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
AMAYA INC COM 02314M108 2,229 166,600 SH Put SOLE 166,600 0 0
AMAYA INC COM 02314M108 1,338 100,000 SH   SOLE 100,000 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 1,541 109,981 SH   SOLE 109,981 0 0
CALLAWAY GOLF CO COM 131193104 21,041 2,307,085 SH   SOLE 2,307,085 0 0
CULLEN FROST BANKERS INC COM 229899109 11,617 210,800 SH   SOLE 210,800 0 0
FERRARI N V COM N3167Y103 14,785 354,580 SH   SOLE 354,580 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 26,997 1,503,989 SH   SOLE 1,503,989 0 0
KIRBY CORP COM 497266106 9,124 151,320 SH   SOLE 151,320 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 18,069 514,340 SH   SOLE 514,340 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 18,503 274,362 SH   SOLE 274,362 0 0
NEW YORK TIMES CO CL A 650111107 15,992 1,283,390 SH   SOLE 1,283,390 0 0
PINNACLE ENTMT INC COM 723456109 12,284 350,000 SH   SOLE 350,000 0 0
ZIONS BANCORPORATION COM 989701107 10,937 451,740 SH   SOLE 451,740 0 0