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 3,623 569,656 SH   SOLE NONE 569,656 0 0
ACCURIDE CORP COMMON 00439T206 4,394 868,439 SH   SOLE NONE 868,439 0 0
AMEX ENERGY SELECT INDEX 'SPDR' ETF 81369Y506 14,511 185,331 SH   SOLE NONE 185,331 0 0
BALTIC TRADING LTD COMMON Y0553W103 2,284 615,671 SH   SOLE NONE 615,671 0 0
BANK OF AMERICA CORP COMMON 060505104 4,918 382,398 SH   SOLE NONE 382,398 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 WTS 060505153 3,948 5,127,482 SH   SOLE NONE 5,127,482 0 0
BEAZER HOMES USA, INC COMMON 07556Q881 6,064 346,113 SH   SOLE NONE 346,113 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 5,508 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 6,643 1,110,802 SH   SOLE NONE 1,110,802 0 0
CAPITAL BANK FINANCIAL CORP COMMON 139794101 4,366 229,557 SH   SOLE NONE 229,557 0 0
COMERICA INCORPORATED 29.4000 EXP11/14/2018 WTS 200340115 3,962 289,194 SH   SOLE NONE 289,194 0 0
DELTA AIR LINES, INC COMMON 247361702 7,051 376,850 SH   SOLE NONE 376,850 0 0
DORAL FINANCIAL CORP COMMON 25811P886 5,702 6,870,039 SH   SOLE NONE 6,870,039 0 0
DRYSHIPS INC COMMON Y2109Q101 3,501 1,872,240 SH   SOLE NONE 1,872,240 0 0
EUROSEAS LTD COMMON Y23592200 3,453 3,319,952 SH   SOLE NONE 3,319,952 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 12,257 1,467,917 SH   SOLE NONE 1,467,917 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 9,279 1,570,039 SH   SOLE NONE 1,570,039 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 WTS 37045V118 7,705 321,058 SH   SOLE NONE 321,058 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 WTS 37045V126 8,753 535,326 SH   SOLE NONE 535,326 0 0
GLOBAL SHIP LEASE, INC CL A Y27183105 1,629 409,172 SH   SOLE NONE 409,172 0 0
ISLE OF CAPRIS CASINO INC COMMON 464592104 846 112,772 SH   SOLE NONE 112,772 0 0
JPMORGAN CHASE & CO. 42.4200 EXP10/28/2018 WTS 46634E114 7,158 458,861 SH   SOLE NONE 458,861 0 0
LEAP WIRELESS INTL INC COMMON 521863308 5,269 782,950 SH   SOLE NONE 782,950 0 0
LEAR CORP COMMON 521865204 6,098 100,866 SH   SOLE NONE 100,866 0 0
MAGNUM HUNTER RESOURCES CORP COMMON 55973B102 5,370 1,471,358 SH   SOLE NONE 1,471,358 0 0
MGIC INVESTMENT CORP COMMON 552848103 20,011 3,296,736 SH   SOLE NONE 3,296,736 0 0
NATIONAL BANK HOLDINGS CORP CL A 633707104 3,940 200,000 SH   SOLE NONE 200,000 0 0
PENNYMAC MTG INVT TR COMMON 70931T103 9,325 442,992 SH   SOLE NONE 442,992 0 0
THE PNC FINANCIAL SERVICES GROUP, INC. 67.3300 EXP12/31/2018 WTS 693475121 7,766 514,318 SH   SOLE NONE 514,318 0 0
RADIAN GROUP INC COMMON 750236101 17,292 1,488,138 SH   SOLE NONE 1,488,138 0 0
REALOGY HLDGS CORP COMMON 75605Y106 4,027 83,835 SH   SOLE NONE 83,835 0 0
REGIONS FINANCIAL CORP COMMON 7591EP100 5,551 582,460 SH   SOLE NONE 582,460 0 0
REVLON INC CL A 761525609 3,859 174,929 SH   SOLE NONE 174,929 0 0
SAFE BULKERS INC COMMON Y7388L103 2,482 466,571 SH   SOLE NONE 466,571 0 0
SUNTRUST BANKS INC COMMON 867914103 3,302 104,589 SH   SOLE NONE 104,589 0 0
U.S. CONCRETE INC COMMON 90333L201 14,664 893,079 SH   SOLE NONE 893,079 0 0
UNITED CONTINENTAL HOLDING INC COMMON 910047109 2,739 87,525 SH   SOLE NONE 87,525 0 0
US AIRWAYS GROUP INC COMMON 90341W108 724 44,122 SH   SOLE NONE 44,122 0 0
WELLS FARGO & CO 34.0100 EXP10/28/2018 WTS 949746119 6,178 451,941 SH   SOLE NONE 451,941 0 0