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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
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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
ALLY FINL INC COM 02005N100 52,424 2,265,530 SH   DFND   0 2,265,530 0
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 5,764 414,708 PRN   DFND   0 414,708 0
DINEEQUITY INC COM 254423106 27,734 339,923 SH   DFND   0 339,923 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 44,971 45,368,000 PRN   DFND   0 45,368,000 0
DYNEGY INC NEW DEL COM 26817R108 59,854 2,073,955 SH   DFND   0 2,073,955 0
ENPRO INDS INC COM 29355X107 16,217 267,919 SH   DFND   0 267,919 0
GLOBALSTAR INC COM 378973408 37,396 10,217,395 SH   DFND   0 10,217,395 0
HARBINGER GROUP INC COM 41146A106 30,972 2,360,648 SH   DFND   0 2,360,648 0
MCCLATCHY CO CL A 579489105 2,928 871,499 SH   DFND   0 871,499 0