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 COM 00081T108 4,741 739,656 SH   SOLE NONE 739,656 0 0
ACCURIDE CORP COM NEW 00439T206 11,868 2,426,927 SH   SOLE NONE 2,426,927 0 0
AMERICAN AIRLINES GROUP INC COM 02376R102 15,237 354,682 SH   SOLE NONE 354,682 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 17,030 170,131 SH   SOLE NONE 170,131 0 0
ARCH COAL INC COM 039380100 4,599 1,260,000 SH   SOLE NONE 1,260,000 0 0
BALTIC TRADING LTD COM Y0553W103 6,049 1,011,589 SH   SOLE NONE 1,011,589 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COM 060505146 3,189 464,800 SH Call SOLE NONE 464,800 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COM 060505153 4,243 5,657,482 SH Call SOLE NONE 5,657,482 0 0
BLUELINX HOLDINGS INC COM 09624H109 3,587 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COM 12008R107 11,227 1,500,940 SH   SOLE NONE 1,500,940 0 0
CITIGROUP INC. 10.6100 EXP01/04/2019 COM 172967226 5,897 9,668,654 SH Call SOLE NONE 9,668,654 0 0
COMERICA INCORPORATED 29.4000 EXP11/14/2018 COM 200340115 10,831 514,293 SH Call SOLE NONE 514,293 0 0
COOPER-STANDARD HOLDINGS INC COM 21676P103 14,292 216,018 SH   SOLE NONE 216,018 0 0
DHT HOLDINGS INC COM Y2065G121 6,521 905,753 SH   SOLE NONE 905,753 0 0
DORAL FINL CORP COM 25811P852 1,089 252,020 SH   SOLE NONE 252,020 0 0
DRYSHIPS INC COM Y2109Q101 3,133 973,000 SH   SOLE NONE 973,000 0 0
EUROSEAS LTD COM Y23592200 2,415 2,082,311 SH   SOLE NONE 2,082,311 0 0
FAIRPOINT COMMUNICATIONS, INC COM 305560302 22,650 1,621,317 SH   SOLE NONE 1,621,317 0 0
FELCOR LODGING TRUST INC COM 31430F101 10,737 1,021,565 SH   SOLE NONE 1,021,565 0 0
GENERAL MOTORS CO COM 37045V100 420 11,582 SH   SOLE NONE 11,582 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COM 37045V118 9,718 365,188 SH Call SOLE NONE 365,188 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COM 37045V126 11,152 600,863 SH Call SOLE NONE 600,863 0 0
GLOBALSTAR, INC COM 378973408 20,044 4,716,297 SH   SOLE NONE 4,716,297 0 0
ISTAR FINANCIAL INC. 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 12,327 8,700,000 PRN   SOLE NONE 8,700,000 0 0
JPMORGAN CHASE & CO. 42.4200 EXP10/28/2018 COM 46634E114 9,765 505,176 SH Call SOLE NONE 505,176 0 0
LEAR CORP COM NEW 521865204 3,546 39,700 SH   SOLE NONE 39,700 0 0
LENNAR CORP CL A 526057104 6,827 162,630 SH   SOLE NONE 162,630 0 0
MASONITE INTL CORP COM 575385109 5,972 106,142 SH   SOLE NONE 106,142 0 0
MGIC INVESTMENT CORP COM 552848103 12,558 1,359,073 SH   SOLE NONE 1,359,073 0 0
M/I HOMES INC COM 55305B101 7,211 297,121 SH   SOLE NONE 297,121 0 0
M T R GAMING GROUP INC COM 553769100 1,323 247,370 SH   SOLE NONE 247,370 0 0
NAVIGATOR HOLDINGS LTD COM Y62132108 7,727 263,008 SH   SOLE NONE 263,008 0 0
OWENS CORNING COM 690742101 6,576 170,000 SH   SOLE NONE 170,000 0 0
PLY GEM HOLDINGS, INC. CMN COM 72941W100 5,608 555,214 SH   SOLE NONE 555,214 0 0
RADIAN GROUP INC COM 750236101 14,738 995,148 SH   SOLE NONE 995,148 0 0
SAFE BULKERS INC COM Y7388L103 6,551 671,175 SH   SOLE NONE 671,175 0 0
TEEKAY TANKERS LTD CL A Y8565N102 3,024 704,924 SH   SOLE NONE 704,924 0 0
THE PNC FINANCIAL SERVICES GROUP, INC. 67.3300 EXP12/31/2018 COM 693475121 14,715 566,171 SH Call SOLE NONE 566,171 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 5,273 788,200 SH   SOLE NONE 788,200 0 0
U.S. CONCRETE INC COM NEW 90333L201 19,936 805,507 SH   SOLE NONE 805,507 0 0
VERSO PAPER CORP COM 92531L108 95 45,100 SH   SOLE NONE 45,100 0 0
WELLS FARGO & CO 34.0100 EXP10/28/2018 COM 949746119 10,737 497,565 SH Call SOLE NONE 497,565 0 0