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
BELLATRIX EXPLORATION LTD COM 078314101 5,138 5,061,800 SH   SOLE   5,061,800 0 0
COBALT INTL ENERGY INC COM 19075F106 9,765 3,288,000 SH   SOLE   3,288,000 0 0
CST BRANDS INC COM 12646R105 3,890 101,600 SH   SOLE   101,600 0 0
ENERPLUS CORP COM 292766102 8,925 2,271,000 SH   SOLE   2,271,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 335 70,141 SH   SOLE   70,141 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 10,536 760,713 SH   SOLE   760,713 0 0
KLX INC COM 482539103 25,336 788,300 SH   SOLE   788,300 0 0
KRATON PERFORMANCE POLYMERS COM 50077C106 9,256 535,000 SH   SOLE   535,000 0 0
LIVEPERSON INC COM 538146101 2,044 349,400 SH   SOLE   349,400 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 2,702 76,906 SH   SOLE   76,906 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 1,430 262,951 SH   SOLE   262,951 0 0
MANITOWOC INC COM 563571108 2,688 620,800 SH   SOLE   620,800 0 0
MANITOWOC FOODSERVICE INC COM 563568104 7,950 539,365 SH   SOLE   539,365 0 0
MBIA INC COM 55262C100 7,919 894,837 SH   SOLE   894,837 0 0
MCDERMOTT INTL INC COM 580037109 10,000 2,445,000 SH   SOLE   2,445,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 16,905 1,707,600 SH   SOLE   1,707,600 0 0
NAVISTAR INTL CORP NEW COM 63934E108 14,583 1,164,762 SH   SOLE   1,164,762 0 0
NEW SR INVT GROUP INC COM 648691103 2,600 252,423 SH   SOLE   252,423 0 0
OCWEN FINL CORP COM NEW 675746309 3,989 1,615,000 SH   SOLE   1,615,000 0 0
OLIN CORP COM PAR $1 680665205 19,889 1,145,000 SH   SOLE   1,145,000 0 0
PENN WEST PETE LTD NEW COM 707887105 5,672 6,099,312 SH   SOLE   6,099,312 0 0
PROS HOLDINGS INC COM 74346Y103 1,392 118,057 SH   SOLE   118,057 0 0
RESOURCE CAP CORP COM NEW 76120W708 4,703 418,053 SH   SOLE   418,053 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 6,517 621,246 SH   SOLE   621,246 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 4,586 248,152 SH   SOLE   248,152 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 16,442 80,000 SH Put SOLE   80,000 0 0
SUNEDISON SEMICONDUCTOR LTD SHS Y8213L102 3,324 513,033 SH   SOLE   513,033 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 3,991 137,942 SH   SOLE   137,942 0 0
TEREX CORP NEW COM 880779103 2,431 97,700 SH   SOLE   97,700 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 2,601 235,185 SH   SOLE   235,185 0 0
TRINITY BIOTECH PLC SPON ADR NEW 896438306 396 34,000 SH   SOLE   34,000 0 0
VEREIT INC COM 92339V100 9,739 1,098,020 SH   SOLE   1,098,020 0 0
WHITING PETE CORP NEW COM 966387102 8,235 1,032,000 SH   SOLE   1,032,000 0 0
WMIH CORP COM 92936P100 1,225 523,368 SH   SOLE   523,368 0 0
WP GLIMCHER IN COM 92939N102 2,244 236,500 SH   SOLE   236,500 0 0
YAHOO INC COM 984332106 22,270 605,000 SH   SOLE   605,000 0 0
YELP INC CL A 985817105 2,250 113,200 SH   SOLE   113,200 0 0