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
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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
CST BRANDS INC COM 12646R105 30,810 1,000,000 SH   SOLE   1,000,000 0 0
EXCO RESOURCES INC COM 269279402 3,795 496,693 SH   SOLE   496,693 0 0
FASTENAL CO COM 311900104 68,383 1,493,400 SH Put SOLE   1,493,400 0 0
FOSTER WHEELER AG COM H27178104 18,946 872,700 SH Call SOLE   872,700 0 0
GENERAL MTRS CO COM 37045V100 35,349 1,061,200 SH Call SOLE   1,061,200 0 0
HALCON RES CORP COM NEW 40537Q209 17,638 3,110,800 SH Call SOLE   3,110,800 0 0
NABORS INDUSTRIES LTD SHS G6359F103 45,930 3,000,000 SH Call SOLE   3,000,000 0 0
NAVIOS MARITIME HOLDINGS INC COM Y62196103 20,973 3,745,203 SH   SOLE   3,745,203 0 0
NEWFIELD EXPL CO COM 651290108 22,375 936,600 SH Call SOLE   936,600 0 0
PEABODY ENERGY CORP COM 704549104 44,304 3,026,200 SH Call SOLE   3,026,200 0 0
PROSHARES TR REAL EST NEW 11 74348A871 1,691 79,666 SH   SOLE   79,666 0 0
SAFE BULKERS INC COM Y7388L103 15,665 2,944,574 SH   SOLE   2,944,574 0 0
SELECT MED HLDGS CORP COM 81619Q105 12,300 1,500,000 SH   SOLE   1,500,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 14,005 402,800 SH Call SOLE   402,800 0 0