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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
ALLY FINL INC COM 02005N100 120,455 5,741,400 SH   SOLE   5,741,400 0 0
BALTIC TRADING LIMITED COM Y0553W103 1,379 925,469 SH   SOLE   925,469 0 0
ENOVA INTL INC COM 29357K103 1,479 75,113 SH   SOLE   75,113 0 0
HERITAGE INS HLDGS INC COM 42727J102 5,613 255,000 SH   SOLE   255,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 2,213 89,941 SH   SOLE   89,941 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 4,925 200,000 SH   SOLE   200,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 14,490 580,060 SH   SOLE   580,060 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR L RP PF 780097788 6,707 275,000 SH   SOLE   275,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 9,304 372,316 SH   SOLE   372,316 0 0