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
OMB APPROVAL
OMB Number: 3235-0006
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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
ACCURIDE CORP COMMON 00439T206 9,592 2,530,758 SH   SOLE NONE 2,530,758 0 0
AMERICAN AIRLINES GROUP COMMON 02376R102 6,233 175,682 SH   SOLE NONE 175,682 0 0
AMEX ENERGY SELECT INDEX 'SPDR' COMMON 81369Y506 15,889 175,341 SH   SOLE NONE 175,341 0 0
ARCH COAL INC COMMON 039380100 2,852 1,345,412 SH   SOLE NONE 1,345,412 0 0
BALTIC TRADING LTD COMMON Y0553W103 4,497 1,086,349 SH   SOLE NONE 1,086,349 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 4,611 614,800 SH Call SOLE NONE 614,800 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 4,261 4,438,982 SH Call SOLE NONE 4,438,982 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 3,356 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 10,786 1,979,072 SH   SOLE NONE 1,979,072 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 9,425 9,920,704 SH Call SOLE NONE 9,920,704 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340115 6,500 314,293 SH Call SOLE NONE 314,293 0 0
COOPER-STANDARD HOLDINGS INC COMMON 21676P103 13,480 216,018 SH   SOLE NONE 216,018 0 0
CUMULUS MEDIA INC CL A 231082108 6,287 1,560,000 SH   SOLE NONE 1,560,000 0 0
DORAL FINL CORP COMMON 25811P852 938 141,250 SH   SOLE NONE 141,250 0 0
DRYSHIPS INC COMMON Y2109Q101 2,485 1,006,212 SH   SOLE NONE 1,006,212 0 0
ELDORADO RESORTS INC COMMON 28470R102 786 186,638 SH   SOLE NONE 186,638 0 0
EUROSEAS LTD COMMON Y23592200 2,332 2,082,311 SH   SOLE NONE 2,082,311 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 23,698 1,562,159 SH   SOLE NONE 1,562,159 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 5,897 630,065 SH   SOLE NONE 630,065 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 8,423 376,372 SH Call SOLE NONE 376,372 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 8,955 619,264 SH Call SOLE NONE 619,264 0 0
GLOBALSTAR, INC COMMON 378973408 17,683 4,831,297 SH   SOLE NONE 4,831,297 0 0
HERCULES OFFSHORE INC COMMON 427093109 4,037 1,835,004 SH   SOLE NONE 1,835,004 0 0
ISTAR FINANCIAL INC 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 11,414 9,050,000 PRN   SOLE NONE 9,050,000 0 0
JPMORGAN CHASE & CO. 42.4050 EXP10/28/2018 COMMON 46634E114 10,470 520,647 SH Call SOLE NONE 520,647 0 0
LENNAR CORP CL A 526057104 6,508 167,610 SH   SOLE NONE 167,610 0 0
MASONITE INTL CORP COMMON 575385109 6,325 114,213 SH   SOLE NONE 114,213 0 0
MGIC INVESTMENT CORP COMMON 552848103 10,939 1,400,696 SH   SOLE NONE 1,400,696 0 0
M/I HOMES INC COMMON 55305B101 6,098 307,665 SH   SOLE NONE 307,665 0 0
NAVIGATOR HOLDINGS LTD COMMON Y62132108 5,900 212,008 SH   SOLE NONE 212,008 0 0
OWENS CORNING COMMON 690742101 5,529 174,145 SH   SOLE NONE 174,145 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 7,787 718,385 SH   SOLE NONE 718,385 0 0
RADIAN GROUP INC COMMON 750236101 14,625 1,025,623 SH   SOLE NONE 1,025,623 0 0
RADIO ONE, INC CL D 75040P405 1,801 566,209 SH   SOLE NONE 566,209 0 0
SAFE BULKERS INC COMMON Y7388L103 4,176 626,963 SH   SOLE NONE 626,963 0 0
TEEKAY TANKERS LTD CL A Y8565N102 2,849 763,752 SH   SOLE NONE 763,752 0 0
THE PNC FINANCIAL SERVICES GROUP, INC. 67.3300 EXP12/31/2018 COMMON 693475121 10,859 475,142 SH Call SOLE NONE 475,142 0 0
TRIBUNE PUBLISHING CO COMMON 896082104 4,064 201,364 SH   SOLE NONE 201,364 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 4,787 750,308 SH   SOLE NONE 750,308 0 0
U.S. CONCRETE INC COMMON 90333L201 21,701 830,178 SH   SOLE NONE 830,178 0 0
VERSO PAPER CORP COMMON 92531L108 320 100,000 SH   SOLE NONE 100,000 0 0
WTS/WELLS FARGO & CO 34.0100 EXP10/28/2018 COMMON 949746119 8,194 406,665 SH Call SOLE NONE 406,665 0 0