<?xml version="1.0" ?>
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  <infoTable>
    <nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595112103</cusip>
    <value>5250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>300000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALPHA NATURAL RESOURCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02076X102</cusip>
    <value>53320</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21335600</Sole>
      <Shared>0</Shared>
      <None>164400</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BALTIC TRADING LIMITED</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y0553W103</cusip>
    <value>5228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1262801</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1200000</Sole>
      <Shared>0</Shared>
      <None>62801</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CALPINE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>131347304</cusip>
    <value>326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONSOL ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20854P109</cusip>
    <value>307</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8100</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ECHOSTAR CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>278768106</cusip>
    <value>244</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENDEAVOUR INTL CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>29259G200</cusip>
    <value>897</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENERGY XXI BERMUDA LTD</nameOfIssuer>
    <titleOfClass>USD UNRS SHS</titleOfClass>
    <cusip>G10082140</cusip>
    <value>4256</value>
    <shrsOrPrnAmt>
      <sshPrnamt>375000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>375000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXTREME NETWORKS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30226D106</cusip>
    <value>4547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>949227</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>930438</Sole>
      <Shared>0</Shared>
      <None>18789</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIFTH STR SR FLOATNG RATE CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31679F101</cusip>
    <value>236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL MOTORS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
    <value>326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBALSTAR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>378973408</cusip>
    <value>112911</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30850050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30750000</Sole>
      <Shared>0</Shared>
      <None>100050</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JETBLUE AIRWAYS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>477143101</cusip>
    <value>266</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>25000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LEVEL 3 COMMUNICATIONS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>52729N308</cusip>
    <value>94263</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2061286</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2047534</Sole>
      <Shared>0</Shared>
      <None>13752</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595112103</cusip>
    <value>19216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>560900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>550000</Sole>
      <Shared>0</Shared>
      <None>10900</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>229</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4950</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORTHERN DYNASTY MINERALS LT</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>66510M204</cusip>
    <value>831</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1520000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1469000</Sole>
      <Shared>0</Shared>
      <None>51000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAN AMERICAN SILVER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>697900108</cusip>
    <value>199</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18125</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARAGON SHIPPING INC</nameOfIssuer>
    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>69913R408</cusip>
    <value>32</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8100</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEABODY ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>704549104</cusip>
    <value>105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8467</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8467</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESOLUTE FST PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>196809</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12583695</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12545965</Sole>
      <Shared>0</Shared>
      <None>37730</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RICE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>762760106</cusip>
    <value>3325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>125000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>125000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANDRIDGE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>80007P307</cusip>
    <value>178</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>41400</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SONDE RES CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>835426206</cusip>
    <value>288</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2061146</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2023346</Sole>
      <Shared>0</Shared>
      <None>37800</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEEKAY CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y8564W103</cusip>
    <value>332</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRANSOCEAN LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>H8817H100</cusip>
    <value>160</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WALTER ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>93317Q105</cusip>
    <value>20</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8520</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8520</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AEGEAN MARINE PETE NETWORK I</nameOfIssuer>
    <titleOfClass>NOTE 4.000%11/0</titleOfClass>
    <cusip>Y0020QAA9</cusip>
    <value>18625</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19150000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19150000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALPHA NATURAL RESOURCES INC</nameOfIssuer>
    <titleOfClass>NOTE 3.750%12/1</titleOfClass>
    <cusip>02076XAE2</cusip>
    <value>12727</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17800000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17800000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALTRA INDL MOTION CORP</nameOfIssuer>
    <titleOfClass>NOTE 2.750% 3/0</titleOfClass>
    <cusip>02208RAE6</cusip>
    <value>8638</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7125000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7125000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMAG PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>NOTE 2.500% 2/1</titleOfClass>
    <cusip>00163UAA4</cusip>
    <value>57674</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN RLTY CAP PPTYS INC</nameOfIssuer>
    <titleOfClass>NOTE 3.000% 8/0</titleOfClass>
    <cusip>02917TAA2</cusip>
    <value>33810</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33980000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33980000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APOLLO COML REAL EST FIN INC</nameOfIssuer>
    <titleOfClass>NOTE 5.500% 3/1</titleOfClass>
    <cusip>03762UAA3</cusip>
    <value>9963</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APOLLO INVT CORP</nameOfIssuer>
    <titleOfClass>NOTE 5.750% 1/1</titleOfClass>
    <cusip>03761UAE6</cusip>
    <value>32031</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30762000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30762000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BOTTOMLINE TECH DEL INC</nameOfIssuer>
    <titleOfClass>NOTE 1.500%12/0</titleOfClass>
    <cusip>101388AA4</cusip>
    <value>12752</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11310000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11310000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHIQUITA BRANDS INTL INC</nameOfIssuer>
    <titleOfClass>NOTE 4.250% 8/1</titleOfClass>
    <cusip>170032AT3</cusip>
    <value>14799</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14799000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14799000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CORNERSTONE ONDEMAND INC</nameOfIssuer>
    <titleOfClass>NOTE 1.500% 7/0</titleOfClass>
    <cusip>21925YAB9</cusip>
    <value>29249</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29433000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29433000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEPOMED INC</nameOfIssuer>
    <titleOfClass>NOTE 2.500% 9/0</titleOfClass>
    <cusip>249908AA2</cusip>
    <value>2114</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIFTH STR FIN CORP</nameOfIssuer>
    <titleOfClass>NOTE 5.375% 4/0</titleOfClass>
    <cusip>31679BAC4</cusip>
    <value>28190</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27106000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27106000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FINISAR CORP</nameOfIssuer>
    <titleOfClass>NOTE 5.000%10/1</titleOfClass>
    <cusip>31787AAK7</cusip>
    <value>24743</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15915000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15915000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FXCM INC</nameOfIssuer>
    <titleOfClass>NOTE 2.250% 6/1</titleOfClass>
    <cusip>302693AB2</cusip>
    <value>28677</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27556000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27556000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INFINERA CORPORATION</nameOfIssuer>
    <titleOfClass>DBCV 1.750% 6/0</titleOfClass>
    <cusip>45667GAB9</cusip>
    <value>58532</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52200000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52200000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INLAND REAL ESTATE CORP</nameOfIssuer>
    <titleOfClass>NOTE 5.000%11/1</titleOfClass>
    <cusip>457461AC5</cusip>
    <value>5241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTERDIGITAL INC</nameOfIssuer>
    <titleOfClass>NOTE 2.500% 3/1</titleOfClass>
    <cusip>458660AB3</cusip>
    <value>26654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25909000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25909000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MEDIDATA SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>NOTE 1.000% 8/0</titleOfClass>
    <cusip>58471AAB1</cusip>
    <value>27727</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25525000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25525000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>NOTE 1.625% 2/1</titleOfClass>
    <cusip>595112AU7</cusip>
    <value>10977</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3500000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOVE INC</nameOfIssuer>
    <titleOfClass>NOTE 2.750% 9/0</titleOfClass>
    <cusip>62458MAB4</cusip>
    <value>4884</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3823000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3823000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUVASIVE INC</nameOfIssuer>
    <titleOfClass>NOTE 2.750% 7/0</titleOfClass>
    <cusip>670704AC9</cusip>
    <value>12245</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHOTRONICS INC</nameOfIssuer>
    <titleOfClass>NOTE 3.250% 4/0</titleOfClass>
    <cusip>719405AH5</cusip>
    <value>19711</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18855000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18855000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHOTRONICS INC</nameOfIssuer>
    <titleOfClass>NOTE 5.500%10/0</titleOfClass>
    <cusip>719405AF9</cusip>
    <value>13460</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8500000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAMBUS INC DEL</nameOfIssuer>
    <titleOfClass>NOTE 1.125% 8/1</titleOfClass>
    <cusip>750917AE6</cusip>
    <value>36733</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30138000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30138000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROVI CORP</nameOfIssuer>
    <titleOfClass>NOTE 2.625% 2/1</titleOfClass>
    <cusip>779376AB8</cusip>
    <value>10594</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10528000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10528000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICESOURCE INTL LLC</nameOfIssuer>
    <titleOfClass>NOTE 1.500% 8/0</titleOfClass>
    <cusip>81763UAB6</cusip>
    <value>8298</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10882000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10882000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHUTTERFLY INC</nameOfIssuer>
    <titleOfClass>NOTE 0.250% 5/1</titleOfClass>
    <cusip>82568PAB2</cusip>
    <value>11252</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10885000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10885000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNCHRONOSS TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>NOTE 0.750% 8/1</titleOfClass>
    <cusip>87157BAA1</cusip>
    <value>11681</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10500000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VECTOR GROUP LTD</nameOfIssuer>
    <titleOfClass>NOTE 1.750% 4/1</titleOfClass>
    <cusip>92240MBC1</cusip>
    <value>1678</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VIPSHOP HLDGS LTD</nameOfIssuer>
    <titleOfClass>NOTE 1.500% 3/1</titleOfClass>
    <cusip>92763WAA1</cusip>
    <value>10408</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8800000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8800000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VOLCANO CORPORATION</nameOfIssuer>
    <titleOfClass>NOTE 2.875% 9/0</titleOfClass>
    <cusip>928645AA8</cusip>
    <value>13086</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13285000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13285000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WEBMD HEALTH CORP</nameOfIssuer>
    <titleOfClass>NOTE 2.250% 3/3</titleOfClass>
    <cusip>94770VAH5</cusip>
    <value>15484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15350000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15350000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WEBMD HEALTH CORP</nameOfIssuer>
    <titleOfClass>NOTE 2.500% 1/3</titleOfClass>
    <cusip>94770VAF9</cusip>
    <value>49262</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49078000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49078000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WORKDAY INC</nameOfIssuer>
    <titleOfClass>NOTE 0.750% 7/1</titleOfClass>
    <cusip>98138HAC5</cusip>
    <value>3596</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WRIGHT MED GROUP INC</nameOfIssuer>
    <titleOfClass>NOTE 2.625%12/0</titleOfClass>
    <cusip>98235TAA5</cusip>
    <value>515</value>
    <shrsOrPrnAmt>
      <sshPrnamt>519000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>519000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES QQQ TRUST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73935A104</cusip>
    <value>4835</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1850000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>400000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESTORATION HARDWARE HLDGS I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761283100</cusip>
    <value>200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL BK CDA MONTREAL QUE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780087102</cusip>
    <value>349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>450000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>450000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78462F103</cusip>
    <value>2910</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
