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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ALCO Stores Inc.COM0016001052,503264,919SH DFND10264,9190
Alleghany Corp.COM01717510029,79774,500SH DFND1074,5000
Allscripts Healthcare SolutnCOM01988P1087,382477,500SH DFND10477,5000
American River BanksharesCOM0293261052,410255,000SH DFND10255,0000
Axiall CorpCOM05463D10094920,000SH DFND1020,0000
BRT Realty TrustSH BEN INT NEW0556453031,190168,369SH DFND10168,3690
The Bancorp BankCOM05969F1045,642315,000SH DFND10315,0000
Bank of America CorporationCOM06050510477950,000SH SOLE 50,00000
Barnes & Noble Inc.COM06777410910,166680,000SH DFND10680,0000
Becton, Dickinson & Co.COM07588710922,098200,000SH DFND10200,0000
Big 5 Sporting Goods Corp.COM08915P1014,113207,500SH DFND10207,5000
Blount International, Inc.COM0951801058,320575,000SH DFND10575,0000
Boeing Co. COM0970231052,73020,000SH SOLE 20,00000
Boston Scientific Corp.COM10113710724,0402,000,000SH DFND102,000,0000
CIT Group Inc.COM NEW12558180118,636357,500SH DFND10357,5000
Cache, Inc.COM NEW12715030820,5613,786,635SH DFND103,786,6350
Cape Bancorp Inc.COM1392091002,633259,200SH DFND10259,2000
Castle A M & Co.COM1484111018,382567,500SH DFND10567,5000
Charter Financial Corporation MDCOM16122W10849245,725SH DFND1045,7250
Clearwater Paper Corp.COM18538R10352510,000SH DFND1010,0000
Clifton Savings Bancorp, Inc.COM18712Q1032,531197,700SH DFND10197,7000
Columbia Banking System, Inc.COM19723610219,793720,000SH DFND10720,0000
Crocs, Inc.COM2270461091,43390,000SH DFND1090,0000
Demand Media, Inc.COM24802N1093,606625,000SH DFND10625,0000
Dolby Laboratories Inc.COM25659T10716,203420,200SH DFND10420,2000
Donegal Group Inc.COM CL A2577012012,385150,000SH DFND10150,0000
Du Pont E I De Nemours & CoCOM26353410919,491300,000SH DFND10300,0000
Du Pont E I De Nemours & CoCOM2635341091,29920,000SH SOLE 20,00000
Enzon Pharmaceuticals Inc.COM293904108868748,200SH DFND10748,2000
Exxon Mobil Corp.COM30231G1021,21412,000SH SOLE 12,00000
FXCM IncCOM CL A30269310629,9861,680,828SH DFND101,680,8280
FTD Companies, Inc.COM30281V1082,44475,000SH DFND1075,0000
Farmer Bros Co.COM3076751088,500365,300SH DFND10365,3000
Farmer Bros Co.COM307675108622,800SH SOLE 2,80000
First Security Group Inc.COM NEW33631202513,9846,080,000SH DFND106,080,0000
Forest City Enterprises Inc.CL A34555010717,095895,000SH DFND10895,0000
Franklin Financial Corp VACOM35353C10214,119713,798SH DFND10713,7980
GAMCO Investors Inc.COM3614381041,93122,200SH DFND1022,2000
Gencorp Inc.COM36868210013,317739,000SH DFND10739,0000
Gencorp Inc.COM36868210044724,794SH SOLE 24,79400
General Electric Co.COM3696041031,40250,000SH SOLE 50,00000
General Motors Co. W EXP 7/10/201937045V1261,15650,000SH DFND1050,0000
Getty Realty Corp.COM3742971093,247176,756SH DFND10176,7560
Getty Realty Corp.COM37429710966536,218SH SOLE 36,21800
Great Florida Bk Miami Lakes FlaCL A3905281079228,469SH SOLE 28,46900
GulfMark Offshore, Inc.CL A NEW40262920816,260345,000SH DFND10345,0000
Gyrodyne Co. America Inc.COM403820103786,110SH SOLE 6,11000
Hardinge, Inc.COM4123243034,269295,000SH DFND10295,0000
Harris Corp DelCOM41387510522,688325,000SH DFND10325,0000
Heritage Commerce Corp.COM4269271095,338647,794SH DFND10647,7940
Heritage Oaks BancorpCOM42724R1078,7491,166,575SH DFND101,166,5750
Hess CorporationCOM42809H10745,443547,500SH DFND10547,5000
Hess CorporationCOM42809H10712,450150,000SH SOLE 150,00000
HomeTrust Bancshares, Inc.COM4378721044,797300,000SH DFND10300,0000
Hospira Inc.COM44106010016,512400,000SH DFND10400,0000
Hugoton RTY TR TEXUNIT BEN INT44471710226335,000SH SOLE 35,00000
Intel Corp.COM45814010012,978500,000SH DFND10500,0000
Intel Corp.COM45814010035,0391,350,000SH SOLE 1,350,00000
Johnson & JohnsonCOM4781601043,20635,000SH SOLE 35,00035,0000
Kaiser Aluminum Corp.COM PAR $0.0148300770421,353304,002SH DFND10304,0020
Kemper Corp. DelCOM48840110040910,000SH SOLE 10,00010,0000
Liberty Interactive CorpINT COM SER A53071M10473425,000SH DFND1025,0000
MVC Capital Inc.COM55382910214010,400SH SOLE 10,40000
National Presto Industries, Inc.COM6372151047,88998,000SH DFND1098,0000
News CorpCL A65248E1047,208400,000SH DFND10400,0000
Northeast BancorpCOM NEW6639042092,748286,800SH DFND10286,8000
Northfield Bancorp IncCOM66611T1059,240700,000SH DFND10700,0000
Novagold Resources Inc.COM NEW66987E206254100,000SH DFND10100,0000
Old Republic Intl Corp.COM68022310436421,093SH SOLE 21,09300
OmniAmerican Bancorp IncCOM68216R10711,819552,800SH DFND10552,8000
Oneok Inc.COM68268010318,654300,000SH DFND10300,0000
Orient Express Hotels LtdCOM CL AG677431071,43595,000SH DFND1095,0000
Penford Corp.COM70705110832024,935SH DFND1024,9350
Penny JC Inc.COM7081601063,337364,700SH DFND10364,7000
Pfizer Inc.COM7170811035,820190,000SH DFND10190,0000
Pfizer Inc.COM7170811034,812157,100SH SOLE 157,10000
Plains All American PipelineUNIT LTD PARTN72650310573314,363SH SOLE 14,36300
Prudential Bancorp Inc. PACOM74431910497089,887SH DFND1089,8870
Quanex Building ProductsCOM7476191041,49475,000SH DFND1075,0000
Resolute Forest Products Inc.COM76117W1097,743483,306SH DFND10483,3060
Royal Dutch Shell PLCSpon ADR A7802592061,06814,979SH SOLE 14,97900
Ruths Hospitality Group Inc.COM78333210919,9541,404,200SH DFND101,404,2000
SI Financial Group Inc MDCOM78425V10462852,152SH DFND1052,1520
SandRidge Energy, Inc.COM80007P3071,518250,000SH DFND10250,0000
SanofiRIGHT 12/31/202080105N1131,7005,000,000SH DFND105,000,0000
SanofiRIGHT 12/31/202080105N113102300,000SH SOLE 300,00000
Seacoast Banking Corp of FloridaCOM NEW8117078013,405279,070SH DFND10279,0700
Symetra Financial Corp.COM87151Q10614,030740,000SH DFND10740,0000
Symetra Financial Corp.COM87151Q1069,196485,000SH SOLE 485,00000
Tejon Ranch Co.COM87908010919,115520,000SH DFND10520,0000
Tejon Ranch Co.W EXP 8/31/201687908013342276,809SH DFND1076,8090
Teva Pharmaceutical Inds Ltd.ADR88162420916,032400,000SH DFND10400,0000
United Financial Bancorp, Inc.COM91030T1091,51780,300SH DFND1080,3000
Universal Stainless & Alloy Inc.COM9138371002,99082,909SH DFND1082,9090
ViroPharma Inc.COM92824110819,940400,000SH DFND10400,0000
Vornado Realty TrustSH BEN INT 9290421098,879100,000SH DFND10100,0000
Wright Medical Group Inc.COM98235T1071,550774,852SH DFND10774,8520
Yadkin Valley Financial CorpCOM9843141046,086357,140SH DFND10357,1400