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 9,419 2,170,208 SH   SOLE NONE 2,170,208 0 0
ALLY FINANCIAL INC COMMON 02005N100 1,535 65,000 SH   SOLE NONE 65,000 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 4,756 88,682 SH   SOLE NONE 88,682 0 0
BALTIC TRADING LTD COMMON Y0553W103 3,580 1,426,349 SH   SOLE NONE 1,426,349 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 4,328 614,800 SH Call SOLE NONE 614,800 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 3,164 4,438,982 SH Call SOLE NONE 4,438,982 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 2,972 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 13,596 1,979,072 SH   SOLE NONE 1,979,072 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 8,749 10,056,662 SH Call SOLE NONE 10,056,662 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340115 5,642 314,293 SH Call SOLE NONE 314,293 0 0
COOPER-STANDARD HOLDINGS INC COMMON 21676P103 12,845 221,926 SH   SOLE NONE 221,926 0 0
CUMULUS MEDIA INC CL A 231082108 8,179 1,933,649 SH   SOLE NONE 1,933,649 0 0
DRYSHIPS INC COMMON Y2109Q101 4,738 4,470,000 SH   SOLE NONE 4,470,000 0 0
ELDORADO RESORTS INC COMMON 28470R102 756 186,638 SH   SOLE NONE 186,638 0 0
ENERGY XXI LTD COMMON G10082140 1,438 441,216 SH   SOLE NONE 441,216 0 0
EUROSEAS LTD COMMON Y23592200 1,582 2,082,311 SH   SOLE NONE 2,082,311 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 22,198 1,562,159 SH   SOLE NONE 1,562,159 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 6,817 630,065 SH   SOLE NONE 630,065 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 9,605 382,973 SH Call SOLE NONE 382,973 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 10,640 625,865 SH Call SOLE NONE 625,865 0 0
GENERAL MOTORS CO COMMON 37045V100 254 7,262 SH   SOLE NONE 7,262 0 0
GENWORTH FINANCIAL INC CL A 37247D106 3,154 371,000 SH   SOLE NONE 371,000 0 0
GLOBALSTAR, INC COMMON 378973408 16,394 5,961,297 SH   SOLE NONE 5,961,297 0 0
ISTAR FINANCIAL INC 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 11,443 9,050,000 PRN   SOLE NONE 9,050,000 0 0
JPMORGAN CHASE & CO 42.3910 EXP10/28/2018 COMMON 46634E114 10,829 520,647 SH Call SOLE NONE 520,647 0 0
LENNAR CORP CL A 526057104 7,511 167,610 SH   SOLE NONE 167,610 0 0
M/I HOMES INC COMMON 55305B101 7,661 333,665 SH   SOLE NONE 333,665 0 0
MASONITE INTL CORP COMMON 575385109 7,020 114,213 SH   SOLE NONE 114,213 0 0
MGIC INVESTMENT CORP COMMON 552848103 13,054 1,400,696 SH   SOLE NONE 1,400,696 0 0
NAVIGATOR HOLDINGS LTD COMMON Y62132108 4,465 212,008 SH   SOLE NONE 212,008 0 0
OWENS CORNING COMMON 690742101 7,113 198,645 SH   SOLE NONE 198,645 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 10,043 718,385 SH   SOLE NONE 718,385 0 0
RADIAN GROUP INC COMMON 750236101 13,972 835,623 SH   SOLE NONE 835,623 0 0
RADIO ONE, INC CL D 75040P405 1,968 1,178,223 SH   SOLE NONE 1,178,223 0 0
SAFE BULKERS INC COMMON Y7388L103 2,451 626,963 SH   SOLE NONE 626,963 0 0
TEEKAY TANKERS LTD CL A Y8565N102 3,865 763,752 SH   SOLE NONE 763,752 0 0
THE PNC FINANCIAL SERVICES GROUP, INC. 67.3300 EXP12/31/2018 COMMON 693475121 8,275 331,650 SH Call SOLE NONE 331,650 0 0
TRAVELPORT WORLDWIDE LTD COMMON G9019D104 1,073 59,634 SH   SOLE NONE 59,634 0 0
TRIBUNE PUBLISHING CO COMMON 896082104 8,857 386,764 SH   SOLE NONE 386,764 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 5,237 750,308 SH   SOLE NONE 750,308 0 0
U.S. CONCRETE INC COMMON 90333L201 20,281 712,855 SH   SOLE NONE 712,855 0 0
VERSO PAPER CORP COMMON 92531L108 343 100,000 SH   SOLE NONE 100,000 0 0
WELLS FARGO & CO 34.0100 EXP10/28/2018 COMMON 949746119 7,084 331,665 SH Call SOLE NONE 331,665 0 0