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
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
ACCO BRANDS CORP COMMON 00081T108 2,323 357,965 SH   SOLE NONE 357,965 0 0
ACCURIDE CORP COMMON 00439T206 5,881 1,262,077 SH   SOLE NONE 1,262,077 0 0
AMEX ENERGY SELECT INDEX 'SPDR' ETF 81369Y506 16,817 229,000 SH   SOLE NONE 229,000 0 0
BALTIC TRADING LTD COMMON Y0553W103 1,259 389,836 SH   SOLE NONE 389,836 0 0
BEAZER HOMES USA, INC COMMON 07556Q881 5,804 327,000 SH   SOLE NONE 327,000 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 4,042 1,727,407 SH   SOLE NONE 1,727,407 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 7,559 1,456,498 SH   SOLE NONE 1,456,498 0 0
COMERICA INC 29.4000 EXP11/14/2018 WTS 200340115 2,108 290,365 SH   SOLE NONE 290,365 0 0
DELTA AIR LINES, INC COMMON 247361702 5,072 553,758 SH   SOLE NONE 553,758 0 0
DORAL FINANCIAL CORP COMMON 25811P886 3,693 3,926,122 SH   SOLE NONE 3,926,122 0 0
EUROSEAS LTD COMMON Y23592200 3,053 2,725,895 SH   SOLE NONE 2,725,895 0 0
EXIDE TECHNOLOGIES COMMON 302051206 4,090 1,319,342 SH   SOLE NONE 1,319,342 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 11,000 1,455,040 SH   SOLE NONE 1,455,040 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 4,124 870,000 SH   SOLE NONE 870,000 0 0
FIFTH THIRD BANCORP COMMON 316773100 2,364 152,445 SH   SOLE NONE 152,445 0 0
GENERAL MOTORS CO COMMON 37045V100 3,844 168,965 SH   SOLE NONE 168,965 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 WTS 37045V118 4,344 315,254 SH   SOLE NONE 315,254 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 WTS 37045V126 2,769 335,239 SH   SOLE NONE 335,239 0 0
GLOBAL SHIP LEASE, INC CL A Y27183105 399 117,101 SH   SOLE NONE 117,101 0 0
KEMET CORP COMMON 488360207 1,770 402,283 SH   SOLE NONE 402,283 0 0
LEAP WIRELESS INTL INC COMMON 521863308 2,919 428,660 SH   SOLE NONE 428,660 0 0
LEAR CORP COMMON 521865204 9,758 258,219 SH   SOLE NONE 258,219 0 0
LENNAR CORP CL A 526057104 5,661 162,805 SH   SOLE NONE 162,805 0 0
METROPCS COMMUNICATIONS, INC COMMON 591708102 8,842 755,092 SH   SOLE NONE 755,092 0 0
MGIC INVESTMENT CORP COMMON 552848103 7,310 4,777,898 SH   SOLE NONE 4,777,898 0 0
PARAGON SHIPPING INC CL A 69913R309 786 1,827,106 SH   SOLE NONE 1,827,106 0 0
PENNYMAC MTG INVT TR COMMON 70931T103 6,049 258,843 SH   SOLE NONE 258,843 0 0
THE PNC FINANCIAL SERVICES GROUP, INC 67.3300 EXP12/31/2018 WTS 693475121 2,943 276,305 SH   SOLE NONE 276,305 0 0
RADIAN GROUP INC COMMON 750236101 7,887 1,817,380 SH   SOLE NONE 1,817,380 0 0
REGIONS FINANCIAL CORP COMMON 7591EP100 4,053 563,264 SH   SOLE NONE 563,264 0 0
REVLON INC CL A 761525609 3,587 232,288 SH   SOLE NONE 232,288 0 0
STERLING FINANCIAL CORP COMMON 859319303 554 24,860 SH   SOLE NONE 24,860 0 0
SUNTRUST BANKS INC COMMON 867914103 5,738 202,961 SH   SOLE NONE 202,961 0 0
SUPERVALU INC COMMON 868536103 482 200,000 SH   SOLE NONE 200,000 0 0
TENET HEALTHCARE CORP COMMON 88033G100 2,200 350,867 SH   SOLE NONE 350,867 0 0
U.S. CONCRETE INC COMMON 90333L201 6,097 940,910 SH   SOLE NONE 940,910 0 0
UNITED CONTINENTAL HOLDING INC COMMON 910047109 6,548 335,778 SH   SOLE NONE 335,778 0 0
US AIRWAYS GROUP INC COMMON 90341W108 7,079 676,793 SH   SOLE NONE 676,793 0 0
VISHAY INTERTECHNOLOGY COMMON 928298108 2,990 304,179 SH   SOLE NONE 304,179 0 0
VISTEON CORPORATION COMMON 92839U206 1,445 32,500 SH   SOLE NONE 32,500 0 0
WELLS FARGO & CO 34.0100 EXP10/28/2018 WTS 949746119 4,360 441,790 SH   SOLE NONE 441,790 0 0