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
AMERICAN AIRLINES GROUP INC COMMON 02376R102 58 1,215 SH   SOLE NONE 1,215 0 0
APPROACH RESOURCES INC COMMON 03834A103 5,104 2,033,291 SH   SOLE NONE 2,033,291 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 2,406 3,078,948 SH Call SOLE NONE 3,078,948 0 0
BILL BARRETT CORP COMMON 06846N104 4,706 1,097,005 SH   SOLE NONE 1,097,005 0 0
BLUELINX HLDGS INC COMMON 09624H208 3,082 298,390 SH   SOLE NONE 298,390 0 0
BONANZA CREEK ENERGY, INC COMMON 097793400 13,100 397,084 SH   SOLE NONE 397,084 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 3,902 216,908 SH   SOLE NONE 216,908 0 0
CAESARS ENTERTAINMENT CORP COMMON 127686103 264 19,802 SH   SOLE NONE 19,802 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 673 5,842,866 SH Call SOLE NONE 5,842,866 0 0
CIVEO CORP COMMON 17878Y108 8,771 3,077,644 SH   SOLE NONE 3,077,644 0 0
CONSOLIDATED COMMUNICATIONS INC COMMON 209034107 16,411 860,124 SH   SOLE NONE 860,124 0 0
DYNEGY INC COMMON 26817R108 6,178 631,100 SH   SOLE NONE 631,100 0 0
DYNEGY INC 35.0000 EXP02/02/2024 COMMON 26817R157 22 92,138 SH Call SOLE NONE 92,138 0 0
FAIRMOUNT SANTROL HOLDINGS INC COMMON 30555Q108 7,011 1,466,661 SH   SOLE NONE 1,466,661 0 0
GENWORTH FINANCIAL INC CL A 37247D106 6,438 1,672,336 SH   SOLE NONE 1,672,336 0 0
GLOBALSTAR, INC COMMON 378973408 8,646 5,304,389 SH   SOLE NONE 5,304,389 0 0
HOVNANIAN K ENTERPRISES INC CL A 442487203 965 500,000 SH   SOLE NONE 500,000 0 0
INTERNATIONAL SEAWAYS INC COMMON Y41053102 2,330 118,286 SH   SOLE NONE 118,286 0 0
MIDSTATES PETROLEUM COMPANY, INC COMMON 59804T407 3,907 251,436 SH   SOLE NONE 251,436 0 0
NII HOLDINGS, INC COMMON 62913F508 3,057 6,644,651 SH   SOLE NONE 6,644,651 0 0
OVERSEAS SHIPHOLDING GROUP, INC CL A 69036R863 2,674 1,016,636 SH   SOLE NONE 1,016,636 0 0
PATTERSON-UTI ENERGY INC COMMON 703481101 5,412 258,458 SH   SOLE NONE 258,458 0 0
PEABODY ENERGY CORP COMMON 704551100 9,483 326,903 SH   SOLE NONE 326,903 0 0
PEABODY ENERGY CORP CONV PFD COMMON 704551407 9,628 168,904 SH   SOLE NONE 168,904 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 3,318 194,607 SH   SOLE NONE 194,607 0 0
SANCHEZ ENERGY CORP COMMON 79970Y105 5,546 1,150,675 SH   SOLE NONE 1,150,675 0 0
SANDRIDGE ENERGY, INC COMMON 80007P869 11,345 564,708 SH   SOLE NONE 564,708 0 0
SANOFI-AVENTIS EXP12/31/2020 RTS 80105N113 1,157 3,213,595 SH   SOLE NONE 3,213,595 0 0
SILVERBOW RESOURCES, INC COMMON 82836G102 6,651 270,907 SH   SOLE NONE 270,907 0 0
TRONC INC COMMON 89703P107 2,857 196,649 SH   SOLE NONE 196,649 0 0
ULTRA PETROLEUM CORP COMMON 903914208 3,469 400,082 SH   SOLE NONE 400,082 0 0
URBAN ONE INC COMMON 91705J204 3,069 1,860,089 SH   SOLE NONE 1,860,089 0 0
WMI HOLDINGS CORP COMMON 92936P100 372 391,638 SH   SOLE NONE 391,638 0 0