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
AMBAC FINL GROUP INC COM NEW 023139884 2,678 155,132 SH   DFND   155,132 0 0
AMBAC FINL GROUP INC COM NEW 023139884 7,732 447,951 SH   DFND 1 447,951 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 5,903 124,300 SH   DFND   124,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 60,286 1,269,453 SH   DFND 1 1,269,453 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 4,749 100,000 SH Call DFND 1 100,000 0 0
AMERISERV FINL INC COM 03074A102 1,228 307,018 SH   DFND   307,018 0 0
ANADARKO PETE CORP COM 032511107 1,221 25,000 SH   DFND   25,000 0 0
ARCH COAL INC CL A 039380407 4,798 66,881 SH   DFND 1 66,881 0 0
BANCORP INC DEL COM 05969A105 2,675 323,413 SH   DFND   323,413 0 0
BANK AMER CORP COM 060505104 14,798 583,997 SH   DFND   583,997 0 0
BANK AMER CORP COM 060505104 50,680 2,000,000 SH   DFND 1 2,000,000 0 0
BANK AMER CORP COM 060505104 4,561 180,000 SH Call DFND 1 180,000 0 0
BARNES & NOBLE INC COM 067774109 1,741 229,092 SH   DFND   229,092 0 0
BARNES & NOBLE INC COM 067774109 6,858 902,426 SH   DFND 1 902,426 0 0
BROADWIND ENERGY INC COM NEW 11161T207 1,296 400,031 SH   DFND   400,031 0 0
BROADWIND ENERGY INC COM NEW 11161T207 2,008 619,790 SH   DFND 1 619,790 0 0
CAPITAL ONE FINL CORP COM 14040H105 3,757 44,375 SH   DFND   44,375 0 0
CAPITAL ONE FINL CORP COM 14040H105 44,424 524,733 SH   DFND 1 524,733 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,233 50,000 SH Call DFND 1 50,000 0 0
CAROLINA TR BANCSHARES INC COM 14422P105 624 76,268 SH   DFND   76,268 0 0
CAVCO INDS INC DEL COM 149568107 395 2,679 SH   DFND   2,679 0 0
CAVCO INDS INC DEL COM 149568107 12,738 86,332 SH   DFND 1 86,332 0 0
CB FINL SVCS INC COM 12479G101 1,203 41,408 SH   DFND   41,408 0 0
CITIGROUP INC COM NEW 172967424 13,749 189,010 SH   DFND   189,010 0 0
CITIGROUP INC COM NEW 172967424 71,537 983,455 SH   DFND 1 983,455 0 0
CITIGROUP INC COM NEW 172967424 17,909 246,200 SH Call DFND   246,200 0 0
CITIGROUP INC COM NEW 172967424 131,434 1,806,900 SH Call DFND 1 1,806,900 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 5,584 400,280 SH   DFND   400,280 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,714 122,859 SH   DFND 1 122,859 0 0
CITIZENS FIRST CORP COM 17462Q107 3,355 140,711 SH   DFND   140,711 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 991 44,354 SH   DFND   44,354 0 0
CLEVELAND-CLIFFS INC COM 185899101 21,927 3,066,644 SH   DFND 1 3,066,644 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 10,044 2,744,127 SH   DFND 1 2,744,127 0 0
COLONY BANKCORP INC COM 19623P101 4,806 349,493 SH   DFND   349,493 0 0
COLONY BANKCORP INC COM 19623P101 2,755 200,376 SH   DFND 1 200,376 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 4,640 96,220 SH   DFND   96,220 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 11,358 235,544 SH   DFND 1 235,544 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 6,967 403,157 SH   DFND   403,157 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 33,157 1,918,808 SH   DFND 1 1,918,808 0 0
ENTEGRA FINL CORP COM 29363J108 1,795 71,947 SH   DFND   71,947 0 0
EQUUS TOTAL RETURN INC COM 294766100 243 99,830 SH   DFND 1 99,830 0 0
ESSA BANCORP INC COM 29667D104 3,734 237,836 SH   DFND   237,836 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 1,566 66,236 SH   DFND   66,236 0 0
FIFTH THIRD BANCORP COM 316773100 1,959 70,000 SH   DFND   70,000 0 0
FIFTH THIRD BANCORP COM 316773100 5,876 210,000 SH   DFND 1 210,000 0 0
FIRST BANK/WILLIAMSTOWN NJ COM 31931U102 1,352 101,670 SH   DFND   101,670 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 2,134 115,179 SH   DFND   115,179 0 0
FIRST US BANCSHARES INC COM 33744V103 191 16,600 SH   DFND   16,600 0 0
FIRST UTD CORP COM 33741H107 3,560 213,801 SH   DFND   213,801 0 0
FIRST UTD CORP COM 33741H107 5,515 331,206 SH   DFND 1 331,206 0 0
HAWTHORN BANCSHARES INC COM 420476103 11,843 572,127 SH   DFND   572,127 0 0
HMN FINL INC COM 40424G108 7,699 431,295 SH   DFND   431,295 0 0
HOPFED BANCORP INC COM 439734104 4,752 327,728 SH   DFND   327,728 0 0
IES HLDGS INC COM 44951W106 168,669 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 45,075 2,605,499 SH   DFND 1 2,605,499 0 0
IF BANCORP INC COM 44951J105 1,582 81,565 SH   DFND   81,565 0 0
JPMORGAN CHASE & CO COM 46625H100 3,023 31,655 SH   DFND   31,655 0 0
JPMORGAN CHASE & CO COM 46625H100 478 5,000 SH Call DFND   5,000 0 0
JPMORGAN CHASE & CO COM 46625H100 4,776 50,000 SH Call DFND 1 50,000 0 0
KEYCORP NEW COM 493267108 2,799 148,750 SH   DFND   148,750 0 0
KEYCORP NEW COM 493267108 4,352 231,250 SH   DFND 1 231,250 0 0
LSB INDS INC COM 502160104 1,882 237,041 SH   DFND   237,041 0 0
LSB INDS INC COM 502160104 19,479 2,453,282 SH   DFND 1 2,453,282 0 0
MACKINAC FINL CORP COM 554571109 1,698 109,566 SH   DFND   109,566 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 860 18,653 SH   DFND   18,653 0 0
MVC CAPITAL INC COM 553829102 4,621 461,661 SH   DFND 1 461,661 0 0
OCEANFIRST FINL CORP COM 675234108 1,950 70,952 SH   DFND   70,952 0 0
PATRICK INDS INC COM 703343103 73,377 872,497 SH   DFND   872,497 0 0
PEOPLES BANCORP N C INC COM 710577107 13,548 380,340 SH   DFND   380,340 0 0
PEOPLES BANCORP N C INC COM 710577107 4,865 136,585 SH   DFND 1 136,585 0 0
PEOPLES FINL CORP MISS COM 71103B102 6,296 428,286 SH   DFND   428,286 0 0
POAGE BANKSHARES INC COM 730206109 1,370 75,676 SH   DFND   75,676 0 0
PREMIER FINL BANCORP INC COM 74050M105 1,033 47,399 SH   DFND   47,399 0 0
REGIONS FINL CORP NEW COM 7591EP100 3,448 226,400 SH   DFND   226,400 0 0
REGIONS FINL CORP NEW COM 7591EP100 9,966 654,349 SH   DFND 1 654,349 0 0
REPUBLIC BANCORP KY CL A 760281204 4,444 114,276 SH   DFND   114,276 0 0
SB FINL GROUP INC COM 78408D105 4,112 239,619 SH   DFND   239,619 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 708 101,109 SH   DFND   101,109 0 0
SHORE BANCSHARES INC COM 825107105 2,133 128,095 SH   DFND   128,095 0 0
SKYLINE CORP COM 830830105 13,698 1,133,039 SH   DFND 1 1,133,039 0 0
SMARTFINANCIAL INC COM NEW 83190L208 1,302 54,130 SH   DFND   54,130 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 12,324 217,132 SH   DFND   217,132 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 38,126 671,700 SH   DFND 1 671,700 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 3,831 209,369 SH   DFND 1 209,369 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 6,167 240,350 SH   DFND   240,350 0 0
SUNCOKE ENERGY INC COM 86722A103 19,964 2,184,241 SH   DFND 1 2,184,241 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 16,606 965,457 SH   DFND 1 965,457 0 0
THOR INDS INC COM 885160101 882 7,006 SH   DFND 1 7,006 0 0
TRAVELCENTERS AMER LLC COM 894174101 177 41,543 SH   DFND   41,543 0 0
TRAVELCENTERS AMER LLC COM 894174101 112 26,460 SH   DFND 1 26,460 0 0
UNITED BANCSHARES INC OHIO COM 909458101 7,220 320,875 SH   DFND   320,875 0 0
UNITED CMNTY BANCORP IND COM 90984R101 1,682 86,696 SH   DFND   86,696 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 4,344 452,463 SH   DFND   452,463 0 0
UNITED CONTL HLDGS INC COM 910047109 5,960 97,900 SH   DFND   97,900 0 0
UNITED CONTL HLDGS INC COM 910047109 64,636 1,061,701 SH   DFND 1 1,061,701 0 0
UNIVERSAL FOREST PRODUCTS COM 913543104 1,071 10,906 SH   DFND   10,906 0 0
UNIVERSAL FOREST PRODUCTS COM 913543104 7,267 74,034 SH   DFND 1 74,034 0 0
WESTMORELAND COAL CO COM 960878106 650 254,793 SH   DFND   254,793 0 0
WESTMORELAND COAL CO COM 960878106 2,698 1,058,145 SH   DFND 1 1,058,145 0 0
WILLBROS GROUP INC DEL COM 969203108 15,954 4,954,742 SH   DFND 1 4,954,742 0 0
WINNEBAGO INDS INC COM 974637100 480 10,726 SH   DFND   10,726 0 0
WINNEBAGO INDS INC COM 974637100 3,019 67,462 SH   DFND 1 67,462 0 0
WVS FINL CORP COM 929358109 1,598 96,236 SH   DFND   96,236 0 0