AETNA INC NEW COM 00817Y108 1921 30000 SH SOLE 30000 0 0 AMERICAN CAP LTD COM 02503Y103 13787 1002700 SH SOLE 1002700 0 0 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 9303 665000 SH SOLE 665000 0 0 AMERICAN INTL GROUP INC COM NEW 026874784 39439 811000 SH SOLE 811000 0 0 BANK OF AMERICA CORPORATION COM 060505104 21354 1547400 SH SOLE 1547400 0 0 BP PLC SPONSORED ADR 055622104 23117 550000 SH SOLE 550000 0 0 CHILDRENS PL RETAIL STORES I COM 168905107 31573 545779 SH SOLE 545779 0 0 CIGNA CORPORATION COM 125509109 38405 499680 SH SOLE 499680 0 0 CITIGROUP INC COM NEW 172967424 37353 770000 SH SOLE 770000 0 0 COMMONWEALTH REIT COM SH BEN INT 203233101 32918 1502400 SH SOLE 1502400 0 0 DANA HLDG CORP COM 235825205 15841 693562 SH SOLE 693562 0 0 DECKERS OUTDOORS CORP COM 243537107 9888 150000 SH SOLE 150000 0 0 DELPHI AUTOMOTIVE PLC SHS G27823106 34760 595000 SH SOLE 595000 0 0 DELTA AIR LINES INC DEL COM NEW 247361702 14154 600000 SH SOLE 600000 0 0 ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 6042 200000 SH SOLE 200000 0 0 EXELON CORP COM 30161N101 2253 76000 SH Call SOLE 76000 0 0 EXELON CORP COM 30161N101 19562 660000 SH SOLE 660000 0 0 EXPRESS SCRIPTS HLDG CO COM 30219G108 3090 50000 SH SOLE 50000 0 0 GENERAL MTRS CO COM 37045V100 22122 615000 SH SOLE 615000 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 29564 950000 SH SOLE 950000 0 0 HARVEST NATURAL RESOURCES IN COM 41754V103 2158 403396 SH SOLE 403396 0 0 HERTZ GLOBAL HOLDINGS INC COM 42805T105 29916 1350000 SH SOLE 1350000 0 0 HESS CORP COM 42809H107 5259 68000 SH SOLE 68000 0 0 HEWLETT PACKARD CO COM 428236103 1050 50000 SH SOLE 50000 0 0 JPMORGAN CHASE & CO COM 46625H100 38768 750000 SH SOLE 750000 0 0 LEAR CORP COM NEW 521865204 47457 663082 SH SOLE 663082 0 0 LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 6493 243284 SH SOLE 243284 0 0 MERCER INTL INC COM 588056101 6572 927000 SH SOLE 927000 0 0 METLIFE INC COM 59156R108 56340 1200000 SH SOLE 1200000 0 0 NORTEL INVERSORA S A SPON ADR PFD B 656567401 8490 442435 SH SOLE 442435 0 0 NRG ENERGY INC COM NEW 629377508 11 401 SH SOLE 401 0 0 PRUDENTIAL FINL INC COM 744320102 20197 259000 SH SOLE 259000 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 4848 200000 SH SOLE 200000 0 0 SPRINT CORP COM SER 1 85207U105 5843 939592 SH SOLE 939592 0 0 STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 277 18462 SH SOLE 18462 0 0 SUNCOKE ENERGY INC COM 86722A103 17204 1012000 SH SOLE 1012000 0 0 TELECOM ARGENTINA S A SPON ADR REP B 879273209 2693 150000 SH SOLE 150000 0 0 UNITED CONTL HLDGS INC COM 910047109 30717 1000230 SH SOLE 1000230 0 0 WELLPOINT INC COM 94973V107 33444 400000 SH SOLE 400000 0 0 YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 37241 1850000 SH SOLE 1850000 0 0