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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACCRETIVE HEALTH INC COM 00438V103 916 100,000 SH   SOLE   100,000 0 0
AEROPOSTALE COM 007865108 10,114 1,112,700 SH   SOLE   1,112,700 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 30,692 1,788,580 SH   SOLE   1,788,580 0 0
AMTRUST FINL SVCS INC COM 032359309 2,615 80,000 SH   SOLE   80,000 0 0
AMTRUST FINL SVCS INC COM 032359309 15,201 4,650 SH Put SOLE   4,650 0 0
APOLLO GROUP INC CL A 037604105 2,984 109,217 SH   SOLE   109,217 0 0
APPLE INC COM 037833100 64,455 114,871 SH   SOLE   114,871 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 1,504 84,300 SH   SOLE   84,300 0 0
ARES CAP CORP COM 04010L103 698 39,291 SH   SOLE   39,291 0 0
ASBURY AUTOMOTIVE GROUP INC COM 043436104 25,211 469,131 SH   SOLE   469,131 0 0
ASSURED GUARANTY LTD COM G0585R106 134,755 5,712,395 SH   SOLE   5,712,395 0 0
AUTONATION INC COM 05329W102 31,951 643,000 SH   SOLE   643,000 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 19,293 930,230 SH   SOLE   930,230 0 0
BAIDU INC SPON ADR REP A 056752108 2,312 13,000 SH   SOLE   13,000 0 0
BANK MONTREAL QUE COM 063671101 14,399 216,000 SH   SOLE   216,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 11,028 708,300 SH   SOLE   708,300 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 3,201 117,389 SH   SOLE   117,389 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 155,287 2,209,826 SH   SOLE   2,209,826 0 0
BIOMARIN PHARMACEUTICAL INC NOTE 1.875% 4/2 09061GAD3 27,840 8,000,000 PRN   SOLE   8,000,000 0 0
BP PLC SPONSORED ADR 055622104 972 20,000 SH   SOLE   20,000 0 0
BUNGE LIMITED COM G16962105 25,290 3,080 SH Put SOLE   3,080 0 0
CATERPILLAR INC DEL COM 149123101 9,081 1,000 SH Put SOLE   1,000 0 0
CF INDS HLDGS INC COM 125269100 583 2,500 SH   SOLE   2,500 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 53,329 2,108,711 SH   SOLE   2,108,711 0 0
CITIGROUP INC COM NEW 172967424 594 11,390 SH   SOLE   11,390 0 0
CLOROX CO DEL COM 189054109 18,552 2,000 SH Put SOLE   2,000 0 0
COMMSCOPE HLDG CO INC COM 20337X109 32,959 1,742,000 SH   SOLE   1,742,000 0 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 2,710 200,000 SH   SOLE   200,000 0 0
CREDICORP LTD COM G2519Y108 1,062 8,000 SH   SOLE   8,000 0 0
DEALERTRACK HLDGS INC COM 242309102 1,447 30,100 SH   SOLE   30,100 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 65,241 2,375,000 SH   SOLE   2,375,000 0 0
DONNELLEY R R & SONS CO COM 257867101 4,345 214,260 SH   SOLE   214,260 0 0
DYNAVAX TECHNOLOGIES CORP COM 268158102 13,983 7,134,100 SH   SOLE   7,134,100 0 0
ERA GROUP INC COM 26885G109 16,443 532,813 SH   SOLE   532,813 0 0
EXELIXIS INC COM 30161Q104 533 87,000 SH   SOLE   87,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 111,820 1,591,970 SH   SOLE   1,591,970 0 0
FACEBOOK INC CL A 30303M102 36,622 670,000 SH   SOLE   670,000 0 0
FIRST SOLAR INC COM 336433107 1,446 26,469 SH   SOLE   26,469 0 0
FIRST SOLAR INC COM 336433107 22,949 4,200 SH Put SOLE   4,200 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 28,648 563,832 SH   SOLE   563,832 0 0
GENERAL MTRS CO COM 37045V100 10,626 260,000 SH   SOLE   260,000 0 0
GEO GROUP INC COM 36159R103 20,943 650,000 SH   SOLE   650,000 0 0
GOOGLE INC CL A 38259P508 94,252 84,100 SH   SOLE   84,100 0 0
GRACE W R & CO DEL NEW COM 38388F108 1,780 18,000 SH   SOLE   18,000 0 0
GREEN MTN COFFEE ROASTERS IN COM 393122106 8,571 113,400 SH   SOLE   113,400 0 0
GROUP 1 AUTOMOTIVE INC COM 398905109 27,066 381,100 SH   SOLE   381,100 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 1,722 50,000 SH   SOLE   50,000 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 8,586 300,000 SH   SOLE   300,000 0 0
HILLTOP HOLDINGS INC COM 432748101 6,289 271,910 SH   SOLE   271,910 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 4,253 77,150 SH   SOLE   77,150 0 0
ICICI BK LTD ADR 45104G104 49,551 1,333,090 SH   SOLE   1,333,090 0 0
ICICI BK LTD ADR 45104G104 4,460 1,200 SH Put SOLE   1,200 0 0
INDEPENDENCE HLDG CO NEW COM NEW 453440307 8,786 651,326 SH   SOLE   651,326 0 0
INVACARE CORP COM 461203101 7,716 332,440 SH   SOLE   332,440 0 0
ISHARES NASDQ BIOTEC ETF 464287556 29,518 1,300 SH Put SOLE   1,300 0 0
ISHARES RUSSELL 2000 ETF 464287655 74,984 6,500 SH Put SOLE   6,500 0 0
JPMORGAN CHASE & CO COM 46625H100 3,119 53,343 SH   SOLE   53,343 0 0
LCA-VISION INC COM PAR $.001 501803308 722 185,000 SH   SOLE   185,000 0 0
LENDER PROCESSING SVCS INC COM 52602E102 9,345 250,000 SH   SOLE   250,000 0 0
LIBERTY GLOBAL INC COM SER A 530555101 60,902 684,372 SH   SOLE   684,372 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 44,530 528,107 SH   SOLE   528,107 0 0
LILLY ELI & CO COM 532457108 25,500 5,000 SH Put SOLE   5,000 0 0
LKQ CORP COM 501889208 526 16,000 SH   SOLE   16,000 0 0
MACYS INC COM 55616P104 50,640 948,320 SH   SOLE   948,320 0 0
MASTERCARD INC CL A 57636Q104 70,803 84,747 SH   SOLE   84,747 0 0
MBIA INC COM 55262C100 519 43,500 SH   SOLE   43,500 0 0
MEDCATH CORP COM 58404W109 179 125,000 SH   SOLE   125,000 0 0
MERCK & CO INC NEW COM 58933Y105 22,573 451,000 SH   SOLE   451,000 0 0
MGP INGREDIENTS INC NEW COM 55303J106 3,673 707,687 SH   SOLE   707,687 0 0
MICROSTRATEGY INC CL A NEW 594972408 2,882 23,200 SH   SOLE   23,200 0 0
MODEL N INC COM 607525102 2,358 200,000 SH   SOLE   200,000 0 0
MONSANTO CO NEW COM 61166W101 44,557 382,300 SH   SOLE   382,300 0 0
NATIONAL OILWELL VARCO INC COM 637071101 169,397 2,129,980 SH   SOLE   2,129,980 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 2,023 54,740 SH   SOLE   54,740 0 0
NETAPP INC COM 64110D104 45,312 1,101,400 SH   SOLE   1,101,400 0 0
NIELSEN HOLDINGS N V COM N63218106 1,377 30,000 SH   SOLE   30,000 0 0
NMI HLDGS INC CL A 629209305 55,897 4,391,000 SH   SOLE   4,391,000 0 0
NOKIA CORP SPONSORED ADR 654902204 487 60,000 SH   SOLE   60,000 0 0
NORCRAFT COS INC COM 65557Y105 7,259 370,000 SH   SOLE   370,000 0 0
NORDION INC COM 65563C105 10,174 1,198,350 SH   SOLE   1,198,350 0 0
NOVAGOLD RES INC COM NEW 66987E206 543 213,720 SH   SOLE   213,720 0 0
NPS PHARMACEUTICALS INC COM 62936P103 2,429 80,000 SH   SOLE   80,000 0 0
NUPATHE INC COM 67059M100 98 30,000 SH   SOLE   30,000 0 0
OIL STS INTL INC COM 678026105 48,622 478,000 SH   SOLE   478,000 0 0
PENFORD CORP COM 707051108 13,435 1,045,521 SH   SOLE   1,045,521 0 0
PENN NATL GAMING INC COM 707569109 31,842 2,222,040 SH   SOLE   2,222,040 0 0
PENNEY J C INC COM 708160106 2,499 273,127 SH   SOLE   273,127 0 0
PVH CORP COM 693656100 47,028 345,746 SH   SOLE   345,746 0 0
QUALCOMM INC COM 747525103 61,495 828,210 SH   SOLE   828,210 0 0
QUALSTAR CORP COM 74758R109 972 859,901 SH   SOLE   859,901 0 0
QUANTUM CORP COM DSSG 747906204 8,795 7,329,267 SH   SOLE   7,329,267 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 6,065 1,120 SH Call SOLE   1,120 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 10,830 2,000 SH Put SOLE   2,000 0 0
RALPH LAUREN CORP CL A 751212101 27,192 154,000 SH   SOLE   154,000 0 0
SANOFI SPONSORED ADR 80105N105 61,926 1,154,690 SH   SOLE   1,154,690 0 0
SEACOR HOLDINGS INC COM 811904101 23,677 259,613 SH   SOLE   259,613 0 0
SEALED AIR CORP NEW COM 81211K100 17,025 500,000 SH   SOLE   500,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 20,717 3,100 SH Put SOLE   3,100 0 0
SFX ENTMT INC COM 784178303 168 14,000 SH   SOLE   14,000 0 0
SLM CORP COM 78442P106 4,698 178,771 SH   SOLE   178,771 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 141,288 7,650 SH Put SOLE   7,650 0 0
STANDARD PAC CORP NEW COM 85375C101 65,844 7,275,559 SH   SOLE   7,275,559 0 0
TESSERA TECHNOLOGIES INC COM 88164L100 76,481 3,880,304 SH   SOLE   3,880,304 0 0
TESSERA TECHNOLOGIES INC COM 88164L100 3,942 2,000 SH Call SOLE   2,000 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 3,206 800 SH Call SOLE   800 0 0
TFS FINL CORP COM 87240R107 28,700 2,368,951 SH   SOLE   2,368,951 0 0
TIM HORTONS INC COM 88706M103 14,070 241,012 SH   SOLE   241,012 0 0
TIME WARNER CABLE INC COM 88732J207 37,555 277,155 SH   SOLE   277,155 0 0
TIVO INC COM 888706108 41,270 3,145,570 SH   SOLE   3,145,570 0 0
TRANSOCEAN LTD REG SHS H8817H100 4,239 85,782 SH   SOLE   85,782 0 0
TRIUS THERAPEUTICS INC COM 89685K100 54 418,700 SH   SOLE   418,700 0 0
TUMI HLDGS INC COM 89969Q104 17,798 789,290 SH   SOLE   789,290 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 1,231 35,000 SH   SOLE   35,000 0 0
UNILEVER N V N Y SHS NEW 904784709 15,271 379,600 SH   SOLE   379,600 0 0
VERINT SYS INC COM 92343X100 32,367 753,774 SH   SOLE   753,774 0 0
VERISIGN INC COM 92343E102 15,423 258,000 SH   SOLE   258,000 0 0
VERISIGN INC SDCV 3.250% 8/1 92343EAD4 38,382 21,220,000 PRN   SOLE   21,220,000 0 0
VISA INC COM CL A 92826C839 61,486 276,116 SH   SOLE   276,116 0 0
VULCAN MATLS CO COM 929160109 45,385 763,800 SH   SOLE   763,800 0 0
WALGREEN CO COM 931422109 59,117 1,029,200 SH   SOLE   1,029,200 0 0
WALTER INVT MGMT CORP COM 93317W102 75,978 2,148,704 SH   SOLE   2,148,704 0 0
WATSCO INC WSO US Equity 942622200 3,256 33,900 SH   SOLE   33,900 0 0