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/NORTH Common Stocks 33740N105 427 55,693 SH   SOLE   55,693 0 0
DETREX CORP Common Stocks 250685104 19,655 586,616 SH   SOLE   586,616 0 0
VOLT INFO SCIENCES INC Common Stocks 928703107 16,310 1,946,330 SH   SOLE   1,946,330 0 0
ANADIGICS INC Common Stocks 032515108 454 267,293 SH   SOLE   267,293 0 0
BLACKROCK ENHANCED EQUITY DI Mutual Funds 09251A104 79 10,000 SH   SOLE   10,000 0 0
BROOKLINE BANCORP INC Common Stocks 11373M107 2,952 313,416 SH   SOLE   313,416 0 0
CITIGROUP INC Common Stocks 172967424 4,346 91,300 SH   SOLE   91,300 0 0
COWEN GROUP INC-CLASS A Common Stocks 223622101 9,130 2,070,390 SH   SOLE   2,070,390 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 3,066 274,937 SH   SOLE   274,937 0 0
EASTERN VIRGINIA BANKSHARES Common Stocks 277196101 92 14,260 SH   SOLE   14,260 0 0
EMERALD OIL INC Common Stocks 29101U209 1,455 216,474 SH   SOLE   216,474 0 0
ESSA BANCORP INC Common Stocks 29667D104 900 82,774 SH   SOLE   82,774 0 0
EXCO RESOURCES INC Common Stocks 269279402 56 10,000 SH   SOLE   10,000 0 0
FS BANCORP INC Common Stocks 30263Y104 817 50,000 SH   SOLE   50,000 0 0
GDL FUND/THE Mutual Funds 361570104 9,360 848,597 SH   SOLE   848,597 0 0
GENERAL ELECTRIC CO Common Stocks 369604103 1,977 76,350 SH   SOLE   76,350 0 0
GIGOPTIX INC Common Stocks 37517Y103 344 204,801 SH   SOLE   204,801 0 0
GOODRICH PETROLEUM CORP Common Stocks 382410405 1,044 66,000 SH   SOLE   66,000 0 0
HF FINANCIAL CORP Common Stocks 404172108 870 65,155 SH   SOLE   65,155 0 0
HOME FEDERAL BANCORP INC/ID Common Stocks 43710G105 5,657 363,544 SH   SOLE   363,544 0 0
JMP GROUP INC Common Stocks 46629U107 856 120,394 SH   SOLE   120,394 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836101 5,253 108,988 SH   SOLE   108,988 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 1,870 247,949 SH   SOLE   247,949 0 0
MANNING & NAPIER INC Common Stocks 56382Q102 3,172 189,166 SH   SOLE   189,166 0 0
MARKET VECTORS VIETNAM ETF ETFs 57060U761 1,669 76,938 SH   SOLE   76,938 0 0
NAUGATUCK VALLEY FINANCIAL Common Stocks 63906P107 314 41,672 SH   SOLE   41,672 0 0
NEOPHOTONICS CORP Common Stocks 64051T100 130 16,334 SH   SOLE   16,334 0 0
NORTHEAST BANCORP Common Stocks 663904209 281 30,000 SH   SOLE   30,000 0 0
PLUM CREEK TIMBER CO Miscellaneous Equities 729251108 210 5,000 SH   SOLE   5,000 0 0
PROVIDENT FINANCIAL HLDGS Common Stocks 743868101 372 24,138 SH   SOLE   24,138 0 0
REALNETWORKS INC Common Stocks 75605L708 996 131,386 SH   SOLE   131,386 0 0
REPUBLIC BANCORP INC-CLASS A Common Stocks 760281204 2,938 130,000 SH   SOLE   130,000 0 0
SIRIUS XM HOLDINGS INC Common Stocks 82968B103 1,216 380,000 SH   SOLE   380,000 0 0
SONY CORP-SPONSORED ADR Depository Receipt Equities 835699307 478 25,000 SH   SOLE   25,000 0 0
SWIFT ENERGY CO Common Stocks 870738101 204 19,000 SH   SOLE   19,000 0 0
SYSCO CORP Common Stocks 871829107 961 26,600 SH   SOLE   26,600 0 0
TALISMAN ENERGY INC Common Stocks 87425E103 646 64,700 SH   SOLE   64,700 0 0
UNISYS CORP Common Stocks 909214306 8,516 279,564 SH   SOLE   279,564 0 0
UNITED FINANCIAL BANCORP INC Common Stocks 91030T109 1,286 69,905 SH   SOLE   69,905 0 0
VELOCITYSHARES 2X VIX SH-TRM ETFs 22539T613 77 11,000 SH   SOLE   11,000 0 0