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
ALLY FINANCIAL COMMON 02005N100 8,585 451,365 SH   SOLE NONE 451,365 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 45 955 SH   SOLE NONE 955 0 0
APPROACH RESOURCES INC COMMON 03834A103 5,289 1,578,783 SH   SOLE NONE 1,578,783 0 0
ARCH COAL INC COMMON 039380407 1,114 14,269 SH   SOLE NONE 14,269 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 5,389 541,605 SH Call SOLE NONE 541,605 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 3,665 3,818,148 SH Call SOLE NONE 3,818,148 0 0
BILL BARRETT CORP COMMON 06846N104 3,814 545,678 SH   SOLE NONE 545,678 0 0
BLUELINX HLDGS INC COMMON 09624H208 2,538 339,771 SH   SOLE NONE 339,771 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 7,553 688,519 SH   SOLE NONE 688,519 0 0
CAESARS ENTERTAINMENT CORP COMMON 127686103 2,376 279,474 SH   SOLE NONE 279,474 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 888 5,842,866 SH Call SOLE NONE 5,842,866 0 0
CIVEO CORP COMMON 17878Y108 4,422 2,009,972 SH   SOLE NONE 2,009,972 0 0
CONCORDIA INTL CORP COMMON 20653P102 2,846 1,342,257 SH   SOLE NONE 1,342,257 0 0
CUMULUS MEDIA INC CL A 231082603 857 840,543 SH   SOLE NONE 840,543 0 0
ESCROW SANDRIDGE ENERGY, INC OTHER 80007PBC2 6,782 5,425,825 SH   SOLE NONE 5,425,825 0 0
FAIRPOINT COMMUNICATIONS COMMON 305560302 23,089 1,234,708 SH   SOLE NONE 1,234,708 0 0
GENWORTH FINANCIAL INC CL A 37247D106 4,053 1,063,732 SH   SOLE NONE 1,063,732 0 0
GLOBALSTAR, INC COMMON 378973408 8,765 5,547,189 SH   SOLE NONE 5,547,189 0 0
HORNBECK OFFSHORE SERVICES INC COMMON 440543106 1,830 253,436 SH   SOLE NONE 253,436 0 0
INTERNATIONAL SEAWAYS INC COMMON Y41053102 6,178 440,063 SH   SOLE NONE 440,063 0 0
JPMORGAN CHASE & CO 42.0730 EXP10/28/2018 COMMON 46634E114 4,482 101,235 SH Call SOLE NONE 101,235 0 0
M/I HOMES COMMON 55305B101 9,577 380,338 SH   SOLE NONE 380,338 0 0
MGIC INVESTMENT CORP COMMON 552848103 6,694 656,949 SH   SOLE NONE 656,949 0 0
NII HOLDINGS, INC COMMON 62913F508 3,826 1,779,466 SH   SOLE NONE 1,779,466 0 0
OVERSEAS SHIPHOLDING GROUP, INC CL A 69036R863 5,057 1,320,294 SH   SOLE NONE 1,320,294 0 0
PERFORMANCE SPORTS GROUP COMMON 71377G100 4,716 3,165,063 SH   SOLE NONE 3,165,063 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 6,906 424,979 SH   SOLE NONE 424,979 0 0
RADIAN GROUP COMMON 750236101 5,255 292,284 SH   SOLE NONE 292,284 0 0
RADIO ONE, INC CL D 75040P405 5,356 1,846,989 SH   SOLE NONE 1,846,989 0 0
SAFE BULKERS INC COMMON Y7388L103 755 656,594 SH   SOLE NONE 656,594 0 0
SANCHEZ ENERGY CORP COMMON 79970Y105 4,490 497,183 SH   SOLE NONE 497,183 0 0
SANDRIDGE ENERGY, INC COMMON 80007P869 5,795 246,067 SH   SOLE NONE 246,067 0 0
SANOFI-AVENTIS EXP12/31/2020 RTS 80105N113 1,221 3,213,595 SH   SOLE NONE 3,213,595 0 0
STAR BULK CARRIERS CORP COMMON Y8162K204 2,709 530,098 SH   SOLE NONE 530,098 0 0
TEEKAY TANKERS LTD CL A Y8565N102 1,506 666,185 SH   SOLE NONE 666,185 0 0
TRAVELPORT WORLDWIDE LTD COMMON G9019D104 7,382 523,580 SH   SOLE NONE 523,580 0 0
TRONC COMMON 89703P107 5,376 387,617 SH   SOLE NONE 387,617 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 1,648 351,286 SH   SOLE NONE 351,286 0 0
U.S. CONCRETE INC COMMON 90333L201 1,622 24,770 SH   SOLE NONE 24,770 0 0
VERSO CORP CL A 92531L207 1,315 185,229 SH   SOLE NONE 185,229 0 0
WMI HOLDINGS CORP COMMON 92936P100 607 391,638 SH   SOLE NONE 391,638 0 0