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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
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 4,034 222,402 SH   DFND   0 222,402 0
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 6,216 515,000 SH   DFND   0 515,000 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 12,749 960,000 SH Put DFND   0 960,000 0
ASSURED GUARANTY LTD COM G0585R106 14,571 777,120 SH   DFND   0 777,120 0
DIGITAL GENERATION INC COM 25400B108 6,428 497,164 SH   DFND   0 497,164 0
DINEEQUITY INC COM 254423106 6,847 99,225 SH   DFND   0 99,225 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 29,795 30,500,000 PRN   DFND   0 30,500,000 0
DYNEGY INC NEW DEL COM 26817R108 52,160 2,699,787 SH   DFND   0 2,699,787 0
GENERAL MTRS CO JR PFD CNV SRB 37045V209 18,626 371,405 SH   DFND   0 371,405 0
GENTIVA HEALTH SERVICES INC COM 37247A102 1,204 100,000 SH   DFND   0 100,000 0
HARBINGER GROUP INC COM 41146A106 8,918 860,012 SH   DFND   0 860,012 0
IRON MTN INC COM 462846106 19,634 726,661 SH   DFND   0 726,661 0
K12 INC COM 48273U102 360 11,667 SH   DFND   0 11,667 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 2,813 584,848 SH   DFND   0 584,848 0
NII HLDGS INC CL B NEW 62913F201 272 44,800 SH   DFND   0 44,800 0
SUNCOKE ENERGY PARTNERS LP COMUNIT REP LT 86722Y101 19,979 839,447 SH   DFND   0 839,447 0