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 13,738 567,700 SH   SOLE   567,700 0 0
CHC GROUP LTD SHS G07021101 23 17,000 SH   SOLE   17,000 0 0
CITIGROUP INC COM NEW 172967424 10,304 200,000 SH   SOLE   200,000 0 0
DIAMOND RESORTS INTL INC COM 25272T104 13,516 404,300 SH   SOLE   404,300 0 0
DYNEGY INC NEW DEL COM 26817R108 5,343 170,000 SH   SOLE   170,000 0 0
HOME BANCSHARES INC COM 436893200 21,601 637,389 SH   SOLE   637,389 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 595 87,569 SH   SOLE   87,569 0 0
MILLER ENERGY RES INC COM 600527105 597 955,000 SH   SOLE   955,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 965 38,959 SH   SOLE   38,959 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,946 196,000 SH   SOLE   196,000 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 1,583 204,000 SH   SOLE   204,000 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 19,331 217,572 SH   SOLE   217,572 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,629 123,500 SH   SOLE   123,500 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 3,601 86,000 SH   SOLE   86,000 0 0
THL CR INC COM 872438106 671 54,600 SH   SOLE   54,600 0 0
WESTMORELAND COAL CO COM 960878106 4,908 183,417 SH   SOLE   183,417 0 0