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 24,262 1,078,289 SH   SOLE   1,078,289 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 8,254 150,161 SH   SOLE   150,161 0 0
DENBURY RES INC COM NEW 247916208 3,046 827,660 SH   SOLE   827,660 0 0
WESTMORELAND COAL CO COM 960878106 15,838 896,304 SH   SOLE   896,304 0 0
ASSURED GUARANTY LTD COM G0585R106 30,689 812,529 SH   SOLE   812,529 0 0
ARCH COAL INC CL A 039380407 9,092 116,485 SH   SOLE   116,485 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 3,723 174,858 SH   SOLE   174,858 0 0
AK STL HLDG CORP COM 001547108 1,689 165,408 SH   SOLE   165,408 0 0
NUCOR CORP COM 670346105 1,629 27,374 SH   SOLE   27,374 0 0
STEEL DYNAMICS INC COM 858119100 1,637 46,011 SH   SOLE   46,011 0 0
UNITED STATES STL CORP NEW COM 912909108 1,692 51,253 SH   SOLE   51,253 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 47,157 349,700 SH Put SOLE   349,700 0 0