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
AIR TRANSPORT SERVICES GROUP I*NC CMN com 00922R105 3,726 445,221 SH   SOLE   445,221 0 0
AMBAC FINANCIAL GROUP, INC. CMN com 023139884 4,097 150,000 SH   SOLE   150,000 0 0
APPLIED OPTOELECTRONICS, INC. CMN com 03823U102 2,095 90,300 SH   SOLE   90,300 0 0
ASSURED GUARANTY LTD. CMN com G0585R106 3,430 140,000 SH   SOLE   140,000 0 0
BEAZER HOMES USA, INC. CMN com 07556Q881 4,282 204,080 SH   SOLE   204,080 0 0
CARMIKE CINEMAS INC CMN com 143436400 3,063 87,179 SH   SOLE   87,179 0 0
CUI GLOBAL, INC. CMN com 126576206 1,443 171,800 SH   SOLE   171,800 0 0
EAGLE MATERIALS INC. CMN com 26969P108 2,432 25,800 SH   SOLE   25,800 0 0
ENERGY XXI (BERMUDA) LTD CMN com G10082140 2,954 125,000 SH   SOLE   125,000 0 0
GENCORP INC CMN com 368682100 3,474 181,908 SH   SOLE   181,908 0 0
GOODRICH PETROLEUM CORP (NEW) CMN com 382410405 6,059 219,522 SH   SOLE   219,522 0 0
GULFPORT ENERGY CORP (NEW) CMN com 402635304 5,326 84,815 SH   SOLE   84,815 0 0
HORSEHEAD HOLDING CORP. CMN com 440694305 2,544 139,300 SH   SOLE   139,300 0 0
KONA GRILL, INC. CMN com 50047H201 1,054 54,300 SH   SOLE   54,300 0 0
MAGNUM HUNTER RESOURCES CORPOR*ATION CMN com 55973B102 9,398 1,146,114 SH   SOLE   1,146,114 0 0
MBIA INC CMN com 55262C100 1,104 100,000 SH   SOLE   100,000 0 0
MGIC INVESTMENT CORP COMMON STOCK com 552848103 4,158 450,000 SH   SOLE   450,000 0 0
OCWEN FINANCIAL CORPORATION CMN com 675746309 1,855 50,000 SH   SOLE   50,000 0 0
PAR PETROLEUM CORP CMN com 69888T207 1,881 92,900 SH   SOLE   92,900 0 0
PRIMO WTR CORP CMN com 74165N105 571 119,800 SH   SOLE   119,800 0 0
PULTEGROUP INC. CMN com 745867101 4,132 204,976 SH   SOLE   204,976 0 0
REALOGY HLDGS CORP CMN com 75605Y106 2,640 70,000 SH   SOLE   70,000 0 0
ROCKWOOD HOLDINGS, INC. CMN com 774415103 3,800 50,000 SH   SOLE   50,000 0 0
SYNOVUS FINANCIAL CORP CMN com 87161C501 3,291 135,000 SH   SOLE   135,000 0 0
THE FRESH MARKET, INC. CMN com 35804H106 2,845 85,000 SH   SOLE   85,000 0 0
THE HOWARD HUGHES CORP CMN com 44267D107 4,124 26,128 SH   SOLE   26,128 0 0
TOLL BROTHERS, INC. CMN com 889478103 2,999 81,280 SH   SOLE   81,280 0 0
TUESDAY MORNING CORP CMN com 899035505 3,564 200,000 SH   SOLE   200,000 0 0
USG CORP (NEW) CMN com 903293405 3,013 100,000 SH   SOLE   100,000 0 0
WCI COMMUNITIES, INC. CMN com 92923C807 3,661 189,600 SH   SOLE   189,600 0 0
WTS MAGNUM RESOURCES CORP EXP 04/15/2016 w 55973B110 2 125,723 SH   SOLE   125,723 0 0
WTS/AMERICAN INTERNATIONAL GRO 45.0000 EXP01/19/2021 w 026874156 2,429 91,300 SH   SOLE   91,300 0 0