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
AMBAC FINL GROUP INC COM NEW 023139884 22,185 812,341 SH   SOLE   812,341 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 15,215 354,170 SH   SOLE   354,170 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 741 37,000 SH   SOLE   37,000 0 0
CHC GROUP LTD SHS G07021101 160 19,000 SH   SOLE   19,000 0 0
CITIGROUP INC COM NEW 172967424 39,995 849,150 SH   SOLE   849,150 0 0
DIAMOND RESORTS INTL INC COM 25272T104 9,938 427,081 SH   SOLE   427,081 0 0
DIREXION SHS ETF TR 20YR TRES BEAR 25459Y678 4,151 86,000 SH   SOLE   86,000 0 0
HOME BANCSHARES INC COM 436893200 20,919 637,389 SH   SOLE   637,389 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 1,557 93,281 SH   SOLE   93,281 0 0
LIPOSCIENCE INC COM 53630M108 34 10,000 SH   SOLE   10,000 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 3,748 594,944 SH   SOLE   594,944 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 422 54,000 SH   SOLE   54,000 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 9,186 100,000 SH   SOLE   100,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,710 123,500 SH   SOLE   123,500 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 1,873 172,788 SH   SOLE   172,788 0 0
SPRINGLEAF HLDGS INC COM 85172J101 130 5,000 SH   SOLE   5,000 0 0
THL CR INC COM 872438106 771 55,100 SH   SOLE   55,100 0 0
TWO HBRS INVT CORP COM 90187B101 314 30,000 SH   SOLE   30,000 0 0
WESTMORELAND COAL CO COM 960878106 5,204 143,430 SH   SOLE   143,430 0 0