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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

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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
AMBAC FINL GROUP INC COM NEW 023139884 10,102 423,900 SH   SOLE   423,900 0 0
BGC PARTNERS INC CL A 05541T101 5,890 1,000,000 SH   SOLE   1,000,000 0 0
CASCADE BANCORP COM NEW 147154207 13,807 2,223,389 SH   SOLE   2,223,389 0 0
DELL INC COM 24702R101 29,765 2,233,800 SH   SOLE   2,233,800 0 0
HESS CORP COM 42809H107 75,007 1,128,100 SH   SOLE   1,128,100 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 26,928 4,800,000 SH   SOLE   4,800,000 0 0
LOUISIANA PAC CORP COM 546347105 22,550 1,524,668 SH   SOLE   1,524,668 0 0
U S AIRWAYS GROUP INC COM 90341W108 98,656 6,008,300 SH   SOLE   6,008,300 0 0
ZYNGA INC CL A 98986T108 12,980 4,669,000 SH   SOLE   4,669,000 0 0