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
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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
ALCOA INC COM 013817101 9,660 1,000,000 SH Call SOLE   1,000,000 0 0
ALLY FINL INC COM 02005N100 42,517 2,086,223 SH   SOLE   2,086,223 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 85,230 1,500,000 SH Call SOLE   1,500,000 0 0
BREITBURN ENERGY PARTNERS LP COM UT LTD PTN 106776107 689 339,336 SH   SOLE   339,336 0 0
CALIFORNIA RES CORP COM 13057Q107 2,600 1,000,000 SH   SOLE   1,000,000 0 0
CBS CORP NEW CL B 124857202 19,950 500,000 SH Call SOLE   500,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 86,940 1,800,000 SH Call SOLE   1,800,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 38,243 791,789 SH   SOLE   791,789 0 0
CHENIERE ENERGY PTNRS LP HLD COM REP LLC IN 16411W108 91,305 4,803,000 SH   SOLE   4,803,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 7,330 1,000,000 SH Call SOLE   1,000,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 18,325 2,500,000 SH Put SOLE   2,500,000 0 0
CONNS INC COM 208242107 30,050 1,250,000 SH Call SOLE   1,250,000 0 0
CONNS INC COM 208242107 87,041 3,620,657 SH   SOLE   3,620,657 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 19,534 2,632,558 SH   SOLE   2,632,558 0 0
DISH NETWORK CORP CL A 25470M109 52,984 908,190 SH   SOLE   908,190 0 0
DOMTAR CORP COM NEW 257559203 21,493 601,203 SH   SOLE   601,203 0 0
FREEPORT-MCMORAN INC CL B 35671D857 58,140 6,000,000 SH Put SOLE   6,000,000 0 0
GENER8 MARITIME INC COM Y26889108 10,695 976,700 SH   SOLE   976,700 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 30,800 2,408,105 SH   SOLE   2,408,105 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 80,557 42,398,582 SH   SOLE   42,398,582 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 407,985 20,087,890 SH   SOLE   20,087,890 0 0
INDEPENDENCE CONTRACT DRIL I COM 453415309 635 127,500 SH   SOLE   127,500 0 0
INTELSAT S A MAN CONV JR PFD L5140P119 2,247 120,138 SH   SOLE   120,138 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 163,900 5,000,000 SH Call SOLE   5,000,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 163,800 1,500,000 SH Put SOLE   1,500,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 333,160 4,000,000 SH Call SOLE   4,000,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 18,376 427,952 SH   SOLE   427,952 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 19,709 480,465 SH   SOLE   480,465 0 0
MARATHON OIL CORP COM 565849106 30,800 2,000,000 SH Put SOLE   2,000,000 0 0
METALDYNE PERFORMANCE GROUP COM 59116R107 28,712 1,366,589 SH   SOLE   1,366,589 0 0
METHANEX CORP COM 59151K108 49,740 1,500,000 SH Put SOLE   1,500,000 0 0
NAVISTAR INTL CORP NEW COM 63934E108 6,360 500,000 SH Call SOLE   500,000 0 0
NAVISTAR INTL CORP NEW NOTE 4.750% 4/1 63934EAS7 4,237 6,000,000 SH   SOLE   6,000,000 0 0
NORTEK INC COM NEW 656559309 86,849 1,371,802 SH   SOLE   1,371,802 0 0
OI S.A. SPN ADR NEW 670851302 265 388,975 SH   SOLE   388,975 0 0
OI S.A. SPN ADR PFD NEW 670851401 335 494,962 SH   SOLE   494,962 0 0
OLIN CORP COM PAR $1 680665205 27,737 1,650,000 SH Put SOLE   1,650,000 0 0
PIONEER NAT RES CO COM 723787107 7,298 60,000 SH Call SOLE   60,000 0 0
SAIA INC COM 78709Y105 67,815 2,191,100 SH   SOLE   2,191,100 0 0
SCORPIO BULKERS INC SHS Y7546A106 22,584 15,468,300 SH   SOLE   15,468,300 0 0
SCORPIO TANKERS INC SHS Y7542C106 20,203 2,203,200 SH   SOLE   2,203,200 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 526,983 2,750,000 SH Put SOLE   2,750,000 0 0
TESORO CORP COM 881609101 14,586 150,000 SH Put SOLE   150,000 0 0
TIMMINS GOLD CORP COM 88741P103 357 1,451,700 SH   SOLE   1,451,700 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 65,042 4,920,000 SH   SOLE   4,920,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 42,070 700,000 SH Put SOLE   700,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 145,425 1,750,000 SH Call SOLE   1,750,000 0 0
WMIH CORP COM 92936P100 1,423 547,402 SH   SOLE   547,402 0 0
YRC WORLDWIDE INC COM PAR $.01 984249607 14,586 1,100,000 SH Call SOLE   1,100,000 0 0
ZEBRA TECHNOLOGIES CORP CL A 989207105 23,367 305,256 SH   SOLE   305,256 0 0