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 4,911 739,656 SH   SOLE NONE 739,656 0 0
ACCURIDE CORP COMMON 00439T206 6,931 1,348,439 SH   SOLE NONE 1,348,439 0 0
AMEX ENERGY SELECT INDEX 'SPDR' ETF 81369Y506 15,365 185,331 SH   SOLE NONE 185,331 0 0
BALTIC TRADING LTD COMMON Y0553W103 3,244 663,471 SH   SOLE NONE 663,471 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505104 2,831 464,800 SH Call SOLE NONE 464,800 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505104 4,050 5,127,482 SH Call SOLE NONE 5,127,482 0 0
BEAZER HOMES USA, INC COMMON 07556Q881 2,522 140,113 SH   SOLE NONE 140,113 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 4,996 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 10,627 1,807,302 SH   SOLE NONE 1,807,302 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340107 5,307 383,159 SH Call SOLE NONE 383,159 0 0
DELTA AIR LINES, INC COMMON 247361702 5,469 231,850 SH   SOLE NONE 231,850 0 0
DORAL FINL CORP COMMON 25811P852 4,809 252,020 SH   SOLE NONE 252,020 0 0
DRYSHIPS INC COMMON Y2109Q101 6,628 1,872,240 SH   SOLE NONE 1,872,240 0 0
EUROSEAS LTD COMMON Y23592200 5,013 3,319,952 SH   SOLE NONE 3,319,952 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 14,019 1,467,917 SH   SOLE NONE 1,467,917 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 9,672 1,570,039 SH   SOLE NONE 1,570,039 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V100 8,482 321,058 SH Call SOLE NONE 321,058 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V100 9,957 535,326 SH Call SOLE NONE 535,326 0 0
GLOBAL SHIP LEASE, INC CL A Y27183105 1,463 282,422 SH   SOLE NONE 282,422 0 0
ISLE OF CAPRIS CASINO INC COMMON 464592104 853 112,772 SH   SOLE NONE 112,772 0 0
JPMORGAN CHASE & CO. 42.4200 EXP10/28/2018 COMMON 46625H100 7,691 458,861 SH Call SOLE NONE 458,861 0 0
LEAP WIRELESS INTL INC COMMON 521863308 8,263 522,950 SH   SOLE NONE 522,950 0 0
LEAR CORP COMMON 521865204 5,101 71,266 SH   SOLE NONE 71,266 0 0
LENNAR CORP CL A 526057104 2,574 72,700 SH   SOLE NONE 72,700 0 0
M T R GAMING GROUP INC COMMON 553769100 1,165 247,370 SH   SOLE NONE 247,370 0 0
M/I HOMES INC COMMON 55305B101 2,688 130,355 SH   SOLE NONE 130,355 0 0
MGIC INVESTMENT CORP COMMON 552848103 19,399 2,664,736 SH   SOLE NONE 2,664,736 0 0
PENNYMAC MTG INVT TR COMMON 70931T103 10,047 442,992 SH   SOLE NONE 442,992 0 0
THE PNC FINANCIAL SERVICES GROUP, INC. 67.3300 EXP12/31/2018 COMMON 693475105 7,920 514,318 SH Call SOLE NONE 514,318 0 0
RADIAN GROUP INC COMMON 750236101 19,825 1,423,138 SH   SOLE NONE 1,423,138 0 0
REALOGY HLDGS CORP COMMON 75605Y106 3,607 83,835 SH   SOLE NONE 83,835 0 0
REGIONS FINANCIAL CORP COMMON 7591EP100 2,697 291,230 SH   SOLE NONE 291,230 0 0
SAFE BULKERS INC COMMON Y7388L103 6,520 958,873 SH   SOLE NONE 958,873 0 0
U.S. CONCRETE INC COMMON 90333L201 14,524 724,036 SH   SOLE NONE 724,036 0 0
UNITED CONTINENTAL HOLDING INC COMMON 910047109 2,688 87,525 SH   SOLE NONE 87,525 0 0
US AIRWAYS GROUP INC COMMON 90341W108 837 44,122 SH   SOLE NONE 44,122 0 0
WELLS FARGO & CO 34.0100 EXP10/28/2018 COMMON 949746101 6,346 451,941 SH Call SOLE NONE 451,941 0 0