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
ANIXTER INTL INC COM 035290105 11,833 133,767 SH   DFND 1 133,767 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 7,082 631,202 SH   DFND 1 631,202 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 3,669 189,504 SH   DFND 1 189,504 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 290 15,000 SH Call DFND 1 15,000 0 0
CALIX INC COM 13100M509 3,652 364,489 SH   DFND 1 364,489 0 0
CASELLA WASTE SYS INC CL A 147448104 1,371 339,364 SH   DFND 1 339,364 0 0
CELADON GROUP INC COM 150838100 506 22,294 SH   DFND 1 22,294 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 1,392 136,645 SH   DFND 1 136,645 0 0
CENTURY CMNTYS INC COM 156504300 13,621 788,271 SH   DFND 1 788,271 0 0
COPART INC COM 217204106 1,473 40,364 SH   DFND 1 40,364 0 0
EATON CORP PLC SHS G29183103 8,091 119,049 SH   DFND 1 119,049 0 0
EMCOR GROUP INC COM 29084Q100 445 10,000 SH   DFND 1 10,000 0 0
GRANITE CONSTR INC COM 387328107 1,026 26,992 SH   DFND 1 26,992 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 3,148 25,000 SH Put DFND 1 25,000 0 0
ISHARES US HOME CONS ETF 464288752 1,335 51,600 SH   DFND 1 51,600 0 0
LANDSTAR SYS INC COM 515098101 9,578 132,051 SH   DFND 1 132,051 0 0
MRC GLOBAL INC COM 55345K103 1,189 78,475 SH   DFND 1 78,475 0 0
MRC GLOBAL INC COM 55345K103 6,983 455,000 SH Call DFND 1 455,000 0 0
NEFF CORP COM CL A 640094207 2,754 244,349 SH   DFND 1 244,349 0 0
ORION ENGINEERED CARBONS S A COM L72967109 19,754 1,162,710 SH   DFND 1 1,162,710 0 0
ORION MARINE GROUP INC COM 68628V308 3,615 327,182 SH   DFND 1 327,182 0 0
OWENS CORNING NEW COM 690742101 737 20,578 SH   DFND 1 20,578 0 0
OWENS CORNING NEW COM 690742101 620 17,300 SH Call DFND 1 17,300 0 0
PARAGON SHIPPING INC CL A NEW 69913R408 280 103,497 SH   DFND 1 103,497 0 0
PLY GEM HLDGS INC COM 72941W100 2,232 159,679 SH   DFND 1 159,679 0 0
PLY GEM HLDGS INC COM 72941W100 6,206 443,900 SH Call DFND 1 443,900 0 0
QUEST RESOURCE HLDG CORP COM 74836W104 1,114 773,687 SH   DFND 1 773,687 0 0
REGAL BELOIT CORP COM 758750103 11,148 148,249 SH   DFND 1 148,249 0 0
REXNORD CORP NEW COM 76169B102 4,470 158,466 SH   DFND 1 158,466 0 0
ROADRUNNER TRNSN SVCS HLDG I COM 76973Q105 6,455 276,438 SH   DFND 1 276,438 0 0
SCORPIO BULKERS INC SHS Y7546A106 821 416,748 SH   DFND 1 416,748 0 0
SCORPIO TANKERS INC SHS Y7542C106 4,742 545,717 SH   DFND 1 545,717 0 0
SWIFT TRANSN CO CL A 87074U101 1,750 61,110 SH   DFND 1 61,110 0 0
THOMPSON CREEK METALS CO INC COM 884768102 2,880 1,724,701 SH   DFND 1 1,724,701 0 0
TREX CO INC COM 89531P105 651 15,300 SH   DFND 1 15,300 0 0
TUTOR PERINI CORP COM 901109108 2,019 83,900 SH   DFND 1 83,900 0 0
TYCO INTL PLC SHS G91442106 3,005 68,513 SH   DFND 1 68,513 0 0
UNIVERSAL TRUCKLOAD SVCS INC COM 91388P105 10,734 376,516 SH   DFND 1 376,516 0 0
UTI WORLDWIDE INC ORD G87210103 121 10,000 SH Call DFND 1 10,000 0 0
WERNER ENTERPRISES INC COM 950755108 1,637 52,550 SH   DFND 1 52,550 0 0
YRC WORLDWIDE INC COM PAR $.01 984249607 7,565 336,387 SH   DFND 1 336,387 0 0
YRC WORLDWIDE INC COM PAR $.01 984249607 6,554 291,400 SH Call DFND 1 291,400 0 0