The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALCOA INC DEP SHS 1/10TH 013817309 10,960 250,000 SH   SOLE   250,000 0 0
ALLY FINL INC COM 02005N100 107,103 5,105,000 SH   SOLE   5,105,000 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102 2,400 2,400,000 SH   SOLE   2,400,000 0 0
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 1,005 74,756 SH   SOLE   74,756 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 82,185 1,500,000 SH Call SOLE   1,500,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 17,990 1,000,000 SH   SOLE   1,000,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 98,066 4,269,312 SH   SOLE   4,269,312 0 0
CHENIERE ENERGY INC COM NEW 16411R208 352,808 4,558,244 SH   SOLE   4,558,244 0 0
CHENIERE ENERGY PTNRS LP HLD COM REP LLC IN 16411W108 115,128 4,803,000 SH   SOLE   4,803,000 0 0
CITIZENS FINL GROUP INC COM 174610105 18,098 750,000 SH   SOLE   750,000 0 0
COMMERCIAL METALS CO COM 201723103 24,366 1,505,000 SH   SOLE   1,505,000 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 16,991 325,000 SH   SOLE   325,000 0 0
CONNS INC COM 208242107 109,633 3,620,657 SH   SOLE   3,620,657 0 0
CONSTELLIUM NV CL A N22035104 10,451 514,343 SH   SOLE   514,343 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 18,375 2,632,558 SH   SOLE   2,632,558 0 0
DISH NETWORK CORP CL A 25470M109 109,560 1,563,800 SH   SOLE   1,563,800 0 0
DOMTAR CORP COM NEW 257559203 2,311 50,000 SH   SOLE   50,000 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 92,459 6,358,914 SH   SOLE   6,358,914 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 80,133 42,398,582 SH   SOLE   42,398,582 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 502,234 21,389,874 SH   SOLE   21,389,874 0 0
INDEPENDENCE CONTRACT DRIL I COM 453415309 913 131,000 SH   SOLE   131,000 0 0
INTELSAT S A MAN CONV JR PFD L5140P119 4,181 120,138 SH   SOLE   120,138 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 317,144 2,550,000 SH Put SOLE   2,550,000 0 0
KOHLS CORP COM 500255104 39,125 500,000 SH Put SOLE   500,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 59,191 1,150,000 SH   SOLE   1,150,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 64,504 1,295,000 SH   SOLE   1,295,000 0 0
MASONITE INTL CORP NEW COM 575385109 177,627 2,640,900 SH Call SOLE   2,640,900 0 0
MBIA INC COM 55262C100 41,850 4,500,000 SH Put SOLE   4,500,000 0 0
NORTEK INC COM NEW 656559309 131,731 1,492,698 SH   SOLE   1,492,698 0 0
OI S.A. SPN ADR NEW 670851302 634 388,975 SH   SOLE   388,975 0 0
OI S.A. SPN ADR PFD NEW 670851401 762 494,962 SH   SOLE   494,962 0 0
ON DECK CAP INC COM 682163100 1,065 50,000 SH   SOLE   50,000 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 650 500,000 SH   SOLE   500,000 0 0
SCORPIO BULKERS INC SHS Y7546A106 23,625 9,968,300 SH   SOLE   9,968,300 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 381,896 1,850,000 SH Put SOLE   1,850,000 0 0
TEREX CORP NEW COM 880779103 39,449 1,483,615 SH   SOLE   1,483,615 0 0
TIMKENSTEEL CORP COM 887399103 6,742 254,721 SH   SOLE   254,721 0 0
TRANSOCEAN LTD REG SHS H8817H100 67,482 4,600,000 SH Put SOLE   4,600,000 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 82,164 4,920,000 SH   SOLE   4,920,000 0 0
UNITED STATES STL CORP NEW COM 912909108 68,320 2,800,000 SH Put SOLE   2,800,000 0 0
VALE S A ADR 91912E105 12,995 2,300,000 SH Put SOLE   2,300,000 0 0
VANTAGE DRILLING COMPANY ORD SHS G93205113 9,051 27,636,130 SH   SOLE   27,636,130 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 148,190 1,750,000 SH Call SOLE   1,750,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 62,240 735,000 SH   SOLE   735,000 0 0
ZAYO GROUP HLDGS INC COM 98919V105 20,970 750,000 SH   SOLE   750,000 0 0
ZEBRA TECHNOLOGIES CORP CL A 989207105 49,082 541,056 SH   SOLE   541,056 0 0