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
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 192 11,556 SH   DFND 9 11,556 0 0
AMBAC FINL GROUP INC COM NEW 023139884 797 33,465 SH   DFND 1 33,465 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,776 74,533 SH   DFND 2 74,533 0 0
AMBAC FINL GROUP INC COM NEW 023139884 828 34,728 SH   DFND 3 34,728 0 0
AMBAC FINL GROUP INC COM NEW 023139884 557 23,393 SH   DFND 4 23,393 0 0
AMBAC FINL GROUP INC COM NEW 023139884 628 26,333 SH   DFND 5 26,333 0 0
AMBAC FINL GROUP INC COM NEW 023139884 2,721 114,186 SH   DFND 6 114,186 0 0
AMBAC FINL GROUP INC COM NEW 023139884 2,585 108,493 SH   DFND 7 108,493 0 0
AMBAC FINL GROUP INC COM NEW 023139884 933 39,133 SH   DFND 8 39,133 0 0
AMBAC FINL GROUP INC COM NEW 023139884 5,491 230,424 SH   DFND 10 230,424 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,076 45,160 SH   DFND 11 45,160 0 0
AMBAC FINL GROUP INC COM NEW 023139884 875 36,735 SH   DFND 12 36,735 0 0
AMBAC FINL GROUP INC COM NEW 023139884 14,532 609,819 SH   SOLE   609,819 0 0
AMERICAN CAP LTD COM 02503Y103 786 62,000 SH   DFND 1 62,000 0 0
AMERICAN CAP LTD COM 02503Y103 1,160 91,550 SH   DFND 2 91,550 0 0
AMERICAN CAP LTD COM 02503Y103 427 33,674 SH   DFND 4 33,674 0 0
AMERICAN CAP LTD COM 02503Y103 276 21,790 SH   DFND 5 21,790 0 0
AMERICAN CAP LTD COM 02503Y103 1,884 148,660 SH   DFND 7 148,660 0 0
AMERICAN CAP LTD COM 02503Y103 453 35,793 SH   DFND 8 35,793 0 0
AMERICAN CAP LTD COM 02503Y103 4,678 369,203 SH   DFND 10 369,203 0 0
AMERICAN CAP LTD COM 02503Y103 1,002 79,081 SH   DFND 12 79,081 0 0
AMERICAN CAP LTD COM 02503Y103 2,398 189,240 SH   SOLE   189,240 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 23,010 1,000,000 SH Call DFND 9 1,000,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 28,292 2,200,000 SH Call DFND 9 2,200,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 1,962 70,679 SH   DFND 1 70,679 0 0
CHENIERE ENERGY INC COM NEW 16411R208 4,369 157,374 SH   DFND 2 157,374 0 0
CHENIERE ENERGY INC COM NEW 16411R208 2,475 89,168 SH   DFND 3 89,168 0 0
CHENIERE ENERGY INC COM NEW 16411R208 2,477 89,234 SH   DFND 4 89,234 0 0
CHENIERE ENERGY INC COM NEW 16411R208 1,576 56,766 SH   DFND 5 56,766 0 0
CHENIERE ENERGY INC COM NEW 16411R208 4,671 168,257 SH   DFND 6 168,257 0 0
CHENIERE ENERGY INC COM NEW 16411R208 4,704 169,438 SH   DFND 7 169,438 0 0
CHENIERE ENERGY INC COM NEW 16411R208 1,869 67,340 SH   DFND 8 67,340 0 0
CHENIERE ENERGY INC COM NEW 16411R208 12,188 439,038 SH   DFND 10 439,038 0 0
CHENIERE ENERGY INC COM NEW 16411R208 2,149 77,419 SH   DFND 11 77,419 0 0
CHENIERE ENERGY INC COM NEW 16411R208 2,051 73,894 SH   DFND 12 73,894 0 0
CHENIERE ENERGY INC COM NEW 16411R208 12,396 446,551 SH   SOLE   446,551 0 0
CHIMERA INVT CORP COM 16934Q109 4,734 1,578,000 SH   DFND 9 1,578,000 0 0
CIT GROUP INC COM NEW 125581801 1,592 34,141 SH   DFND 1 34,141 0 0
CIT GROUP INC COM NEW 125581801 3,591 77,015 SH   DFND 2 77,015 0 0
CIT GROUP INC COM NEW 125581801 2,031 43,548 SH   DFND 3 43,548 0 0
CIT GROUP INC COM NEW 125581801 1,956 41,948 SH   DFND 4 41,948 0 0
CIT GROUP INC COM NEW 125581801 1,294 27,740 SH   DFND 5 27,740 0 0
CIT GROUP INC COM NEW 125581801 3,737 80,137 SH   DFND 6 80,137 0 0
CIT GROUP INC COM NEW 125581801 4,235 90,819 SH   DFND 7 90,819 0 0
CIT GROUP INC COM NEW 125581801 1,522 32,647 SH   DFND 8 32,647 0 0
CIT GROUP INC COM NEW 125581801 9,994 214,317 SH   DFND 10 214,317 0 0
CIT GROUP INC COM NEW 125581801 2,284 48,984 SH   DFND 11 48,984 0 0
CIT GROUP INC COM NEW 125581801 10,489 224,951 SH   SOLE   224,951 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 425 16,074 SH   DFND 1 16,074 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 954 36,040 SH   DFND 2 36,040 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 531 20,086 SH   DFND 3 20,086 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 420 15,868 SH   DFND 4 15,868 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 998 37,711 SH   DFND 6 37,711 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 1,142 43,174 SH   DFND 7 43,174 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 463 17,505 SH   DFND 8 17,505 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 2,952 111,569 SH   DFND 10 111,569 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 639 24,165 SH   DFND 11 24,165 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 2,588 97,808 SH   SOLE   97,808 0 0
DELL INC COM 24702R101 322 24,200 SH Call DFND 1 24,200 0 0
DELL INC COM 24702R101 713 53,500 SH Call DFND 2 53,500 0 0
DELL INC COM 24702R101 324 24,300 SH Call DFND 3 24,300 0 0
DELL INC COM 24702R101 401 30,100 SH Call DFND 4 30,100 0 0
DELL INC COM 24702R101 284 21,300 SH Call DFND 5 21,300 0 0
DELL INC COM 24702R101 903 67,800 SH Call DFND 6 67,800 0 0
DELL INC COM 24702R101 1,045 78,400 SH Call DFND 7 78,400 0 0
DELL INC COM 24702R101 344 25,800 SH Call DFND 8 25,800 0 0
DELL INC COM 24702R101 1,968 147,700 SH Call DFND 10 147,700 0 0
DELL INC COM 24702R101 414 31,100 SH Call DFND 11 31,100 0 0
DELL INC COM 24702R101 337 25,300 SH Call DFND 12 25,300 0 0
DELL INC COM 24702R101 148 11,100 SH Call SOLE   11,100 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 46 24,845 SH   DFND 1 24,845 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 102 55,336 SH   DFND 2 55,336 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 46 24,675 SH   DFND 3 24,675 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 30 16,384 SH   DFND 4 16,384 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 38 20,621 SH   DFND 5 20,621 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 196 106,116 SH   DFND 6 106,116 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 179 96,697 SH   DFND 7 96,697 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 54 28,980 SH   DFND 8 28,980 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 334 180,330 SH   DFND 10 180,330 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 61 33,003 SH   DFND 11 33,003 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 54 28,927 SH   DFND 12 28,927 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 629 339,898 SH   SOLE   339,898 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 618 39,975 SH   DFND 1 39,975 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,370 88,539 SH   DFND 2 88,539 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 621 40,149 SH   DFND 3 40,149 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 771 49,821 SH   DFND 4 49,821 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 544 35,182 SH   DFND 5 35,182 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,736 112,208 SH   DFND 6 112,208 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,006 129,643 SH   DFND 7 129,643 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 660 42,643 SH   DFND 8 42,643 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 3,781 244,403 SH   DFND 10 244,403 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 797 51,546 SH   DFND 11 51,546 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 648 41,903 SH   DFND 12 41,903 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 5,012 323,988 SH   SOLE   323,988 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 764 49,400 SH Call DFND 1 49,400 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,714 110,800 SH Call DFND 2 110,800 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 965 62,400 SH Call DFND 3 62,400 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 616 39,800 SH Call DFND 5 39,800 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,784 115,300 SH Call DFND 6 115,300 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,017 130,400 SH Call DFND 7 130,400 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 729 47,100 SH Call DFND 8 47,100 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 4,755 307,400 SH Call DFND 10 307,400 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 993 64,200 SH Call DFND 11 64,200 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 814 52,600 SH Call DFND 12 52,600 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 319 20,600 SH Call SOLE   20,600 0 0
GENERAL MTRS CO COM 37045V100 703 21,103 SH   DFND 1 21,103 0 0
GENERAL MTRS CO COM 37045V100 1,576 47,314 SH   DFND 2 47,314 0 0
GENERAL MTRS CO COM 37045V100 878 26,369 SH   DFND 3 26,369 0 0
GENERAL MTRS CO COM 37045V100 694 20,833 SH   DFND 4 20,833 0 0
GENERAL MTRS CO COM 37045V100 570 17,117 SH   DFND 5 17,117 0 0
GENERAL MTRS CO COM 37045V100 1,649 49,509 SH   DFND 6 49,509 0 0
GENERAL MTRS CO COM 37045V100 1,888 56,680 SH   DFND 7 56,680 0 0
GENERAL MTRS CO COM 37045V100 765 22,981 SH   DFND 8 22,981 0 0
GENERAL MTRS CO COM 37045V100 4,879 146,471 SH   DFND 10 146,471 0 0
GENERAL MTRS CO COM 37045V100 1,057 31,725 SH   DFND 11 31,725 0 0
GENERAL MTRS CO COM 37045V100 751 22,560 SH   DFND 12 22,560 0 0
GENERAL MTRS CO COM 37045V100 4,575 137,338 SH   SOLE   137,338 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 654 26,378 SH   DFND 1 26,378 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,467 59,142 SH   DFND 2 59,142 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 817 32,962 SH   DFND 3 32,962 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 646 26,041 SH   DFND 4 26,041 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 531 21,397 SH   DFND 5 21,397 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,535 61,886 SH   DFND 6 61,886 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,757 70,850 SH   DFND 7 70,850 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 712 28,727 SH   DFND 8 28,727 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 4,541 183,090 SH   DFND 10 183,090 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 983 39,655 SH   DFND 11 39,655 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 699 28,200 SH   DFND 12 28,200 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 4,257 171,672 SH   SOLE   171,672 0 0
MBIA INC COM 55262C100 1,855 139,297 SH   DFND 1 139,297 0 0
MBIA INC COM 55262C100 4,165 312,671 SH   DFND 2 312,671 0 0
MBIA INC COM 55262C100 2,328 174,809 SH   DFND 3 174,809 0 0
MBIA INC COM 55262C100 2,039 153,062 SH   DFND 4 153,062 0 0
MBIA INC COM 55262C100 1,505 112,992 SH   DFND 5 112,992 0 0
MBIA INC COM 55262C100 4,393 329,769 SH   DFND 6 329,769 0 0
MBIA INC COM 55262C100 4,935 370,506 SH   DFND 7 370,506 0 0
MBIA INC COM 55262C100 1,717 128,895 SH   DFND 8 128,895 0 0
MBIA INC COM 55262C100 12,327 925,458 SH   DFND 10 925,458 0 0
MBIA INC COM 55262C100 2,817 211,516 SH   DFND 11 211,516 0 0
MBIA INC COM 55262C100 1,991 149,461 SH   DFND 12 149,461 0 0
MBIA INC COM 55262C100 11,996 900,603 SH   SOLE   900,603 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 839 22,408 SH   DFND 2 22,408 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 474 12,671 SH   DFND 3 12,671 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 457 12,195 SH   DFND 4 12,195 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 302 8,070 SH   DFND 5 8,070 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 861 22,995 SH   DFND 6 22,995 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 989 26,423 SH   DFND 7 26,423 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 356 9,498 SH   DFND 8 9,498 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 225 6,000 SH   DFND 9 6,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 2,330 62,246 SH   DFND 10 62,246 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 487 13,017 SH   DFND 11 13,017 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 398 10,631 SH   DFND 12 10,631 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 2,450 65,446 SH   SOLE   65,446 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 34,853 930,900 SH Call DFND 9 930,900 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 5,803 860,944 SH   DFND 9 860,944 0 0
PENNYMAC MTG INVT TR COM 70931T103 3,158 150,000 SH   DFND 9 150,000 0 0
PROSHARES TR PSHS ULT S&P 500 74347R107 38,365 500,000 SH Put DFND 9 500,000 0 0
QUICKSILVER RESOURCES INC COM 74837R104 30 17,985 SH   DFND 1 17,985 0 0
QUICKSILVER RESOURCES INC COM 74837R104 68 40,324 SH   DFND 2 40,324 0 0
QUICKSILVER RESOURCES INC COM 74837R104 38 22,474 SH   DFND 3 22,474 0 0
QUICKSILVER RESOURCES INC COM 74837R104 30 17,755 SH   DFND 4 17,755 0 0
QUICKSILVER RESOURCES INC COM 74837R104 71 42,195 SH   DFND 6 42,195 0 0
QUICKSILVER RESOURCES INC COM 74837R104 81 48,307 SH   DFND 7 48,307 0 0
QUICKSILVER RESOURCES INC COM 74837R104 33 19,586 SH   DFND 8 19,586 0 0
QUICKSILVER RESOURCES INC COM 74837R104 210 124,835 SH   DFND 10 124,835 0 0
QUICKSILVER RESOURCES INC COM 74837R104 45 27,038 SH   DFND 11 27,038 0 0
QUICKSILVER RESOURCES INC COM 74837R104 32 19,227 SH   DFND 12 19,227 0 0
QUICKSILVER RESOURCES INC COM 74837R104 184 109,437 SH   SOLE   109,437 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 6 300 SH   DFND 9 300 0 0
SOUTHWEST AIRLS CO COM 844741108 438 33,966 SH   DFND 1 33,966 0 0
SOUTHWEST AIRLS CO COM 844741108 977 75,779 SH   DFND 2 75,779 0 0
SOUTHWEST AIRLS CO COM 844741108 442 34,276 SH   DFND 3 34,276 0 0
SOUTHWEST AIRLS CO COM 844741108 441 34,216 SH   DFND 4 34,216 0 0
SOUTHWEST AIRLS CO COM 844741108 389 30,192 SH   DFND 5 30,192 0 0
SOUTHWEST AIRLS CO COM 844741108 1,233 95,693 SH   DFND 6 95,693 0 0
SOUTHWEST AIRLS CO COM 844741108 1,392 107,973 SH   DFND 7 107,973 0 0
SOUTHWEST AIRLS CO COM 844741108 484 37,533 SH   DFND 8 37,533 0 0
SOUTHWEST AIRLS CO COM 844741108 2,547 197,591 SH   DFND 10 197,591 0 0
SOUTHWEST AIRLS CO COM 844741108 566 43,892 SH   DFND 11 43,892 0 0
SOUTHWEST AIRLS CO COM 844741108 458 35,517 SH   DFND 12 35,517 0 0
SOUTHWEST AIRLS CO COM 844741108 3,524 273,372 SH   SOLE   273,372 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 160,420 1,000,000 SH Put DFND 9 1,000,000 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 482 52,254 SH   DFND 1 52,254 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 1,080 117,159 SH   DFND 2 117,159 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 602 65,297 SH   DFND 3 65,297 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 476 51,586 SH   DFND 4 51,586 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 391 42,387 SH   DFND 5 42,387 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 1,130 122,593 SH   DFND 6 122,593 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 1,294 140,352 SH   DFND 7 140,352 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 525 56,906 SH   DFND 8 56,906 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 3,344 362,693 SH   DFND 10 362,693 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 724 78,555 SH   DFND 11 78,555 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 3,136 340,077 SH   SOLE   340,077 0 0
YAHOO INC COM 984332106 1,005 40,000 SH   SOLE   40,000 0 0