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 4,521 2,916,624 SH   SOLE NONE 2,916,624 0 0
ALLY FINANCIAL COMMON 02005N100 10,080 538,441 SH   SOLE NONE 538,441 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 2,675 65,239 SH   SOLE NONE 65,239 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 2,477 636,748 SH Call SOLE NONE 636,748 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 867 4,334,599 SH Call SOLE NONE 4,334,599 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 2,279 3,736,809 SH   SOLE NONE 3,736,809 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 5,777 512,582 SH   SOLE NONE 512,582 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 1,026 10,260,204 SH Call SOLE NONE 10,260,204 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340115 3,822 286,541 SH Call SOLE NONE 286,541 0 0
COOPER-STANDARD HOLDINGS COMMON 21676P103 9,373 130,470 SH   SOLE NONE 130,470 0 0
CUMULUS MEDIA INC CL A 231082108 842 1,813,708 SH   SOLE NONE 1,813,708 0 0
EURONAV NV COMMON B38564108 4,983 486,582 SH   SOLE NONE 486,582 0 0
EUROSEAS LTD COMMON Y23592309 351 188,955 SH   SOLE NONE 188,955 0 0
FAIRPOINT COMMUNICATIONS COMMON 305560302 23,037 1,548,205 SH   SOLE NONE 1,548,205 0 0
FELCOR LODGING TRUST COMMON 31430F101 3,540 435,923 SH   SOLE NONE 435,923 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 7,268 335,079 SH Call SOLE NONE 335,079 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 8,243 603,476 SH Call SOLE NONE 603,476 0 0
GENWORTH FINANCIAL INC CL A 37247D106 3,395 1,243,713 SH   SOLE NONE 1,243,713 0 0
GLOBALSTAR, INC COMMON 378973408 10,420 7,088,601 SH   SOLE NONE 7,088,601 0 0
HERCULES OFFSHORE INC COMMON 427093307 1,787 744,573 SH   SOLE NONE 744,573 0 0
HOVNANIAN K ENTERPRISES INC CL A 442487203 473 303,055 SH   SOLE NONE 303,055 0 0
ISTAR FINANCIAL INC 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 9,160 8,840,000 PRN   SOLE NONE 8,840,000 0 0
JPMORGAN CHASE & CO 42.3770 EXP10/28/2018 COMMON 46634E114 4,426 250,041 SH Call SOLE NONE 250,041 0 0
M/I HOMES INC COMMON 55305B101 8,462 453,714 SH   SOLE NONE 453,714 0 0
MGIC INVESTMENT CORP COMMON 552848103 3,329 434,088 SH   SOLE NONE 434,088 0 0
NII HOLDINGS, INC COMMON 62913F508 7,709 1,394,116 SH   SOLE NONE 1,394,116 0 0
OVERSEAS SHIPHOLDING GROUP, INC CL A 69036R301 6,653 3,538,733 SH   SOLE NONE 3,538,733 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 8,740 622,056 SH   SOLE NONE 622,056 0 0
RADIAN GROUP COMMON 750236101 4,321 348,451 SH   SOLE NONE 348,451 0 0
RADIO ONE, INC CL D 75040P405 2,869 2,020,591 SH   SOLE NONE 2,020,591 0 0
SAFE BULKERS INC COMMON Y7388L103 626 779,394 SH   SOLE NONE 779,394 0 0
SANOFI-AVENTIS EXP12/31/2020 RTS 80105N113 695 6,097,277 SH   SOLE NONE 6,097,277 0 0
STAR BULK CARRIERS CORP COMMON Y8162K121 977 1,302,429 SH   SOLE NONE 1,302,429 0 0
TEEKAY TANKERS LTD CL A Y8565N102 2,815 767,099 SH   SOLE NONE 767,099 0 0
TRAVELPORT WORLDWIDE LTD COMMON G9019D104 8,835 646,786 SH   SOLE NONE 646,786 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 3,834 620,313 SH   SOLE NONE 620,313 0 0
TRIBUNE PUBLISHING CO COMMON 896082104 5,728 742,011 SH   SOLE NONE 742,011 0 0
U.S. CONCRETE INC COMMON 90333L201 3,551 59,595 SH   SOLE NONE 59,595 0 0
WMI HOLDINGS CORP COMMON 92936P100 1,083 462,748 SH   SOLE NONE 462,748 0 0