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 3,595 2,899,367 SH   SOLE NONE 2,899,367 0 0
ALLY FINANCIAL COMMON 02005N100 8,974 525,709 SH   SOLE NONE 525,709 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 1,779 62,855 SH   SOLE NONE 62,855 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 2,203 633,012 SH Call SOLE NONE 633,012 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 342 4,406,699 SH Call SOLE NONE 4,406,699 0 0
BLUELINX HLDGS INC COMMON 09624H208 2,834 401,947 SH   SOLE NONE 401,947 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 5,823 517,617 SH   SOLE NONE 517,617 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 613 10,422,579 SH Call SOLE NONE 10,422,579 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340115 3,834 294,885 SH Call SOLE NONE 294,885 0 0
CUMULUS MEDIA INC CL A 231082108 1,534 4,947,807 SH   SOLE NONE 4,947,807 0 0
EURONAV NV COMMON B38564108 3,825 417,159 SH   SOLE NONE 417,159 0 0
EUROSEAS LTD COMMON Y23592309 351 187,755 SH   SOLE NONE 187,755 0 0
FAIRPOINT COMMUNICATIONS COMMON 305560302 22,728 1,548,205 SH   SOLE NONE 1,548,205 0 0
FELCOR LODGING TRUST COMMON 31430F101 2,661 427,187 SH   SOLE NONE 427,187 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 4,865 264,090 SH Call SOLE NONE 264,090 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 5,650 539,596 SH Call SOLE NONE 539,596 0 0
GENWORTH FINANCIAL INC CL A 37247D106 3,179 1,232,117 SH   SOLE NONE 1,232,117 0 0
GLOBALSTAR, INC COMMON 378973408 8,529 7,048,795 SH   SOLE NONE 7,048,795 0 0
HOVNANIAN K ENTERPRISES INC CL A 442487203 320 190,742 SH   SOLE NONE 190,742 0 0
ISTAR FINANCIAL INC 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 8,751 8,675,000 PRN   SOLE NONE 8,675,000 0 0
JPMORGAN CHASE & CO 42.2040 EXP10/28/2018 COMMON 46634E114 5,571 275,135 SH Call SOLE NONE 275,135 0 0
MGIC INVESTMENT CORP COMMON 552848103 4,529 761,154 SH   SOLE NONE 761,154 0 0
M/I HOMES INC COMMON 55305B101 8,341 442,985 SH   SOLE NONE 442,985 0 0
NII HOLDINGS, INC COMMON 62913F508 4,497 1,414,242 SH   SOLE NONE 1,414,242 0 0
OVERSEAS SHIPHOLDING GROUP, INC CL A 69036R863 6,649 605,011 SH   SOLE NONE 605,011 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 7,174 492,383 SH   SOLE NONE 492,383 0 0
RADIAN GROUP COMMON 750236101 3,546 340,279 SH   SOLE NONE 340,279 0 0
RADIO ONE, INC CL D 75040P405 6,815 2,136,336 SH   SOLE NONE 2,136,336 0 0
SANOFI-AVENTIS EXP12/31/2020 RTS 80105N113 1,464 6,099,867 SH   SOLE NONE 6,099,867 0 0
SAFE BULKERS INC COMMON Y7388L103 809 770,319 SH   SOLE NONE 770,319 0 0
STAR BULK CARRIERS CORP COMMON Y8162K204 769 259,903 SH   SOLE NONE 259,903 0 0
TEEKAY TANKERS LTD CL A Y8565N102 2,265 760,097 SH   SOLE NONE 760,097 0 0
TRAVELPORT WORLDWIDE LTD COMMON G9019D104 7,714 598,486 SH   SOLE NONE 598,486 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 2,955 630,119 SH   SOLE NONE 630,119 0 0
U.S. CONCRETE INC COMMON 90333L201 1,752 28,769 SH   SOLE NONE 28,769 0 0
WMI HOLDINGS CORP COMMON 92936P100 1,042 469,531 SH   SOLE NONE 469,531 0 0