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
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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
AMERICAN AIRLS GROUP INC COM 02376R102 10,100 400,000 SH Call DFND 1 400,000 0 0
AAR CORP COM 000361105 7,778 277,700 SH Call DFND 1 277,700 0 0
ALASKA AIR GROUP INC COM 011659109 22,011 300,000 SH   DFND 1 300,000 0 0
ALASKA AIR GROUP INC COM 011659109 22,011 300,000 SH Call DFND 1 300,000 0 0
ANADARKO PETE CORP COM 032511107 13,881 175,000 SH   DFND 1 175,000 0 0
CARROLS RESTAURANT GROUP INC COM 14574X104 11,237 1,700,000 SH   DFND 1 1,700,000 0 0
CHEMTURA CORP COM NEW 163893209 4,718 169,000 SH   SOLE   169,000 0 0
CHEMTURA CORP COM NEW 163893209 41,880 1,500,000 SH   DFND 1 1,500,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 4,312 100,000 SH   DFND 1 100,000 0 0
CONSOL ENERGY INC COM 20854P109 1,141 30,000 SH Call SOLE   30,000 0 0
CONSOL ENERGY INC COM 20854P109 18,640 490,000 SH Call DFND 1 490,000 0 0
COLONY FINL INC COM 19624R106 639 31,500 SH   SOLE   31,500 0 0
COLONY FINL INC COM 19624R106 15,218 750,000 SH   DFND 1 750,000 0 0
COOPER STD HLDGS INC COM 21676P103 8,594 175,000 SH   SOLE   175,000 0 0
COOPER STD HLDGS INC COM 21676P103 11,050 225,000 SH   DFND 1 225,000 0 0
CROSSTEX ENERGY INC COM 22765Y104 1,012 28,000 SH   SOLE   28,000 0 0
CROSSTEX ENERGY INC COM 22765Y104 29,566 817,631 SH   DFND 1 817,631 0 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 24,930 24,806,000 PRN   SOLE   24,806,000 0 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 32,956 32,792,000 PRN   DFND 1 32,792,000 0 0
DYNEGY INC NEW DEL COM 26817R108 6,204 288,312 SH   SOLE   288,312 0 0
DYNEGY INC NEW DEL COM 26817R108 38,452 1,786,788 SH   DFND 1 1,786,788 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 188 40,953 SH   SOLE   40,953 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 2,015 439,047 SH   DFND 1 439,047 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 785 29,000 SH   SOLE   29,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 10,824 400,000 SH   DFND 1 400,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 12,177 450,000 SH Call DFND 1 450,000 0 0
FELCOR LODGING TR INC COM 31430F101 1,677 205,555 SH   SOLE   205,555 0 0
FELCOR LODGING TR INC COM 31430F101 13,419 1,644,445 SH   DFND 1 1,644,445 0 0
FERRO CORP COM 315405100 3,214 250,520 SH   SOLE   250,520 0 0
FERRO CORP COM 315405100 19,245 1,500,000 SH   DFND 1 1,500,000 0 0
FOREST OIL CORP COM PAR $0.01 346091705 2,004 555,000 SH   SOLE   555,000 0 0
FOREST OIL CORP COM PAR $0.01 346091705 24,548 6,800,000 SH   DFND 1 6,800,000 0 0
FOREST OIL CORP COM PAR $0.01 346091705 3,610 1,000,000 SH Call DFND 1 1,000,000 0 0
GENERAL MTRS CO COM 37045V100 1,839 45,000 SH   SOLE   45,000 0 0
GENERAL MTRS CO COM 37045V100 2,452 60,000 SH Call SOLE   60,000 0 0
GENERAL MTRS CO COM 37045V100 73,566 1,800,000 SH Call DFND 1 1,800,000 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 1,742 48,000 SH   SOLE   48,000 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 27,762 765,000 SH   DFND 1 765,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 5,390 226,000 SH   SOLE   226,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 787 33,000 SH Call SOLE   33,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 28,620 1,200,000 SH   DFND 1 1,200,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 16,695 700,000 SH Call DFND 1 700,000 0 0
HESS CORP COM 42809H107 3,096 37,300 SH   SOLE   37,300 0 0
HESS CORP COM 42809H107 39,483 475,700 SH   DFND 1 475,700 0 0
HUNTSMAN CORP COM 447011107 17,220 700,000 SH   DFND 1 700,000 0 0
ISTAR FINL INC COM 45031U101 5,351 375,000 SH   DFND 1 375,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 19,034 165,000 SH Put SOLE   165,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 230,720 2,000,000 SH Put DFND 1 2,000,000 0 0
PENNEY J C INC COM 708160106 1,830 200,000 SH   DFND 1 200,000 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 25,970 2,000,000 SH   DFND 1 2,000,000 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 19,478 1,500,000 SH Call DFND 1 1,500,000 0 0
LIBERTY MEDIA CORP DEB 4.000%11/1 530715AG6 25,721 42,165,000 PRN   SOLE   42,165,000 0 0
LIBERTY MEDIA CORP DEB 3.750% 2/1 530715AL5 38,468 65,200,000 PRN   SOLE   65,200,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 68,992 1,600,000 SH Call DFND 1 1,600,000 0 0
METHANEX CORP COM 59151K108 17,772 300,000 SH   DFND 1 300,000 0 0
MTR GAMING GROUP INC COM 553769100 258 50,000 SH   SOLE   50,000 0 0
MTR GAMING GROUP INC COM 553769100 13,777 2,670,022 SH   DFND 1 2,670,022 0 0
NRG ENERGY INC COM NEW 629377508 3,259 113,479 SH   SOLE   113,479 0 0
NRG ENERGY INC COM NEW 629377508 58,690 2,043,521 SH   DFND 1 2,043,521 0 0
OCEAN RIG UDW INC SHS Y64354205 7,138 370,800 SH   SOLE   370,800 0 0
OCEAN RIG UDW INC SHS Y64354205 44,229 2,297,600 SH   DFND 1 2,297,600 0 0
OCEAN RIG UDW INC SHS Y64354205 9,625 500,000 SH Call DFND 1 500,000 0 0
OCLARO INC COM NEW 67555N206 4,980 2,000,000 SH   DFND 1 2,000,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 26,388 300,000 SH Put SOLE   300,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 237,492 2,700,000 SH Put DFND 1 2,700,000 0 0
RITE AID CORP COM 767754104 30,613 6,050,000 SH   DFND 1 6,050,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 6,070 1,000,000 SH   DFND 1 1,000,000 0 0
SEMGROUP CORP CL A 81663A105 750 11,500 SH   SOLE   11,500 0 0
SEMGROUP CORP CL A 81663A105 20,221 310,000 SH   DFND 1 310,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 15,482 1,575,000 SH   DFND 1 1,575,000 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 484 18,202 SH   SOLE   18,202 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 17,743 666,798 SH   DFND 1 666,798 0 0
SUPERVALU INC COM 868536103 911 125,000 SH   SOLE   125,000 0 0
SUPERVALU INC COM 868536103 10,024 1,375,000 SH   DFND 1 1,375,000 0 0
SUPERVALU INC COM 868536103 7,290 1,000,000 SH Call DFND 1 1,000,000 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 1,625 20,000 SH   SOLE   20,000 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 18,690 230,000 SH   DFND 1 230,000 0 0
WALTER ENERGY INC COM 93317Q105 950 57,100 SH   SOLE   57,100 0 0
WALTER ENERGY INC COM 93317Q105 22,284 1,340,000 SH   DFND 1 1,340,000 0 0
WALTER ENERGY INC COM 93317Q105 4,158 250,000 SH Call DFND 1 250,000 0 0
YRC WORLDWIDE INC DEBT 6.000% 2/1 984249AA0 11,160 11,747,000 PRN   DFND 1 11,747,000 0 0
YRC WORLDWIDE INC NOTE 10.000% 3/3 984249AB8 1,185 1,215,504 PRN   DFND 1 1,215,504 0 0