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
AIR TRANSPORT SERVICES GRP I COM 00922R105 4,776 570,672 SH   SOLE 570,672 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 6,525 119,550 SH   SOLE 119,550 0 0
BLUEKNIGHT ENERGY PARTNERS L COM UNIT 09625U109 1,434 157,245 SH   SOLE 157,245 0 0
CARETRUST REIT INC COM 14174T107 636 32,141 SH   SOLE 32,141 0 0
CASELLA WASTE SYS INC CL A 147448104 1,664 332,058 SH   SOLE 332,058 0 0
CHC GROUP LTD SHS G07021101 2,029 240,450 SH   SOLE 240,450 0 0
CONSOLIDATED TOMOKA LD CO COM 210226106 2,473 53,873 SH   SOLE 53,873 0 0
COOPER STD HLDGS INC COM 21676P103 3,070 46,409 SH   SOLE 46,409 0 0
ENSIGN GROUP INC COM 29358P101 1,905 61,305 SH   SOLE 61,305 0 0
GASTAR EXPL INC NEW COM 36729W202 7,165 822,603 SH   SOLE 822,603 0 0
GENCORP INC COM 368682100 5,425 284,031 SH   SOLE 284,031 0 0
GENERAL MTRS CO COM 37045V100 7,238 199,389 SH   SOLE 199,389 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 9,662 825,794 SH   SOLE 825,794 0 0
HUNTSMAN CORP COM 447011107 7,383 262,750 SH   SOLE 262,750 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 1,909 120,000 SH   SOLE 120,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 87,325 735,000 SH Put SOLE 735,000 0 0
MARATHON PETE CORP COM 56585A102 8,052 103,100 SH Call SOLE 103,100 0 0
MEADOWBROOK INS GROUP INC DBCV 5.000% 3/1 58319PAC2 5,191 4,880,000 SH   SOLE 4,880,000 0 0
MEDIA GEN INC CL A 584404107 8,978 438,370 SH   SOLE 438,370 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 13,606 782,842 SH   SOLE 782,842 0 0
PGT INC COM 69336V101 2,086 246,236 SH   SOLE 246,236 0 0
QUALITY DISTR INC FLA COM 74756M102 6,877 462,789 SH   SOLE 462,789 0 0
ROCK-TENN CO CL A 772739207 5,807 55,000 SH Call SOLE 55,000 0 0
ROCK-TENN CO CL A 772739207 1,278 12,100 SH   SOLE 12,100 0 0
SAFE BULKERS INC COM Y7388L103 3,230 330,934 SH   SOLE 330,934 0 0
SANOFI RIGHT 12/31/2020 80105N113 179 358,575 SH   SOLE 358,575 0 0
SEMGROUP CORP CL A 81663A105 6,880 87,251 SH   SOLE 87,251 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 26,422 135,000 SH Put SOLE 135,000 0 0
STAR BULK CARRIERS CORP SHS NEW Y8162K121 2,052 158,242 SH   SOLE 158,242 0 0
SUNEDISON INC COM 86732Y109 9,025 399,335 SH   SOLE 399,335 0 0
TFS FINL CORP COM 87240R107 3,741 262,318 SH   SOLE 262,318 0 0
U S SILICA HLDGS INC COM 90346E103 1,800 32,473 SH   SOLE 32,473 0 0
UNITED RENTALS INC COM 911363109 10,473 100,000 SH Call SOLE 100,000 0 0
VECTOR GROUP LTD NOTE 1.750% 4/1 92240MBC1 4,739 4,500,000 SH   SOLE 4,500,000 0 0
WESTMORELAND COAL CO COM 960878106 3,965 109,299 SH   SOLE 109,299 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 4,751 340,314 SH   SOLE 340,314 0 0
YRC WORLDWIDE INC NOTE 10.000% 3/3 984249AB8 2,458 2,415,585 SH   SOLE 2,415,585 0 0