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
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
ACCURIDE CORP COMMON 00439T206 10,113 2,170,208 SH   SOLE NONE 2,170,208 0 0
ALLY FINANCIAL INC COMMON 02005N100 4,343 207,000 SH   SOLE NONE 207,000 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 4,681 88,682 SH   SOLE NONE 88,682 0 0
BALTIC TRADING LTD COMMON Y0553W103 3,216 2,158,449 SH   SOLE NONE 2,158,449 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 3,609 614,800 SH Call SOLE NONE 614,800 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 2,308 4,438,982 SH Call SOLE NONE 4,438,982 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 2,767 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 11,224 1,682,731 SH   SOLE NONE 1,682,731 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 7,341 10,056,662 SH Call SOLE NONE 10,056,662 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340115 4,560 281,293 SH Call SOLE NONE 281,293 0 0
COOPER-STANDARD HOLDINGS INC COMMON 21676P103 12,717 214,817 SH   SOLE NONE 214,817 0 0
CUMULUS MEDIA INC CL A 231082108 5,665 2,293,649 SH   SOLE NONE 2,293,649 0 0
DRYSHIPS INC COMMON Y2109Q101 3,397 4,470,000 SH   SOLE NONE 4,470,000 0 0
EUROSEAS LTD COMMON Y23592200 1,483 2,082,311 SH   SOLE NONE 2,082,311 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 27,581 1,567,128 SH   SOLE NONE 1,567,128 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 4,504 391,999 SH   SOLE NONE 391,999 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 11,130 401,087 SH Call SOLE NONE 401,087 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 12,881 655,516 SH Call SOLE NONE 655,516 0 0
GENERAL MOTORS CO COMMON 37045V100 272 7,262 SH   SOLE NONE 7,262 0 0
GENWORTH FINANCIAL INC CL A 37247D106 6,111 836,000 SH   SOLE NONE 836,000 0 0
GLOBALSTAR, INC COMMON 378973408 19,753 5,931,972 SH   SOLE NONE 5,931,972 0 0
ISTAR FINANCIAL INC 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 10,719 9,050,000 PRN   SOLE NONE 9,050,000 0 0
JPMORGAN CHASE & CO 42.3770 EXP10/28/2018 COMMON 46634E114 7,943 360,871 SH Call SOLE NONE 360,871 0 0
M/I HOMES INC COMMON 55305B101 9,174 384,834 SH   SOLE NONE 384,834 0 0
MASONITE INTL CORP COMMON 575385109 2,969 44,140 SH   SOLE NONE 44,140 0 0
MGIC INVESTMENT CORP COMMON 552848103 9,013 935,898 SH   SOLE NONE 935,898 0 0
NAVIGATOR HOLDINGS LTD COMMON Y62132108 885 46,328 SH   SOLE NONE 46,328 0 0
OWENS CORNING COMMON 690742101 6,104 140,645 SH   SOLE NONE 140,645 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 9,152 703,964 SH   SOLE NONE 703,964 0 0
RADIAN GROUP INC COMMON 750236101 9,229 549,678 SH   SOLE NONE 549,678 0 0
RADIO ONE, INC CL D 75040P405 3,629 1,178,223 SH   SOLE NONE 1,178,223 0 0
SAFE BULKERS INC COMMON Y7388L103 2,251 626,963 SH   SOLE NONE 626,963 0 0
STAR BULK CARRIERS CORP COMMON Y8162K121 587 161,700 SH   SOLE NONE 161,700 0 0
TEEKAY TANKERS LTD CL A Y8565N102 4,384 763,752 SH   SOLE NONE 763,752 0 0
TRAVELPORT WORLDWIDE LTD COMMON G9019D104 996 59,634 SH   SOLE NONE 59,634 0 0
TRIBUNE PUBLISHING CO COMMON 896082104 8,686 447,718 SH   SOLE NONE 447,718 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 6,138 750,308 SH   SOLE NONE 750,308 0 0
U.S. CONCRETE INC COMMON 90333L201 16,430 484,947 SH   SOLE NONE 484,947 0 0
WELLS FARGO & CO 34.0100 EXP10/28/2018 COMMON 949746119 4,433 216,338 SH Call SOLE NONE 216,338 0 0