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
FANNIE MAE COMMON STOCK COM 313586109 1,204 400,000 SH   DFND   400,000 0 0
FANNIE MAE PF S COM 313586752 875 100,000 SH   DFND   100,000 0 0
FREDDIE MAC COM 313400301 870 300,000 SH   DFND   300,000 0 0
FREDDIE MAC PR Z COM 313400624 270 30,105 SH   DFND   30,105 0 0
GLOBALSTAR INC. COM NEW 378973408 16,625 9,500,000 SH   DFND   9,500,000 0 0
AIR PRODS & CHEMS INC COM 009158106 28,543 255,346 SH   DFND   255,346 0 0
ANADARKO PETE CORP COM 032511107 34,108 430,000 SH   DFND   430,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 42,550 1,000,000 SH Call DFND   1,000,000 0 0
BEAM INC COM 073730103 19,070 280,200 SH Call DFND   280,200 0 0
BLACK HILLS CORP COM 092113109 81,202 1,546,419 SH   DFND   1,546,419 0 0
CALPINE CORP COM NEW 131347304 26,696 1,368,316 SH   DFND   1,368,316 0 0
CF INDS HLDGS INC COM 125269100 18,643 80,000 SH   DFND   80,000 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117m305 14,360 105,000 SH   DFND   105,000 0 0
CHEMTURA CORP COM NEW 163893209 838 30,000 SH   DFND   30,000 0 0
COMPUWARE CORP COM 205638109 57,739 5,150,713 SH   DFND   5,150,713 0 0
CUBIST PHARMACEUTICALS INC RIGHT 99/99/9999 229678123 1,661 1,230,530 SH   DFND   1,230,530 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 38,982 600,000 SH Call DFND   600,000 0 0
GREEN MTN COFFEE ROASTERS IN COM 393122106 4,887 64,700 SH Put DFND   64,700 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 7,031 245,664 SH   DFND   245,664 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 14,310 500,000 SH Call DFND   500,000 0 0
HESS CORP COM 42809H107 29,050 350,000 SH Call DFND   350,000 0 0
HESS CORP COM 42809H107 130,670 1,574,332 SH   DFND   1,574,332 0 0
IRON MTN INC COM 462846106 31,355 1,033,100 SH Put DFND   1,033,100 0 0
KBR INC COM 48242W106 27,107 850,000 SH Call DFND   850,000 0 0
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 105,238 858,451 SH   DFND   858,451 0 0
MENS WEARHOUSE INC COM 587118100 34,857 682,406 SH   DFND   682,406 0 0
NEXTERA ENERGY INC COM 65339F101 8,562 100,000 SH Call DFND   100,000 0 0
NEXTERA ENERGY INC COM 65339F101 63,102 737,000 SH   DFND   737,000 0 0
NRG ENERGY INC COM NEW 629377508 72,483 2,523,779 SH   DFND   2,523,779 0 0
OFFICE DEPOT INC COM 676220106 2,649 500,700 SH Call DFND   500,700 0 0
OFFICE DEPOT INC COM 676220106 10,052 1,900,101 SH   DFND   1,900,101 0 0
PERRIGO CO COM 714290103 5,939 38,700 SH Call DFND   38,700 0 0
PHARMATHENE INC COM 71714G102 2,280 1,225,920 SH   DFND   1,225,920 0 0
SHERWIN WILLIAMS CO COM 824348106 106,210 578,800 SH Put DFND   578,800 0 0
SIGA TECHNOLOGIES INC COM 826917106 13,699 4,189,194 SH   DFND   4,189,194 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 481 30,101 SH   DFND   30,101 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 372,464 2,016,700 SH Put DFND   2,016,700 0 0
SUNCOKE ENERGY INC COM 86722A103 85,286 3,738,993 SH   DFND   3,738,993 0 0
TIM HORTONS INC COM 88706M103 31,081 532,389 SH   DFND   532,389 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 29,782 1,135,000 SH   DFND   1,135,000 0 0