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
ACTIVE POWER INC COM 00504W308 34 16,900 SH   DFND 1, 2, 3, 4 16,900 0 0
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 406 29,200 SH   DFND 1, 2, 3, 4 0 0 29,200
AMERICAN HOMES 4 RENT- A COM 02665T306 169 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
AMERICAN REALTY CAPITAL PROP COM 02917T104 7,269 602,700 SH   DFND 1, 2, 3, 4 602,700 0 0
AMKOR TECHNOLOGY INC COM 031652100 1,108 131,711 SH   DFND 1, 2, 3, 4 131,711 0 0
AMREP CORP COM 032159105 278 59,638 SH   DFND 1, 2, 3, 4 59,638 0 0
AMAZON.COM INC COM 023135106 24,344 75,500 SH Put DFND 1, 2, 3, 4 0 0 75,500
APACHE CORP COM 037411105 939 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
APACHE CORP COM 037411105 45,058 480,000 SH Call DFND 1, 2, 3, 4 0 0 480,000
ANADARKO PETROLEUM CORP COM 032511107 10,144 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
APOLLO GLOBAL MANAGEMENT - A COM 037612306 596 25,000 SH   DFND 1, 2, 3, 4 25,000 0 0
ASB BANCORP INC COM 00213T109 651 32,300 SH   DFND 1, 2, 3, 4 32,300 0 0
ASSURED GUARANTY LTD COM G0585R106 228 10,300 SH   DFND 1, 2, 3, 4 10,300 0 0
ATHENAHEALTH INC COM 04685W103 10,904 82,800 SH Put DFND 1, 2, 3, 4 0 0 82,800
ATLANTIC COAST FINANCIAL COR COM 048426100 3,060 750,000 SH   DFND 1, 2, 3, 4 750,000 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 630 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,307 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
BROOKDALE SENIOR LIVING INC COM 112463104 680 21,090 SH   DFND 1, 2, 3, 4 21,090 0 0
CITIGROUP INC COM 172967424 12,903 249,000 SH   DFND 1, 2, 3, 4 249,000 0 0
CITIGROUP INC COM 172967424 36,274 700,000 SH Call DFND 1, 2, 3, 4 0 0 700,000
CAPITAL SENIOR LIVING CORP COM 140475104 38,368 1,807,270 SH   DFND 1, 2, 3, 4 1,807,270 0 0
CARNIVAL CORP COM 143658300 1,808 45,000 SH   DFND 1, 2, 3, 4 45,000 0 0
CARNIVAL CORP COM 143658300 27,717 690,000 SH Call DFND 1, 2, 3, 4 0 0 690,000
CHARTER FINANCIAL CORP COM 16122W108 1,606 150,124 SH   DFND 1, 2, 3, 4 150,124 0 0
CHC GROUP LTD COM G07021101 265 47,300 SH   DFND 1, 2, 3, 4 47,300 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,004 113,490 SH   DFND 1, 2, 3, 4 113,490 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 3,712 550,694 SH   DFND 1, 2, 3, 4 550,694 0 0
CLIFTON BANCORP INC COM 186873105 1,543 122,576 SH   DFND 1, 2, 3, 4 122,576 0 0
COWEN GROUP INC-CLASS A COM 223622101 12,234 3,262,375 SH   DFND 1, 2, 3, 4 3,262,375 0 0
SALESFORCE.COM INC COM 79466L302 10,355 180,000 SH Put DFND 1, 2, 3, 4 0 0 180,000
DEVON ENERGY CORP COM 25179M103 5,829 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
DEVON ENERGY CORP COM 25179M103 54,762 803,200 SH Call DFND 1, 2, 3, 4 0 0 803,200
DEX MEDIA INC COM 25213A107 117 12,206 SH   DFND 1, 2, 3, 4 12,206 0 0
DOW CHEMICAL CO/THE COM 260543103 10,488 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
EASTERN VIRGINIA BANKSHARES COM 277196101 300 48,200 SH   DFND 1, 2, 3, 4 48,200 0 0
ELDORADO GOLD CORP COM 284902103 103 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
ELDORADO RESORTS INC COM 28470R102 5,394 1,281,289 SH   DFND 1, 2, 3, 4 1,281,289 0 0
EQUINIX INC COM 29444U502 16,425 77,300 SH   DFND 1, 2, 3, 4 77,300 0 0
EQUINIX INC COM 29444U502 33,019 155,400 SH Call DFND 1, 2, 3, 4 0 0 155,400
ERIE INDEMNITY COMPANY-CL A COM 29530P102 690 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESCALERA RESOURCES CO COM 296064108 38 19,908 SH   DFND 1, 2, 3, 4 19,908 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 353 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 42,378 600,000 SH Call DFND 1, 2, 3, 4 0 0 600,000
EXTREME NETWORKS INC COM 30226D106 9,981 2,083,674 SH   DFND 1, 2, 3, 4 2,083,674 0 0
EXXON MOBIL CORP COM 30231G102 282 3,000 SH   DFND 1, 2, 3, 4 3,000 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 6,684 30,856 SH   DFND 1, 2, 3, 4 30,856 0 0
FOREST CITY ENTERPRISES-CL A COM 345550107 18,860 964,208 SH   DFND 1, 2, 3, 4 964,208 0 0
FOREST CITY ENTERPRISES-CL B COM 345550305 357 18,000 SH   DFND 1, 2, 3, 4 18,000 0 0
GENERAL ELECTRIC CO COM 369604103 1 46 SH   DFND 1, 2, 3, 4 46 0 0
GENERAL ELECTRIC CO COM 369604103 12,810 500,000 SH Call DFND 1, 2, 3, 4 0 0 500,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 227 7,000 SH   DFND 1, 2, 3, 4 7,000 0 0
GREIF INC-CL B COM 397624206 41,900 846,459 SH   DFND 1, 2, 3, 4 846,459 0 0
HALLIBURTON CO COM 406216101 12,902 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
HARTFORD FINANCIAL SVCS GRP COM 416515104 2,012 54,000 SH   DFND 1, 2, 3, 4 54,000 0 0
HARTFORD FINANCIAL SVCS GRP COM 416515104 45,646 1,225,400 SH Call DFND 1, 2, 3, 4 0 0 1,225,400
HENNESSY ADVISORS INC COM 425885100 248 12,493 SH   DFND 1, 2, 3, 4 12,493 0 0
HERBALIFE LTD COM G4412G901 656 15,000 SH Call DFND 1, 2, 3, 4 0 0 15,000
HERBALIFE LTD COM G4412G951 875 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
HOPFED BANCORP INC COM 439734104 1,085 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
ISHARES IBOXX HIGH YIELD COR COM 464288513 7,007 76,200 SH Put DFND 1, 2, 3, 4 0 0 76,200
IMPERIAL OIL LTD COM 453038408 283 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
INDEPENDENT BANK CORP - MICH COM 453838609 608 51,000 SH   DFND 1, 2, 3, 4 51,000 0 0
INTELSAT SA COM L5140P101 6,403 373,588 SH   DFND 1, 2, 3, 4 373,588 0 0
INTERVEST BANCSHARES CORP COM 460927106 4,435 463,868 SH   DFND 1, 2, 3, 4 463,868 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 464 57,583 SH   DFND 1, 2, 3, 4 57,583 0 0
LAKE SHORE BANCORP INC COM 510700107 2,478 196,677 SH   DFND 1, 2, 3, 4 196,677 0 0
LANDS' END INC COM 51509F105 426 10,350 SH   DFND 1, 2, 3, 4 10,350 0 0
LAPORTE BANCORP INC COM 516651106 169 15,052 SH   DFND 1, 2, 3, 4 15,052 0 0
LEAPFROG ENTERPRISES INC COM 52186N106 599 100,000 SH   DFND 1, 2, 3, 4 100,000 0 0
LENNAR CORP - B SHS COM 526057302 7,139 223,032 SH   DFND 1, 2, 3, 4 223,032 0 0
LIBERTY INTERACTIVE CORP-A COM 53071M104 16,505 578,700 SH   DFND 1, 2, 3, 4 578,700 0 0
LIBERTY INTERACTIVE CORP-A COM 53071M104 5,704 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
LIBERTY TRIPADVISOR HDG-A COM 531465102 251 7,416 SH   DFND 1, 2, 3, 4 7,416 0 0
LIBERTY VENTURES - SER A COM 53071M880 282 7,416 SH   DFND 1, 2, 3, 4 7,416 0 0
LIMONEIRA CO COM 532746104 655 27,668 SH   DFND 1, 2, 3, 4 27,668 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 6,865 95,600 SH   DFND 1, 2, 3, 4 95,600 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 173 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
MAG SILVER CORP COM 55903Q104 828 111,300 SH   DFND 1, 2, 3, 4 111,300 0 0
MDC PARTNERS INC-A COM 552697104 206 10,744 SH   DFND 1, 2, 3, 4 10,744 0 0
MERIDIAN BANCORP INC COM 58958U103 531 50,244 SH   DFND 1, 2, 3, 4 50,244 0 0
MICRON TECHNOLOGY INC COM 595112103 10,278 300,000 SH Call DFND 1, 2, 3, 4 0 0 300,000
NATL WESTERN LIFE INS-CL A COM 638522102 14,469 58,576 SH   DFND 1, 2, 3, 4 58,576 0 0
NEWMONT MINING CORP COM 651639106 154 6,700 SH   DFND 1, 2, 3, 4 6,700 0 0
NEWMONT MINING CORP COM 651639106 6,143 266,500 SH Call DFND 1, 2, 3, 4 0 0 266,500
NETFLIX INC COM 64110L106 44,577 98,800 SH Put DFND 1, 2, 3, 4 0 0 98,800
OCONEE FEDERAL FINANCIAL COR COM 675607105 784 42,388 SH   DFND 1, 2, 3, 4 42,388 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 3,107 153,444 SH   DFND 1, 2, 3, 4 153,444 0 0
PAR PETROLEUM CORP COM 69888T207 2,054 121,912 SH   DFND 1, 2, 3, 4 121,912 0 0
PBF ENERGY INC-CLASS A COM 69318G106 18,074 753,100 SH   DFND 1, 2, 3, 4 753,100 0 0
PEOPLES BANCORP OF NC COM 710577107 437 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 3,331 245,268 SH   DFND 1, 2, 3, 4 245,268 0 0
POWERSECURE INTERNATIONAL IN COM 73936N105 686 71,600 SH   DFND 1, 2, 3, 4 71,600 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 180 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
PSB HOLDINGS INC COM 69360W108 516 70,862 SH   DFND 1, 2, 3, 4 70,862 0 0
PUBLIC STORAGE COM 74460D109 548 3,306 SH   DFND 1, 2, 3, 4 3,306 0 0
RADIO ONE INC -CL D COM 75040P405 1,691 531,792 SH   DFND 1, 2, 3, 4 531,792 0 0
ROSETTA RESOURCES INC COM 777779307 802 18,000 SH   DFND 1, 2, 3, 4 18,000 0 0
ROYCE FOCUS TRUST INC COM 78080N108 93 11,859 SH   DFND 1, 2, 3, 4 11,859 0 0
SALEM COMMUNICATIONS -CL A COM 794093104 521 68,399 SH   DFND 1, 2, 3, 4 68,399 0 0
SEALED AIR CORP COM 81211K100 2,538 72,777 SH   DFND 1, 2, 3, 4 72,777 0 0
SENECA FOODS CORP - CL A COM 817070501 265 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 229 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SEARS HOLDINGS CORP COM 812350106 6,295 249,500 SH Put DFND 1, 2, 3, 4 0 0 249,500
SHORE BANCSHARES INC COM 825107105 675 75,000 SH   DFND 1, 2, 3, 4 75,000 0 0
SPARK NETWORKS INC COM 84651P100 244 52,539 SH   DFND 1, 2, 3, 4 52,539 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 1,441 111,111 SH   DFND 1, 2, 3, 4 111,111 0 0
STRAIGHT PATH COMM- B COM 862578101 882 56,007 SH   DFND 1, 2, 3, 4 56,007 0 0
PROSHARES SHORT VIX ST FUTUR COM 74347W627 10,986 146,600 SH Call DFND 1, 2, 3, 4 0 0 146,600
SOUTHWESTERN ENERGY CO COM 845467109 3,495 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
TEXAS PACIFIC LAND TRUST COM 882610108 22,053 114,598 SH   DFND 1, 2, 3, 4 114,598 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 160 11,000 SH   DFND 1, 2, 3, 4 11,000 0 0
TRIBUNE PUBLISHING CO COM 896082104 6,344 314,394 SH   DFND 1, 2, 3, 4 314,394 0 0
TESLA MOTORS INC COM 88160R101 176,186 726,000 SH Put DFND 1, 2, 3, 4 0 0 726,000
U.S. GLOBAL INVESTORS INC-A COM 902952100 145 40,969 SH   DFND 1, 2, 3, 4 40,969 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 355 23,710 SH   DFND 1, 2, 3, 4 23,710 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06742E711 9,042 290,000 SH Put DFND 1, 2, 3, 4 0 0 290,000
WOLVERINE BANCORP INC COM 977880103 314 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
WPX ENERGY INC COM 98212B103 6,256 260,000 SH   DFND 1, 2, 3, 4 260,000 0 0
WRIGHT MEDICAL GROUP INC-CVR COM 98235T115 3,968 1,845,787 SH   DFND 1, 2, 3, 4 1,845,787 0 0
XEROX CORP COM 984121103 397 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
XEROX CORP COM 984121103 11,298 854,000 SH Call DFND 1, 2, 3, 4 0 0 854,000