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 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ANNALY CAP MGMT INCCOM0357104095,790500,000SH SOLE 500,00000
AXIALL CORPCOM05463D10037810,000SH SOLE 10,00000
BANK OF AMERICA CORPORATIONCOM0605051042,760200,000SH SOLE 200,00000
BP PLCSPONSORED ADR0556221046,031143,500SH SOLE 143,50000
CAMECO CORPCOM13321L1085,782320,000SH SOLE 320,00000
CHIMERA INVT CORPCOM16934Q1091,100362,000SH SOLE 362,00000
EBAY INCCOM2786421037,532135,000SH SOLE 135,00000
FLY LEASING LTDSPONSORED ADR34407D1091,749126,000SH SOLE 126,00000
FORD MTR CO DELCOM PAR $0.013453708606,158365,000SH SOLE 365,00000
FRONTIER COMMUNICATIONS CORPCOM35906A1089,5762,291,000SH SOLE 2,291,00000
HARBINGER GROUP INCCOM41146A1061,00196,500SH SOLE 96,50000
MICRON TECHNOLOGY INCCOM5951121037,512430,000SH SOLE 430,00000
PARAMETRIC SOUND CORPCOM NEW69917220170055,900SH SOLE 55,90000
PENN WEST PETE LTD NEWCOM7078871059,739875,000SH SOLE 875,00000
QUANTA SVCS INCCOM74762E1022,20180,000SH SOLE 80,00000
REALOGY HLDGS CORPCOM75605Y1067,270169,000SH SOLE 169,00000
REPUBLIC AWYS HLDGS INCCOM7602761058,074678,732SH SOLE 678,73200
ROWAN COMPANIES PLCSHS CL AG7665A1016,940189,000SH SOLE 189,00000
SEADRILL LIMITEDSHSG7945E10515,417342,000SH SOLE 342,00000
U S AIRWAYS GROUP INCCOM90341W1087,868415,000SH SOLE 415,00000
VANTAGE DRILLING COMPANYORD SHSG932051131,9031,100,000SH SOLE 1,100,00000