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	15	1,478,658	SH		DFND	1	0	1,478,658	0
Advanced Emissions Solutions Inc.	COM	00770C101	5,680	800,000	SH		DFND	1	0	800,000	0
Aerojet Rocketdyne Holdings Inc	COM	007800105	732	40,020	SH		DFND	1	0	40,020	0
Aerojet Rocketdyne Holdings Inc	COM	007800105	453	24,794	SH		SOLE	0	24,794	0	0
Allison Transmission Holdings, Inc.	COM	01973R101	8,469	300,000	SH		DFND	1	0	300,000	0
Allscripts Healtcare Solutions, Inc.	COM	01988PAD0	6,071	477,500	SH		DFND	1	0	477,500	0
Ally Financial Inc.	COM	02005N100	8,919	522,500	SH		DFND	1	0	522,500	0
Ally Financial Inc.	COM	02005N100	2,083	122,000	SH		SOLE	0	122,000	0	0
American Midstream Partners LP	COM UNITS	02752P100	6,063	512,500	SH		DFND	1	0	512,500	0
American Midstream Partners LP	COM UNITS	02752P100	118	10,000	SH		SOLE	0	10,000	0	0
American River Bankshares	COM	029326105	1,745	170,000	SH		DFND	1	0	170,000	0
Anadarko Petroleum Corp.	COM	032511107	3,302	62,000	SH		DFND	1	0	62,000	0
Ariad Pharmaceuticals, Inc.	COM	04033A100	7,944	1,075,000	SH		DFND	1	0	1,075,000	0
Atlantic Capital Bancshares	COM	048269203	13,764	951,893	SH		DFND	1	0	951,893	0
Axiall Corp	COM	05463D100	6,196	190,000	SH		DFND	1	0	190,000	0
BKF Capital Group, Inc.	COM	05548G102	220	293,800	SH		DFND	1	0	293,800	0
BRT Realty Trust	COM	055645303	1,204	168,369	SH		DFND	1	0	168,369	0
BMC Stock Holdings Inc.	COM	05591B109	63,769	3,578,527	SH		DFND	1	0	3,578,527	0
Baker Hughes Inc.	COM	057224107	903	20,000	SH		SOLE	0	20,000	0	0
The Bancorp Bank	COM	05969A105	2,453	407,500	SH		DFND	1	0	407,500	0
Bank of America Corporation	COM	060505104	1,327	100,000	SH		SOLE	0	100,000	0	0
Barnes & Noble Edu. Inc	COM	06777U101	56	5,554	SH		SOLE	0	5,554	0	0
Boardwalk Pipeline Partners, LP	UT LTD PARTNER	096627104	2,380	136,417	SH		DFND	1	0	136,417	0
Boeing Co.	COM	097023105	2,597	20,000	SH		SOLE	0	20,000	0	0
Boston Scientific Corp.	COM	101137107	21,033	900,000	SH		DFND	1	0	900,000	0
CIBL, Inc.	COM	12543Y104	280	215	SH		DFND	1	0	215	0
CIT Group Inc.	COM NEW	125581801	15,955	500,000	SH		DFND	1	0	500,000	0
CIT Group Inc.	COM NEW	125581801	638	20,000	SH		SOLE	0	20,000	0	0
Capital Properties, Inc.	COM	140430109	231	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	3,800	106,000	SH		DFND	1	0	106,000	0
Central Steel & Wire Company	COM	155411101	45	108	SH		DFND	1	0	108	0
Cenveo Inc.	COM	15670S105	82	100,000	SH		DFND	1	0	100,000	0
Citizens Financial Group	COM	174610105	6,394	320,000	SH		DFND	1	0	320,000	0
Clifton Bancorp, Inc.	COM	186873105	4,424	293,568	SH		DFND	1	0	293,568	0
Columbus McKinnon Corp.	COM	199333105	2,193	155,000	SH		DFND	1	0	155,000	0
Continental Resources Inc.	COM	212015101	2,716	60,000	SH		DFND	1	0	60,000	0
Continental Resources Inc.	COM	212015101	9,054	200,000	SH		SOLE	0	200,000	0	0
Crimson Wine Group Ltd.	COM	22662X100	7,762	928,500	SH		DFND	1	0	928,500	0
Devon Energy Corp. New	COM	25179M103	2,538	70,000	SH		SOLE	0	70,000	0	0
Dolby Laboratories Inc.	COM	25659T107	48,172	1,006,720	SH		DFND	1	0	1,006,720	0
Dolby Laboratories Inc.	COM	25659T107	395	8,255	SH		SOLE	0	8,255	0	0
Du Pont E I De Nemours & Co	COM	263534109	7,452	115,000	SH		DFND	1	0	115,000	0
Du Pont E I De Nemours & Co	COM	263534109	1,944	30,000	SH		SOLE	0	30,000	0	0
EMC Corporation	COM	268648102	11,820	435,026	SH		DFND	1	0	435,026	0
EMC Corporation	COM	268648102	5,706	210,000	SH		SOLE	0	210,000	0	0
Enable Midstream Partners, LP	COM UNIT RP IN	292480100	1,351	100,000	SH		DFND	1	0	100,000	0
Enable Midstream Partners, LP	COM UNIT RP IN	292480100	135	10,000	SH		SOLE	0	10,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,875	20,000	SH		SOLE	0	20,000	0	0
FMC Corp.	COM NEW	30249U101	11,578	250,000	SH		DFND	1	0	250,000	0
FMC Corp.	COM NEW	30249U101	2,316	50,000	SH		SOLE	0	50,000	0	0
FMC Technologies, Inc.	COM	30249U101	11,601	435,000	SH		DFND	1	0	435,000	0
Farmer Brothers Co.	COM	307675108	5,091	158,800	SH		DFND	1	0	158,800	0
Farmer Brothers Co.	COM	307675108	90	2,800	SH		SOLE	0	2,800	0	0
First Guaranty Bancshares, Inc.	COM	32043P106	951	59,459	SH		DFND	1	0	59,459	0
First Northwest Bancorp	COM	335834107	1,624	127,500	SH		DFND	1	0	127,500	0
Forest City Enterprises, Inc.	COM	345550107	6,191	277,500	SH		DFND	1	0	277,500	0
Fossil Group, Inc.	COM	34988V106	7,986	279,900	SH		DFND	1	0	279,900	0
Franklin Resources Inc.	COM	354613101	3,921	117,500	SH		DFND	1	0	117,500	0
GAMCO Investors, Inc.	COM	361438104	541	16,500	SH		DFND	1	0	16,500	0
General Electric Co.	COM	369604103	315	10,000	SH		SOLE	0	10,000	0	0
General Motors Corp.	COM	37045V100	5,282	186,657	SH		DFND	1	0	186,657	0
GM '16 WRNT	*W EXP 07/10/201	37045V118	195	10,597	SH		DFND	1	0	10,597	0
GM '19 WRNT	*W EXP 07/10/201	37045V126	111	10,597	SH		DFND	1	0	10,597	0
Getty Realty Corp.	COM	374297109	6,607	308,000	SH		DFND	1	0	308,000	0
Getty Realty Corp.	COM	374297109	781	36,427	SH		SOLE	0	36,427	0	0
Gulf Coast Ultra Deep Rty Trust Unit	COM	40222T104	52	721,942	SH		SOLE	0	721,942	0	0
Gyrodyne, LLC	COM	403829104	1,436	71,138	SH		DFND	1	0	71,138	0
Gyrodyne, LLC	COM	403829104	94	4,658	SH		SOLE	0	4,658	0	0
Halliburton Co.	COM	406216101	906	20,000	SH		SOLE	0	20,000	0	0
Hardinge, Inc.	COM	412324303	551	54,813	SH		DFND	1	0	54,813	0
Helmerich & Payne Inc.	COM	423452101	5,538	82,500	SH		DFND	1	0	82,500	0
Heritage Oaks Bancorp	COM	42724R107	6,352	800,000	SH		DFND	1	0	800,000	0
Hess Corporation	COM	42809H107	21,035	350,000	SH		DFND	1	0	350,000	0
Hess Corporation	COM	42809H107	10,818	180,000	SH		SOLE	0	180,000	0	0
Highland Bankshares Inc.	COM	430893107	2,276	396,458	SH		DFND	1	0	396,458	0
HomeTrust Bancshares, Inc.	COM	437872104	1,295	70,000	SH		DFND	1	0	70,000	0
Hugoton Realty Trust TEX Unit Ben Int	UNIT BEN INT	444717102	449	190,440	SH		SOLE	0	190,440	0	0
ICTC Group	COM	44931F108	79	3,602	SH		DFND	1	0	3,602	0
Intel Corp.	COM	458140100	16,405	500,000	SH		DFND	1	0	500,000	0
Intel Corp.	COM	458140100	44,294	1,350,000	SH		SOLE	0	1,350,000	0	0
Investar Holding Corporation	COM	46134L105	2,692	175,000	SH		DFND	1	0	175,000	0
Investors Bancorp, Inc.	COM	46146L101	5,540	500,000	SH		DFND	1	0	500,000	0
JP Energy Partners, LP	UNT REPST LTD	46643C109	1,983	235,000	SH		DFND	1	0	235,000	0
JP Energy Partners, LP	UNT REPST LTD	46643C109	84	10,000	SH		SOLE	0	10,000	0	0
Johnson & Johnson	COM	478160104	3,033	25,000	SH		SOLE	0	25,000	0	0
KLX Inc.	COM	482539103	3,100	100,000	SH		DFND	1	0	100,000	0
Kaiser Aluminum Corp.	COM PAR $0.01	483007704	19,732	218,200	SH		DFND	1	0	218,200	0
Kearny Financial Corp.	COM	48716P108	17,927	1,425,000	SH		DFND	1	0	1,425,000	0
Kemper Corp.	COM	488401100	310	10,000	SH		SOLE	0	10,000	0	0
Keysight Technologies, Inc.	COM	49338L103	5,818	200,000	SH		DFND	1	0	200,000	0
LICT Corp.	COM	50187G104	1,348	275	SH		DFND	1	0	275	0
MB Bancorp Inc.	COM	55280E104	2,294	170,559	SH		DFND	1	0	170,559	0
MSB Financial	COM	55352L101	2,412	174,897	SH		DFND	1	0	174,897	0
The Macerich Company	COM	554382101	3,253	38,100	SH		DFND	1	0	38,100	0
Meridian Bancorp, Inc.	COM	58958U103	1,478	100,000	SH		DFND	1	0	100,000	0
National Presto Industries, Inc.	COM	637215104	7,650	81,082	SH		DFND	1	0	81,082	0
News Corp	COM	65249B109	5,221	460,000	SH		DFND	1	0	460,000	0
Northeast Bancorp	COM NEW	663904209	4,070	361,800	SH		DFND	1	0	361,800	0
Old Republic Interrnational Corp.	COM	680223104	407	21,093	SH		SOLE	0	21,093	0	0
Outerwall Inc.	COM	690070107	8,644	205,800	SH		DFND	1	0	205,800	0
Peapack-Gladstone Financial Corp.	COM	704699107	1,851	100,000	SH		DFND	1	0	100,000	0
Permian Basin Rlty Trust	UNIT BEN INT	714236106	175	23,841	SH		SOLE	0	23,841	0	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	11,202	407,500	SH		DFND	1	0	407,500	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	305	11,081	SH		SOLE	0	11,081	0	0
Plains GP Holdings LP	SHS A REP LTPN	72651A108	4,614	442,400	SH		DFND	1	0	442,400	0
Plains GP Holdings LP	SHS A REP LTPN	72651A108	261	25,000	SH		SOLE	0	25,000	0	0
Popular, Inc.	COM NEW	733174700	8,790	300,000	SH		DFND	1	0	300,000	0
Popular, Inc.	COM NEW	733174700	293	10,000	SH		SOLE	0	10,000	0	0
Prudential Bancorp Inc.	COM	74431A101	1,710	121,287	SH		DFND	1	0	121,287	0
Realogy Holdings Corp.	COM	75605Y106	2,902	100,000	SH		DFND	1	0	100,000	0
Resolute Forest Products	COM	76117w109	3,404	643,500	SH		DFND	1	0	643,500	0
Ruth's Hospitality Group, Inc.	COM	783332109	2,389	149,800	SH		DFND	1	0	149,800	0
SI Financial Group	COM	78425V104	1,446	109,241	SH		DFND	1	0	109,241	0
S&W Seed Company	COM	785135104	13,575	3,113,423	SH		DFND	1	0	3,113,423	0
William H. Sadlier, Inc.	COM	786327106	1,167	21,217	SH		DFND	1	0	21,217	0
San Juan Basin Realty Trust Unit	UNIT BEN INT	798241105	729	100,240	SH		SOLE	0	100,240	0	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	777	3,235,625	SH		DFND	1	0	3,235,625	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	84	348,043	SH		SOLE	0	348,043	0	0
Seaboard Corp.	COM	811543107	144	50	SH		DFND	1	0	50	0
Steel Holdings LP Ltd Prshp Unit	LTD PRTRSHIP U	85814R107	85	5,773	SH		SOLE	0	5,773	0	0
Tejon Ranch Co.	COM	879080109	12,293	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.	ADR	881624209	22,116	440,300	SH		DFND	1	0	440,300	0
TowneBank Portsmouth VA	COM	89214P109	10,825	500,000	SH		DFND	1	0	500,000	0
Trinity Place Holdings Inc.	COM	89656D101	22,459	2,920,577	SH		DFND	1	0	2,920,577	0
Universal Stainless & Alloy Products, Inc.	COM	913837100	3,243	297,500	SH		DFND	1	0	297,500	0
Vereit Inc.	COM	92339V100	5,780	570,000	SH		DFND	1	0	570,000	0
Vmware, Inc.	CL A COM	928563402	286	5,000	SH		SOLE	0	5,000	0	0
Vornado Realty Trust	SH BEN INT	929042109	260	2,600	SH		DFND	1	0	2,600	0
Waterstone Financial Inc.	COM	94188P101	18,237	1,189,617	SH		DFND	1	0	1,189,617	0
Westlake Chemical Corp.	COM	960413102	9,945	231,700	SH		DFND	1	0	231,700	0
Wheeler Real Estate Investment Trust	COM	963025101	4,139	2,687,500	SH		DFND	1	0	2,687,500	0
Wright Investors Service Holdings	COM	982345100	950	825,691	SH		DFND	1	0	825,691	0
Navigator Holdings Limited	SHS	B7KN3P3	2,444	212,500	SH		DFND	1	0	212,500	0
Belmond Ltd. Class A	COM	G1154H107	2,508	253,300	SH		DFND	1	0	253,300	0
Chubb Limited	COM	h1467j104	4,406	33,706	SH		DFND	1	0	33,706	0