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
AMBAC FINL GROUP INC COM NEW 023139884 50,942 1,865,309 SH   SOLE   1,865,309 0 0
ASSURED GUARANTY LTD COM G0585R106 24,375 994,911 SH   SOLE   994,911 0 0
BANCO MACRO SA SPON ADR B 05961W105 4,801 133,249 SH   SOLE   133,249 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 4,796 412,030 SH   SOLE   412,030 0 0
CASCADE BANCORP COM NEW 147154207 11,078 2,126,389 SH   SOLE   2,126,389 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 4,804 327,921 SH   SOLE   327,921 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 13,191 2,561,300 SH   SOLE   2,561,300 0 0
LOUISIANA PAC CORP COM 546347105 30,611 2,038,000 SH   SOLE   2,038,000 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 2,667 189,164 SH   SOLE   189,164 0 0
NATIONAL BK GREECE S A SPN ADR REP 1 SH 633643705 696 189,100 SH   SOLE   189,100 0 0
NOVAVAX INC COM 670002104 6,026 1,304,381 SH   SOLE   1,304,381 0 0
PARKERVISION INC COM 701354102 894 604,157 SH   SOLE   604,157 0 0
SCORPIO BULKERS INC SHS Y7546A106 14,897 1,673,800 SH   SOLE   1,673,800 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 5,145 218,471 SH   SOLE   218,471 0 0
ZYNGA INC CL A 98986T108 8,541 2,660,600 SH   SOLE   2,660,600 0 0