS INC COM 17275R102 27,335 1,100 SH   DFND   0 1,100 0
CISCO SYSTEMS INC COM 17275R102 173,950 7,000 SH Call DFND   0 7,000 0
CISCO SYSTEMS INC COM 17275R102 159,040 6,400 SH   SOLE   6,400 0 0
CISCO SYSTEMS INC COM 17275R102 1,068,550 43,000 SH Call SOLE   43,000 0 0
CITIGROUP INC COM NEW 172967424 2,661,150 56,500 SH   DFND   0 56,500 0
CITIGROUP INC COM NEW 172967424 14,294,850 303,500 SH   SOLE   303,500 0 0
COGENT COMMUNICATIONS COM NEW 19239V302 386,960 11,200 SH   DFND   0 11,200 0
COGENT COMMUNICATIONS COM NEW 19239V302 2,377,040 68,800 SH   SOLE   68,800 0 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 1,745,874 82,900 SH   DFND   0 82,900 0
WTS COMERICA EXP 11/14/18 *W EXP 11/14/2018 200340115 8,784,126 417,100 SH   SOLE   417,100 0 0
CROWN HOLDINGS INC COM 228368106 1,880,928 37,800 SH   DFND   0 37,800 0
CROWN HOLDINGS INC COM 228368106 11,554,272 232,200 SH   SOLE   232,200 0 0
DREAMWORKS ANNIMATION CL A 26153C103 1,102,524 47,400 SH   DFND   0 47,400 0
DREAMWORKS ANNIMATION CL A 26153C103 6,766,334 290,900 SH   SOLE   290,900 0 0
EBAY INC COM 278642103 230,276 4,600 SH   DFND   0 4,600 0
EBAY INC COM 278642103 1,421,704 28,400 SH   SOLE   28,400 0 0
EBIX INC COM NEW 278715206 1,116,180 78,000 SH Put DFND   0 78,000 0
EBIX INC COM NEW 278715206 6,864,507 479,700 SH Put SOLE   479,700 0 0
ERICSSON ADR B SEK 10 294821608 211,400 17,500 SH   DFND   0 17,500 0
ERICSSON ADR B SEK 10 294821608 1,298,600 107,500 SH   SOLE   107,500 0 0
FIRST SECURITY GROUP INC COM NEW 336312202 1,887,900 870,000 SH   DFND   0 870,000 0
FIRST SECURITY GROUP INC COM NEW 336312202 11,132,100 5,130,000 SH   SOLE   5,130,000 0 0
HUDSON VALLEY HLDG CO COM 444172100 1,115,905 61,823 SH   DFND   0 61,823 0
HUDSON VALLEY HLDG CO COM 444172100 6,104,095 338,177 SH   SOLE   338,177 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 2,339,697 33,796 SH   DFND   0 33,796 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 1,453,830 21,000 SH Call DFND   0 21,000 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 13,797,539 199,300 SH   SOLE   199,300 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 8,930,670 129,000 SH Call SOLE   129,000 0 0
INTERDIGITAL INC COM 45867G101 2,284,840 47,800 SH   DFND   0 47,800 0
INTERDIGITAL INC COM 45867G101 13,250,160 277,200 SH   SOLE   277,200 0 0
INTERMOUNTAIN COMNTY BANCORP COM NEW 45881M308 664,908 40,842 SH   DFND   0 40,842 0
INTERMOUNTAIN COMNTY BANCORP COM NEW 45881M308 3,567,892 219,158 SH   SOLE   219,158 0 0
INTRALINKS HLDG COM 46118H104 1,672,831 188,170 SH   DFND   0 188,170 0
INTRALINKS HLDG COM 46118H104 10,251,059 1,153,100 SH   SOLE   1,153,100 0 0
ISHARESRUT2000 RUSSELL 2000 ETF 464287655 16,550,233 139,300 SH Put DFND   0 139,300 0
ISHARESRUT2000 RUSSELL 2000 ETF 464287655 101,665,717 855,700 SH Put SOLE   855,700 0 0
LAMAR ADVERTISING CO. CL A 512815101 371,000 7,000 SH   DFND   0 7,000 0
LAMAR ADVERTISING CO. CL A 512815101 2,279,000 43,000 SH   SOLE   43,000 0 0
MICROSOFT CORP COM 594918104 3,202,560 76,800 SH   DFND   0 76,800 0
MICROSOFT CORP COM 594918104 19,857,540 476,200 SH   SOLE   476,200 0 0
MICRON TECHNOLOGY COM 595112103 138,390 4,200 SH Call DFND   0 4,200 0
MICRON TECHNOLOGY COM 595112103 850,110 25,800 SH Call SOLE   25,800 0 0
MOVE INC COM NEW 62458M207 3,478,771 235,211 SH   DFND   0 235,211 0
MOVE INC COM NEW 62458M207 19,150,092 1,294,800 SH   SOLE   1,294,800 0 0
NORTH VALLEY BANCORP COM NEW 66304M204 1,070,630 49,134 SH   DFND   0 49,134 0
NORTH VALLEY BANCORP COM NEW 66304M204 3,941,070 180,866 SH   SOLE   180,866 0 0
ORACLE CORP COM 68389X105 81,060 2,000 SH   DFND   0 2,000 0
ORACLE CORP COM 68389X105 60,795 1,500 SH Put DFND   0 1,500 0
ORACLE CORP COM 68389X105 526,890 13,000 SH   SOLE   13,000 0 0
ORACLE CORP COM 68389X105 380,982 9,400 SH Put SOLE   9,400 0 0
PENNYMAC MTG INVT TR COM 70931T103 215,012 9,800 SH   DFND   0 9,800 0
PENNYMAC MTG INVT TR COM 70931T103 1,320,788 60,200 SH   SOLE   60,200 0 0
PEPSICO INC COM 713448108 134,010 1,500 SH   DFND   0 1,500 0
PEPSICO INC COM 713448108 6,164,460 69,000 SH Call DFND   0 69,000 0
PEPSICO INC COM 713448108 759,390 8,500 SH   SOLE   8,500 0 0
PEPSICO INC COM 713448108 37,906,962 424,300 SH Call SOLE   424,300 0 0
POPULAR INC COM NEW 733174700 676,764 19,800 SH   DFND   0 19,800 0
POPULAR INC COM NEW 733174700 4,159,706 121,700 SH   SOLE   121,700 0 0
PROCTOR GAMBLE COM 742718109 94,308 1,200 SH   DFND   0 1,200 0
PROCTOR GAMBLE COM 742718109 495,117 6,300 SH   SOLE   6,300 0 0
QUANEX BUILDING PRODUCTS COM 747619104 25,572 1,431 SH   DFND   0 1,431 0
QUANEX BUILDING PRODUCTS COM 747619104 155,469 8,700 SH   SOLE   8,700 0 0
REPUBLIC FIRST BANCORP COM 760416107 1,110,816 220,400 SH   DFND   0 220,400 0
REPUBLIC FIRST BANCORP COM 760416107 6,827,184 1,354,600 SH   SOLE   1,354,600 0 0
RUCKUS WIRELESS COM 781220108 125,055 10,500 SH   DFND   0 10,500 0
RUCKUS WIRELESS COM 781220108 768,195 64,500 SH   SOLE   64,500 0 0
S&P DEP. TR UNIT 78462F103 19,043,556 97,300 SH Put DFND   0 97,300 0
S&P DEP. TR UNIT 78462F103 116,981,844 597,700 SH Put SOLE   597,700 0 0
SHUTTERFLY INC COM 82568P304 4,835,638 112,300 SH   DFND   0 112,300 0
SHUTTERFLY INC COM 82568P304 25,930,732 602,200 SH   SOLE   602,200 0 0
SIERRA BANCORP COM 82620P102 281,240 17,800 SH   DFND   0 17,800 0
SIERRA BANCORP COM 82620P102 1,709,560 108,200 SH   SOLE   108,200 0 0
SYMANTEC COM 871503108 80,150 3,500 SH Call DFND   0 3,500 0
SYMANTEC COM 871503108 492,350 21,500 SH Call SOLE   21,500 0 0
T-MOBILE US INC COM 872590104 1,017,005 30,250 SH   DFND   0 30,250 0
T-MOBILE US INC COM 872590104 6,033,109 179,450 SH   SOLE   179,450 0 0
3D SYSTEMS CORP COM NEW 88554D205 358,800 6,000 SH Put DFND   0 6,000 0
3D SYSTEMS CORP COM NEW 88554D205 2,242,500 37,500 SH Put SOLE   37,500 0 0