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
CHENIERE ENERGY INC COMMON CMN 16411R208 26,222 703,942 SH   SOLE   703,942 0 0
CONTINENTAL BUILDING PRODUCT COMMON CMN 211171103 3,213 184,038 SH   SOLE   184,038 0 0
LUXFER ADR CMN 550678106 24,361 2,475,685 SH   SOLE   2,475,685 0 0
MGIC INVESTMENT CORP CMN 552848103 236 26,772 SH   SOLE   26,772 0 0
NEW HOME CO INC COMMON CMN 645370107 3,313 255,665 SH   SOLE   255,665 0 0
SANOFI CVR CMN 80105N113 1,786 15,872,420 SH   SOLE   15,872,420 0 0
TAYLOR MORRISON HOME CORP-A CMN 87724P106 3,246 202,889 SH   SOLE   202,889 0 0
WCI COMMUNITIES INC COMMON CMN 92923C807 43,857 1,968,430 SH   SOLE   1,968,430 0 0
WESTMORELAND COAL CO COMMON CMN 960878106 457 77,696 SH   SOLE   77,696 0 0
WILLIAM LYON HOMES CL A COMMON CMN 552074700 2,471 149,752 SH   SOLE   149,752 0 0
YAHOO! INC COMMON CMN 984332106 66,818 2,008,954 SH   SOLE   2,008,954 0 0