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
ALLIANCEBERNSTEIN HOLDING LP Miscellaneous Equities 01881G106 2,135 93,423 SH   SOLE   93,423 0 0
ASHFORD HOSPITALITY PRIME IN Miscellaneous Equities 044102101 1,021 96,269 SH   SOLE   96,269 0 0
ASHFORD HOSPITALITY TRUST Miscellaneous Equities 044103109 574 90,100 SH   SOLE   90,100 0 0
AMERICAN NATIONAL INSURANCE Common Stocks 028591105 2,880 24,402 SH   SOLE   24,402 0 0
ARALEZ PHARMACEUTICALS INC Common Stocks 03852X100 332 155,200 SH   SOLE   155,200 0 0
Bollore Common Stocks F10659260 78 20,000 SH   SOLE   20,000 0 0
CARLYLE GROUP/THE Miscellaneous Equities 14309L102 223 13,990 SH   SOLE   13,990 0 0
COWEN GROUP INC-CLASS A Common Stocks 223622606 6,214 415,655 SH   SOLE   415,655 0 0
CALPINE CORP Common Stocks 131347304 3,293 298,035 SH   SOLE   298,035 0 0
DEPOMED INC Common Stocks 249908104 178 14,200 SH   SOLE   14,200 0 0
EAGLE BANCORP MONTANA INC Common Stocks 26942G100 7,333 368,468 SH   SOLE   368,468 0 0
EHEALTH INC Common Stocks 28238P109 1,224 101,697 SH   SOLE   101,697 0 0
Feclcor Common Stocks 31430F101 151 20,100 SH   SOLE   20,100 0 0
Five Star Quality Common Stocks 33832D106 158 73,611 SH   SOLE   73,611 0 0
GDL FUND/THE Mutual Fund 361570104 9,381 953,313 SH   SOLE   953,313 0 0
DETREX CORP Common Stocks 250685104 13,492 586,616 SH   SOLE   586,616 0 0
GREENLIGHT CAPITAL RE LTD-A Common Stocks G4095J109 702 31,754 SH   SOLE   31,754 0 0
HARVARD BIOSCIENCE INC Common Stocks 416906105 3,119 1,199,575 SH   SOLE   1,199,575 0 0
KANSAS CITY LIFE INS CO Common Stocks 484836200 9,207 200,811 SH   SOLE   200,811 0 0
KENTUCKY FIRST FEDERAL BANCO Common Stocks 491292108 159 15,949 SH   SOLE   15,949 0 0
KRATOS DEFENSE & SECURITY Common Stocks 50077B207 2,112 271,429 SH   SOLE   271,429 0 0
LIBERTY GLOBAL PLC LILAC - C Common Stocks G5480U153 461 20,000 SH   SOLE   20,000 0 0
LORAL SPACE & COMMUNICATIONS Common Stocks 543881106 5,096 129,348 SH   SOLE   129,348 0 0
Matlin and Partners Acq Common Stocks 57682V205 1,051 104,904 SH   SOLE   104,904 0 0
NEW YORK REIT INC Miscellaneous Equities 64976L109 6,827 704,492 SH   SOLE   704,492 0 0
OCH-ZIFF CAPITAL MANAGEMEN-A Miscellaneous Equities 67551U105 3,234 1,430,920 SH   SOLE   1,430,920 0 0
Playa Hotels & Resorts Common Stocks N70544106 411 39,153 SH   SOLE   39,153 0 0
Playa Hotels & Resorts CW22 Warrants N70544114 392 512,467 SH   SOLE   512,467 0 0
Potash Corp of Saskatchewan Common Stocks 73755L107 769 45,000 SH   SOLE   45,000 0 0
PAYPAL HOLDINGS INC Common Stocks 70450Y103 1,513 35,165 SH   SOLE   35,165 0 0
RITE AID CORP Common Stocks 767754104 1,581 372,100 SH   SOLE   372,100 0 0
Sealed Air Corp Common Stocks 81211K100 1,046 24,000 SH   SOLE   24,000 0 0
SEASPINE HOLDINGS CORP Common Stocks 81255T108 157 20,000 SH   SOLE   20,000 0 0
SOUTHWESTERN ENERGY CO Common Stocks 845467109 1,217 149,000 SH   SOLE   149,000 0 0
TRAVELCENTERS OF AMERICA LLC Miscellaneous Equities 894174101 508 83,261 SH   SOLE   83,261 0 0
UNISYS CORP Common Stocks 909214306 8,098 580,497 SH   SOLE   580,497 0 0
VOLT INFO SCIENCES INC Common Stocks 928703107 15,204 2,203,439 SH   SOLE   2,203,439 0 0