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
Alphabet Inc Class C Non-voting Common 02079K107 2,658 3,502 SH   DFND   2,658 0 0
American Realty 3.75% Bond 02917TAB0 12,591 14,000,000 PRN   DFND   12,591 0 0
Coach Ord Shs Common 189754104 4,910 150,000 SH Call DFND   4,910 0 0
Dicks Sporting Goods Common 253393102 1,980 56,000 SH   DFND   1,980 0 0
EchoStar Ord Shs Common 278768106 4,152 106,151 SH   DFND   4,152 0 0
Forbes Energy Services Ord Shs Common 345143101 85 293,059 SH   DFND   85 0 0
Helmerich & Payne Ord Shs Common 423452101 1,273 23,769 SH   DFND   1,273 0 0
Ishares Russell 2000 ETF ETF 464287655 25,903 230,000 SH Put DFND   25,903 0 0
Oracle ord Shs Common 68389X105 2,155 59,000 SH   DFND   2,155 0 0
Powershares QQQ Trust Ser 1 ETF 73935A104 16,779 150,000 SH Put DFND   16,779 0 0
Qualcomm Ord Shs Common 747525103 1,744 34,900 SH   DFND   1,744 0 0
SPDR Gols Shares ETF ETF 78463V107 1,509 14,875 SH   DFND   1,509 0 0
SPDR S&P 500 ETF ETF 78462F103 243 1,194 SH   DFND   243 0 0
SPDR S&P 500 ETF ETF 78462F103 81,548 400,000 SH Put DFND   81,548 0 0
Terraform Power Ord Shs Common 88104M101 994 79,000 SH Call DFND   994 0 0
Vanguard Scottsdale Bond Fund ETF 92206C870 471 5,600 SH   DFND   471 0 0
Vereit Ord Shs Common 92339V100 10,296 1,300,000 SH   DFND   10,296 0 0
WalMart Stores Ord Shs Common 931142103 340 5,550 SH   DFND   340 0 0
Yahoo Ord Shs Common 984332106 30,766 925,000 SH   DFND   30,766 0 0