| Tejon Ranch Co CMN(TRC) | COM | 879080109 | $74.1M | 2,600,000 | 29.1% |
| Saga Communication, Inc. CMN Class A(SGA) | COM | 786598300 | $58.8M | 1,280,906 | 23.1% |
| American Greetings Corporation CMN Class A | COM | 026375105 | $33.3M | 1,825,000 | 13.1% |
| Barnes & Noble, Inc CMN | COM | 067774109 | $31.9M | 2,000,000 | 12.5% |
| Johnson Outdoors Inc CMN Class A(JOUT) | COM | 479167108 | $14.4M | 578,216 | 5.7% |
| Corning Incorporated CMN(GLW) | COM | 219350105 | $6.5M | 460,000 | 2.6% |
| Devon Energy Corporation (New) CMN(DVN) | COM | 25179M103 | $5.2M | 100,000 | 2.0% |
| Computer Sciences Corp CMN | COM | 205363104 | $4.7M | 107,500 | 1.8% |
| Gyrodyne Co Amer CMN | COM | 403820103 | $4.6M | 63,835 | 1.8% |
| Exco Resources Inc CMN | COM | 269279402 | $4.1M | 534,800 | 1.6% |
| Griffin Land & Nurseries CMN | COM | 398231100 | $3.4M | 117,583 | 1.3% |
| Orient-Express Hotels LTD CMN Class A | COM | G67743107 | $3.0M | 250,000 | 1.2% |
| Emmis Communications Corp Cl-A Class A | COM | 291525103 | $2.7M | 1,283,600 | 1.1% |
| Realnetworks Inc CMN | COM | 75605L708 | $2.3M | 305,000 | 0.9% |
| BRT Realty Trust (Sbi)$3.00par CMN(BRT) | COM | 055645303 | $1.2M | 166,558 | 0.5% |
| Call @ 13 EXP 01/18/2014Call | CALL | 428236103 | $1.2M | 1,500 | 0.5% |
| Biota Pharmaceuticals Inc CMN | COM | 090694100 | $983.0K | 285,000 | 0.4% |
| RTS Fi-Aventis Exp12/31/2020 | RTS | 80105N113 | $585.0K | 307,914 | 0.2% |
| Internet Patents Corp CMN | COM | 46063G101 | $379.0K | 105,000 | 0.1% |
| Cache Inc New CMN(CACH) | COM | 127150308 | $363.0K | 81,601 | 0.1% |
| Geeknet Inc CMN | COM | 36846Q203 | $277.0K | 20,000 | 0.1% |
| Westell Technologies Inc CMN Class A | COM | 957541105 | $239.0K | 100,000 | 0.1% |
| Globecomm Systems Inc CMN | COM | 37956X103 | $126.0K | 10,000 | 0.0% |
| Emmis Communications Corp 6.25% Series A CVT Preferred PFD | CNV | 291525202 | $100.0K | 9,516 | 0.0% |