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
AEROJET ROCKETDYNE HLDGS INC COM 007800105 70,074 3,400,000 SH   SOLE   3,400,000 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917t104 40,650 5,000,000 SH   SOLE   5,000,000 0 0
BABCOCK & WILCOX CO NEW COM 05615F102 31,160 950,000 SH   SOLE   950,000 0 0
CITIZENS FINL GROUP INC COM 174610105 27,310 1,000,000 SH   SOLE   1,000,000 0 0
GENERAL MTRS CO COM 37045V100 49,995 1,500,000 SH   SOLE   1,500,000 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 25,130 700,000 SH   SOLE   700,000 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 12,614 350,000 SH   SOLE   350,000 0 0
MCDERMOTT INT CVT PREF PFD CONV 580037141 77,720 4,000,000 SH   SOLE   4,000,000 0 0
NATIONAL GEN HLDGS CORP COM 636220303 57,283 2,750,000 SH   SOLE   2,750,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 31,500 1,875,000 SH   SOLE   1,875,000 0 0
NAVIENT CORP COM 63938C108 40,973 2,250,000 SH   SOLE   2,250,000 0 0
NEWS CORP NEW CL A 65249B109 72,950 5,000,000 SH   SOLE   5,000,000 0 0
OCWEN FINL CORP COM NEW 675746309 127,500 12,500,000 SH   SOLE   12,500,000 0 0
QLT INC COM 746927102 13,423 3,250,000 SH   SOLE   3,250,000 0 0
SEARS HLDGS CORP COM 812350106 13,350 500,000 SH   SOLE   500,000 0 0
SUNCOKE ENERGY INC COM 86722A103 32,500 2,500,000 SH   SOLE   2,500,000 0 0
TRIBUNE MEDIA CO CL A 896047503 53,390 1,000,000 SH   SOLE   1,000,000 0 0