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    <nameOfIssuer>AMERICAN INTL GROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>026874784</cusip>
    <value>100020</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ANADARKO PETE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032511107</cusip>
    <value>50856</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ANGLOGOLD ASHANTI LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>035128206</cusip>
    <value>29890</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1750000</sshPrnamt>
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    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1750000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BANK OF AMERICA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>34400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BOYD GAMING CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>103304101</cusip>
    <value>13200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>172967424</cusip>
    <value>35700</value>
    <shrsOrPrnAmt>
      <sshPrnamt>750000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DELTA AIR LINES INC DEL</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>247361702</cusip>
    <value>51975</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DEVON ENERGY CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25179M103</cusip>
    <value>66930</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DYNEGY INC NEW DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26817R108</cusip>
    <value>49880</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
    <titleOfClass>*W EXP 07-10-201</titleOfClass>
    <cusip>37045V126</cusip>
    <value>18277</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1046767</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1046767</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAPHIC PACKAGING HLDG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>388689101</cusip>
    <value>25400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KINDER MORGAN INC DEL</nameOfIssuer>
    <titleOfClass>*W EXP 05-25-201</titleOfClass>
    <cusip>49456B119</cusip>
    <value>3520</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>NAVIOS MARITIME ACQUIS CORP</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>Y62159101</cusip>
    <value>7320</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000000</Sole>
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      <None>0</None>
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    <nameOfIssuer>SEALED AIR CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81211K100</cusip>
    <value>57523</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1750000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>1750000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SUPERVALU INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868536103</cusip>
    <value>12973</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1896600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>1896600</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>UNITED CONTL HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>910047109</cusip>
    <value>11158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VALE S A</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>91912E105</cusip>
    <value>20745</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500000</sshPrnamt>
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    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WASHINGTON FED INC</nameOfIssuer>
    <titleOfClass>*W EXP 11-14-201</titleOfClass>
    <cusip>938824117</cusip>
    <value>6886</value>
    <shrsOrPrnAmt>
      <sshPrnamt>891411</sshPrnamt>
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    <votingAuthority>
      <Sole>891411</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>YPF SOCIEDAD ANONIMA</nameOfIssuer>
    <titleOfClass>SPON ADR CL D</titleOfClass>
    <cusip>984245100</cusip>
    <value>15580</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>500000</Sole>
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      <None>0</None>
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