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
AMERICAN AIRLS GROUP INC COM 02376R102 74,540 1,389,900 SH   DFND 1,2 1,389,900 0 0
AMERICAN CAP LTD COM 02503Y103 107,936 7,387,784 SH   DFND 1,2 7,387,784 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 24,883 444,253 SH   DFND 1,2 444,253 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 1,248 47,135 SH   DFND 1,2 47,135 0 0
BARCLAYS BK PLC IPATH S&P MT ETN 06740C519 6,678 509,000 SH   DFND 1,2 509,000 0 0
CDK GLOBAL INC COM 12508E101 10,394 255,000 SH   DFND 1,2 255,000 0 0
CDW CORP COM 12514G108 84,767 2,410,211 SH   DFND 1,2 2,410,211 0 0
CITIGROUP INC COM NEW 172967424 120,611 2,229,000 SH   DFND 1,2 2,229,000 0 0
CITIZENS FINL GROUP INC COM 174610105 62,652 2,520,200 SH   DFND 1,2 2,520,200 0 0
CURRENCYSHARES EURO TR EURO SHS 23130C108 10,768 90,383 SH   DFND 1,2 90,383 0 0
ENPRO INDS INC COM 29355X107 61,683 982,833 SH   DFND 1,2 982,833 0 0
GENERAL MTRS CO COM 37045V100 77,802 2,228,647 SH   DFND 1,2 2,228,647 0 0
INGRAM MICRO INC CL A 457153104 159,484 5,770,031 SH   DFND 1,2 5,770,031 0 0
INTELSAT S A COM L5140P101 51,740 2,980,427 SH   DFND 1,2 2,980,427 0 0
JETBLUE AIRWAYS CORP COM 477143101 35,447 2,235,000 SH   DFND 1,2 2,235,000 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 9,702 746,894 SH   DFND 1,2 746,894 0 0
MASONITE INTL CORP NEW COM 575385109 42,414 690,110 SH   DFND 1,2 690,110 0 0
MICRON TECHNOLOGY INC COM 595112103 52,515 1,500,000 SH Call DFND 1,2 1,500,000 0 0
MICRON TECHNOLOGY INC COM 595112103 171,107 4,887,384 SH   DFND 1,2 4,887,384 0 0
NCR CORP NEW COM 62886E108 47,274 1,622,298 SH   DFND 1,2 1,622,298 0 0
NEWS CORP NEW CL A 65249B109 36,244 2,310,000 SH   DFND 1,2 2,310,000 0 0
NEWS CORP NEW CL B 65249B208 7,842 520,000 SH   DFND 1,2 520,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 57,864 2,563,750 SH   DFND 1,2 2,563,750 0 0
ORACLE CORP COM 68389X105 48,003 1,067,437 SH   DFND 1,2 1,067,437 0 0
ORION ENGINEERED CARBONS S A COM L72967109 29,750 1,751,052 SH   DFND 1,2 1,751,052 0 0
RCS CAP CORP COM CL A 74937W102 20,216 1,651,620 SH   DFND 1,2 1,651,620 0 0
RF MICRODEVICES INC COM 749941100 25,383 1,530,000 SH   DFND 1,2 1,530,000 0 0
ROCK-TENN CO CL A 772739207 6,589 108,058 SH   DFND 1,2 108,058 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 55,889 2,289,597 SH   DFND 1,2 2,289,597 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 3,396 125,602 SH   DFND 1,2 125,602 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 54,935 1,276,377 SH   DFND 1,2 1,276,377 0 0
TESORO CORP COM 881609101 67,755 911,300 SH   DFND 1,2 911,300 0 0
TESORO CORP COM 881609101 56,729 763,000 SH Call DFND 1,2 763,000 0 0
TRINSEO S A SHS L9340P101 35,042 2,008,120 SH   DFND 1,2 2,008,120 0 0
TRIPLE-S MGMT CORP CL B 896749108 55,864 2,336,421 SH   DFND 1,2 2,336,421 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 12,673 460,000 SH   DFND 1,2 460,000 0 0