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

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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
Belmond Ltd. Class A	CL A	G1154H107	1,520	160,000	SH		DFND	1	0	160,000	0
Adelphia Recovery Trust	COM	00685R102	3	1,478,658	SH		DFND	1	0	1,478,658	0
Advanced Emissions Solutions Inc.	COM	00770C101	5,712	800,000	SH		DFND	1	0	800,000	0
Aerojet Rocketdyne Holdings Inc	COM	007800105	3,915	250,000	SH		DFND	1	0	250,000	0
Aerojet Rocketdyne Holdings Inc	COM	007800105	388	24,794	SH		SOLE	0	24,794	0	0
Allison Transmission Holdings, Inc.	COM	01973R101	6,470	250,000	SH		DFND	1	0	250,000	0
Allscripts Healtcare Solutions, Inc.	COM	01988PAD0	7,344	477,500	SH		DFND	1	0	477,500	0
Ally Financial Inc.	COM	02005N100	13,195	707,500	SH		DFND	1	0	707,500	0
Ally Financial Inc.	COM	02005N100	187	10,000	SH		SOLE	0	10,000	0	0
American Midstream Partners LP	COM UNITS	02752P100	3,671	455,500	SH		DFND	1	0	455,500	0
American Midstream Partners LP	COM UNITS	02752P100	81	10,000	SH		SOLE	0	10,000	0	0
American River Bankshares	COM	029326105	2,899	274,000	SH		DFND	1	0	274,000	0
Anadarko Petroleum Corp.	COM	032511107	3,012	62,000	SH		DFND	1	0	62,000	0
Anchor BanCorp	COM	03283P106	18,496	425,000	SH		DFND	1	0	425,000	0
Ariad Pharmaceuticals, Inc.	COM	04033A100	5,125	820,000	SH		DFND	1	0	820,000	0
Associated Capital Group Inc	CL A	045528106	503	16,500	SH		DFND	1	0	16,500	0
Atlantic Capital Bancshares	COM	048269203	14,259	951,893	SH		DFND	1	0	951,893	0
BKF Capital Group, Inc.	COM	05548G102	235	293,800	SH		DFND	1	0	293,800	0
BRT Realty Trust	COM	055645303	1,067	168,369	SH		DFND	1	0	168,369	0
BMC Stock Holdings Inc.	COM	05591B109	59,940	3,578,527	SH		DFND	1	0	3,578,527	0
Baker Hughes Inc.	COM	057224107	923	20,000	SH		SOLE	0	20,000	0	0
The Bancorp Bank	COM	05969A105	2,596	407,500	SH		DFND	1	0	407,500	0
Bank of America Corporation	COM	060505104	842	50,000	SH		SOLE	0	50,000	0	0
Barnes & Noble Edu. Inc	COM	06777U101	498	50,000	SH		DFND	1	0	50,000	0
Barnes & Noble Edu. Inc	COM	06777U101	55	5,554	SH		SOLE	0	5,554	0	0
Beneficial Bancorp, Inc.	COM	08171T102	2,331	175,000	SH		DFND	1	0	175,000	0
Big 5 Sporting Goods Corp.	COM	08915P101	277	27,700	SH		DFND	1	0	27,700	0
Blount International, Inc.	COM	095180105	10,486	1,068,912	SH		DFND	1	0	1,068,912	0
Boardwalk Pipeline Partners, LP	UT LTD PARTNER	096627104	1,771	136,417	SH		DFND	1	0	136,417	0
Boeing Co.	COM	097023105	2,892	20,000	SH		SOLE	0	20,000	0	0
Boston Scientific Corp.	COM	101137107	36,521	1,980,000	SH		DFND	1	0	1,980,000	0
CIBL, Inc.	COM	12543Y104	280	215	SH		DFND	1	0	215	0
CIT Group Inc.	COM NEW	125581801	18,059	455,000	SH		DFND	1	0	455,000	0
CIT Group Inc.	COM NEW	125581801	397	10,000	SH		SOLE	0	10,000	0	0
Cape Bancorp, Inc.	COM	139209100	3,222	259,200	SH		DFND	1	0	259,200	0
Capital Properties, Inc.	COM	140430109	256	23,149	SH		DFND	1	0	23,149	0
Carbon Natural Gas Co.	COM	14115T109	2,533	4,222,222	SH		DFND	1	0	4,222,222	0
Carrizo Oil & Gas, Inc.	COM	144577103	3,135	106,000	SH		DFND	1	0	106,000	0
Central Steel & Wire Company	COM	155411101	61	108	SH		DFND	1	0	108	0
Chubb Corp.	COM	171232101	7,428	56,000	SH		DFND	1	0	56,000	0
Citizens Financial Group	COM	174610105	3,140	120,000	SH		DFND	1	0	120,000	0
Clifton Bancorp, Inc.	COM	186873105	4,210	293,568	SH		DFND	1	0	293,568	0
Columbia Banking System, Inc.	COM	197236102	21,072	648,184	SH		DFND	1	0	648,184	0
Columbus McKinnon Corp.	COM	199333105	1,478	78,190	SH		DFND	1	0	78,190	0
Continental Resources Inc.	COM	212015101	2,620	114,000	SH		DFND	1	0	114,000	0
Continental Resources Inc.	COM	212015101	4,596	200,000	SH		SOLE	0	200,000	0	0
Crimson Wine Group Ltd.	COM	22662X100	5,580	634,129	SH		DFND	1	0	634,129	0
Devon Energy Corp. New	COM	25179M103	2,240	70,000	SH		SOLE	0	70,000	0	0
Dolby Laboratories Inc.	COM	25659T107	34,461	1,024,420	SH		DFND	1	0	1,024,420	0
Dolby Laboratories Inc.	COM	25659T107	278	8,255	SH		SOLE	0	8,255	0	0
Donegal Group Inc., Cl. A	CL A	257701201	2,112	150,000	SH		DFND	1	0	150,000	0
Du Pont E I De Nemours & Co	COM	263534109	7,658	115,000	SH		DFND	1	0	115,000	0
Du Pont E I De Nemours & Co	COM	263534109	1,998	30,000	SH		SOLE	0	30,000	0	0
EMC Corporation	COM	268648102	11,042	430,000	SH		DFND	1	0	430,000	0
EMC Corporation	EMC	268648102	5,393	210,000	SH		SOLE	0	210,000	0	0
Enable Midstream Partners, LP	COM UNIT RP IN	292480100	920	100,000	SH		DFND	1	0	100,000	0
Enable Midstream Partners, LP	COM UNIT RP IN	292480100	92	10,000	SH		SOLE	0	10,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,559	20,000	SH		SOLE	0	20,000	0	0
Farmer Brothers Co.	COM	307675108	8,332	258,189	SH		DFND	1	0	258,189	0
Farmer Brothers Co.	COM	307675108	90	2,800	SH		SOLE	0	2,800	0	0
First Guaranty Bancshares, Inc.	COM	32043P106	1,115	59,459	SH		DFND	1	0	59,459	0
First Northwest Bancorp	COM	335834107	4,245	300,000	SH		DFND	1	0	300,000	0
FMC Corp.	COM NEW	30249U101	9,783	250,000	SH		DFND	1	0	250,000	0
FMC Corp.	COM NEW	30249U101	1,957	50,000	SH		SOLE	0	50,000	0	0
FMC Technologies, Inc.	COM	30249U101	9,715	335,000	SH		DFND	1	0	335,000	0
Forest City Enterprises, Inc.	CL A	345550107	6,072	277,500	SH		DFND	1	0	277,500	0
Fossil Group, Inc.	COM	34988V106	7,952	217,500	SH		DFND	1	0	217,500	0
Franklin Resources Inc.	COM	354613101	2,025	55,000	SH		DFND	1	0	55,000	0
GAMCO Investors, Inc.	COM	361438104	512	16,500	SH		DFND	1	0	16,500	0
General Electric Co.	COM	369604103	312	10,000	SH		SOLE	0	10,000	0	0
General Motors Corp.	COM	37045V100	6,348	186,657	SH		DFND	1	0	186,657	0
Getty Realty Corp.	COM	374297109	5,483	319,703	SH		DFND	1	0	319,703	0
Getty Realty Corp.	COM	374297109	617	35,969	SH		SOLE	0	35,969	0	0
GM '16 WRNT	*W EXP 07/10/201	37045V118	258	10,597	SH		DFND	1	0	10,597	0
GM '19 WRNT	*W EXP 07/10/201	37045V126	173	10,597	SH		DFND	1	0	10,597	0
Gyrodyne, LLC	COM	403829104	1,072	41,971	SH		DFND	1	0	41,971	0
Gyrodyne, LLC	COM	403829104	119	4,658	SH		SOLE	0	4,658	0	0
Halliburton Co.	COM	406216101	681	20,000	SH		SOLE	0	20,000	0	0
Hardinge, Inc.	COM	412324303	2,749	295,000	SH		DFND	1	0	295,000	0
Helmerich & Payne Inc.	COM	423452101	4,418	82,500	SH		DFND	1	0	82,500	0
Heritage Commerce Corp.	COM	426927109	2,691	225,000	SH		DFND	1	0	225,000	0
Heritage Oaks Bancorp	COM	42724R107	9,070	1,132,300	SH		DFND	1	0	1,132,300	0
Hess Corporation	COM	42809H107	21,821	450,000	SH		DFND	1	0	450,000	0
Hess Corporation	COM	42809H107	8,728	180,000	SH		SOLE	0	180,000	0	0
Highland Bankshares Inc.	COM	430893107	1,861	383,714	SH		DFND	1	0	383,714	0
HomeTrust Bancshares, Inc.	COM	437872104	5,257	259,622	SH		DFND	1	0	259,622	0
Hugoton Realty Trust TEX Unit Ben Int	UNIT BEN INT	444717102	266	165,940	SH		SOLE	0	165,940	0	0
ICTC Group	COM	44931F108	93	3,575	SH		DFND	1	0	3,575	0
Intel Corp.	COM	458140100	17,220	500,000	SH		DFND	1	0	500,000	0
Intel Corp.	COM	458140100	46,494	1,350,000	SH		SOLE	0	1,350,000	0	0
Investar Holding Corporation	COM	46134L105	3,080	175,000	SH		DFND	1	0	175,000	0
Investors Bancorp, Inc.	COM	46146L101	6,220	500,000	SH		DFND	1	0	500,000	0
Johnson & Johnson	COM	478160104	2,568	25,000	SH		SOLE	0	25,000	0	0
JP Energy Partners, LP	UNT REPST LTD	46643C109	802	163,000	SH		DFND	1	0	163,000	0
JP Energy Partners, LP	UNT REPST LTD	46643C109	49	10,000	SH		SOLE	0	10,000	0	0
Kaiser Aluminum Corp.	COM PAR $0.01	483007704	19,242	230,000	SH		DFND	1	0	230,000	0
Kearny Financial Corp.	COM	48716P108	20,589	1,625,000	SH		DFND	1	0	1,625,000	0
Kemper Corp.	COM	488401100	373	10,000	SH		SOLE	0	10,000	0	0
Keysight Technologies, Inc.	COM	49338L103	1,700	60,000	SH		DFND	1	0	60,000	0
LICT Corp.	COM	50187G104	1,540	275	SH		DFND	1	0	275	0
MB Bancorp Inc.	COM	55280E104	1,234	91,559	SH		DFND	1	0	91,559	0
MSB Financial	COM	55352L101	2,186	174,897	SH		DFND	1	0	174,897	0
The Macerich Company	COM	554382101	3,075	38,100	SH		DFND	1	0	38,100	0
Meridian Bancorp, Inc.	COM	58958U103	1,410	100,000	SH		DFND	1	0	100,000	0
Motors Liquidation Company	COM	62010U101	1,455	100,009	SH		DFND	1	0	100,009	0
National Presto Industries, Inc.	COM	637215104	6,717	81,082	SH		DFND	1	0	81,082	0
News Corp	CL A	65249B109	5,878	440,000	SH		DFND	1	0	440,000	0
Northeast Bancorp	COM NEW	663904209	3,799	361,800	SH		DFND	1	0	361,800	0
Oasis Petroleum Inc	COM	674215108	442	60,000	SH		DFND	1	0	60,000	0
Old Republic Interrnational Corp.	COM	680223104	393	21,093	SH		SOLE	0	21,093	0	0
Peapack-Gladstone Financial Corp.	COM	704699107	2,062	100,000	SH		DFND	1	0	100,000	0
Permian Basin Rlty Trust	UNIT BEN INT	714236106	121	23,841	SH		SOLE	0	23,841	0	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	9,417	407,500	SH		DFND	1	0	407,500	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	256	11,081	SH		SOLE	0	11,081	0	0
Plains GP Holdings LP	SHS A REP LTPN	72651A108	4,181	442,400	SH		DFND	1	0	442,400	0
Plains GP Holdings LP	SHS A REP LTPN	72651A108	236	25,000	SH		SOLE	0	25,000	0	0
Popular, Inc.	COM NEW	733174700	7,794	275,000	SH		DFND	1	0	275,000	0
Popular, Inc.	COM NEW	733174700	283	10,000	SH		SOLE	0	10,000	0	0
Precision Castparts Corp.	COM	740189105	2,901	12,500	SH		DFND	1	0	12,500	0
Prudential Bancorp Inc.	COM	74431A101	1,844	121,287	SH		DFND	1	0	121,287	0
Realogy Holdings Corp.	COM	75605Y106	3,667	100,000	SH		DFND	1	0	100,000	0
Resolute Forest Products	COM	76117w109	4,871	643,500	SH		DFND	1	0	643,500	0
Ruth's Hospitality Group, Inc.	COM	783332109	9,052	568,600	SH		DFND	1	0	568,600	0
SI Financial Group	COM	78425V104	3,077	225,419	SH		DFND	1	0	225,419	0
S&W Seed Company	COM	785135104	10,443	2,474,722	SH		DFND	1	0	2,474,722	0
San Juan Basin Realty Trust Unit	UNIT BEN INT	798241105	214	51,639	SH		SOLE	0	51,639	0	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	152	1,348,950	SH		DFND	1	0	1,348,950	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	39	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	5,242	165,000	SH		DFND	1	0	165,000	0
Symetra Financial Corp.	COM	87151Q106	6,354	200,000	SH		SOLE	0	200,000	0	0
Tejon Ranch Co.	Common Stock	879080109	9,963	520,000	SH		DFND	1	0	520,000	0
Tejon Ranch Warrant	*W EXP 08/31/201	879080133	1	76,809	SH		DFND	1	0	76,809	0
Teva Pharmaceutical Industries Ltd.	ADR	881624209	28,892	440,300	SH		DFND	1	0	440,300	0
TowneBank Portsmouth VA	COM	89214P109	23,762	1,138,575	SH		DFND	1	0	1,138,575	0
Trinity Place Holdings Inc.	COM	89656D101	17,903	2,920,577	SH		DFND	1	0	2,920,577	0
Universal Stainless & Alloy Products, Inc.	COM	913837100	2,764	297,500	SH		DFND	1	0	297,500	0
Vereit Inc.	COM	92339V100	5,551	700,000	SH		DFND	1	0	700,000	0
Vmware, Inc.	CL A COM	928563402	283	5,000	SH		SOLE	0	5,000	0	0
Waterstone Financial Inc.	COM	94188P101	17,615	1,249,300	SH		DFND	1	0	1,249,300	0
Westlake Chemical Corp.	COM	960413102	679	12,500	SH		DFND	1	0	12,500	0
Wheeler Real Estate Investment Trust	COM	963025101	5,187	2,687,500	SH		DFND	1	0	2,687,500	0
Whiting Petroleum	COM	966387102	378	40,000	SH		DFND	1	0	40,000	0
William H. Sadlier, Inc.	COM	786327106	1,146	21,217	SH		DFND	1	0	21,217	0
Wright Investors Service Holdings	COM	982345100	1,643	825,691	SH		DFND	1	0	825,691	0