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

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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 13,443 564,140 SH   DFND   0 564,140 0
ASSURED GUARANTY LTD COM G0585R106 28,173 1,277,120 SH   DFND   0 1,277,120 0
BOYD GAMING CORP COM 103304101 1,828 161,754 SH   DFND   0 161,754 0
DIGITAL GENERATION INC COM 25400B108 7,855 1,065,786 SH   DFND   0 1,065,786 0
DINEEQUITY INC COM 254423106 6,834 99,225 SH   DFND   0 99,225 0
DYNEGY INC NEW DEL COM 26817R108 60,880 2,699,787 SH   DFND   0 2,699,787 0
GENERAL MTRS CO JR PFD CNV SRB 37045V209 17,887 371,405 SH   DFND   0 371,405 0
GRAPHIC PACKAGING HLDG CO COM 388689101 30,667 3,962,177 SH   DFND   0 3,962,177 0
HARBINGER GROUP INC COM 41146A106 3,770 500,000 SH   DFND   0 500,000 0
IRON MTN INC COM 462846106 14,016 526,723 SH   DFND   0 526,723 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 2,246 584,848 SH   DFND   0 584,848 0
NII HLDGS INC CL B NEW 62913F201 4,262 640,000 SH   DFND   0 640,000 0
SUNCOKE ENERGY PARTNERS LP COMUNIT REP LT 86722Y101 18,552 839,447 SH   DFND   0 839,447 0