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<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
	        <infoTable>
            <nameOfIssuer>3M CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>88579Y101</cusip>
            <value>10806</value>
            <shrsOrPrnAmt>
                <sshPrnamt>90500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>90500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>3M CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>88579Y101</cusip>
            <value>5493</value>
            <shrsOrPrnAmt>
                <sshPrnamt>46000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>46000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>002824100</cusip>
            <value>1791</value>
            <shrsOrPrnAmt>
                <sshPrnamt>53960</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>53960</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ABBVIE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>00287Y109</cusip>
            <value>9138</value>
            <shrsOrPrnAmt>
                <sshPrnamt>204300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>204300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ABBVIE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>00287Y109</cusip>
            <value>4137</value>
            <shrsOrPrnAmt>
                <sshPrnamt>92500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>92500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ACCRETIVE HEALTH INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>00438V103</cusip>
            <value>1581</value>
            <shrsOrPrnAmt>
                <sshPrnamt>173306</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>173306</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ADVANCED MICRO DEVICES</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>007903AL1</cusip>
            <value>1038</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1000000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1000000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AETNA INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>00817Y108</cusip>
            <value>3042</value>
            <shrsOrPrnAmt>
                <sshPrnamt>47509</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>47509</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AGILENT TECHNOLOGIES INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>00846U101</cusip>
            <value>3959</value>
            <shrsOrPrnAmt>
                <sshPrnamt>77249</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>77249</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AK STEEL HOLDING CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>001547108</cusip>
            <value>2222</value>
            <shrsOrPrnAmt>
                <sshPrnamt>592600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>592600</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ALLEGHENY TECHNOLOGIES</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>01741RAD4</cusip>
            <value>4158</value>
            <shrsOrPrnAmt>
                <sshPrnamt>4000000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>4000000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>020002101</cusip>
            <value>37158</value>
            <shrsOrPrnAmt>
                <sshPrnamt>735077</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>735077</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>020002101</cusip>
            <value>3033</value>
            <shrsOrPrnAmt>
                <sshPrnamt>60000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>60000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ALTISOURCE RESIDENTIAL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>02153W100</cusip>
            <value>11106</value>
            <shrsOrPrnAmt>
                <sshPrnamt>483300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>483300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>02209S103</cusip>
            <value>27724</value>
            <shrsOrPrnAmt>
                <sshPrnamt>807100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>807100</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>02209S103</cusip>
            <value>3071</value>
            <shrsOrPrnAmt>
                <sshPrnamt>89400</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>89400</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>023135106</cusip>
            <value>16226</value>
            <shrsOrPrnAmt>
                <sshPrnamt>51900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>51900</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>023135106</cusip>
            <value>8129</value>
            <shrsOrPrnAmt>
                <sshPrnamt>26000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>26000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN CAPITAL AGENCY CORP</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>02503X105</cusip>
            <value>162149</value>
            <shrsOrPrnAmt>
                <sshPrnamt>7181129</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>7181129</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN CAPITAL LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>02503Y103</cusip>
            <value>167796</value>
            <shrsOrPrnAmt>
                <sshPrnamt>12203314</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>12203314</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN CAPITAL MORTGAGE IN</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>02504A104</cusip>
            <value>101510</value>
            <shrsOrPrnAmt>
                <sshPrnamt>5134491</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>5134491</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>025816109</cusip>
            <value>19401</value>
            <shrsOrPrnAmt>
                <sshPrnamt>256900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>256900</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>025816109</cusip>
            <value>8292</value>
            <shrsOrPrnAmt>
                <sshPrnamt>109800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>109800</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>026874784</cusip>
            <value>30420</value>
            <shrsOrPrnAmt>
                <sshPrnamt>625551</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>625551</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>026874784</cusip>
            <value>8893</value>
            <shrsOrPrnAmt>
                <sshPrnamt>182900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>182900</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>026874784</cusip>
            <value>4434</value>
            <shrsOrPrnAmt>
                <sshPrnamt>91200</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>91200</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMERICAN REALTY CAP PROP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>02917TAA2</cusip>
            <value>13569</value>
            <shrsOrPrnAmt>
                <sshPrnamt>14303000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>14303000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMGEN INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>031162100</cusip>
            <value>16161</value>
            <shrsOrPrnAmt>
                <sshPrnamt>144400</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>144400</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMGEN INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>031162100</cusip>
            <value>5966</value>
            <shrsOrPrnAmt>
                <sshPrnamt>53300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>53300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>AMTRUST FINANCIAL SERVIC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>032359AC5</cusip>
            <value>42333</value>
            <shrsOrPrnAmt>
                <sshPrnamt>26900000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>26900000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>032511107</cusip>
            <value>28245</value>
            <shrsOrPrnAmt>
                <sshPrnamt>303751</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>303751</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>032511107</cusip>
            <value>55237</value>
            <shrsOrPrnAmt>
                <sshPrnamt>594000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>594000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ANDINA ACQUISITION CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G0440W100</cusip>
            <value>1178</value>
            <shrsOrPrnAmt>
                <sshPrnamt>116944</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>116944</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ANDINA ACQUISITION CORP</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>G0440W126</cusip>
            <value>177</value>
            <shrsOrPrnAmt>
                <sshPrnamt>295100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>295100</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ANNALY CAPITAL MANAGEMENT IN</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>035710409</cusip>
            <value>40787</value>
            <shrsOrPrnAmt>
                <sshPrnamt>3522200</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>3522200</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ANNALY CAPITAL MGMT</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>035710AB8</cusip>
            <value>193153</value>
            <shrsOrPrnAmt>
                <sshPrnamt>189597000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>99999999</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ANWORTH MORTGAGE ASSET CORP</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>037347101</cusip>
            <value>42125</value>
            <shrsOrPrnAmt>
                <sshPrnamt>8721711</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>8721711</Sole>
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            <None>0</None>
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            <nameOfIssuer>APACHE CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>037411105</cusip>
            <value>16057</value>
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                <sshPrnamt>188602</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>188602</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>APOLLO GROUP INC-CL A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>037604105</cusip>
            <value>2836</value>
            <shrsOrPrnAmt>
                <sshPrnamt>136273</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>136273</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>APOLLO INVESTMENT CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>03761U106</cusip>
            <value>8072</value>
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                <sshPrnamt>990366</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>990366</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>APOLLO RESIDENTIAL MORTGAGE</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>03763V102</cusip>
            <value>38237</value>
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                <sshPrnamt>2620734</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>2620734</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>APPLE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
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            <value>43358</value>
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                <sshPrnamt>90943</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>90943</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>APPLE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>037833100</cusip>
            <value>138165</value>
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                <sshPrnamt>289800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>289800</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>APPLE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
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            <value>94732</value>
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                <sshPrnamt>198700</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>198700</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>AQUASITION CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>Y0192H103</cusip>
            <value>2507</value>
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                <sshPrnamt>249900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <value>76</value>
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                <sshPrnamt>300000</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>300000</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ARDMORE SHIPPING CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>Y0207T100</cusip>
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                <sshPrnamt>400000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>400000</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ARES CAPITAL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>04010L103</cusip>
            <value>9138</value>
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                <sshPrnamt>528468</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>528468</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ARES CAPITAL CORP</nameOfIssuer>
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            <cusip>04010LAB9</cusip>
            <value>1073</value>
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                <sshPrnamt>1000000</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ARES CAPITAL CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>04010LAD5</cusip>
            <value>6882</value>
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                <sshPrnamt>6500000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ARMOUR RESIDENTIAL REIT INC</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>042315101</cusip>
            <value>79265</value>
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                <sshPrnamt>18872642</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <titleOfClass>WRT</titleOfClass>
            <cusip>042315119</cusip>
            <value>15</value>
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                <sshPrnamt>5036672</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>AT&amp;T INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>00206R102</cusip>
            <value>9175</value>
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                <sshPrnamt>271277</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>271277</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>AT&amp;T INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>00206R102</cusip>
            <value>26481</value>
            <shrsOrPrnAmt>
                <sshPrnamt>783000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>AT&amp;T INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>00206R102</cusip>
            <value>13469</value>
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                <sshPrnamt>398300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ATLAS FINANCIAL HOLDINGS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G06207115</cusip>
            <value>432</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>AUTODESK INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>052769106</cusip>
            <value>6215</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>AXOGEN INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>05463X106</cusip>
            <value>2145</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BAIDU INC - SPON ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>056752108</cusip>
            <value>1552</value>
            <shrsOrPrnAmt>
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                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <nameOfIssuer>BALTIC TRADING LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>Y0553W103</cusip>
            <value>2263</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>060505104</cusip>
            <value>31403</value>
            <shrsOrPrnAmt>
                <sshPrnamt>2275662</sshPrnamt>
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            </votingAuthority>
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            <titleOfClass>COM</titleOfClass>
            <cusip>060505104</cusip>
            <value>27465</value>
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            <titleOfClass>COM</titleOfClass>
            <cusip>060505104</cusip>
            <value>16443</value>
            <shrsOrPrnAmt>
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            <titleOfClass>COM</titleOfClass>
            <cusip>063671101</cusip>
            <value>21487</value>
            <shrsOrPrnAmt>
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            <titleOfClass>COM</titleOfClass>
            <cusip>064149107</cusip>
            <value>9588</value>
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            <putCall>Put</putCall>
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            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
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            <nameOfIssuer>BARNES GROUP INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>067806AD1</cusip>
            <value>3726</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <nameOfIssuer>BEAZER HOMES USA INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>07556Q881</cusip>
            <value>15250</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>847247</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BELO CORPORATION-A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>080555105</cusip>
            <value>36249</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BERKSHIRE HATHAWAY INC-CL B</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>084670702</cusip>
            <value>2267</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>19974</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>BERKSHIRE HATHAWAY INC-CL B</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>084670702</cusip>
            <value>21409</value>
            <shrsOrPrnAmt>
                <sshPrnamt>188600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>188600</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>BERKSHIRE HATHAWAY INC-CL B</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>084670702</cusip>
            <value>9150</value>
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                <sshPrnamt>80600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>BGS ACQUISITION CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G1082J100</cusip>
            <value>4106</value>
            <shrsOrPrnAmt>
                <sshPrnamt>411500</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>BGS ACQUISITION CORP</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>G1082J118</cusip>
            <value>144</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>686980</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>BIOAMBER INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>09072Q106</cusip>
            <value>4117</value>
            <shrsOrPrnAmt>
                <sshPrnamt>840151</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <nameOfIssuer>BIOAMBER INC</nameOfIssuer>
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            <cusip>09072Q114</cusip>
            <value>430</value>
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                <sshPrnamt>537800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>537800</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>BIOTELEMETRY INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>090672106</cusip>
            <value>1020</value>
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                <sshPrnamt>102896</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>102896</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BLACKBERRY LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>09228F103</cusip>
            <value>794</value>
            <shrsOrPrnAmt>
                <sshPrnamt>100000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>100000</Sole>
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            <None>0</None>
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        </infoTable>
        <infoTable>
            <nameOfIssuer>BLACKROCK CORPORATE HY FD 5</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>09255N102</cusip>
            <value>4567</value>
            <shrsOrPrnAmt>
                <sshPrnamt>376833</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>376833</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>BLACKROCK CORPORATE HY FD VI</nameOfIssuer>
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            <cusip>09255P107</cusip>
            <value>5075</value>
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                <sshPrnamt>431592</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>431592</Sole>
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            <None>0</None>
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            <nameOfIssuer>BLACKROCK HIGH INCOME SHARES</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>09250E107</cusip>
            <value>115</value>
            <shrsOrPrnAmt>
                <sshPrnamt>55431</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>55431</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BLACKROCK MUNI INTERM DURATI</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>09253X102</cusip>
            <value>226</value>
            <shrsOrPrnAmt>
                <sshPrnamt>15884</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>BLUCORA INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>095229100</cusip>
            <value>1358</value>
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                <sshPrnamt>59100</sshPrnamt>
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            <Sole>59100</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BOEING CO/THE</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>097023105</cusip>
            <value>13677</value>
            <shrsOrPrnAmt>
                <sshPrnamt>116400</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
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            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>116400</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>BOEING CO/THE</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>097023105</cusip>
            <value>5511</value>
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                <sshPrnamt>46900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>46900</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BOISE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>09746Y105</cusip>
            <value>11044</value>
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                <sshPrnamt>876490</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>876490</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>110122108</cusip>
            <value>8289</value>
            <shrsOrPrnAmt>
                <sshPrnamt>179100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
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        </infoTable>
        <infoTable>
            <nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>110122108</cusip>
            <value>3332</value>
            <shrsOrPrnAmt>
                <sshPrnamt>72000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>72000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>BROADSOFT INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>11133B409</cusip>
            <value>1929</value>
            <shrsOrPrnAmt>
                <sshPrnamt>53445</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>53445</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>BROOKDALE SENIOR LIVING INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>112463104</cusip>
            <value>942</value>
            <shrsOrPrnAmt>
                <sshPrnamt>35800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>127097103</cusip>
            <value>7241</value>
            <shrsOrPrnAmt>
                <sshPrnamt>194012</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>194012</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>CALLIDUS SOFTWARE INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>13123EAB0</cusip>
            <value>190</value>
            <shrsOrPrnAmt>
                <sshPrnamt>150000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>CAN IMPERIAL BK OF COMMERCE</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>136069101</cusip>
            <value>25643</value>
            <shrsOrPrnAmt>
                <sshPrnamt>312500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
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            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>CANADIAN SOLAR INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>136635109</cusip>
            <value>2092</value>
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                <sshPrnamt>123104</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CAPITOL ACQUISITION CORP II</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>14056V105</cusip>
            <value>17093</value>
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                <sshPrnamt>1780495</sshPrnamt>
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            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>CAPITOL ACQUISITION CORP II</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>14056V113</cusip>
            <value>540</value>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>CATAMARAN CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>148887102</cusip>
            <value>2987</value>
            <shrsOrPrnAmt>
                <sshPrnamt>65011</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            </votingAuthority>
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            <nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>149123101</cusip>
            <value>2085</value>
            <shrsOrPrnAmt>
                <sshPrnamt>25000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <votingAuthority>
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            <None>0</None>
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            <nameOfIssuer>CEMEX SAB-SPONS ADR PART CER</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>151290889</cusip>
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        <infoTable>
            <nameOfIssuer>CHANGYOU.COM LTD-ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>15911M107</cusip>
            <value>984</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>CHART ACQUISITION CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>161151105</cusip>
            <value>1477</value>
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        <infoTable>
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            <value>85</value>
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            <titleOfClass>COM</titleOfClass>
            <cusip>16115Q308</cusip>
            <value>12196</value>
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            <nameOfIssuer>CHEMED CORP</nameOfIssuer>
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            <value>6266</value>
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        </infoTable>
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            <nameOfIssuer>CHESAPEAKE ENERGY CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>165167107</cusip>
            <value>7516</value>
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                <sshPrnamt>290390</sshPrnamt>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CHEVRON CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
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                <sshPrnamt>82334</sshPrnamt>
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            </votingAuthority>
        </infoTable>
        <infoTable>
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            <titleOfClass>COM</titleOfClass>
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            <value>28918</value>
            <shrsOrPrnAmt>
                <sshPrnamt>238000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
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            <titleOfClass>COM</titleOfClass>
            <cusip>166764100</cusip>
            <value>13803</value>
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            <putCall>Put</putCall>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CHIMERA INVESTMENT CORP</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>16934Q109</cusip>
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            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>CHINA LIFE INSURANCE CO-ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>16939P106</cusip>
            <value>1943</value>
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                <sshPrnamtType>SH</sshPrnamtType>
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            <otherManager>none</otherManager>
            <votingAuthority>
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            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CHINA MOBILE LTD-SPON ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>16941M109</cusip>
            <value>11287</value>
            <shrsOrPrnAmt>
                <sshPrnamt>200000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
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            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CHINA MOBILE LTD-SPON ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>16941M109</cusip>
            <value>11287</value>
            <shrsOrPrnAmt>
                <sshPrnamt>200000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>200000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>CHINA UNICOM HONG KONG-ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>16945R104</cusip>
            <value>7711</value>
            <shrsOrPrnAmt>
                <sshPrnamt>500000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CHINA XD PLASTICS CO LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>16948F107</cusip>
            <value>60</value>
            <shrsOrPrnAmt>
                <sshPrnamt>13000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>13000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CIENA CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>171779309</cusip>
            <value>1256</value>
            <shrsOrPrnAmt>
                <sshPrnamt>50211</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>50211</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CIENA CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>171779AK7</cusip>
            <value>19915</value>
            <shrsOrPrnAmt>
                <sshPrnamt>13200000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>13200000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CIS ACQUISITION LTD-CLASS A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G21490209</cusip>
            <value>3838</value>
            <shrsOrPrnAmt>
                <sshPrnamt>380000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>380000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CIS ACQUISITION LTD-CLASS A</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>G21490118</cusip>
            <value>272</value>
            <shrsOrPrnAmt>
                <sshPrnamt>774600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>774600</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>17275R102</cusip>
            <value>31718</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1353700</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1353700</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>17275R102</cusip>
            <value>9098</value>
            <shrsOrPrnAmt>
                <sshPrnamt>388300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>388300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>172967424</cusip>
            <value>25422</value>
            <shrsOrPrnAmt>
                <sshPrnamt>524034</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>524034</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>172967424</cusip>
            <value>24026</value>
            <shrsOrPrnAmt>
                <sshPrnamt>495300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>495300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>172967424</cusip>
            <value>14679</value>
            <shrsOrPrnAmt>
                <sshPrnamt>302600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>302600</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CME GROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>12572Q105</cusip>
            <value>19584</value>
            <shrsOrPrnAmt>
                <sshPrnamt>265080</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>265080</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CMS ENERGY CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>125896BD1</cusip>
            <value>32347</value>
            <shrsOrPrnAmt>
                <sshPrnamt>16685000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>16685000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CNOOC LTD-ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>126132109</cusip>
            <value>1009</value>
            <shrsOrPrnAmt>
                <sshPrnamt>5000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>5000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COBALT INTERNATIONAL ENERGY</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>19075F106</cusip>
            <value>16134</value>
            <shrsOrPrnAmt>
                <sshPrnamt>648960</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>648960</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COBALT INTERNATIONAL ENERGY</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>19075F106</cusip>
            <value>7458</value>
            <shrsOrPrnAmt>
                <sshPrnamt>300000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COBALT INTERNATIONAL ENERGY</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>19075F106</cusip>
            <value>7458</value>
            <shrsOrPrnAmt>
                <sshPrnamt>300000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>300000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COCA-COLA CO/THE</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>191216100</cusip>
            <value>77162</value>
            <shrsOrPrnAmt>
                <sshPrnamt>2037000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>2037000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COCA-COLA CO/THE</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>191216100</cusip>
            <value>16811</value>
            <shrsOrPrnAmt>
                <sshPrnamt>443800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>443800</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COGNIZANT TECH SOLUTIONS-A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>192446102</cusip>
            <value>5734</value>
            <shrsOrPrnAmt>
                <sshPrnamt>69824</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>69824</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COLLABRIUM JAPAN ACQUISITION</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G2266G102</cusip>
            <value>3518</value>
            <shrsOrPrnAmt>
                <sshPrnamt>350011</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>350011</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COLLABRIUM JAPAN ACQUISITION</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>G2266G110</cusip>
            <value>98</value>
            <shrsOrPrnAmt>
                <sshPrnamt>350000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>350000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COLONY FINANCIAL INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>19624RAA4</cusip>
            <value>10329</value>
            <shrsOrPrnAmt>
                <sshPrnamt>10000000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>10000000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COMCAST CORP-CLASS A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>20030N101</cusip>
            <value>15642</value>
            <shrsOrPrnAmt>
                <sshPrnamt>346700</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>346700</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COMCAST CORP-CLASS A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>20030N101</cusip>
            <value>8573</value>
            <shrsOrPrnAmt>
                <sshPrnamt>190000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>190000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>COMMUNITY HEALTH SYSTEMS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>203668108</cusip>
            <value>3070</value>
            <shrsOrPrnAmt>
                <sshPrnamt>73993</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>73993</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>20825C104</cusip>
            <value>24858</value>
            <shrsOrPrnAmt>
                <sshPrnamt>357600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>357600</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>20825C104</cusip>
            <value>4978</value>
            <shrsOrPrnAmt>
                <sshPrnamt>71600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>71600</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CONSTANT CONTACT INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>210313102</cusip>
            <value>2421</value>
            <shrsOrPrnAmt>
                <sshPrnamt>102226</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>102226</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>CRUMBS BAKE SHOP INC</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>228803110</cusip>
            <value>11</value>
            <shrsOrPrnAmt>
                <sshPrnamt>95609</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>95609</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CVS CAREMARK CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>126650100</cusip>
            <value>897</value>
            <shrsOrPrnAmt>
                <sshPrnamt>15814</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>15814</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CVS CAREMARK CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>126650100</cusip>
            <value>14204</value>
            <shrsOrPrnAmt>
                <sshPrnamt>250300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>250300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CVS CAREMARK CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>126650100</cusip>
            <value>4160</value>
            <shrsOrPrnAmt>
                <sshPrnamt>73300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>73300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>DEL FRISCO'S RESTAURANT GROU</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>245077102</cusip>
            <value>6879</value>
            <shrsOrPrnAmt>
                <sshPrnamt>341364</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>341364</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>DENALI FUND/THE</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>24823A102</cusip>
            <value>497</value>
            <shrsOrPrnAmt>
                <sshPrnamt>26099</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>26099</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>DFC GLOBAL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>23324T107</cusip>
            <value>1550</value>
            <shrsOrPrnAmt>
                <sshPrnamt>141000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>141000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>DIREXION DAILY FIN BULL 3X</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>25459Y694</cusip>
            <value>1788</value>
            <shrsOrPrnAmt>
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                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>26000</Sole>
            <Shared>0</Shared>
            <None>0</None>
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            <nameOfIssuer>DIREXION DAILY FIN BULL 3X</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>25459Y694</cusip>
            <value>10460</value>
            <shrsOrPrnAmt>
                <sshPrnamt>152100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>152100</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>DISCOVER FINANCIAL SERVICES</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>254709108</cusip>
            <value>16217</value>
            <shrsOrPrnAmt>
                <sshPrnamt>320867</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>320867</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>DOLE FOOD CO INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>256603101</cusip>
            <value>40938</value>
            <shrsOrPrnAmt>
                <sshPrnamt>3005702</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>3005702</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>DRESSER-RAND GROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>261608103</cusip>
            <value>11345</value>
            <shrsOrPrnAmt>
                <sshPrnamt>181824</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>181824</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>DRIL-QUIP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>262037104</cusip>
            <value>9273</value>
            <shrsOrPrnAmt>
                <sshPrnamt>80811</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>80811</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>EATON VANCE NATIONAL MUNICIP</nameOfIssuer>
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            <cusip>27829L105</cusip>
            <value>188</value>
            <shrsOrPrnAmt>
                <sshPrnamt>10000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>10000</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>EBAY INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>278642103</cusip>
            <value>30932</value>
            <shrsOrPrnAmt>
                <sshPrnamt>554382</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>554382</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>EBAY INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>278642103</cusip>
            <value>771</value>
            <shrsOrPrnAmt>
                <sshPrnamt>13800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>13800</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>EBAY INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>278642103</cusip>
            <value>257</value>
            <shrsOrPrnAmt>
                <sshPrnamt>4600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>4600</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ECOTALITY INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>27922202</cusip>
            <value>75</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1000000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1000000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>EDGEN GROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>28014Q107</cusip>
            <value>1069</value>
            <shrsOrPrnAmt>
                <sshPrnamt>140636</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>140636</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>EINSTEIN NOAH RESTAURANT GRO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>28257U104</cusip>
            <value>731</value>
            <shrsOrPrnAmt>
                <sshPrnamt>42188</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>42188</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ELLINGTON RESIDENTIAL MORTGA</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>288578107</cusip>
            <value>7664</value>
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                <sshPrnamt>498658</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>498658</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>EMERALD OIL INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>29101U209</cusip>
            <value>954</value>
            <shrsOrPrnAmt>
                <sshPrnamt>132648</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>132648</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>EMERITUS CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>291005106</cusip>
            <value>2057</value>
            <shrsOrPrnAmt>
                <sshPrnamt>110991</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>110991</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ENDURANCE SPECIALTY HOLDINGS</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G30397106</cusip>
            <value>6618</value>
            <shrsOrPrnAmt>
                <sshPrnamt>123185</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>123185</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ENVISION HEALTHCARE HOLDINGS</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>29413U103</cusip>
            <value>3384</value>
            <shrsOrPrnAmt>
                <sshPrnamt>130001</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>130001</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>EVEREST RE GROUP LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G3223R108</cusip>
            <value>9917</value>
            <shrsOrPrnAmt>
                <sshPrnamt>68198</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>68198</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>EVERTEC INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>30040P103</cusip>
            <value>34040</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1532674</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1532674</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>EVERYWARE GLOBAL INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>300439106</cusip>
            <value>526</value>
            <shrsOrPrnAmt>
                <sshPrnamt>46192</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>46192</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>EXPEDIA INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>30212P303</cusip>
            <value>5374</value>
            <shrsOrPrnAmt>
                <sshPrnamt>103724</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>103724</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>EXPRESS SCRIPTS HOLDING CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>30219G108</cusip>
            <value>2054</value>
            <shrsOrPrnAmt>
                <sshPrnamt>33236</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>33236</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>30231G102</cusip>
            <value>17208</value>
            <shrsOrPrnAmt>
                <sshPrnamt>200001</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>30231G102</cusip>
            <value>55668</value>
            <shrsOrPrnAmt>
                <sshPrnamt>647000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>30231G102</cusip>
            <value>28306</value>
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                <sshPrnamt>329000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>329000</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>FACEBOOK INC-A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>30303M102</cusip>
            <value>18952</value>
            <shrsOrPrnAmt>
                <sshPrnamt>377301</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>FEDERATED PREMIER INT MUNI</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>31423M105</cusip>
            <value>166</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>13345</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>FIDELITY NATIONAL FINL-A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>31620R105</cusip>
            <value>891</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>33500</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>FIFTH STREET FINANCE CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>31678A103</cusip>
            <value>590</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>FINANCIAL SELECT SECTOR SPDR</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>81369Y605</cusip>
            <value>98578</value>
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                <sshPrnamt>4952400</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>FIRST REPUBLIC BANK/CA</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>33616C100</cusip>
            <value>3912</value>
            <shrsOrPrnAmt>
                <sshPrnamt>83931</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>FIRST TRUST HIGH INCOME LONG</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>33738E109</cusip>
            <value>5397</value>
            <shrsOrPrnAmt>
                <sshPrnamt>307720</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>FIRST TRUST STRAT HIGH INC 2</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>337353304</cusip>
            <value>3021</value>
            <shrsOrPrnAmt>
                <sshPrnamt>189890</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>FLOW INTL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>343468104</cusip>
            <value>3991</value>
            <shrsOrPrnAmt>
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                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1000000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>345370860</cusip>
            <value>810</value>
            <shrsOrPrnAmt>
                <sshPrnamt>48000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>48000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>345370860</cusip>
            <value>924</value>
            <shrsOrPrnAmt>
                <sshPrnamt>54800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>54800</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>FORTINET INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>34959E109</cusip>
            <value>2868</value>
            <shrsOrPrnAmt>
                <sshPrnamt>141585</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>141585</Sole>
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            <value>285</value>
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            <nameOfIssuer>INFINITY CROSS BORDER ACQUIS</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G4772R101</cusip>
            <value>2460</value>
            <shrsOrPrnAmt>
                <sshPrnamt>315000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>315000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INFINITY CROSS BORDER ACQUIS</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>G4772R119</cusip>
            <value>204</value>
            <shrsOrPrnAmt>
                <sshPrnamt>315000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>315000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INFORMATICA CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>45666Q102</cusip>
            <value>5035</value>
            <shrsOrPrnAmt>
                <sshPrnamt>129193</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>129193</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INLAND REAL ESTATE CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>457461AC5</cusip>
            <value>6239</value>
            <shrsOrPrnAmt>
                <sshPrnamt>5844000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>5844000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INTEL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>458140100</cusip>
            <value>867</value>
            <shrsOrPrnAmt>
                <sshPrnamt>37847</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>37847</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INTEL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>458140100</cusip>
            <value>20915</value>
            <shrsOrPrnAmt>
                <sshPrnamt>912500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>912500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INTEL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>458140100</cusip>
            <value>12876</value>
            <shrsOrPrnAmt>
                <sshPrnamt>561800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>561800</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INTL BUSINESS MACHINES CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>459200101</cusip>
            <value>8626</value>
            <shrsOrPrnAmt>
                <sshPrnamt>46582</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>46582</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INTL BUSINESS MACHINES CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>459200101</cusip>
            <value>35720</value>
            <shrsOrPrnAmt>
                <sshPrnamt>192900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>192900</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INTL BUSINESS MACHINES CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>459200101</cusip>
            <value>21981</value>
            <shrsOrPrnAmt>
                <sshPrnamt>118700</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>118700</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INVESCO QUALITY MUNI INC TR</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>46133G107</cusip>
            <value>258</value>
            <shrsOrPrnAmt>
                <sshPrnamt>22300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>22300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>INVESTMENT TECHNOLOGY GROUP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>46145F105</cusip>
            <value>3930</value>
            <shrsOrPrnAmt>
                <sshPrnamt>250000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>250000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>IPATH S&amp;P 500 VIX S/T FU ETN</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>06740C188</cusip>
            <value>4409</value>
            <shrsOrPrnAmt>
                <sshPrnamt>300000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>IPATH S&amp;P 500 VIX S/T FU ETN</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>06740C188</cusip>
            <value>10289</value>
            <shrsOrPrnAmt>
                <sshPrnamt>700000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>700000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>IRON MOUNTAIN INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>462846106</cusip>
            <value>12699</value>
            <shrsOrPrnAmt>
                <sshPrnamt>470000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>470000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ISHARES CHINA LARGE-CAP ETF</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>464287184</cusip>
            <value>37080</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1000000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1000000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ISHARES IBOXX HIGH YIELD COR</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>464288513</cusip>
            <value>65125</value>
            <shrsOrPrnAmt>
                <sshPrnamt>711121</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>ISHARES IBOXX HIGH YIELD COR</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>464288513</cusip>
            <value>18316</value>
            <shrsOrPrnAmt>
                <sshPrnamt>200000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
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            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ISHARES IBOXX HIGH YIELD COR</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>464288513</cusip>
            <value>201476</value>
            <shrsOrPrnAmt>
                <sshPrnamt>2200000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
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            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>ISHARES MSCI EAFE ETF</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>464287465</cusip>
            <value>78431</value>
            <shrsOrPrnAmt>
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                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1229300</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ISHARES MSCI EAFE ETF</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>464287465</cusip>
            <value>105394</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1651900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1651900</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ISHARES MSCI EAFE ETF</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>464287465</cusip>
            <value>5104</value>
            <shrsOrPrnAmt>
                <sshPrnamt>80000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>80000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ISHARES RUSSELL 2000 ETF</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>464287655</cusip>
            <value>79959</value>
            <shrsOrPrnAmt>
                <sshPrnamt>750000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>750000</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ISOFTSTONE HOLDINGS LTD-ADS</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>46489B108</cusip>
            <value>1427</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>J.C. PENNEY CO INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>708160106</cusip>
            <value>1761</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>200000</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>JANUS CAPITAL GROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>47102X105</cusip>
            <value>2127</value>
            <shrsOrPrnAmt>
                <sshPrnamt>250000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
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            <cusip>478160104</cusip>
            <value>12890</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>478160104</cusip>
            <value>62773</value>
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                <sshPrnamt>724100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>478160104</cusip>
            <value>27715</value>
            <shrsOrPrnAmt>
                <sshPrnamt>319700</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>319700</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>46625H100</cusip>
            <value>7158</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>46625H100</cusip>
            <value>59574</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1152500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1152500</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>46625H100</cusip>
            <value>19601</value>
            <shrsOrPrnAmt>
                <sshPrnamt>379200</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>379200</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>JUNIPER NETWORKS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>48203R104</cusip>
            <value>4182</value>
            <shrsOrPrnAmt>
                <sshPrnamt>210558</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>210558</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>KENNEDY-WILSON HOLDINGS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>489398107</cusip>
            <value>4093</value>
            <shrsOrPrnAmt>
                <sshPrnamt>220597</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>220597</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>KEY ENERGY SERVICES INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>492914106</cusip>
            <value>2566</value>
            <shrsOrPrnAmt>
                <sshPrnamt>351990</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>351990</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>KINDRED HEALTHCARE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>494580103</cusip>
            <value>3067</value>
            <shrsOrPrnAmt>
                <sshPrnamt>228378</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>228378</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>KNIGHT CAPITAL GROUP INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>499005AE6</cusip>
            <value>68414</value>
            <shrsOrPrnAmt>
                <sshPrnamt>68500000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>68500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>KOSMOS ENERGY LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G5315B107</cusip>
            <value>8928</value>
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                <sshPrnamt>868558</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>868558</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>L-3 COMMS HLDGS INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>502413AW7</cusip>
            <value>9821</value>
            <shrsOrPrnAmt>
                <sshPrnamt>9000000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>9000000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>LAREDO PETROLEUM HOLDINGS IN</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>516806106</cusip>
            <value>1658</value>
            <shrsOrPrnAmt>
                <sshPrnamt>55851</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>55851</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>LAS VEGAS SANDS CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>517834107</cusip>
            <value>1262</value>
            <shrsOrPrnAmt>
                <sshPrnamt>19000</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>19000</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>LDK SOLAR CO LTD -ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>50183L107</cusip>
            <value>1930</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1000000</sshPrnamt>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1000000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>LIBERTY INTERACTIVE LLC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>530715AN1</cusip>
            <value>25629</value>
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                <sshPrnamt>49764000</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>49764000</Sole>
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            <None>0</None>
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            <nameOfIssuer>LIFEPOINT HOSPITALS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>53219L109</cusip>
            <value>2098</value>
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                <sshPrnamt>45000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>45000</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>LINCOLN NATIONAL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>534187109</cusip>
            <value>9806</value>
            <shrsOrPrnAmt>
                <sshPrnamt>233529</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>233529</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>LINKEDIN CORP - A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>53578A108</cusip>
            <value>11072</value>
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                <sshPrnamt>45000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>45000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>MACQUARIE GLOBAL INFR TOT RT</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>55608D101</cusip>
            <value>244</value>
            <shrsOrPrnAmt>
                <sshPrnamt>11302</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>11302</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>MANAGED HI YLD PLUS FUND INC</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>561911108</cusip>
            <value>849</value>
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                <sshPrnamt>424527</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>424527</Sole>
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            <None>0</None>
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            <nameOfIssuer>MARIN SOFTWARE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>56804T106</cusip>
            <value>870</value>
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                <sshPrnamt>69337</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>69337</Sole>
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            <None>0</None>
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            <nameOfIssuer>MARKET VECTORS GOLD MINERS</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>57060U100</cusip>
            <value>1251</value>
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                <sshPrnamt>50000</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
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            <nameOfIssuer>MARKET VECTORS GOLD MINERS</nameOfIssuer>
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            <cusip>57060U100</cusip>
            <value>1251</value>
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                <sshPrnamt>50000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
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            <nameOfIssuer>MARKETO INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>57063L107</cusip>
            <value>1984</value>
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                <sshPrnamt>62244</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>MCDONALD'S CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>580135101</cusip>
            <value>3035</value>
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                <sshPrnamt>31548</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <nameOfIssuer>MCDONALD'S CORP</nameOfIssuer>
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            <cusip>580135101</cusip>
            <value>15730</value>
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                <sshPrnamtType>SH</sshPrnamtType>
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            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
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            <nameOfIssuer>MCDONALD'S CORP</nameOfIssuer>
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                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
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            <titleOfClass>COM</titleOfClass>
            <cusip>552676108</cusip>
            <value>10333</value>
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            <nameOfIssuer>MEDIVATION INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>58501N101</cusip>
            <value>701</value>
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            <nameOfIssuer>MEDNAX INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>58502B106</cusip>
            <value>1545</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <nameOfIssuer>MEDTRONIC INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>585055106</cusip>
            <value>3291</value>
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            <nameOfIssuer>MELCO CROWN ENTERTAINME-ADR</nameOfIssuer>
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            <cusip>585464100</cusip>
            <value>1601</value>
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            <nameOfIssuer>MELCO CROWN ENTERTAINME-ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
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            <value>270</value>
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        <infoTable>
            <nameOfIssuer>MERCK &amp; CO. INC.</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>58933Y105</cusip>
            <value>30398</value>
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        <infoTable>
            <nameOfIssuer>MERCK &amp; CO. INC.</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>58933Y105</cusip>
            <value>10555</value>
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            <titleOfClass>COM</titleOfClass>
            <cusip>589499102</cusip>
            <value>853</value>
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            <nameOfIssuer>MFS INVESTMENT GRADE MUNICIP</nameOfIssuer>
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            <cusip>59318B108</cusip>
            <value>180</value>
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            <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>594918104</cusip>
            <value>37174</value>
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            <nameOfIssuer>MICROSTRATEGY INC-CL A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
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            <value>4002</value>
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            <nameOfIssuer>MIX TELEMATICS LTD-ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>60688N102</cusip>
            <value>2220</value>
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            <nameOfIssuer>MORGAN STANLEY EAST EUROPE</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>616988101</cusip>
            <value>619</value>
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            <None>0</None>
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            <nameOfIssuer>MORGANS HOTEL GROUP CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>61748W108</cusip>
            <value>15493</value>
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            <nameOfIssuer>NETAPP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
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            </votingAuthority>
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            <value>2841</value>
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                <sshPrnamt>217598</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>217598</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NEW ORIENTAL EDUCATIO-SP ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>647581107</cusip>
            <value>770</value>
            <shrsOrPrnAmt>
                <sshPrnamt>30900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>30900</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NEW RESIDENTIAL INVESTMENT</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>64828T102</cusip>
            <value>55225</value>
            <shrsOrPrnAmt>
                <sshPrnamt>8342222</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>8342222</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NEWCASTLE INVESTMENT CORP</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>65105M108</cusip>
            <value>9743</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1733655</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1733655</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>655044105</cusip>
            <value>5086</value>
            <shrsOrPrnAmt>
                <sshPrnamt>75903</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>75903</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NOVELLUS SYSTEMS INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>670008AD3</cusip>
            <value>7944</value>
            <shrsOrPrnAmt>
                <sshPrnamt>5000000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>5000000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NQ MOBILE INC - ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>64118U108</cusip>
            <value>923</value>
            <shrsOrPrnAmt>
                <sshPrnamt>42380</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>42380</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NQ MOBILE INC - ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>64118U108</cusip>
            <value>436</value>
            <shrsOrPrnAmt>
                <sshPrnamt>20000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>20000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NUANCE COMMUNICATIONS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>67020Y100</cusip>
            <value>1300</value>
            <shrsOrPrnAmt>
                <sshPrnamt>69600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>69600</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NUVEEN DIVIDEND ADV MUNI 3</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>67070X101</cusip>
            <value>140</value>
            <shrsOrPrnAmt>
                <sshPrnamt>11000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>11000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NUVEEN MD PREMIUM INC MUNI</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>67061Q107</cusip>
            <value>174</value>
            <shrsOrPrnAmt>
                <sshPrnamt>14350</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>14350</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NUVEEN MORTGAGE OPPORTUNITY</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>670735109</cusip>
            <value>10882</value>
            <shrsOrPrnAmt>
                <sshPrnamt>458000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>458000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NUVEEN MTG OPPORT TERM FUND</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>67074R100</cusip>
            <value>3337</value>
            <shrsOrPrnAmt>
                <sshPrnamt>139000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>139000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NUVEEN MUNI ADVANTAGE FUND</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>67062H106</cusip>
            <value>173</value>
            <shrsOrPrnAmt>
                <sshPrnamt>13800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>13800</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NUVEEN QUALITY INCOME MUNI</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>670977107</cusip>
            <value>212</value>
            <shrsOrPrnAmt>
                <sshPrnamt>16900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>16900</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>NUVEEN SELECT QUALTY MUNI FD</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>670973106</cusip>
            <value>326</value>
            <shrsOrPrnAmt>
                <sshPrnamt>25700</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>25700</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>674599105</cusip>
            <value>9830</value>
            <shrsOrPrnAmt>
                <sshPrnamt>105100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>105100</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>674599105</cusip>
            <value>4443</value>
            <shrsOrPrnAmt>
                <sshPrnamt>47500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>47500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>OCWEN FINANCIAL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>675746309</cusip>
            <value>143460</value>
            <shrsOrPrnAmt>
                <sshPrnamt>2572345</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>2572345</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>OFFICE DEPOT INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>676220106</cusip>
            <value>63596</value>
            <shrsOrPrnAmt>
                <sshPrnamt>13167069</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>13167069</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>OFS CAPITAL CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>67103B100</cusip>
            <value>1444</value>
            <shrsOrPrnAmt>
                <sshPrnamt>114098</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>114098</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>OMNICARE INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>681904AP3</cusip>
            <value>10576</value>
            <shrsOrPrnAmt>
                <sshPrnamt>7500000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>7500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ORACLE CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>68389X105</cusip>
            <value>14628</value>
            <shrsOrPrnAmt>
                <sshPrnamt>441000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>441000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ORACLE CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>68389X105</cusip>
            <value>7077</value>
            <shrsOrPrnAmt>
                <sshPrnamt>213400</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>213400</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PARAGON SHIPPING INC-CLASS A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>69913R408</cusip>
            <value>2514</value>
            <shrsOrPrnAmt>
                <sshPrnamt>435000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>435000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PARKERVISION INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>701354102</cusip>
            <value>119</value>
            <shrsOrPrnAmt>
                <sshPrnamt>35500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>35500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PENNYMAC FINANCIAL SERVICE-A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>70932B101</cusip>
            <value>921</value>
            <shrsOrPrnAmt>
                <sshPrnamt>49075</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>49075</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PENNYMAC MORTGAGE INVESTMENT</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>70931T103</cusip>
            <value>36471</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1608045</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1608045</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PEPSICO INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>713448108</cusip>
            <value>7295</value>
            <shrsOrPrnAmt>
                <sshPrnamt>91759</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>91759</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PEPSICO INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>713448108</cusip>
            <value>22754</value>
            <shrsOrPrnAmt>
                <sshPrnamt>286200</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>286200</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PEPSICO INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>713448108</cusip>
            <value>14041</value>
            <shrsOrPrnAmt>
                <sshPrnamt>176600</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>176600</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PETROCHINA CO LTD -ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>71646E100</cusip>
            <value>990</value>
            <shrsOrPrnAmt>
                <sshPrnamt>9000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>9000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PFIZER INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>717081103</cusip>
            <value>882</value>
            <shrsOrPrnAmt>
                <sshPrnamt>30709</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>30709</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PFIZER INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>717081103</cusip>
            <value>30646</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1066900</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1066900</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PFIZER INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>717081103</cusip>
            <value>11125</value>
            <shrsOrPrnAmt>
                <sshPrnamt>387300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>387300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PHH CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>693320AQ6</cusip>
            <value>40876</value>
            <shrsOrPrnAmt>
                <sshPrnamt>20000000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>20000000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>718172109</cusip>
            <value>2558</value>
            <shrsOrPrnAmt>
                <sshPrnamt>29545</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>29545</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>718172109</cusip>
            <value>21015</value>
            <shrsOrPrnAmt>
                <sshPrnamt>242700</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>242700</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>718172109</cusip>
            <value>12018</value>
            <shrsOrPrnAmt>
                <sshPrnamt>138800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>138800</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>PLY GEM HOLDINGS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>72941W100</cusip>
            <value>4194</value>
            <shrsOrPrnAmt>
                <sshPrnamt>300000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>PRICELINE.COM INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>741503403</cusip>
            <value>20181</value>
            <shrsOrPrnAmt>
                <sshPrnamt>19963</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>19963</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>PRIME ACQUISITION CORP</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>G72436127</cusip>
            <value>145</value>
            <shrsOrPrnAmt>
                <sshPrnamt>181000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>181000</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>PROCTER &amp; GAMBLE CO/THE</nameOfIssuer>
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            <cusip>742718109</cusip>
            <value>10175</value>
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                <sshPrnamt>134606</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>134606</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>PROCTER &amp; GAMBLE CO/THE</nameOfIssuer>
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            <cusip>742718109</cusip>
            <value>52936</value>
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                <sshPrnamt>700300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>700300</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>PROCTER &amp; GAMBLE CO/THE</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>742718109</cusip>
            <value>15125</value>
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                <sshPrnamt>200100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>200100</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>PROLOGIS INC</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>74340W103</cusip>
            <value>5342</value>
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                <sshPrnamt>142000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>142000</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>PROSPECT CAPITAL CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>74348TAC6</cusip>
            <value>18472</value>
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                <sshPrnamt>17207000</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>17207000</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>PROSPECT CAPITAL CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>74348TAK8</cusip>
            <value>518</value>
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                <sshPrnamt>500000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>500000</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>PROSPECT CAPITAL CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>74348TAL6</cusip>
            <value>23882</value>
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                <sshPrnamt>23500000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>23500000</Sole>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>PROSPECT GLOBAL RESOURCES IN</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>74348X202</cusip>
            <value>61</value>
            <shrsOrPrnAmt>
                <sshPrnamt>20065</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>20065</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>PRUDENTIAL FINANCIAL INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>744320102</cusip>
            <value>30789</value>
            <shrsOrPrnAmt>
                <sshPrnamt>394835</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>394835</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>PUTNAM MANAGED MUNI INCM TRS</nameOfIssuer>
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            <cusip>746823103</cusip>
            <value>536</value>
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                <sshPrnamt>78400</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>78400</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>747525103</cusip>
            <value>16177</value>
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                <sshPrnamt>240300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>240300</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>747525103</cusip>
            <value>8361</value>
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                <sshPrnamt>124200</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>124200</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>RACKSPACE HOSTING INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>750086100</cusip>
            <value>14138</value>
            <shrsOrPrnAmt>
                <sshPrnamt>267967</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>267967</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>RAIT FINANCIAL TRUST</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>749227AA2</cusip>
            <value>21118</value>
            <shrsOrPrnAmt>
                <sshPrnamt>17726000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>REDWOOD TRUST INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>758075AB1</cusip>
            <value>60856</value>
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                <sshPrnamt>57700000</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>RESOLUTE ENERGY CORP</nameOfIssuer>
            <titleOfClass>WRT</titleOfClass>
            <cusip>76116A116</cusip>
            <value>4</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>RESPONSYS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>761248103</cusip>
            <value>2001</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>RETAILMENOT INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>76132B106</cusip>
            <value>5887</value>
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                <sshPrnamt>165509</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>REXFORD INDUSTRIAL REALTY IN</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>76169C100</cusip>
            <value>5455</value>
            <shrsOrPrnAmt>
                <sshPrnamt>403803</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>RITE AID CORP</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>767754BU7</cusip>
            <value>4250</value>
            <shrsOrPrnAmt>
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                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>2150000</Sole>
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            <None>0</None>
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            <nameOfIssuer>ROYAL BANK OF CANADA</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>780087102</cusip>
            <value>42548</value>
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                <sshPrnamt>644700</sshPrnamt>
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            <putCall>Put</putCall>
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            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>ROYCE FOCUS TRUST INC</nameOfIssuer>
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            <cusip>78080N108</cusip>
            <value>414</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SAFEGUARD SCIENTIFICS IN</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>786449AJ7</cusip>
            <value>6520</value>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>SALESFORCE.COM INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>79466L302</cusip>
            <value>261</value>
            <shrsOrPrnAmt>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>806857108</cusip>
            <value>31519</value>
            <shrsOrPrnAmt>
                <sshPrnamt>356720</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>806857108</cusip>
            <value>19677</value>
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                <sshPrnamt>222700</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>222700</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>806857108</cusip>
            <value>11460</value>
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                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>129700</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>SCORPIO TANKERS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>Y7542C106</cusip>
            <value>16085</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SEI INVESTMENTS COMPANY</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>784117103</cusip>
            <value>21935</value>
            <shrsOrPrnAmt>
                <sshPrnamt>709613</sshPrnamt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>SIGMA-ALDRICH</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>826552101</cusip>
            <value>64751</value>
            <shrsOrPrnAmt>
                <sshPrnamt>759100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <Sole>759100</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SILVER STANDARD RESOURCES</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>82823L106</cusip>
            <value>369</value>
            <shrsOrPrnAmt>
                <sshPrnamt>60000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SINOVAC BIOTECH LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>P8696W104</cusip>
            <value>3301</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>551998</Sole>
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            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SOHU.COM INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>83408W103</cusip>
            <value>591</value>
            <shrsOrPrnAmt>
                <sshPrnamt>7500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>7500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SOLAR CAPITAL LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>83413U100</cusip>
            <value>9039</value>
            <shrsOrPrnAmt>
                <sshPrnamt>407536</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>407536</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SONY CORP-SPONSORED ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>835699307</cusip>
            <value>3780</value>
            <shrsOrPrnAmt>
                <sshPrnamt>175640</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>175640</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SOUFUN HOLDINGS LTD-ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>836034108</cusip>
            <value>1859</value>
            <shrsOrPrnAmt>
                <sshPrnamt>36000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>36000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SPANSION INC-CLASS A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>84649R200</cusip>
            <value>510</value>
            <shrsOrPrnAmt>
                <sshPrnamt>50500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>50500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SPARTAN STORES INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>846822104</cusip>
            <value>6138</value>
            <shrsOrPrnAmt>
                <sshPrnamt>278275</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>278275</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SPDR GOLD SHARES</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>78463V107</cusip>
            <value>3846</value>
            <shrsOrPrnAmt>
                <sshPrnamt>30000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>30000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SPDR GOLD SHARES</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>78463V107</cusip>
            <value>3846</value>
            <shrsOrPrnAmt>
                <sshPrnamt>30000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>30000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>78462F103</cusip>
            <value>42079</value>
            <shrsOrPrnAmt>
                <sshPrnamt>250453</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>250453</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>78462F103</cusip>
            <value>680441</value>
            <shrsOrPrnAmt>
                <sshPrnamt>4050000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>4050000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>78462F103</cusip>
            <value>1359203</value>
            <shrsOrPrnAmt>
                <sshPrnamt>8090000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>8090000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SPIRIT AIRLINES INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>848577102</cusip>
            <value>3925</value>
            <shrsOrPrnAmt>
                <sshPrnamt>114532</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>114532</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ST JUDE MEDICAL INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>790849103</cusip>
            <value>7522</value>
            <shrsOrPrnAmt>
                <sshPrnamt>140231</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>140231</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>STARWOOD PROPERTY TRUST INC</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>85571B105</cusip>
            <value>25182</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1050592</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1050592</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>STEALTHGAS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>Y81669106</cusip>
            <value>1547</value>
            <shrsOrPrnAmt>
                <sshPrnamt>169203</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>169203</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>STERLITE INDUSTRIES LTD</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>859737AB4</cusip>
            <value>30845</value>
            <shrsOrPrnAmt>
                <sshPrnamt>31555000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>31555000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>STOCK BUILDING SUPPLY HOLDIN</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>86101X104</cusip>
            <value>5520</value>
            <shrsOrPrnAmt>
                <sshPrnamt>420000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>420000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>STONE ENERGY CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>861642106</cusip>
            <value>8327</value>
            <shrsOrPrnAmt>
                <sshPrnamt>256766</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>256766</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SUMMIT HOTEL PROPERTIES INC</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>866082100</cusip>
            <value>5059</value>
            <shrsOrPrnAmt>
                <sshPrnamt>550481</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>550481</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SUNTECH POWER HLDGS CO</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>86800CAE4</cusip>
            <value>750</value>
            <shrsOrPrnAmt>
                <sshPrnamt>3000000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>3000000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SUNTRUST BANKS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>867914103</cusip>
            <value>19901</value>
            <shrsOrPrnAmt>
                <sshPrnamt>613891</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>613891</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SUPERIOR ENERGY SERVICES INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>868157108</cusip>
            <value>10613</value>
            <shrsOrPrnAmt>
                <sshPrnamt>423833</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>423833</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>SUPERNUS PHARMACEUTICALS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>868459108</cusip>
            <value>7758</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1058400</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1058400</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TAKE-TWO INTERACTIVE SOFTWRE</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>874054109</cusip>
            <value>1713</value>
            <shrsOrPrnAmt>
                <sshPrnamt>94300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>94300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TAL EDUCATION GROUP- ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>874080104</cusip>
            <value>348</value>
            <shrsOrPrnAmt>
                <sshPrnamt>24000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>24000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TEAM HEALTH HOLDINGS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>87817A107</cusip>
            <value>3474</value>
            <shrsOrPrnAmt>
                <sshPrnamt>91561</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>91561</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TENET HEALTHCARE CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>88033G407</cusip>
            <value>5382</value>
            <shrsOrPrnAmt>
                <sshPrnamt>130663</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>130663</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TESLA MOTORS INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>88160RAA9</cusip>
            <value>12698</value>
            <shrsOrPrnAmt>
                <sshPrnamt>7500000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>7500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TESLA MOTORS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>88160R101</cusip>
            <value>3867</value>
            <shrsOrPrnAmt>
                <sshPrnamt>20000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>20000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TETRAPHASE PHARMACEUTICALS I</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>88165N105</cusip>
            <value>1271</value>
            <shrsOrPrnAmt>
                <sshPrnamt>111672</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>111672</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>883556102</cusip>
            <value>4746</value>
            <shrsOrPrnAmt>
                <sshPrnamt>51499</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>51499</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>THIRD POINT REINSURANCE LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G8827U100</cusip>
            <value>5748</value>
            <shrsOrPrnAmt>
                <sshPrnamt>396789</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>396789</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>THORATEC CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>885175307</cusip>
            <value>1757</value>
            <shrsOrPrnAmt>
                <sshPrnamt>47118</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>47118</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TIBCO SOFTWARE INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>88632Q103</cusip>
            <value>1087</value>
            <shrsOrPrnAmt>
                <sshPrnamt>42447</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>42447</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TITAN MACHINERY INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>88830R101</cusip>
            <value>1117</value>
            <shrsOrPrnAmt>
                <sshPrnamt>69500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>69500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TORONTO-DOMINION BANK</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>891160509</cusip>
            <value>57960</value>
            <shrsOrPrnAmt>
                <sshPrnamt>625100</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>625100</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TOWER INTERNATIONAL INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>891826109</cusip>
            <value>3415</value>
            <shrsOrPrnAmt>
                <sshPrnamt>170803</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>170803</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>TOWERSTREAM CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>892000100</cusip>
            <value>2190</value>
            <shrsOrPrnAmt>
                <sshPrnamt>768355</sshPrnamt>
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            <Sole>768355</Sole>
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            <nameOfIssuer>TRAVELERS COS INC/THE</nameOfIssuer>
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            <cusip>89417E109</cusip>
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            <None>0</None>
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            <nameOfIssuer>TWENTY-FIRST CENTURY FOX-A</nameOfIssuer>
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            <None>0</None>
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            <nameOfIssuer>UNITED INSURANCE HOLDINGS CO</nameOfIssuer>
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                <sshPrnamt>151800</sshPrnamt>
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                <sshPrnamt>459400</sshPrnamt>
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            <nameOfIssuer>VANTIV INC - CL A</nameOfIssuer>
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            <Sole>1194600</Sole>
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            <nameOfIssuer>WELLS FARGO &amp; CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>949746101</cusip>
            <value>23489</value>
            <shrsOrPrnAmt>
                <sshPrnamt>568500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>568500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>WESTERN ASSET HIGH INCOME OP</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>95766K109</cusip>
            <value>3965</value>
            <shrsOrPrnAmt>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>WESTERN ASSET HIGH YIELD DEF</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>95768B107</cusip>
            <value>3812</value>
            <shrsOrPrnAmt>
                <sshPrnamt>213428</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>213428</Sole>
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            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>WESTERN ASSET MANAGED HIGH Y</nameOfIssuer>
            <titleOfClass>FUND</titleOfClass>
            <cusip>95766L107</cusip>
            <value>1321</value>
            <shrsOrPrnAmt>
                <sshPrnamt>232026</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>232026</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>WESTERN UNION CO</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>959802109</cusip>
            <value>19844</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1063482</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1063482</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>WHITING PETROLEUM CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>966387102</cusip>
            <value>6528</value>
            <shrsOrPrnAmt>
                <sshPrnamt>109067</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>109067</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>WISDOMTREE INDIA EARNINGS</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>97717W422</cusip>
            <value>2068</value>
            <shrsOrPrnAmt>
                <sshPrnamt>135000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>135000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>WISDOMTREE INDIA EARNINGS</nameOfIssuer>
            <titleOfClass>ETP</titleOfClass>
            <cusip>97717W422</cusip>
            <value>7660</value>
            <shrsOrPrnAmt>
                <sshPrnamt>500000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>WP CAREY INC</nameOfIssuer>
            <titleOfClass>REIT</titleOfClass>
            <cusip>92936U109</cusip>
            <value>4309</value>
            <shrsOrPrnAmt>
                <sshPrnamt>66594</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>66594</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>WUXI PHARMATECH CAYMAN-ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>929352102</cusip>
            <value>225</value>
            <shrsOrPrnAmt>
                <sshPrnamt>8200</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>8200</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>XILINX INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>983919AD3</cusip>
            <value>77771</value>
            <shrsOrPrnAmt>
                <sshPrnamt>48100000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>48100000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>XILINX INC</nameOfIssuer>
            <titleOfClass>DEBT</titleOfClass>
            <cusip>983919AF8</cusip>
            <value>4077</value>
            <shrsOrPrnAmt>
                <sshPrnamt>2500000</sshPrnamt>
                <sshPrnamtType>PRN</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>2500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>XPO LOGISTICS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>983793100</cusip>
            <value>10271</value>
            <shrsOrPrnAmt>
                <sshPrnamt>473979</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>473979</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>XUEDA EDUCATION GR-SPON ADR</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>98418W109</cusip>
            <value>324</value>
            <shrsOrPrnAmt>
                <sshPrnamt>76800</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>76800</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>YUME INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>98872B104</cusip>
            <value>4028</value>
            <shrsOrPrnAmt>
                <sshPrnamt>380002</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>380002</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ZOETIS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>98978V103</cusip>
            <value>3159</value>
            <shrsOrPrnAmt>
                <sshPrnamt>101524</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>101524</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ZOETIS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>98978V103</cusip>
            <value>15560</value>
            <shrsOrPrnAmt>
                <sshPrnamt>500000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>ZYNGA INC - CL A</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>98986T108</cusip>
            <value>2304</value>
            <shrsOrPrnAmt>
                <sshPrnamt>627725</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>627725</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>COVISINT CORP</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>22357R103</cusip>
            <value>1283</value>
            <shrsOrPrnAmt>
                <sshPrnamt>100000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>100000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>CONSTELLIUM NV</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>001048952</cusip>
            <value>1248</value>
            <shrsOrPrnAmt>
                <sshPrnamt>64328</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>64328</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>ENZYMOTEC LTD</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>001129618</cusip>
            <value>1307</value>
            <shrsOrPrnAmt>
                <sshPrnamt>79000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>79000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
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            <nameOfIssuer>FRANK'S INTERNATIONAL NV</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>001055668</cusip>
            <value>10851</value>
            <shrsOrPrnAmt>
                <sshPrnamt>362555</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>362555</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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        <infoTable>
            <nameOfIssuer>CLUBCORP HOLDINGS INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>18948M108</cusip>
            <value>4599</value>
            <shrsOrPrnAmt>
                <sshPrnamt>300000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>PATTERN ENERGY GROUP INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>70338P100</cusip>
            <value>924</value>
            <shrsOrPrnAmt>
                <sshPrnamt>39500</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>39500</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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            <nameOfIssuer>PREMIER INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>74051N102</cusip>
            <value>9510</value>
            <shrsOrPrnAmt>
                <sshPrnamt>300000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>VIOLIN MEMORY INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>92763A101</cusip>
            <value>1289</value>
            <shrsOrPrnAmt>
                <sshPrnamt>175429</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
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            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>175429</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
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</informationTable>
