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 4,326 2,606,064 SH   SOLE NONE 2,606,064 0 0
ALLY FINANCIAL INC COMMON 02005N100 8,564 459,417 SH   SOLE NONE 459,417 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 3,387 79,972 SH   SOLE NONE 79,972 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 3,277 563,059 SH Call SOLE NONE 563,059 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 1,170 4,334,599 SH Call SOLE NONE 4,334,599 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 1,909 3,601,188 SH   SOLE NONE 3,601,188 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 4,206 379,582 SH   SOLE NONE 379,582 0 0
CENVEO INC COMMON 15670S105 1,066 1,223,561 SH   SOLE NONE 1,223,561 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 1,847 10,260,204 SH Call SOLE NONE 10,260,204 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340115 3,732 266,346 SH Call SOLE NONE 266,346 0 0
COOPER-STANDARD HOLDINGS INC COMMON 21676P103 14,185 182,821 SH   SOLE NONE 182,821 0 0
EURONAV NV COMMON B38564108 5,899 430,289 SH   SOLE NONE 430,289 0 0
EUROSEAS LTD COMMON Y23592309 482 188,955 SH   SOLE NONE 188,955 0 0
FAIRPOINT COMMUNICATIONS COMMON 305560302 24,613 1,531,585 SH   SOLE NONE 1,531,585 0 0
FELCOR LODGING TRUST COMMON 31430F101 2,754 377,201 SH   SOLE NONE 377,201 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 9,346 384,289 SH Call SOLE NONE 384,289 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 10,234 628,055 SH Call SOLE NONE 628,055 0 0
GENWORTH FINANCIAL INC CL A 37247D106 4,222 1,131,988 SH   SOLE NONE 1,131,988 0 0
GLOBALSTAR, INC COMMON 378973408 9,244 6,419,483 SH   SOLE NONE 6,419,483 0 0
HERCULES OFFSHORE INC COMMON 427093307 269 123,900 SH   SOLE NONE 123,900 0 0
ISTAR FINANCIAL INC 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 9,509 8,840,000 PRN   SOLE NONE 8,840,000 0 0
JPMORGAN CHASE & CO COMMON 46634E114 5,923 250,041 SH Call SOLE NONE 250,041 0 0
M/I HOMES INC COMMON 55305B101 7,463 340,458 SH   SOLE NONE 340,458 0 0
MGIC INVESTMENT CORP COMMON 552848103 2,218 251,166 SH   SOLE NONE 251,166 0 0
NII HOLDINGS, INC COMMON 62913F508 6,763 1,339,242 SH   SOLE NONE 1,339,242 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 8,831 704,190 SH   SOLE NONE 704,190 0 0
RADIAN GROUP COMMON 750236101 4,066 303,685 SH   SOLE NONE 303,685 0 0
RADIO ONE, INC CL D 75040P405 3,453 2,007,463 SH   SOLE NONE 2,007,463 0 0
SAFE BULKERS INC COMMON Y7388L103 496 612,254 SH   SOLE NONE 612,254 0 0
SANOFI-AVENTIS EXP12/31/2020 RTS 80105N113 686 6,097,277 SH   SOLE NONE 6,097,277 0 0
STAR BULK CARRIERS CORP COMMON Y8162K121 741 1,225,330 SH   SOLE NONE 1,225,330 0 0
TEEKAY TANKERS LTD CL A Y8565N102 4,802 697,992 SH   SOLE NONE 697,992 0 0
TRAVELPORT WORLDWIDE LTD COMMON G9019D104 8,344 646,786 SH   SOLE NONE 646,786 0 0
TRIBUNE PUBLISHING CO COMMON 896082104 5,732 621,705 SH   SOLE NONE 621,705 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 4,913 620,313 SH   SOLE NONE 620,313 0 0
U.S. CONCRETE INC COMMON 90333L201 7,659 145,448 SH   SOLE NONE 145,448 0 0