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
APPLIED OPTOELECTRONICS INC COM 03823U102 390 22,491 SH   DFND 1 22,491 0 0
ATMEL CORP COM 049513104 887 90,000 SH   DFND 1 90,000 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 7,391 370,462 SH   DFND 1 370,462 0 0
CALIX INC COM 13100M509 305 40,089 SH   DFND 1 40,089 0 0
CASELLA WASTE SYS INC CL A 147448104 1,316 234,498 SH   DFND 1 234,498 0 0
CELADON GROUP INC COM 150838100 2,586 125,062 SH   DFND 1 125,062 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 639 69,710 SH   DFND 1 69,710 0 0
CENTURY CMNTYS INC COM 156504300 10,490 521,099 SH   DFND 1 521,099 0 0
CIENA CORP COM NEW 171779309 1,184 50,000 SH   DFND 1 50,000 0 0
COMMERCIAL METALS CO COM 201723103 402 25,000 SH   DFND 1 25,000 0 0
COPART INC COM 217204106 2,253 63,498 SH   DFND 1 63,498 0 0
DANAHER CORP DEL COM 235851102 6,431 75,137 SH   DFND 1 75,137 0 0
EAGLE MATERIALS INC COM 26969P108 2,481 32,500 SH   DFND 1 32,500 0 0
ENPRO INDS INC COM 29355X107 1,630 28,493 SH   DFND 1 28,493 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,560 105,000 SH   DFND 1 105,000 0 0
FINISAR CORP COM NEW 31787A507 2,080 116,402 SH   DFND 1 116,402 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 1,607 102,355 SH   DFND 1 102,355 0 0
FORWARD AIR CORP COM 349853101 3,607 69,012 SH   DFND 1 69,012 0 0
GREEN PLAINS INC COM 393222104 2,342 85,000 SH   DFND 1 85,000 0 0
HUNTSMAN CORP COM 447011107 1,443 65,400 SH   DFND 1 65,400 0 0
INGERSOLL-RAND PLC SHS G47791101 5,766 85,523 SH   DFND 1 85,523 0 0
ISHARES TR HDG MSCI GERMN 46434V704 1,157 44,341 SH   DFND 1 44,341 0 0
ISHARES US HOME CONS ETF 464288752 2,125 77,415 SH   DFND 1 77,415 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 3,434 27,500 SH Put DFND 1 27,500 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 1,158 100,000 SH   DFND 1 100,000 0 0
KIRBY CORP COM 497266106 5,188 67,676 SH   DFND 1 67,676 0 0
KRATON PERFORMANCE POLYMERS COM 50077C106 358 15,000 SH   DFND 1 15,000 0 0
LANDSTAR SYS INC COM 515098101 990 14,800 SH   DFND 1 14,800 0 0
NCR CORP NEW COM 62886E108 2,270 75,400 SH Call DFND 1 75,400 0 0
ORION ENGINEERED CARBONS S A COM L72967109 1,895 102,631 SH   DFND 1 102,631 0 0
ORION MARINE GROUP INC COM 68628V308 801 110,875 SH   DFND 1 110,875 0 0
PLY GEM HLDGS INC COM 72941W100 906 76,835 SH   DFND 1 76,835 0 0
PPG INDS INC COM 693506107 1,721 15,000 SH   DFND 1 15,000 0 0
QUEST RESOURCE HLDG CORP COM 74836W104 795 736,223 SH   DFND 1 736,223 0 0
SOUTHWEST AIRLS CO COM 844741108 662 20,000 SH   DFND 1 20,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 15,439 75,000 SH Put DFND 1 75,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 2,844 64,405 SH   DFND 1 64,405 0 0
SWIFT TRANSN CO CL A 87074U101 4,647 205,000 SH   DFND 1 205,000 0 0
TEAM INC COM 878155100 1,224 30,400 SH   DFND 1 30,400 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,599 16,500 SH   DFND 1 16,500 0 0
UNITED TECHNOLOGIES CORP COM 913017109 5,269 47,500 SH   DFND 1 47,500 0 0
UNIVERSAL TRUCKLOAD SVCS INC COM 91388P105 6,109 278,179 SH   DFND 1 278,179 0 0
U S G CORP COM NEW 903293405 1,528 55,000 SH   DFND 1 55,000 0 0
WERNER ENTERPRISES INC COM 950755108 732 27,881 SH   DFND 1 27,881 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 2,303 37,400 SH   DFND 1 37,400 0 0