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
ACCURIDE CORP COMMON 00439T206 9,670 2,511,682 SH   SOLE NONE 2,511,682 0 0
ALLY FINANCIAL INC COMMON 02005N100 4,091 182,404 SH   SOLE NONE 182,404 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 3,254 81,479 SH   SOLE NONE 81,479 0 0
BALTIC TRADING LTD COMMON Y0553W103 3,276 2,047,717 SH   SOLE NONE 2,047,717 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 3,540 573,667 SH Call SOLE NONE 573,667 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 2,286 4,438,982 SH Call SOLE NONE 4,438,982 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 2,459 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 8,165 635,934 SH   SOLE NONE 635,934 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 7,442 10,056,662 SH Call SOLE NONE 10,056,662 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340115 6,003 271,364 SH Call SOLE NONE 271,364 0 0
COOPER-STANDARD HOLDINGS INC COMMON 21676P103 12,041 195,887 SH   SOLE NONE 195,887 0 0
CUMULUS MEDIA INC CL A 231082108 5,245 2,583,649 SH   SOLE NONE 2,583,649 0 0
DRYSHIPS INC COMMON Y2109Q101 2,651 4,409,590 SH   SOLE NONE 4,409,590 0 0
EURONAV NV COMMON B38564108 6,493 438,395 SH   SOLE NONE 438,395 0 0
EUROSEAS LTD COMMON Y23592200 1,583 2,082,311 SH   SOLE NONE 2,082,311 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 28,553 1,567,128 SH   SOLE NONE 1,567,128 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 3,812 385,860 SH   SOLE NONE 385,860 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 9,045 380,513 SH Call SOLE NONE 380,513 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 9,919 621,885 SH Call SOLE NONE 621,885 0 0
GENWORTH FINANCIAL INC CL A 37247D106 6,105 806,484 SH   SOLE NONE 806,484 0 0
GLOBALSTAR, INC COMMON 378973408 12,477 5,913,368 SH   SOLE NONE 5,913,368 0 0
ISTAR FINANCIAL INC. 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 10,905 9,050,000 PRN   SOLE NONE 9,050,000 0 0
JPMORGAN CHASE & CO 42.3770 EXP10/28/2018 COMMON 46634E114 6,305 254,752 SH Call SOLE NONE 254,752 0 0
M/I HOMES INC COMMON 55305B101 9,004 364,987 SH   SOLE NONE 364,987 0 0
MGIC INVESTMENT CORP COMMON 552848103 2,912 255,898 SH   SOLE NONE 255,898 0 0
OWENS CORNING COMMON 690742101 5,597 135,676 SH   SOLE NONE 135,676 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 8,861 751,527 SH   SOLE NONE 751,527 0 0
RADIAN GROUP INC COMMON 750236101 5,804 309,407 SH   SOLE NONE 309,407 0 0
RADIO ONE, INC CL D 75040P405 6,398 2,018,434 SH   SOLE NONE 2,018,434 0 0
SAFE BULKERS INC COMMON Y7388L103 2,019 626,963 SH   SOLE NONE 626,963 0 0
STAR BULK CARRIERS CORP COMMON Y8162K121 3,670 1,248,415 SH   SOLE NONE 1,248,415 0 0
TEEKAY TANKERS LTD CL A Y8565N102 3,925 593,752 SH   SOLE NONE 593,752 0 0
TRAVELPORT WORLDWIDE LTD COMMON G9019D104 822 59,634 SH   SOLE NONE 59,634 0 0
TRIBUNE PUBLISHING CO COMMON 896082104 7,735 497,718 SH   SOLE NONE 497,718 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 6,023 632,000 SH   SOLE NONE 632,000 0 0
U.S. CONCRETE INC COMMON 90333L201 12,622 333,112 SH   SOLE NONE 333,112 0 0