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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
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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
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. COMMON CMN 18453H106 2,254 2,253,750 SH   SOLE   2,253,750 0 0
COMSTOCK RESOURCES INC COMMON CMN 205768302 10,183 2,324,984 SH   SOLE   2,324,984 0 0
EDISON INTERNATIONAL COMMON CMN 281020107 52,277 1,028,263 SH   SOLE   1,028,263 0 0
FIVE POINTS HOLDINGS LLC - CL A COMMON CMN 33833Q106 83 19,797 SH   SOLE   19,797 0 0
IRSA ADR CMN 450047204 1,164 412,699 SH   SOLE   412,699 0 0
IRSA PROPIEDADES COMERCIALES S.A. ADR CMN 463588103 98 12,614 SH   SOLE   12,614 0 0
MDC PARTNERS INC CL A COMMON CMN 552697104 4,761 2,957,279 SH   SOLE   2,957,279 0 0
NEW MOUNTAIN FIN CORP SR UNSEC CONV NOTE 647551AC4 14,924 15,000,000 PRN   SOLE   15,000,000 0 0
OIL STATES INTL INC SR UNSEC CONV NOTE 678026AH8 14,953 26,701,000 PRN   SOLE   26,701,000 0 0
P G & E CORP COMMON CMN 69331C108 46,636 4,966,541 SH   SOLE   4,966,541 0 0
PROSPECT CAPITAL CORP SR UNSEC CONV NOTE 74348TAT9 3,574 3,500,000 PRN   SOLE   3,500,000 0 0
RETAIL VALUE INC COMMON CMN 76133Q102 4,713 374,936 SH   SOLE   374,936 0 0
TRINITY BIOTECH PLC ADR CMN 896438306 2,756 1,364,599 SH   SOLE   1,364,599 0 0
TRINITY BIOTECH SR UNSEC CONV NOTE 89643QAB4 26,969 39,515,000 PRN   SOLE   39,515,000 0 0