SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Zell Credit Opportunities Side Fund, L.P. (Last) (First) (Middle) TWO NORTH RIVERSIDE PLAZA SUITE 600 (Street) CHICAGO IL 60606 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 04/15/2014	3. Issuer Name and Ticker or Trading Symbol DUNE ENERGY INC [ DUNR ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Members of 10% Owner Group	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.001 per share	4,637,762	D(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Zell Credit Opportunities Side Fund, L.P. (Last) (First) (Middle) TWO NORTH RIVERSIDE PLAZA SUITE 600 (Street) CHICAGO IL 60606 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Members of 10% Owner Group

1. Name and Address of Reporting Person* CHAI TRUST CO LLC (Last) (First) (Middle) TWO NORTH RIVERSIDE PLAZA SUITE 600 (Street) CHICAGO IL 60606 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Members of 10% Owner Group

Explanation of Responses:

1. The shares of common stock, par value $0.001 per share (the "Common Stock"), of Dune Energy, Inc. (the "Issuer") are held directly by Zell Credit Opportunities Side Fund, L.P., (the "Side Fund"). Chai Trust Company, LLC ("Chai Trust" and, together with the Side Fund, the "Reporting Persons") is the sole general partner and investment manager of Side Fund and, in such capacity, may be deemed to beneficially own the 4,637,762 shares of Common Stock of the Issuer held directly by the Side Fund.

2. As disclosed in the Schedule 13D/A filed by the Reporting Persons on April 18, 2014, the Reporting Persons and Whitebox Advisors, LLC may be deemed to be members of a "group" with respect to the Common Stock for purposes of Section 13(d) or Section 13(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Reporting Persons disclaim beneficial ownership of any shares of Common Stock not held directly by Side Fund or Chai Trust, and this report shall not be construed as an admission that the Reporting Persons are the beneficial owner of any shares of Common Stock held directly by Whitebox Advisors, LLC or any other shareholder for purposes of Section 16 of the Exchange Act or for any other purpose.

Remarks:

Exhibit List: The Joint Filing Agreement filed as Exhibit 9 to the Schedule 13D/A filed by the Reporting Persons on April 18, 2014 is incorporated herein by reference.

	Zell Credit Opportunities Side Fund, L.P., By: Chai Trust Company, LLC; Its: General Partner; By: /s/ Philip G. Tinkler, Chief Financial Officer	04/25/2014
	Chai Trust Company, LLC; By: /s/ Philip G. Tinkler, Chief Financial Officer	04/25/2014
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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