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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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
AIR TRANSPORT SERVICES GRP I COM 00922R105 3,737 513,299 SH   SOLE 513,299 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 8,327 154,138 SH   SOLE 154,138 0 0
CHC GROUP LTD SHS G07021101 1,119 199,757 SH   SOLE 199,757 0 0
CIVEO CORP COM 178787107 1,161 100,000 SH Call SOLE 100,000 0 0
CONSOLIDATED TOMOKA LD CO COM 210226106 9,295 189,422 SH   SOLE 189,422 0 0
COOPER STD HLDGS INC COM 21676P103 3,147 50,429 SH   SOLE 50,429 0 0
ENSIGN GROUP INC COM 29358P101 5,747 165,133 SH   SOLE 165,133 0 0
GASTAR EXPL INC NEW COM 36729W202 11,004 1,874,618 SH   SOLE 1,874,618 0 0
GENERAL MTRS CO COM 37045V100 7,920 247,954 SH   SOLE 247,954 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 12,191 980,794 SH   SOLE 980,794 0 0
HORSEHEAD HLDG CORP COM 440694305 353 21,342 SH   SOLE 21,342 0 0
HUNTSMAN CORP COM 447011107 8,017 308,450 SH   SOLE 308,450 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 112,631 1,030,000 SH Put SOLE 1,030,000 0 0
JASON INDS INC COM 471172106 512 49,452 SH   SOLE 49,452 0 0
JASON INDS INC COM 471172106 92 8,900 SH Call SOLE 8,900 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 3,394 121,340 SH   SOLE 121,340 0 0
MARATHON PETE CORP COM 56585A102 8,467 100,000 SH Call SOLE 100,000 0 0
MEADOWBROOK INS GROUP INC DBCV 5.000% 3/1 58319PAC2 4,663 4,880,000 SH   SOLE 4,880,000 0 0
MICRON TECHNOLOGY INC COM 595112103 11,028 321,900 SH   SOLE 321,900 0 0
MICRON TECHNOLOGY INC COM 595112103 1,713 50,000 SH Call SOLE 50,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 16,515 896,605 SH   SOLE 896,605 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 12,223 691,748 SH   SOLE 691,748 0 0
NUVERRA ENVIRONMENTAL SOLUTI COM NEW 67091K203 177 12,000 SH   SOLE 12,000 0 0
PGT INC COM 69336V101 2,883 309,287 SH   SOLE 309,287 0 0
QUALITY DISTR INC FLA COM 74756M102 7,697 602,245 SH   SOLE 602,245 0 0
REALOGY HLDGS CORP COM 75605Y106 8,836 237,522 SH   SOLE 237,522 0 0
SAFE BULKERS INC COM Y7388L103 2,594 389,422 SH   SOLE 389,422 0 0
SANOFI RIGHT 12/31/2020 80105N113 167 358,575 SH   SOLE 358,575 0 0
SEMGROUP CORP CL A 81663A105 5,240 62,923 SH   SOLE 62,923 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 11,821 60,000 SH Put SOLE 60,000 0 0
STAR BULK CARRIERS CORP SHS NEW Y8162K121 1,936 175,642 SH   SOLE 175,642 0 0
STRAIGHT PATH COMMUNICATNS I CL B 862578101 573 36,371 SH   SOLE 36,371 0 0
SUNEDISON INC COM 86732Y109 2,832 150,000 SH Call SOLE 150,000 0 0
SUNEDISON INC COM 86732Y109 4,724 250,195 SH   SOLE 250,195 0 0
SYNERGY RES CORP COM 87164P103 2,292 188,005 SH   SOLE 188,005 0 0
TFS FINL CORP COM 87240R107 470 32,839 SH   SOLE 32,839 0 0
U S SILICA HLDGS INC COM 90346E103 4,871 77,922 SH   SOLE 77,922 0 0
UNITED RENTALS INC COM 911363109 11,110 100,000 SH Call SOLE 100,000 0 0
VECTOR GROUP LTD NOTE 1.750% 4/1 92240MBC1 7,304 6,500,000 SH   SOLE 6,500,000 0 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 1,741 2,000,000 SH   SOLE 2,000,000 0 0
WESTMORELAND COAL CO COM 960878106 4,243 113,423 SH   SOLE 113,423 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 1,507 100,000 SH   SOLE 100,000 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 6,142 420,386 SH   SOLE 420,386 0 0