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
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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
Orient Express Hotels Ltd COM CL A G67743107 1,520 125,000 SH   DFND 1 0 125,000 0
ALCO Stores Inc. COM 001600105 2,941 264,919 SH   DFND 1 0 264,919 0
Alleghany Corp. COM 017175100 28,557 74,500 SH   DFND 1 0 74,500 0
Allscripts Healthcare Solutn COM 01988P108 6,179 477,500 SH   DFND 1 0 477,500 0
American River Bankshares COM 029326105 2,096 255,000 SH   DFND 1 0 255,000 0
Astoria Financial Corp COM 046265104 3,773 350,000 SH   DFND 1 0 350,000 0
BRT Realty Trust SH BEN INT NEW 055645303 1,179 168,369 SH   DFND 1 0 168,369 0
The Bancorp Bank COM 05969F104 4,870 324,900 SH   DFND 1 0 324,900 0
Bank of America Corporation COM 060505104 1,543 120,000 SH   SOLE   120,000 0 0
Barnes & Noble Inc. COM 067774109 10,371 649,800 SH   DFND 1 0 649,800 0
Becton, Dickinson & Co. COM 075887109 19,766 200,000 SH   DFND 1 0 200,000 0
Big 5 Sporting Goods Corp. COM 08915P101 4,829 220,000 SH   DFND 1 0 220,000 0
Blount International, Inc. COM 095180105 4,734 400,500 SH   DFND 1 0 400,500 0
Boeing Co. COM 097023105 2,049 20,000 SH   SOLE   20,000 0 0
Boston Scientific Corp. COM 101137107 15,759 1,700,000 SH   DFND 1 0 1,700,000 0
Bridgepoint Ed Inc. COM 10807M105 3,342 274,390 SH   DFND 1 0 274,390 0
CIT Group Inc. COM NEW 125581801 16,670 357,500 SH   DFND 1 0 357,500 0
CNO Financial Group Inc. COM 12621E103 12 894 SH   SOLE   894 0 0
Cache, Inc. COM NEW 127150308 16,851 3,786,635 SH   DFND 1 0 3,786,635 0
Cape Bancorp Inc. COM 139209100 2,462 259,200 SH   DFND 1 0 259,200 0
Castle A M & Co. COM 148411101 6,458 409,803 SH   DFND 1 0 409,803 0
Charter Financial Corporation MD COM 16122W108 461 45,725 SH   DFND 1 0 45,725 0
Citigroup Inc. COM NEW 172967424 15,111 315,000 SH   DFND 1 0 315,000 0
Citigroup Inc. COM NEW 172967424 4,797 100,000 SH   SOLE   100,000 0 0
Clearwater Paper Corp. COM 18538R103 3,329 70,739 SH   DFND 1 0 70,739 0
Clifton Savings Bancorp, Inc. COM 18712Q103 593 50,000 SH   DFND 1 0 50,000 0
Columbia Banking System, Inc. COM 197236102 26,191 1,100,000 SH   DFND 1 0 1,100,000 0
Courier Corporation COM 222660102 500 35,000 SH   DFND 1 0 35,000 0
Crocs, Inc. COM 227046109 1,980 120,000 SH   DFND 1 0 120,000 0
Cubist Pharmaceuticals Inc. COM 229678107 8,813 182,500 SH   DFND 1 0 182,500 0
Dole Food Inc. New COM 256603101 5,164 405,000 SH   DFND 1 0 405,000 0
Donegal Group Inc. COM CL A 257701201 1,234 88,308 SH   DFND 1 0 88,308 0
Elan plc ADR 284131208 11,639 823,150 SH   DFND 1 0 823,150 0
Enzon Pharmaceuticals Inc. COM 293904108 1,496 748,200 SH   DFND 1 0 748,200 0
Exxon Mobil Corp. COM 30231G102 1,084 12,000 SH   SOLE   12,000 0 0
FXCM Inc COM CL A 302693106 29,501 1,797,758 SH   DFND 1 0 1,797,758 0
Farmer Bros Co. COM 307675108 5,136 365,300 SH   DFND 1 0 365,300 0
Farmer Bros Co. COM 307675108 39 2,800 SH   SOLE   2,800 0 0
First Security Group Inc. COM NEW 336312025 13,194 6,080,000 SH   DFND 1 0 6,080,000 0
Forest City Enterprises Inc. CL A 345550107 17,910 1,000,000 SH   DFND 1 0 1,000,000 0
Franklin Financial Corp VA COM 35353C102 12,856 713,798 SH   DFND 1 0 713,798 0
GAMCO Investors Inc. COM 361438104 3,823 69,000 SH   DFND 1 0 69,000 0
Gencorp Inc. COM 368682100 12,016 739,000 SH   DFND 1 0 739,000 0
Gencorp Inc. COM 368682100 403 24,794 SH   SOLE   24,794 0 0
General Electric Co. COM 369604103 1,160 50,000 SH   SOLE   50,000 0 0
Getty Realty Corp. COM 374297109 1,295 62,701 SH   DFND 1 0 62,701 0
Getty Realty Corp. COM 374297109 748 36,218 SH   SOLE   36,218 0 0
Great Florida Bk Miami Lakes Fla CL A 390528107 11 28,469 SH   SOLE   28,469 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 27,839 617,400 SH   DFND 1 0 617,400 0
Gyrodyne Co. America Inc. COM 403820103 2,939 41,100 SH   DFND 1 0 41,100 0
Gyrodyne Co. America Inc. COM 403820103 437 6,110 SH   SOLE   6,110 0 0
Hardinge, Inc. COM 412324303 5,321 360,000 SH   DFND 1 0 360,000 0
Harris Corp Del COM 413875105 16,006 325,000 SH   DFND 1 0 325,000 0
Heritage Commerce Corp. COM 426927109 6,160 880,000 SH   DFND 1 0 880,000 0
Heritage Oaks Bancorp COM 42724R107 7,198 1,166,575 SH   DFND 1 0 1,166,575 0
Hess Corporation COM 42809H107 31,582 475,000 SH   DFND 1 0 475,000 0
Hess Corporation COM 42809H107 9,974 150,000 SH   SOLE   150,000 0 0
Hilltop Holdings, Inc. COM 432748101 2,206 134,500 SH   DFND 1 0 134,500 0
HomeTrust Bancshares, Inc. COM 437872104 9,336 550,470 SH   DFND 1 0 550,470 0
Hospira Inc. COM 441060100 15,324 400,000 SH   DFND 1 0 400,000 0
Hugoton RTY TR TEX UNIT BEN INT 444717102 302 35,000 SH   SOLE   35,000 0 0
Intel Corp. COM 458140100 12,115 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 31,741 1,310,000 SH   SOLE   1,310,000 0 0
Investors Bancorp Inc. COM 46146P102 2,108 100,000 SH   DFND 1 0 100,000 0
Johnson & Johnson COM 478160104 3,005 35,000 SH   SOLE   35,000 0 0
Johnson Outdoors Inc. CL A 479167108 3,497 140,439 SH   DFND 1 0 140,439 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 18,830 304,002 SH   DFND 1 0 304,002 0
Kemper Corp. Del COM 488401100 343 10,000 SH   SOLE   10,000 0 0
MVC Capital Inc. COM 553829102 1,944 154,400 SH   DFND 1 0 154,400 0
MVC Capital Inc. COM 553829102 131 10,400 SH   SOLE   10,400 0 0
McGraw Hill Companies Inc. COM 580645109 22,664 426,100 SH   DFND 1 0 426,100 0
Mercer International Inc. COM 588056101 129 19,725 SH   DFND 1 0 19,725 0
National Presto Industries, Inc. COM 637215104 6,981 96,924 SH   DFND 1 0 96,924 0
News Corp CL A 65248E104 4,635 303,921 SH   DFND 1 0 303,921 0
Northeast Bancorp COM NEW 663904209 2,773 286,800 SH   DFND 1 0 286,800 0
Northfield Bancorp Inc COM 66611T105 8,204 700,000 SH   DFND 1 0 700,000 0
Old Republic Intl Corp. COM 680223104 271 21,093 SH   SOLE   21,093 0 0
OmniAmerican Bancorp Inc COM 68216R107 12,117 550,000 SH   DFND 1 0 550,000 0
PLX Technology Inc. COM 693417107 1,168 245,471 SH   DFND 1 0 245,471 0
Penford Corp. COM 707051108 1,853 138,365 SH   DFND 1 0 138,365 0
Penny JC Inc. COM 708160106 1,537 90,000 SH   DFND 1 0 90,000 0
Pfizer Inc. COM 717081103 5,322 190,000 SH   DFND 1 0 190,000 0
Pfizer Inc. COM 717081103 4,400 157,100 SH   SOLE   157,100 0 0
Prudential Bancorp Inc. PA COM 744319104 946 95,200 SH   DFND 1 0 95,200 0
Quanex Building Products COM 747619104 1,263 75,000 SH   DFND 1 0 75,000 0
Resolute Forest Products Inc. COM 76117W109 6,290 477,631 SH   DFND 1 0 477,631 0
Royal Dutch Shell PLC Spon ADR A 780259206 956 14,979 SH   SOLE   14,979 0 0
Ruths Hospitality Group Inc. COM 783332109 22,261 1,844,300 SH   DFND 1 0 1,844,300 0
SandRidge Energy, Inc. COM 80007P307 2,856 600,000 SH   DFND 1 0 600,000 0
Sanofi RIGHT 12/31/2020 80105N113 7,648 4,025,000 SH   DFND 1 0 4,025,000 0
Seacor Holdings Inc. COM 811904101 1,453 17,500 SH   DFND 1 0 17,500 0
Smithfield Foods Inc. COM 832248108 16,048 490,000 SH   DFND 1 0 490,000 0
Symetra Financial Corp. COM 87151Q106 15,859 991,800 SH   DFND 1 0 991,800 0
Symetra Financial Corp. COM 87151Q106 7,755 485,000 SH   SOLE   485,000 0 0
Tejon Ranch Co. COM 879080109 14,869 521,900 SH   DFND 1 0 521,900 0
Teva Pharmaceutical Inds Ltd. ADR 881624209 13,720 350,000 SH   DFND 1 0 350,000 0
United Financial Bancorp, Inc. COM 91030T109 1,217 80,300 SH   DFND 1 0 80,300 0
Universal Stainless & Alloy Inc. COM 913837100 2,444 82,909 SH   DFND 1 0 82,909 0
Valassis Communications, Inc. COM 918866104 1,230 50,000 SH   DFND 1 0 50,000 0
ViroPharma Inc. COM 928241108 2,435 85,000 SH   DFND 1 0 85,000 0
Wright Medical Group Inc. COM 98235T107 5,504 210,000 SH   DFND 1 0 210,000 0
Yadkin Valley Financial Corp COM 984314104 5,014 357,140 SH   DFND 1 0 357,140 0