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
ACCO BRANDS CORP COM 00081T108 1,365 197,870 SH   DFND 1 197,870 0 0
AEGEAN MARINE PETROLEUM NETW SHS Y0017S102 1,018 111,046 SH   DFND 1 111,046 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 1,303 77,692 SH   DFND 1 77,692 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 5,098 316,661 SH   DFND 1 316,661 0 0
ATLAS AIR WORLDWIDE HLDGS IN COM NEW 049164205 461 13,947 SH   DFND 1 13,947 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 4,026 239,937 SH   DFND 1 239,937 0 0
CALIX INC COM 13100M509 3,249 339,483 SH   DFND 1 339,483 0 0
CALLON PETE CO DEL COM 13123X102 441 50,000 SH   DFND 1 50,000 0 0
CASELLA WASTE SYS INC CL A 147448104 433 112,400 SH   DFND 1 112,400 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 7,946 609,375 SH   DFND 1 609,375 0 0
CENTURY CMNTYS INC COM 156504300 4,688 270,196 SH   DFND 1 270,196 0 0
CON-WAY INC COM 205944101 3,325 70,000 SH Call DFND 1 70,000 0 0
DENISON MINES CORP COM 248356107 428 375,000 SH   DFND 1 375,000 0 0
DYCOM INDS INC COM 267475101 2,390 77,826 SH   DFND 1 77,826 0 0
FORWARD AIR CORP COM 349853101 2,396 53,456 SH   DFND 1 53,456 0 0
FUELCELL ENERGY INC COM 35952H106 420 200,900 SH   DFND 1 0 0 200,900
GRANITE CONSTR INC COM 387328107 6,672 209,732 SH   DFND 1 209,732 0 0
HUB GROUP INC CL A 443320106 321 7,925 SH   DFND 1 7,925 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 4,768 43,601 SH   DFND 1 43,601 0 0
KEY ENERGY SVCS INC COM 492914106 290 60,000 SH   DFND 1 60,000 0 0
MRC GLOBAL INC COM 55345K103 17,617 755,454 SH   DFND 1 755,454 0 0
MRC GLOBAL INC COM 55345K103 1,166 50,000 SH Call DFND 1 50,000 0 0
ORION ENGINEERED CARBONS S A COM L72967109 16,292 924,649 SH   DFND 1 924,649 0 0
ORION MARINE GROUP INC COM 68628V308 5,700 571,167 SH   DFND 1 571,167 0 0
OWENS CORNING NEW COM 690742101 2,223 70,000 SH   DFND 1 70,000 0 0
OWENS CORNING NEW COM 690742101 2,137 67,300 SH Call DFND 1 67,300 0 0
PARAGON SHIPPING INC CL A NEW 69913R408 1,263 316,646 SH   DFND 1 316,646 0 0
PLY GEM HLDGS INC COM 72941W100 2,156 198,900 SH Call DFND 1 198,900 0 0
QUEST RESOURCE HLDG CORP COM 74836W104 1,065 619,375 SH   DFND 1 619,375 0 0
REGAL BELOIT CORP COM 758750103 2,432 37,849 SH   DFND 1 37,849 0 0
SCORPIO BULKERS INC SHS Y7546A106 4,985 856,450 SH   DFND 1 856,450 0 0
SCORPIO TANKERS INC SHS Y7542C106 8,865 1,066,783 SH   DFND 1 1,066,783 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 4,531 50,000 SH Put DFND 1 50,000 0 0
THOMPSON CREEK METALS CO INC COM 884768102 6,197 2,816,709 SH   DFND 1 2,816,709 0 0
TUTOR PERINI CORP COM 901109108 2,099 79,500 SH   DFND 1 79,500 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 2,581 75,000 SH Put DFND 1 75,000 0 0
UNIVERSAL TRUCKLOAD SVCS INC COM 91388P105 8,330 343,494 SH   DFND 1 343,494 0 0
WILLBROS GROUP INC DEL COM 969203108 8,197 984,005 SH   DFND 1 984,005 0 0
YRC WORLDWIDE INC COM PAR $.01 984249607 2,286 112,500 SH   DFND 1 112,500 0 0