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The reader should not assume that the information is accurate and complete.

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

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN AIRLS GROUP INC COM 02376R102 478 26,624 SH   SOLE   26,624 0 0
CBL & ASSOC PPTYS INC COMMON STOCK 124830878 43,073 1,380,546 SH   SOLE   1,380,546 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 38,790 97,500 SH Put SOLE   97,500 0 0
ISHARES TR IBOXX HI YD ETF 464288513 54,381 625,000 SH Put SOLE   625,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 29,325 252,500 SH Put SOLE   252,500 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 56,221 275,000 SH Put SOLE   275,000 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 55,519 720,000 SH Put SOLE   720,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 73,055 1,020,600 SH Put SOLE   1,020,600 0 0
SILVERBOW RES INC COM 82836G102 97,453 4,476,462 SH   SOLE   4,476,462 0 0