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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
ALON USA ENERGY INC COM 020520102 2,873 198,693 SH   SOLE   198,693 0 0
AXIALL CORP COM 05463D100 5,208 122,319 SH   SOLE   122,319 0 0
BEAM INC COM 073730103 3,749 59,407 SH   SOLE   59,407 0 0
COMVERSE INC COM 20585P105 2,971 100,158 SH   SOLE   100,158 0 0
JABIL CIRCUIT INC COM 466313103 4,871 238,994 SH   SOLE   238,994 0 0
LOUISIANA PAC CORP COM 546347105 2,317 156,672 SH   SOLE   156,672 0 0
MBIA INC COM 55262C100 7,039 528,861 SH   SOLE   528,861 0 0
MURPHY OIL CORP COM 626717102 4,081 67,016 SH   SOLE   67,016 0 0
NATIONAL BK GREECE S A ADR PRF SER A 633643507 4,546 363,664 SH   SOLE   363,664 0 0
NOBLE CORPORATION BAAR NAMEN -AKT H5833N103 3,537 94,112 SH   SOLE   94,112 0 0
NORDION INC COM 65563C105 2,676 361,578 SH   SOLE   361,578 0 0
PARKERVISION INC COM 701354102 2,146 471,679 SH   SOLE   471,679 0 0
PENNEY J C INC COM 708160106 1,662 97,300 SH Call SOLE   97,300 0 0
TELEFONICA S A SPONSORED ADR 879382208 5,040 393,450 SH   SOLE   393,450 0 0
VERINT SYS INC COM 92343X100 8,031 226,428 SH   SOLE   226,428 0 0
VISTEON CORP COM NEW 92839U206 4,995 79,141 SH   SOLE   79,141 0 0
WESTERN DIGITAL CORP COM 958102105 10,821 174,281 SH   SOLE   174,281 0 0