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
AMERICAN AIRLINES GROUP INC COMMON 02376R102 61 1,215 SH   SOLE NONE 1,215 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 2,432 3,078,948 SH Call SOLE NONE 3,078,948 0 0
BILL BARRETT CORP COMMON 06846N104 3,061 997,005 SH   SOLE NONE 997,005 0 0
BLUELINX HLDGS INC COMMON 09624H208 3,560 325,433 SH   SOLE NONE 325,433 0 0
BONANZA CREEK ENERGY, INC COMMON 097793400 12,963 408,805 SH   SOLE NONE 408,805 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 6,084 397,140 SH   SOLE NONE 397,140 0 0
CAESARS ENTERTAINMENT CORP COMMON 127686103 502 41,802 SH   SOLE NONE 41,802 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 876 5,842,866 SH Call SOLE NONE 5,842,866 0 0
CIVEO CORP COMMON 17878Y108 6,452 3,072,409 SH   SOLE NONE 3,072,409 0 0
DYNEGY INC COMMON 26817R108 5,210 630,000 SH   SOLE NONE 630,000 0 0
DYNEGY INC 35.0000 EXP02/02/2024 COMMON 26817R157 16 92,138 SH Call SOLE NONE 92,138 0 0
FAIRMOUNT SANTROL HOLDINGS INC COMMON 30555Q108 3,699 948,429 SH   SOLE NONE 948,429 0 0
FAIRPOINT COMMUNICATIONS INC COMMON 305560302 18,986 1,213,185 SH   SOLE NONE 1,213,185 0 0
GENWORTH FINANCIAL INC CL A 37247D106 4,022 1,066,732 SH   SOLE NONE 1,066,732 0 0
GLOBALSTAR, INC COMMON 378973408 11,269 5,290,689 SH   SOLE NONE 5,290,689 0 0
HALCON RESOURCES CORP COMMON 40537Q605 1,877 413,353 SH   SOLE NONE 413,353 0 0
HORNBECK OFFSHORE SERVICES INC COMMON 440543106 672 237,555 SH   SOLE NONE 237,555 0 0
HOVNANIAN K ENTERPRISES INC CL A 442487203 2,354 840,848 SH   SOLE NONE 840,848 0 0
INTERNATIONAL SEAWAYS INC COMMON Y41053102 4,151 191,540 SH   SOLE NONE 191,540 0 0
MIDSTATES PETROLEUM COMPANY, INC COMMON 59804T407 104 8,212 SH   SOLE NONE 8,212 0 0
NII HOLDINGS, INC COMMON 62913F508 2,917 3,628,085 SH   SOLE NONE 3,628,085 0 0
OVERSEAS SHIPHOLDING GROUP, INC CL A 69036R863 3,183 1,196,636 SH   SOLE NONE 1,196,636 0 0
PATTERSON-UTI ENERGY INC COMMON 703481101 6,720 332,858 SH   SOLE NONE 332,858 0 0
PEABODY ENERGY CORP COMMON 704551100 13,782 563,673 SH   SOLE NONE 563,673 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 3,485 194,147 SH   SOLE NONE 194,147 0 0
SANCHEZ ENERGY CORP COMMON 79970Y105 8,245 1,148,375 SH   SOLE NONE 1,148,375 0 0
SANDRIDGE ENERGY, INC COMMON 80007P869 9,326 541,908 SH   SOLE NONE 541,908 0 0
SANOFI-AVENTIS EXP12/31/2020 RTS 80105N113 1,221 3,213,595 SH   SOLE NONE 3,213,595 0 0
SILVERBOW RESOURCES, INC COMMON 82836G102 7,076 270,507 SH   SOLE NONE 270,507 0 0
STAR BULK CARRIERS CORP COMMON Y8162K204 1,409 143,386 SH   SOLE NONE 143,386 0 0
TRAVELPORT WORLDWIDE LTD COMMON G9019D104 6,840 497,076 SH   SOLE NONE 497,076 0 0
TRONC INC COMMON 89703P107 2,602 201,897 SH   SOLE NONE 201,897 0 0
URBAN ONE INC COMMON 91705J204 4,185 1,860,089 SH   SOLE NONE 1,860,089 0 0
WMI HOLDINGS CORP COMMON 92936P100 490 391,638 SH   SOLE NONE 391,638 0 0