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
Adelphia Recovery Trust	COM	00685R102	30	1,478,658	SH		DFND	1	0	1,478,658	0
Advanced Emissions Solutions Inc.	COM	00770C101	5,320	800,000	SH		DFND	1	0	800,000	0
Aerojet Rocketdyne Holdings Inc	COM	007800105	4,095	250,000	SH		DFND	1	0	250,000	0
Aerojet Rocketdyne Holdings Inc.	COM	007800105	406	24,794	SH		SOLE	0	24,794	0	0
Allison Transmission Holdings, Inc.	COM	01973R101	8,094	300,000	SH		DFND	1	0	300,000	0
Allscripts Healtcare Solutions, Inc.	COM	01988PAD0	6,308	477,500	SH		DFND	1	0	477,500	0
Ally Financial Inc.	COM	02005N100	4,680	250,000	SH		DFND	1	0	250,000	0
Ally Financial Inc.	COM	02005N100	412	22,000	SH		SOLE	0	22,000	0	0
American Midstream Partners LP	COM UNITS	02752P100	3,547	512,500	SH		DFND	1	0	512,500	0
American Midstream Partners LP	COM UNITS	02752P100	69	10,000	SH		SOLE	0	10,000	0	0
American River Bankshares	COM	029326105	1,849	182,000	SH		DFND	1	0	182,000	0
Anadarko Petroleum Corp.	COM	032511107	2,887	62,000	SH		DFND	1	0	62,000	0
Ariad Pharmaceuticals, Inc.	COM	04033A100	6,869	1,075,000	SH		DFND	1	0	1,075,000	0
Atlantic Capital Bancshares	COM	048269203	13,269	951,893	SH		DFND	1	0	951,893	0
Axiall Corp	COM	05463D100	2,512	115,000	SH		DFND	1	0	115,000	0
Baker Hughes Inc.	COM	057224107	877	20,000	SH		SOLE	0	20,000	0	0
Bank of America Corporation	COM	060505104	1,352	100,000	SH		SOLE	0	100,000	0	0
Barnes & Noble Edu. Inc.	COM	06777U101	54	5,554	SH		SOLE	0	5,554	0	0
Belmond Ltd. Class A	CL A	G1154H107	2,183	230,000	SH		DFND	1	0	230,000	0
BKF Capital Group, Inc.	COM	05548G102	209	293,800	SH		DFND	1	0	293,800	0
Blount International, Inc.	COM	095180105	10,138	1,015,800	SH		DFND	1	0	1,015,800	0
BMC Stock Holdings Inc.	COM	05591B109	59,475	3,578,527	SH		DFND	1	0	3,578,527	0
Boardwalk Pipeline Partners, LP	UT LTD PARTNER	096627104	2,011	136,417	SH		DFND	1	0	136,417	0
Boeing Co.	COM	097023105	2,539	20,000	SH		SOLE	0	20,000	0	0
Boston Scientific Corp.	COM	101137107	32,729	1,740,000	SH		DFND	1	0	1,740,000	0
BRT Realty Trust	COM	055645303	1,170	168,369	SH		DFND	1	0	168,369	0
Capital Properties, Inc.	COM	140430109	235	23,149	SH		DFND	1	0	23,149	0
Carbon Natural Gas Co.	COM	14115T109	844	4,222,222	SH		DFND	1	0	4,222,222	0
Carrizo Oil & Gas, Inc.	COM	144577103	3,278	106,000	SH		DFND	1	0	106,000	0
Central Steel & Wire Company	COM	155411101	44	108	SH		DFND	1	0	108	0
Chubb Limited	COM	B3BQMF6	4,016	33,706	SH		DFND	1	0	33,706	0
CIBL, Inc.	COM	12543Y104	279	215	SH		DFND	1	0	215	0
CIT Group Inc.	COM NEW	125581801	15,515	500,000	SH		DFND	1	0	500,000	0
CIT Group Inc.	COM NEW	125581801	621	20,000	SH		SOLE	0	20,000	0	0
Citizens Financial Group	COM	174610105	2,514	120,000	SH		DFND	1	0	120,000	0
Clifton Bancorp, Inc.	COM	186873105	4,439	293,568	SH		DFND	1	0	293,568	0
Columbus McKinnon Corp.	COM	199333105	2,443	155,000	SH		DFND	1	0	155,000	0
Continental Resources Inc.	COM	212015101	3,461	114,000	SH		DFND	1	0	114,000	0
Continental Resources Inc.	COM	212015101	6,072	200,000	SH		SOLE	0	200,000	0	0
Crimson Wine Group Ltd.	COM	22662X100	6,911	824,678	SH		DFND	1	0	824,678	0
Devon Energy Corp. New	COM	25179M103	1,921	70,000	SH		SOLE	0	70,000	0	0
Dolby Laboratories Inc.	COM	25659T107	44,521	1,024,420	SH		DFND	1	0	1,024,420	0
Dolby Laboratories Inc.	COM	25659T107	359	8,255	SH		SOLE	0	8,255	0	0
Du Pont E I De Nemours & Co	COM	263534109	7,282	115,000	SH		DFND	1	0	115,000	0
Du Pont E I De Nemours & Co	COM	263534109	1,900	30,000	SH		SOLE	0	30,000	0	0
EMC Corporation	COM	268648102	11,460	430,000	SH		DFND	1	0	430,000	0
EMC Corporation	COM	268648102	5,597	210,000	SH		SOLE	0	210,000	0	0
Enable Midstream Partners, LP	COM UNIT RP IN	292480100	856	100,000	SH		DFND	1	0	100,000	0
Enable Midstream Partners, LP	COM UNIT RP IN	292480100	86	10,000	SH		SOLE	0	10,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,672	20,000	SH		SOLE	0	20,000	0	0
Farmer Brothers Co.	COM	307675108	5,750	206,300	SH		DFND	1	0	206,300	0
Farmer Brothers Co.	COM	307675108	78	2,800	SH		SOLE	0	2,800	0	0
First Guaranty Bancshares, Inc.	COM	32043P106	922	59,459	SH		DFND	1	0	59,459	0
First Northwest Bancorp	COM	335834107	3,218	250,000	SH		DFND	1	0	250,000	0
FMC Corp.	COM NEW	30249U101	10,093	250,000	SH		DFND	1	0	250,000	0
FMC Corp.	COM NEW	30249U101	2,019	50,000	SH		SOLE	0	50,000	0	0
FMC Technologies, Inc.	COM	30249U101	10,055	367,500	SH		DFND	1	0	367,500	0
Forest City Enterprises, Inc.	COM	345550107	5,852	277,500	SH		DFND	1	0	277,500	0
Fossil Group, Inc.	COM	34988V106	10,212	229,900	SH		DFND	1	0	229,900	0
Franklin Resources Inc.	COM	354613101	2,343	60,000	SH		DFND	1	0	60,000	0
GAMCO Investors, Inc.	COM	361438104	611	16,500	SH		DFND	1	0	16,500	0
General Electric Co.	COM	369604103	318	10,000	SH		SOLE	0	10,000	0	0
General Motors Corp.	COM	37045V100	5,867	186,657	SH		DFND	1	0	186,657	0
Getty Realty Corp.	COM	374297109	6,375	321,477	SH		DFND	1	0	321,477	0
Getty Realty Corp.	COM	374297109	722	36,427	SH		SOLE	0	36,427	0	0
GM '16 WRNT	*W EXP 07/10/201	37045V118	230	10,597	SH		DFND	1	0	10,597	0
GM '19 WRNT	*W EXP 07/10/201	37045V126	145	10,597	SH		DFND	1	0	10,597	0
Gulf Coast Ultra Deep Rty Trust Unit	COM	40222T104	55	611,942	SH		SOLE	0	611,942	0	0
Gyrodyne, LLC	COM	403829104	1,230	45,642	SH		DFND	1	0	45,642	0
Gyrodyne, LLC	COM	403829104	126	4,658	SH		SOLE	0	4,658	0	0
Halliburton Co.	COM	406216101	714	20,000	SH		SOLE	0	20,000	0	0
Hardinge, Inc.	COM	412324303	3,129	250,900	SH		DFND	1	0	250,900	0
Heartware International	COM	422368100	943	30,000	SH		DFND	1	0	30,000	0
Helmerich & Payne Inc.	COM	423452101	4,844	82,500	SH		DFND	1	0	82,500	0
Heritage Oaks Bancorp	COM	42724R107	6,244	801,486	SH		DFND	1	0	801,486	0
Hess Corporation	COM	42809H107	20,534	390,000	SH		DFND	1	0	390,000	0
Hess Corporation	COM	42809H107	9,477	180,000	SH		SOLE	0	180,000	0	0
Highland Bankshares Inc.	COM	430893107	2,181	396,458	SH		DFND	1	0	396,458	0
HomeTrust Bancshares, Inc.	COM	437872104	2,264	123,500	SH		DFND	1	0	123,500	0
Hugoton Realty Trust TEX Unit Ben Int	UNIT BEN INT	444717102	227	165,940	SH		SOLE	0	165,940	0	0
ICTC Group	COM	44931F108	79	3,575	SH		DFND	1	0	3,575	0
Intel Corp.	COM	458140100	16,175	500,000	SH		DFND	1	0	500,000	0
Intel Corp.	COM	458140100	43,673	1,350,000	SH		SOLE	0	1,350,000	0	0
Investar Holding Corporation	COM	46134L105	2,567	175,000	SH		DFND	1	0	175,000	0
Investors Bancorp, Inc.	COM	46146L101	5,820	500,000	SH		DFND	1	0	500,000	0
Johnson & Johnson	COM	478160104	2,705	25,000	SH		SOLE	0	25,000	0	0
JP Energy Partners, LP	UNT REPST LTD	46643C109	1,262	235,000	SH		DFND	1	0	235,000	0
JP Energy Partners, LP	UNT REPST LTD	46643C109	54	10,000	SH		SOLE	0	10,000	0	0
Kaiser Aluminum Corp.	COM PAR $0.01	483007704	19,444	230,000	SH		DFND	1	0	230,000	0
Kearny Financial Corp.	COM	48716P108	17,599	1,425,000	SH		DFND	1	0	1,425,000	0
Kemper Corp.	COM	488401100	296	10,000	SH		SOLE	0	10,000	0	0
Keysight Technologies, Inc.	COM	49338L103	4,161	150,000	SH		DFND	1	0	150,000	0
LICT Corp.	COM	50187G104	1,451	275	SH		DFND	1	0	275	0
MB Bancorp Inc.	COM	55280E104	1,154	91,559	SH		DFND	1	0	91,559	0
Meridian Bancorp, Inc.	COM	58958U103	1,392	100,000	SH		DFND	1	0	100,000	0
MSB Financial	COM	55352L101	2,248	174,897	SH		DFND	1	0	174,897	0
National Presto Industries, Inc.	COM	637215104	6,790	81,082	SH		DFND	1	0	81,082	0
News Corp	COM	65249B109	5,619	440,000	SH		DFND	1	0	440,000	0
Northeast Bancorp	COM NEW	663904209	3,839	361,800	SH		DFND	1	0	361,800	0
Oasis Petroleum Inc	COM	674215108	728	100,000	SH		DFND	1	0	100,000	0
Old Republic Interrnational Corp.	COM	680223104	386	21,093	SH		SOLE	0	21,093	0	0
Peapack-Gladstone Financial Corp.	COM	704699107	1,690	100,000	SH		DFND	1	0	100,000	0
Permian Basin Rlty Trust	UNIT BEN INT	714236106	147	23,841	SH		SOLE	0	23,841	0	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	8,545	407,500	SH		DFND	1	0	407,500	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	232	11,081	SH		SOLE	0	11,081	0	0
Plains GP Holdings LP	SHS A REP LTPN	72651A108	3,844	442,400	SH		DFND	1	0	442,400	0
Plains GP Holdings LP	SHS A REP LTPN	72651A108	217	25,000	SH		SOLE	0	25,000	0	0
Popular, Inc.	COM NEW	733174700	8,583	300,000	SH		DFND	1	0	300,000	0
Popular, Inc.	COM NEW	733174700	286	10,000	SH		SOLE	0	10,000	0	0
Prudential Bancorp Inc.	COM	74431A101	1,737	121,287	SH		DFND	1	0	121,287	0
Realogy Holdings Corp.	COM	75605Y106	3,611	100,000	SH		DFND	1	0	100,000	0
Resolute Forest Products	COM	76117w109	3,546	643,500	SH		DFND	1	0	643,500	0
Ruth's Hospitality Group, Inc.	COM	783332109	4,292	233,136	SH		DFND	1	0	233,136	0
S&W Seed Company	COM	785135104	13,014	3,113,423	SH		DFND	1	0	3,113,423	0
San Juan Basin Realty Trust Unit	UNIT BEN INT	798241105	266	51,639	SH		SOLE	0	51,639	0	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	369	3,235,625	SH		DFND	1	0	3,235,625	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	40	348,043	SH		SOLE	0	348,043	0	0
Seaboard Corp.	COM	811543107	150	50	SH		DFND	1	0	50	0
SI Financial Group	COM	78425V104	1,672	120,000	SH		DFND	1	0	120,000	0
Steel Holdings LP Ltd Prshp Unit	LTD PRTRSHIP U	85814R107	88	5,773	SH		SOLE	0	5,773	0	0
Tejon Ranch Co.	COM	879080109	10,696	520,000	SH		DFND	1	0	520,000	0
Tejon Ranch Warrant	*W EXP 08/31/201	879080133	0	76,809	SH		DFND	1	0	76,809	0
Teva Pharmaceutical Industries Ltd.	COM	881624209	23,560	440,300	SH		DFND	1	0	440,300	0
The Bancorp Bank	COM	05969A105	2,331	407,500	SH		DFND	1	0	407,500	0
The Macerich Company	COM	554382101	3,019	38,100	SH		DFND	1	0	38,100	0
TowneBank Portsmouth VA	COM	89214P109	9,595	500,000	SH		DFND	1	0	500,000	0
Trinity Place Holdings Inc.	COM	89656D101	20,152	2,920,577	SH		DFND	1	0	2,920,577	0
Universal Stainless & Alloy Products, Inc.	COM	913837100	3,032	297,500	SH		DFND	1	0	297,500	0
Vereit Inc.	COM	92339V100	6,209	700,000	SH		DFND	1	0	700,000	0
Vmware, Inc.	CL A COM	928563402	262	5,000	SH		SOLE	0	5,000	0	0
Vornado Realty Trust	SH BEN INT	929042109	246	2,600	SH		DFND	1	0	2,600	0
Waterstone Financial Inc.	COM	94188P101	16,274	1,189,617	SH		DFND	1	0	1,189,617	0
Westlake Chemical Corp.	COM	960413102	4,630	100,000	SH		DFND	1	0	100,000	0
Wheeler Real Estate Investment Trust	COM	963025101	3,359	2,687,500	SH		DFND	1	0	2,687,500	0
Whiting Petroleum	COM	966387102	319	40,000	SH		DFND	1	0	40,000	0
William H. Sadlier, Inc.	COM	786327106	1,209	21,217	SH		DFND	1	0	21,217	0
Wright Investors Service Holdings	COM	982345100	1,106	825,691	SH		DFND	1	0	825,691	0