Price Michael F 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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
Actuant Corporation	CL A NEW	00508X203	4,136	224,900	SH		DFND	1	0	224,900	0
Advanced Emissions Solutions Inc.	COM	00770C101	5,280	800,000	SH		DFND	1	0	800,000	0
Aerojet Rocketdyne Holdings Inc	COM	007800105	4,045	250,000	SH		DFND	1	0	250,000	0
Aerojet Rocketdyne Holdings Inc	COM	007800105	401	24,794	SH		SOLE	0	24,794	0	0
Allison Transmission Holdings, Inc.	COM	01973R101	667	25,000	SH		DFND	1	0	25,000	0
Allscripts Healtcare Solutions, Inc.	COM	01988PAD0	5,921	477,500	SH		DFND	1	0	477,500	0
Ally Financial Inc.	COM	02005N100	14,419	707,500	SH		DFND	1	0	707,500	0
American Midstream Partners LP	COM UNITS	02752P100	3,878	350,000	SH		DFND	1	0	350,000	0
American River Bankshares	COM	029326105	2,453	255,000	SH		DFND	1	0	255,000	0
Anchor BanCorp	COM	03283P106	18,101	425,000	SH		DFND	1	0	425,000	0
Apache Corporation	COM	037411105	392	10,000	SH		SOLE	0	10,000	0	0
Ariad Pharmaceuticals, Inc.	COM	04033A100	4,184	716,500	SH		DFND	1	0	716,500	0
Astoria Financial Corp	COM	046265104	1,369	85,000	SH		DFND	1	0	85,000	0
Avon Products Inc.	COM	054303102	1,511	465,000	SH		DFND	1	0	465,000	0
BRT Realty Trust	COM	055645303	1,194	168,369	SH		DFND	1	0	168,369	0
Baker Hughes Inc.	COM	057224107	4,554	87,500	SH		DFND	1	0	87,500	0
Baker Hughes Inc.	COM	057224107	1,041	20,000	SH		SOLE	0	20,000	0	0
The Bancorp Bank	COM	05969A105	3,105	407,500	SH		DFND	1	0	407,500	0
Bank of America Corporation	COM	060505104	779	50,000	SH		SOLE	0	50,000	0	0
Barnes & Noble, Inc.	COM	067774109	1,211	100,000	SH		DFND	1	0	100,000	0
Barnes & Noble Edu. Inc	COM	06777U101	636	50,000	SH		DFND	1	0	50,000	0
Beneficial Bancorp, Inc.	SH BEN INT NEW	08173R104	2,321	175,000	SH		DFND	1	0	175,000	0
Big 5 Sporting Goods Corp.	COM	08915P101	288	27,700	SH		DFND	1	0	27,700	0
Blount International, Inc.	COM	095180105	5,918	1,062,500	SH		DFND	1	0	1,062,500	0
Boardwalk Pipeline Partners, LP	UT LTD PARTNER	096627104	1,177	100,000	SH		DFND	1	0	100,000	0
Boeing Co.	COM	097023105	2,619	20,000	SH		SOLE	0	20,000	0	0
Boston Scientific Corp.	COM	101137107	32,492	1,980,000	SH		DFND	1	0	1,980,000	0
CIT Group Inc.	COM NEW	125581801	18,214	455,000	SH		DFND	1	0	455,000	0
Cape Bancorp, Inc.	COM	139209100	3,217	259,200	SH		DFND	1	0	259,200	0
Chubb Corp.	COM	171232101	6,868	56,000	SH		DFND	1	0	56,000	0
Clifton Bancorp, Inc.	COM	186373105	4,075	293,568	SH		DFND	1	0	293,568	0
Columbia Banking System, Inc.	COM	197236102	20,230	648,184	SH		DFND	1	0	648,184	0
Columbus McKinnon Corp.	COM	199333105	1,420	78,190	SH		DFND	1	0	78,190	0
ConocoPhillips	COM	20825C104	480	10,000	SH		SOLE	0	10,000	0	0
Continental Resources Inc.	COM	212015101	5,794	200,000	SH		SOLE	0	200,000	0	0
Devon Energy Corp. New	COM	25179M103	1,484	40,000	SH		SOLE	0	40,000	0	0
Dolby Laboratories Inc.	COM	25659T107	33,396	1,024,420	SH		DFND	1	0	1,024,420	0
Donegal Group Inc., Cl. A	COM CL A	257701201	2,109	150,000	SH		DFND	1	0	150,000	0
Du Pont E I De Nemours & Co	COM	263534109	7,211	149,603	SH		DFND	1	0	149,603	0
Du Pont E I De Nemours & Co	COM	263534109	1,446	30,000	SH		SOLE	0	30,000	0	0
EMC Corporation	COM	268648102	9,785	405,000	SH		DFND	1	0	405,000	0
EMC Corporation	COM	268648102	4,832	200,000	SH		SOLE	0	200,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,487	20,000	SH		SOLE	0	20,000	0	0
FMC Corp.	COM	302491303	15,701	463,017	SH		DFND	1	0	463,017	0
FMC Corp.	COM	302491303	1,696	50,000	SH		SOLE	0	50,000	0	0
FMC Technologies, Inc.	COM	30249U101	5,890	190,000	SH		DFND	1	0	190,000	0
Farmer Brothers Co.	COM	307675108	8,323	305,416	SH		DFND	1	0	305,416	0
Farmer Brothers Co.	COM	307675108	76	2,800	SH		SOLE	0	2,800	0	0
First Northwest Bancorp	COM	335834107	3,714	300,000	SH		DFND	1	0	300,000	0
First Security Group Inc.	COM NEW	336312202	15,139	6,080,000	SH		DFND	1	0	6,080,000	0
Forest City Enterprises, Inc.	COM	345550107	5,586	277,500	SH		DFND	1	0	277,500	0
GAMCO Investors, Inc.	COM	361438104	906	16,500	SH		DFND	1	0	16,500	0
General Electric Co.	COM	369604103	504	20,000	SH		SOLE	0	20,000	0	0
General Motors Corp.	COM	37045V100	5,603	186,657	SH		DFND	1	0	186,657	0
GM '16 WRNT	W EXP 7/10/2016	37045V118	216	10,597	SH		DFND	1	0	10,597	0
GM '19 WRNT	W EXP 7/10/2019	37045V126	140	10,597	SH		DFND	1	0	10,597	0
Getty Realty Corp.	COM	374297109	5,051	319,703	SH		DFND	1	0	319,703	0
Getty Realty Corp.	COM	374297109	568	35,969	SH		SOLE	0	35,969	0	0
Gulf Coast Ultra Deep Rty Trust Unit	ROYALTY TR UNT	40222T104	177	611,942	SH		SOLE	0	611,942	0	0
Gyrodyne, LLC	COM	403829104	864	30,807	SH		DFND	1	0	30,807	0
Gyrodyne, LLC	COM	403829104	131	4,658	SH		SOLE	0	4,658	0	0
Halliburton Co.	COM	406216101	707	20,000	SH		SOLE	0	20,000	0	0
Hardinge, Inc.	COM	412324303	2,705	295,000	SH		DFND	1	0	295,000	0
Helmerich & Payne Inc.	COM	423452101	6,262	132,500	SH		DFND	1	0	132,500	0
Heritage Commerce Corp.	COM	426927109	2,552	225,000	SH		DFND	1	0	225,000	0
Heritage Oaks Bancorp	COM	42724R107	9,286	1,166,575	SH		DFND	1	0	1,166,575	0
Hess Corporation	COM	42809H107	22,527	450,000	SH		DFND	1	0	450,000	0
Hess Corporation	COM	42809H107	9,011	180,000	SH		SOLE	0	180,000	0	0
Highland Bankshares Inc.	COM	430893107	1,631	383,714	SH		DFND	1	0	383,714	0
HomeTrust Bancshares, Inc.	COM	437872104	4,816	259,622	SH		DFND	1	0	259,622	0
Hugoton Realty Trust TEX Unit Ben Int	COM	444717102	372	125,940	SH		SOLE	0	125,940	0	0
Intel Corp.	COM	458140100	15,070	500,000	SH		DFND	1	0	500,000	0
Intel Corp.	COM	458140100	40,689	1,350,000	SH		SOLE	0	1,350,000	0	0
Investar Holding Corporation	COM	46134L105	2,711	175,000	SH		DFND	1	0	175,000	0
Investors Bancorp, Inc.	COM	46146L101	6,170	500,000	SH		DFND	1	0	500,000	0
Johnson & Johnson	COM	478160104	2,334	25,000	SH		SOLE	0	25,000	0	0
Kaiser Aluminum Corp.	COM PAR $0.01	483007704	18,458	230,000	SH		DFND	1	0	230,000	0
Kearny Financial Corp.	COM	48716P108	18,639	1,625,000	SH		DFND	1	0	1,625,000	0
Kemper Corp.	COM	488401100	354	10,000	SH		SOLE	0	10,000	0	0
Keysight Technologies, Inc.	COM	49338L103	1,045	33,900	SH		DFND	1	0	33,900	0
MB Bancorp Inc.	COM	55280E104	1,144	91,559	SH		DFND	1	0	91,559	0
MSB Financial	COM	55352L101	1,973	170,100	SH		DFND	1	0	170,100	0
The Macerich Company	COM	554382101	2,927	38,100	SH		DFND	1	0	38,100	0
Meridian Bancorp, Inc.	COM	58958U103	1,367	100,000	SH		DFND	1	0	100,000	0
Motors Liquidation Company	COM	62010U101	1,519	100,009	SH		DFND	1	0	100,009	0
National Presto Industries, Inc.	COM	637215104	11,207	133,000	SH		DFND	1	0	133,000	0
News Corp	COM	65249B109	5,553	440,000	SH		DFND	1	0	440,000	0
Northeast Bancorp	COM NEW	663904209	3,810	361,800	SH		DFND	1	0	361,800	0
Old Republic Interrnational Corp.	COM	680223104	330	21,093	SH		SOLE	0	21,093	0	0
Peapack-Gladstone Financial Corp.	COM	704699107	2,117	100,000	SH		DFND	1	0	100,000	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	351	11,081	SH		SOLE	0	11,081	0	0
Plains GP Holdings LP	SHS A REP LTPN	72651A108	1,619	92,500	SH		DFND	1	0	92,500	0
Plains GP Holdings LP	SHS A REP LTPN	72651A108	438	25,000	SH		SOLE	0	25,000	0	0
Popular, Inc.	COM NEW	733174700	8,313	275,000	SH		DFND	1	0	275,000	0
Precision Castparts Corp.	COM	740189105	2,871	12,500	SH		DFND	1	0	12,500	0
Prudential Bancorp Inc.	COM	74431A101	1,748	121,287	SH		DFND	1	0	121,287	0
Realogy Holdings Corp.	COM	75605Y106	3,763	100,000	SH		DFND	1	0	100,000	0
Resolute Forest Products	COM	76117w109	6,136	738,400	SH		DFND	1	0	738,400	0
Royal Dutch Shell PLC	COM	780259206	710	14,979	SH		SOLE	0	14,979	0	0
Ruth's Hospitality Group, Inc.	COM	783332109	9,234	568,600	SH		DFND	1	0	568,600	0
SI Financial Group	COM	78425V104	2,682	225,419	SH		DFND	1	0	225,419	0
S&W Seed Company	COM	785135104	5,952	1,294,000	SH		DFND	1	0	1,294,000	0
San Juan Basin Realty Trust Unit	UNIT BEN INT	798241105	131	13,800	SH		DFND	1	0	13,800	0
San Juan Basin Realty Trust Unit	COM	798241105	383	40,439	SH		SOLE	0	40,439	0	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	186	975,000	SH		DFND	1	0	975,000	0
Sanofi-Aventis SA, CVR	COM	80105N113	66	348,043	SH		SOLE	0	348,043	0	0
Steel Holdings LP Ltd Prshp Unit	LTD PRTRSHIP U	85814R107	95	5,773	SH		SOLE	0	5,773	0	0
Symetra Financial Corp.	COM	87151Q106	5,221	165,000	SH		DFND	1	0	165,000	0
Symetra Financial Corp.	COM	87151Q106	6,328	200,000	SH		SOLE	0	200,000	0	0
Tejon Ranch Co.	COM	879080109	11,341	520,000	SH		DFND	1	0	520,000	0
Tejon Ranch Warrant	W EXP 8/31/2016	879080133	12	76,809	SH		DFND	1	0	76,809	0
Teva Pharmaceutical Industries Ltd.	ADR	881624209	24,859	440,300	SH		DFND	1	0	440,300	0
TowneBank Portsmouth VA	COM	89214P109	21,462	1,138,575	SH		DFND	1	0	1,138,575	0
United States Steel Corp.	COM	912909108	6,252	600,000	SH		DFND	1	0	600,000	0
United States Steel Corp.	COM	912909108	2,605	250,000	SH		SOLE	0	250,000	0	0
Universal Stainless & Alloy Products, Inc.	COM	913837100	2,593	245,123	SH		SOLE	0	245,123	0	0
Vereit Inc.	COM	92339V100	5,404	700,000	SH		DFND	1	0	700,000	0
Waterstone Financial Inc.	COM	94188P101	16,841	1,249,300	SH		DFND	1	0	1,249,300	0
Westlake Chemical Corp.	COM	960413102	649	12,500	SH		DFND	1	0	12,500	0
Wheeler Real Estate Investment Trust	CV PFD SER B	963025101	5,106	2,687,500	SH		DFND	1	0	2,687,500	0
Wright Investors Service Holdings	COM	982345100	1,087	825,691	SH		DFND	1	0	825,691	0
Belmond Ltd. Class A	COM CL A	G1154H107	910	90,000	SH		DFND	1	0	90,000	0