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
AMERICAN AIRLS GROUP INC COM 02376R102 10,053 283,348 SH   DFND   283,348 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 21,454 901,264 SH   DFND   901,264 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 306,291 5,669,961 SH   DFND   5,669,961 0 0
BLACKROCK DEBT STRAT FD INC COM 09255R103 69 17,951 SH   DFND   17,951 0 0
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 9,975 250,200 SH   DFND   250,200 0 0
CENTURY CMNTYS INC COM 156504300 434 25,000 SH   DFND   25,000 0 0
COOPER STD HLDGS INC COM 21676P103 293,932 4,710,452 SH   DFND   4,710,452 0 0
DANA HLDG CORP COM 235825205 123,998 6,468,347 SH   DFND   6,468,347 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 16,268 450,000 SH   DFND   450,000 0 0
DYNEGY INC NEW DEL COM 26817R108 16,595 575,000 SH   DFND   575,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 44,615 1,975,000 SH   DFND   1,975,000 0 0
ENPRO INDS INC COM 29355X107 59,622 985,000 SH   DFND   985,000 0 0
GRAY TELEVISION INC COM 389375106 13,420 1,703,000 SH   DFND   1,703,000 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 12,870 640,000 SH   DFND   640,000 0 0
LEE ENTERPRISES INC COM 523768109 11,408 3,375,000 SH   DFND   3,375,000 0 0
MEADOWBROOK INS GROUP INC COM 58319P108 14,596 2,495,000 SH   DFND   2,495,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 533 50,488 SH   DFND   50,488 0 0
NORTEK INC COM NEW 656559309 52,798 708,700 SH   DFND   708,700 0 0
SPDR S&P 500 ETF TR PUT 78462F953 10,515 35,500 SH Put DFND   35,500 0 0
STANDARD REGISTER CO COM 853887206 8,221 1,602,626 SH   DFND   1,602,626 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 33,072 2,009,213 SH   DFND   2,009,213 0 0
UNITED CONTL HLDGS INC COM 910047109 10,529 225,033 SH   DFND   225,033 0 0