<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>ACCO BRANDS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00081T108</cusip>
			<value>4741</value>
			<shrsOrPrnAmt>
				<sshPrnamt>739656</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>739656</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACCURIDE CORP</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>00439T206</cusip>
			<value>11868</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2426927</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2426927</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN AIRLINES GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02376R102</cusip>
			<value>15237</value>
			<shrsOrPrnAmt>
				<sshPrnamt>354682</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>354682</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
			<titleOfClass>SBI INT-ENERGY</titleOfClass>
			<cusip>81369Y506</cusip>
			<value>17030</value>
			<shrsOrPrnAmt>
				<sshPrnamt>170131</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>170131</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARCH COAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039380100</cusip>
			<value>4599</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1260000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1260000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BALTIC TRADING LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y0553W103</cusip>
			<value>6049</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1011589</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1011589</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP   13.3000 EXP01/16/2019</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505146</cusip>
			<value>3189</value>
			<shrsOrPrnAmt>
				<sshPrnamt>464800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>464800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP   30.7900 EXP10/28/2018</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505153</cusip>
			<value>4243</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5657482</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5657482</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BLUELINX HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09624H109</cusip>
			<value>3587</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2561941</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2561941</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BUILDERS FIRSTSOURCE, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12008R107</cusip>
			<value>11227</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1500940</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1500940</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITIGROUP INC.   10.6100 EXP01/04/2019</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967226</cusip>
			<value>5897</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9668654</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9668654</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMERICA INCORPORATED   29.4000 EXP11/14/2018</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>200340115</cusip>
			<value>10831</value>
			<shrsOrPrnAmt>
				<sshPrnamt>514293</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>514293</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COOPER-STANDARD HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21676P103</cusip>
			<value>14292</value>
			<shrsOrPrnAmt>
				<sshPrnamt>216018</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>216018</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DHT HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y2065G121</cusip>
			<value>6521</value>
			<shrsOrPrnAmt>
				<sshPrnamt>905753</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>905753</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DORAL FINL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25811P852</cusip>
			<value>1089</value>
			<shrsOrPrnAmt>
				<sshPrnamt>252020</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>252020</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DRYSHIPS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y2109Q101</cusip>
			<value>3133</value>
			<shrsOrPrnAmt>
				<sshPrnamt>973000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>973000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EUROSEAS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y23592200</cusip>
			<value>2415</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2082311</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2082311</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FAIRPOINT COMMUNICATIONS, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>305560302</cusip>
			<value>22650</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1621317</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1621317</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FELCOR LODGING TRUST INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31430F101</cusip>
			<value>10737</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1021565</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1021565</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V100</cusip>
			<value>420</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11582</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11582</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS CO 10.0000 EXP07/10/2016</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V118</cusip>
			<value>9718</value>
			<shrsOrPrnAmt>
				<sshPrnamt>365188</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>365188</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS CO 18.3300 EXP07/10/2019</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V126</cusip>
			<value>11152</value>
			<shrsOrPrnAmt>
				<sshPrnamt>600863</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>600863</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GLOBALSTAR, INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>378973408</cusip>
			<value>20044</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4716297</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4716297</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ISTAR FINANCIAL INC. 3.00000000 11/15/2016 CONV MN</nameOfIssuer>
			<titleOfClass>NOTE</titleOfClass>
			<cusip>45031UBR1</cusip>
			<value>12327</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8700000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8700000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMORGAN CHASE &amp; CO. 42.4200 EXP10/28/2018</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46634E114</cusip>
			<value>9765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>505176</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>505176</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LEAR CORP</nameOfIssuer>
			<titleOfClass>COM  NEW</titleOfClass>
			<cusip>521865204</cusip>
			<value>3546</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>39700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LENNAR CORP</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>526057104</cusip>
			<value>6827</value>
			<shrsOrPrnAmt>
				<sshPrnamt>162630</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>162630</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MASONITE INTL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>575385109</cusip>
			<value>5972</value>
			<shrsOrPrnAmt>
				<sshPrnamt>106142</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>106142</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MGIC INVESTMENT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>552848103</cusip>
			<value>12558</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1359073</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1359073</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>M/I HOMES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55305B101</cusip>
			<value>7211</value>
			<shrsOrPrnAmt>
				<sshPrnamt>297121</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>297121</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>M T R GAMING GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>553769100</cusip>
			<value>1323</value>
			<shrsOrPrnAmt>
				<sshPrnamt>247370</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>247370</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NAVIGATOR HOLDINGS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y62132108</cusip>
			<value>7727</value>
			<shrsOrPrnAmt>
				<sshPrnamt>263008</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>263008</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OWENS CORNING</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>690742101</cusip>
			<value>6576</value>
			<shrsOrPrnAmt>
				<sshPrnamt>170000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>170000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PLY GEM HOLDINGS, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>72941W100</cusip>
			<value>5608</value>
			<shrsOrPrnAmt>
				<sshPrnamt>555214</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>555214</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RADIAN GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>750236101</cusip>
			<value>14738</value>
			<shrsOrPrnAmt>
				<sshPrnamt>995148</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>995148</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SAFE BULKERS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y7388L103</cusip>
			<value>6551</value>
			<shrsOrPrnAmt>
				<sshPrnamt>671175</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>671175</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TEEKAY TANKERS LTD</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>Y8565N102</cusip>
			<value>3024</value>
			<shrsOrPrnAmt>
				<sshPrnamt>704924</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>704924</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>THE PNC FINANCIAL SERVICES GROUP, INC. 67.3300 EXP12/31/2018</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693475121</cusip>
			<value>14715</value>
			<shrsOrPrnAmt>
				<sshPrnamt>566171</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>566171</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TSAKOS ENERGY NAVIGATION LTD</nameOfIssuer>
			<titleOfClass>SHS</titleOfClass>
			<cusip>G9108L108</cusip>
			<value>5273</value>
			<shrsOrPrnAmt>
				<sshPrnamt>788200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>788200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>U.S. CONCRETE INC</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>90333L201</cusip>
			<value>19936</value>
			<shrsOrPrnAmt>
				<sshPrnamt>805507</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>805507</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERSO PAPER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92531L108</cusip>
			<value>95</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>45100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLS FARGO &amp; CO 34.0100 EXP10/28/2018</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746119</cusip>
			<value>10737</value>
			<shrsOrPrnAmt>
				<sshPrnamt>497565</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>497565</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
