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
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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
AMERICAN INTL GROUP INC COM NEW 026874784 135,136 2,778,848 SH   SOLE   2,778,848 0 0
APPLE INC COM 037833100 116,386 244,120 SH   SOLE   244,120 0 0
ASHLAND INC NEW COM 044209104 15,692 169,665 SH   SOLE   169,665 0 0
AXIALL CORP COM 05463D100 69,543 1,840,215 SH   SOLE   1,840,215 0 0
BANK OF AMERICA CORPORATION COM 060505104 30,630 2,219,607 SH   SOLE   2,219,607 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 21,798 1,210,943 SH   SOLE   1,210,943 0 0
BERRY PLASTICS GROUP INC COM 08579W103 25,518 1,277,802 SH   SOLE   1,277,802 0 0
BOYD GAMING CORP COM 103304101 11,366 803,248 SH   SOLE   803,248 0 0
BROADCOM CORP CL A 111320107 53,695 2,064,336 SH   SOLE   2,064,336 0 0
CARNIVAL CORP PAIRED CTF 143658300 29,496 903,619 SH   SOLE   903,619 0 0
CELANESE CORP DEL COM SER A 150870103 74,770 1,416,401 SH   SOLE   1,416,401 0 0
CHICAGO BRIDGE & IRON CO N V N Y REGISTRY SH 167250109 99,693 1,471,044 SH   SOLE   1,471,044 0 0
CHIMERA INVT CORP COM 16934Q109 8,603 2,830,152 SH   SOLE   2,830,152 0 0
CITIGROUP INC COM NEW 172967424 472,181 9,733,639 SH   SOLE   9,733,639 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 8,717 210,000 SH   SOLE   210,000 0 0
DEAN FOODS CO NEW COM NEW 242370203 8,276 428,792 SH   SOLE   428,792 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 45,760 783,311 SH   SOLE   783,311 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 198,157 8,400,000 SH   SOLE   8,400,000 0 0
E M C CORP MASS COM 268648102 86,639 3,389,569 SH   SOLE   3,389,569 0 0
FLUOR CORP NEW COM 343412102 103,572 1,459,629 SH   SOLE   1,459,629 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 129,879 7,698,815 SH   SOLE   7,698,815 0 0
FOSTER WHEELER AG COM H27178104 39,548 1,501,470 SH   SOLE   1,501,470 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 58,043 1,754,639 SH   SOLE   1,754,639 0 0
FREEPORT-MCMORAN COPPER & GO CALL 35671D907 193 14,215 SH Call SOLE   14,215 0 0
FUSION-IO INC COM 36112J107 6,642 495,973 SH   SOLE   495,973 0 0
GENERAL MTRS CO COM 37045V100 179,245 4,983,202 SH   SOLE   4,983,202 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 4,639 175,561 SH   SOLE   175,561 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 3,265 175,561 SH   SOLE   175,561 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 423,029 18,843,154 SH   SOLE   18,843,154 0 0
GOOGLE INC CL A 38259P508 126,927 144,909 SH   SOLE   144,909 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 126,121 4,052,770 SH   SOLE   4,052,770 0 0
HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 28,506 1,275,475 SH   SOLE   1,275,475 0 0
HCA HOLDINGS INC COM 40412C101 195,500 4,573,082 SH   SOLE   4,573,082 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 33,241 1,500,000 SH   SOLE   1,500,000 0 0
HESS CORP COM 42809H107 32,497 420,180 SH   SOLE   420,180 0 0
HUNTSMAN CORP COM 447011107 161,092 7,816,166 SH   SOLE   7,816,166 0 0
INGREDION INC COM 457187102 19,683 297,452 SH   SOLE   297,452 0 0
JPMORGAN CHASE & CO COM 46625H100 57,717 1,116,600 SH   SOLE   1,116,600 0 0
KBR INC COM 48242W106 69,764 2,137,317 SH   SOLE   2,137,317 0 0
LINCOLN NATL CORP IND COM 534187109 23,113 550,465 SH   SOLE   550,465 0 0
MASCO CORP COM 574599106 64,638 3,037,517 SH   SOLE   3,037,517 0 0
METLIFE INC COM 59156R108 189,294 4,031,818 SH   SOLE   4,031,818 0 0
MGM RESORTS INTERNATIONAL COM 552953101 134,432 6,576,869 SH   SOLE   6,576,869 0 0
MPG OFFICE TR INC COM 553274101 12,419 3,967,674 SH   SOLE   3,967,674 0 0
MUELLER WTR PRODS INC COM SER A 624758108 45,814 5,733,825 SH   SOLE   5,733,825 0 0
OWENS CORNING NEW COM 690742101 93,404 2,459,292 SH   SOLE   2,459,292 0 0
PENNEY J C INC COM 708160106 6,508 737,800 SH   SOLE   737,800 0 0
PLY GEM HLDGS INC COM 72941W100 6,150 439,858 SH   SOLE   439,858 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 453,387 5,750,000 SH   SOLE   5,750,000 0 0
PRUDENTIAL FINL INC COM 744320102 131,990 1,692,581 SH   SOLE   1,692,581 0 0
QUALCOMM INC COM 747525103 169,571 2,517,323 SH   SOLE   2,517,323 0 0
SANDISK CORP COM 80004C101 25,287 424,934 SH   SOLE   424,934 0 0
SEALED AIR CORP NEW COM 81211K100 12,337 453,718 SH   SOLE   453,718 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 150,991 1,000,000 SH   SOLE   1,000,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 645,061 3,837,366 SH   SOLE   3,837,366 0 0
SPDR S&P 500 ETF TR CALL 78462F903 47,170 466,853 SH Call SOLE   466,853 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 8,651 210,000 SH   SOLE   210,000 0 0
TENNECO INC COM 880349105 5,169 102,348 SH   SOLE   102,348 0 0
TEREX CORP NEW COM 880779103 79,193 2,356,969 SH   SOLE   2,356,969 0 0
TRANSOCEAN LTD REG SHS H8817H100 100,534 2,259,167 SH   SOLE   2,259,167 0 0
TRINITY INDS INC COM 896522109 55,696 1,228,139 SH   SOLE   1,228,139 0 0
U S AIRWAYS GROUP INC COM 90341W108 177,955 9,385,636 SH   SOLE   9,385,636 0 0
UNITED CONTL HLDGS INC COM 910047109 261,765 8,523,821 SH   SOLE   8,523,821 0 0
WHIRLPOOL CORP COM 963320106 69,626 475,470 SH   SOLE   475,470 0 0