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

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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
ANNALY CAP MGMT INC COM 035710409 5,790 500,000 SH   SOLE 500,000 0 0
AXIALL CORP COM 05463D100 378 10,000 SH   SOLE 10,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,760 200,000 SH   SOLE 200,000 0 0
BP PLC SPONSORED ADR 055622104 6,031 143,500 SH   SOLE 143,500 0 0
CAMECO CORP COM 13321L108 5,782 320,000 SH   SOLE 320,000 0 0
CHIMERA INVT CORP COM 16934Q109 1,100 362,000 SH   SOLE 362,000 0 0
EBAY INC COM 278642103 7,532 135,000 SH   SOLE 135,000 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 1,749 126,000 SH   SOLE 126,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 6,158 365,000 SH   SOLE 365,000 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 9,576 2,291,000 SH   SOLE 2,291,000 0 0
HARBINGER GROUP INC COM 41146A106 1,001 96,500 SH   SOLE 96,500 0 0
MICRON TECHNOLOGY INC COM 595112103 7,512 430,000 SH   SOLE 430,000 0 0
PARAMETRIC SOUND CORP COM NEW 699172201 700 55,900 SH   SOLE 55,900 0 0
PENN WEST PETE LTD NEW COM 707887105 9,739 875,000 SH   SOLE 875,000 0 0
QUANTA SVCS INC COM 74762E102 2,201 80,000 SH   SOLE 80,000 0 0
REALOGY HLDGS CORP COM 75605Y106 7,270 169,000 SH   SOLE 169,000 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 8,074 678,732 SH   SOLE 678,732 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 6,940 189,000 SH   SOLE 189,000 0 0
SEADRILL LIMITED SHS G7945E105 15,417 342,000 SH   SOLE 342,000 0 0
U S AIRWAYS GROUP INC COM 90341W108 7,868 415,000 SH   SOLE 415,000 0 0
VANTAGE DRILLING COMPANY ORD SHS G93205113 1,903 1,100,000 SH   SOLE 1,100,000 0 0