<?xml version="1.0"?>
<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><infoTable><nameOfIssuer>AEROJET ROCKETDYNE HLDGS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>007800105</cusip><value>52740</value><shrsOrPrnAmt><sshPrnamt>3000000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>3000000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BANK NEW YORK MELLON CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>064058100</cusip><value>59820</value><shrsOrPrnAmt><sshPrnamt>1500000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BROOKDALE SR LIVING INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>112463104</cusip><value>58021</value><shrsOrPrnAmt><sshPrnamt>3325000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>3325000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CIT GROUP INC</nameOfIssuer><titleOfClass>COM NEW</titleOfClass><cusip>125581801</cusip><value>63525</value><shrsOrPrnAmt><sshPrnamt>1750000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1750000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CITIZENS FINL GROUP INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>174610105</cusip><value>74130</value><shrsOrPrnAmt><sshPrnamt>3000000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>3000000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>COMPUTER SCIENCES CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>205363104</cusip><value>45684</value><shrsOrPrnAmt><sshPrnamt>875000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>875000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>EBAY INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>278642103</cusip><value>49350</value><shrsOrPrnAmt><sshPrnamt>1500000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GENERAL MTRS CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>37045V100</cusip><value>63540</value><shrsOrPrnAmt><sshPrnamt>2000000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2000000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>HEWLETT PACKARD ENTERPRISE C</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>42824C109</cusip><value>108063</value><shrsOrPrnAmt><sshPrnamt>4750000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4750000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>KLX INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>482539103</cusip><value>19360</value><shrsOrPrnAmt><sshPrnamt>550000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>550000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</nameOfIssuer><titleOfClass>COM A SIRIUSXM</titleOfClass><cusip>531229409</cusip><value>16990</value><shrsOrPrnAmt><sshPrnamt>500000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</nameOfIssuer><titleOfClass>COM C SIRIUSXM</titleOfClass><cusip>531229607</cusip><value>30069</value><shrsOrPrnAmt><sshPrnamt>900000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>900000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>MCDERMOTT INTL CVT PREF</nameOfIssuer><titleOfClass>PFD CONV</titleOfClass><cusip>580037141</cusip><value>26550</value><shrsOrPrnAmt><sshPrnamt>1500000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>NATIONSTAR MTG HLDGS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>63861C109</cusip><value>19994</value><shrsOrPrnAmt><sshPrnamt>1350000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1350000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>NAVIENT CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>63938C108</cusip><value>28940</value><shrsOrPrnAmt><sshPrnamt>2000000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2000000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>NEW RESIDENTIAL INVT CORP</nameOfIssuer><titleOfClass>COM NEW</titleOfClass><cusip>64828T201</cusip><value>65598</value><shrsOrPrnAmt><sshPrnamt>4750000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4750000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>OCWEN FINL CORP</nameOfIssuer><titleOfClass>COM NEW</titleOfClass><cusip>675746309</cusip><value>31195</value><shrsOrPrnAmt><sshPrnamt>8500000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>8500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>PJT PARTNERS INC</nameOfIssuer><titleOfClass>COM CL A</titleOfClass><cusip>69343T107</cusip><value>27270</value><shrsOrPrnAmt><sshPrnamt>1000000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1000000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>QLT INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>746927102</cusip><value>6120</value><shrsOrPrnAmt><sshPrnamt>3000000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>3000000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SEARS HLDGS CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>812350106</cusip><value>29796</value><shrsOrPrnAmt><sshPrnamt>2600000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2600000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SUNCOKE ENERGY INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>86722A103</cusip><value>20050</value><shrsOrPrnAmt><sshPrnamt>2500000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable></informationTable>
