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

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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
ASSURED GUARANTY LTD COM G0585R106 78,198 3,082,303 SH   DFND 1,2,3,4 3,082,303 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 6,985 4,157,993 SH   DFND 1,2,3,4 4,157,993 0 0
BONANZA CREEK ENERGY INC COM 097793103 57,385 1,208,100 SH Call DFND 1,2,3,4 1,208,100 0 0
CHEMOURS CO COM 163851108 8,845 1,073,455 SH   DFND 1,2,3,4 1,073,455 0 0
COWEN GROUP INC NEW CL A 223622101 29,985 10,129,963 SH   DFND 1,2,3,4 10,129,963 0 0
DHX MEDIA LTD SHS VAR VTG 252406608 27,448 5,340,000 SH   DFND 1,2,3,4 5,340,000 0 0
EVERTEC INC COM 30040P103 99,679 6,414,321 SH   DFND 1,2,3,4 6,414,321 0 0
HEMISPHERE MEDIA GROUP INC CL A 42365Q103 17,782 1,506,955 SH   DFND 1,2,3,4 1,506,955 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 28,052 3,363,497 SH   DFND 1,2,3,4 3,363,497 0 0
LIBERTY MEDIA CORP DELAWARE COM A BRAVES GRP 531229706 13,085 870,000 SH   DFND 1,2,3,4 870,000 0 0
LIBERTY MEDIA CORP DELAWARE COM C BRAVES GRP 531229888 7,743 528,177 SH   DFND 1,2,3,4 528,177 0 0
MBIA INC COM 55262C100 46,002 6,735,325 SH   DFND 1,2,3,4 6,735,325 0 0
MOTORCAR PTS AMER INC COM 620071100 49,271 1,812,773 SH   DFND 1,2,3,4 1,812,773 0 0
NORTHERN OIL & GAS INC NEV COM 665531109 20,736 4,488,371 SH   DFND 1,2,3,4 4,488,371 0 0
OUTERWALL INC COM 690070107 51,245 1,220,130 SH   DFND 1,2,3,4 1,220,130 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 75,474 8,212,639 SH   DFND 1,2,3,4 8,212,639 0 0
SEARS HLDGS CORP COM 812350106 34,867 2,561,888 SH   DFND 1,2,3,4 2,561,888 0 0
SEARS HLDGS CORP *W EXP 12/15/201 812350155 3,952 987,895 SH   DFND 1,2,3,4 987,895 0 0
SHUTTERFLY INC COM 82568P304 66,645 1,429,851 SH   DFND 1,2,3,4 1,429,851 0 0
SYNERGY RES CORP COM 87164P103 40,917 6,143,692 SH   DFND 1,2,3,4 6,143,692 0 0
TRONOX LTD SHS CL A Q9235V101 28,470 6,455,806 SH   DFND 1,2,3,4 6,455,806 0 0
WHITING PETE CORP NEW COM 966387102 82,812 8,942,983 SH   DFND 1,2,3,4 8,942,983 0 0
YELP INC CL A 985817105 22,940 755,600 SH   DFND 1,2,3,4 755,600 0 0