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
ALTISOURCE RESIDENTI-CL B- COM 02153W100 20,324 675,000 SH   SOLE   675,000 0 0
API TECHNOLOGIES CORP COM 00187E203 5,683 1,666,667 SH   SOLE   1,666,667 0 0
BIOSCRIP INC COM 09069N108 2,960 400,000 SH   SOLE   400,000 0 0
COMSTOCK RESOURCES INC COM 205768203 7,316 400,000 SH   SOLE   400,000 0 0
DEX MEDIA INC NEW COM 25213A107 8,561 1,264,221 SH   SOLE   1,264,221 0 0
GENERAL MOTORS CO COM 37045V100 188,247 4,606,005 SH   SOLE   4,606,005 0 0
GENERAL MOTORS CO COM 37045V900 12,037 33,980 SH Call SOLE   33,980 0 0
GENERAL MOTORS CO WAR EXP 07/10/16 37045V118 1,673 53,732 SH   SOLE   53,732 0 0
GENERAL MOTORS CO WAR EXP 07/10/19 37045V126 1,242 53,732 SH   SOLE   53,732 0 0
KINDER MORGAN INC COM 49456B101 84,715 2,353,183 SH   SOLE   2,353,183 0 0
KINDER MORGAN INC WAR EXP 05/25/17 49456B119 28,420 7,000,000 SH   SOLE   7,000,000 0 0
NATIONSTAR MORTGAGE HOLDINGS COM 63861C109 40,125 1,085,638 SH   SOLE   1,085,638 0 0
NMI HOLDINGS INC COM 629209305 69,970 5,496,500 SH   SOLE   5,496,500 0 0
NRG ENERGY INC. COM 629377508 85,310 2,970,396 SH   SOLE   2,970,396 0 0
OPENTABLE INC COM 68372A104 1,378 17,356 SH   SOLE   17,356 0 0
OCCIDENTAL PETROLEUM CORP COM 674599905 449 1,650 SH Call SOLE   1,650 0 0
PENNYMAC MORTGAGE INVESTMENT COM 70931T103 81,967 3,570,000 SH   SOLE   3,570,000 0 0
RAYONIER INC COM 754907103 1,949 46,300 SH   SOLE   46,300 0 0
REALNETWORKS INC COM 75605L708 9,664 1,280,000 SH   SOLE   1,280,000 0 0
VODAPHONE GROUP PLC NEW SPONS ADR 92857W209 122,734 3,122,200 SH   SOLE   3,122,200 0 0