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		</otherManager><votingAuthority><Sole>500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ROYAL CARIBBEAN CRUISES LTD</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>V7780T103</cusip><value>14169</value><shrsOrPrnAmt><sshPrnamt>140000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>140000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SAIA INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>78709Y105</cusip><value>788</value><shrsOrPrnAmt><sshPrnamt>35400</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>35400</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SALESFORCE COM INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>79466L302</cusip><value>1850</value><shrsOrPrnAmt><sshPrnamt>23600</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>23600</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SANDERSON FARMS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>800013104</cusip><value>3302</value><shrsOrPrnAmt><sshPrnamt>42600</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>42600</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SANTANDER CONSUMER USA HDG I</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>80283M101</cusip><value>7925</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>SCHOLASTIC CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>807066105</cusip><value>1107</value><shrsOrPrnAmt><sshPrnamt>28700</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>28700</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SCIENCE APPLICATNS INTL CP N</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>808625107</cusip><value>2632</value><shrsOrPrnAmt><sshPrnamt>57500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>57500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SEABOARD CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>811543107</cusip><value>289</value><shrsOrPrnAmt><sshPrnamt>100</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>100</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SEADRILL LIMITED</nameOfIssuer><titleOfClass>SHS</titleOfClass><cusip>G7945E105</cusip><value>38</value><shrsOrPrnAmt><sshPrnamt>11300</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>11300</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SEAGATE TECHNOLOGY PLC</nameOfIssuer><titleOfClass>SHS</titleOfClass><cusip>G7945M107</cusip><value>4308</value><shrsOrPrnAmt><sshPrnamt>117500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>117500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SELECT COMFORT CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>81616X103</cusip><value>3402</value><shrsOrPrnAmt><sshPrnamt>158900</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>158900</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SELECT MED HLDGS CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>81619Q105</cusip><value>2422</value><shrsOrPrnAmt><sshPrnamt>203400</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>203400</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer><titleOfClass>SBI INT-INDS</titleOfClass><cusip>81369Y704</cusip><value>79515</value><shrsOrPrnAmt><sshPrnamt>1500000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><putCall>Put</putCall><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer><titleOfClass>SBI MATERIALS</titleOfClass><cusip>81369Y100</cusip><value>21710</value><shrsOrPrnAmt><sshPrnamt>500000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><putCall>Put</putCall><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>500000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SERVICENOW INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>81762P102</cusip><value>1437</value><shrsOrPrnAmt><sshPrnamt>16600</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>16600</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SHOE CARNIVAL INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>824889109</cusip><value>698</value><shrsOrPrnAmt><sshPrnamt>30100</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>30100</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SIGMA DESIGNS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>826565103</cusip><value>462</value><shrsOrPrnAmt><sshPrnamt>73100</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>73100</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SIGNATURE BK NEW YORK N Y</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>82669G104</cusip><value>2377</value><shrsOrPrnAmt><sshPrnamt>15500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>15500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SILVER SPRING NETWORKS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>82817Q103</cusip><value>772</value><shrsOrPrnAmt><sshPrnamt>53600</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>53600</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SMITH &amp; WESSON HLDG CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>831756101</cusip><value>1543</value><shrsOrPrnAmt><sshPrnamt>70200</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>70200</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOLARCITY CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>83416T100</cusip><value>77</value><shrsOrPrnAmt><sshPrnamt>1500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOLARCITY CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>83416T100</cusip><value>1531</value><shrsOrPrnAmt><sshPrnamt>30000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><putCall>Call</putCall><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>30000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOLARCITY CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>83416T100</cusip><value>3316</value><shrsOrPrnAmt><sshPrnamt>65000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><putCall>Put</putCall><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>65000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOLARCITY CORP</nameOfIssuer><titleOfClass>NOTE 1.625%11/0</titleOfClass><cusip>83416TAC4</cusip><value>5357</value><shrsOrPrnAmt><sshPrnamt>6655000</sshPrnamt><sshPrnamtType>PRN</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>6655000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SONIC CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>835451105</cusip><value>510</value><shrsOrPrnAmt><sshPrnamt>15800</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>15800</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOTHEBYS</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>835898107</cusip><value>2522</value><shrsOrPrnAmt><sshPrnamt>97900</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>97900</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOUTHERN MO BANCORP INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>843380106</cusip><value>430</value><shrsOrPrnAmt><sshPrnamt>18000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>18000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOUTHERN NATL BANCORP OF VA</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>843395104</cusip><value>3134</value><shrsOrPrnAmt><sshPrnamt>240000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>240000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOUTHSIDE BANCSHARES INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>84470P109</cusip><value>9734</value><shrsOrPrnAmt><sshPrnamt>405250</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>405250</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SOUTHWEST AIRLS CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>844741108</cusip><value>1300</value><shrsOrPrnAmt><sshPrnamt>30200</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>30200</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer><titleOfClass>TR UNIT</titleOfClass><cusip>78462F103</cusip><value>856</value><shrsOrPrnAmt><sshPrnamt>4200</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4200</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer><titleOfClass>TR UNIT</titleOfClass><cusip>78462F103</cusip><value>81556</value><shrsOrPrnAmt><sshPrnamt>400000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><putCall>Put</putCall><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>400000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer><titleOfClass>BRC HGH YLD BD</titleOfClass><cusip>78464A417</cusip><value>64357</value><shrsOrPrnAmt><sshPrnamt>1897885</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1897885</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer><titleOfClass>S&amp;P OILGAS EXP</titleOfClass><cusip>78464A730</cusip><value>1825</value><shrsOrPrnAmt><sshPrnamt>60400</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>60400</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPECTRUM BRANDS HLDGS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>84763R101</cusip><value>2911</value><shrsOrPrnAmt><sshPrnamt>28600</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>28600</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPIRIT AEROSYSTEMS HLDGS INC</nameOfIssuer><titleOfClass>COM CL A</titleOfClass><cusip>848574109</cusip><value>8239</value><shrsOrPrnAmt><sshPrnamt>164556</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>164556</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ST JUDE MED INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>790849103</cusip><value>5769</value><shrsOrPrnAmt><sshPrnamt>93400</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>93400</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>STANCORP FINL GROUP INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>852891100</cusip><value>501</value><shrsOrPrnAmt><sshPrnamt>4400</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4400</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>STARBUCKS CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>855244109</cusip><value>288</value><shrsOrPrnAmt><sshPrnamt>4800</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4800</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>STARZ</nameOfIssuer><titleOfClass>COM SER A</titleOfClass><cusip>85571Q102</cusip><value>4191</value><shrsOrPrnAmt><sshPrnamt>125100</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>125100</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>STEELCASE INC</nameOfIssuer><titleOfClass>CL A</titleOfClass><cusip>858155203</cusip><value>1523</value><shrsOrPrnAmt><sshPrnamt>102200</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>102200</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>STERLING BANCORP DEL</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>85917A100</cusip><value>22303</value><shrsOrPrnAmt><sshPrnamt>1375000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1375000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>STIFEL FINL CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>860630102</cusip><value>2433</value><shrsOrPrnAmt><sshPrnamt>57439</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>57439</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SUCAMPO PHARMACEUTICALS INC</nameOfIssuer><titleOfClass>CL A</titleOfClass><cusip>864909106</cusip><value>2882</value><shrsOrPrnAmt><sshPrnamt>166700</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>166700</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SUFFOLK BANCORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>864739107</cusip><value>3402</value><shrsOrPrnAmt><sshPrnamt>120000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>120000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SUNEDISON INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>86732Y109</cusip><value>13709</value><shrsOrPrnAmt><sshPrnamt>2693251</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2693251</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SUNSHINE BANCORP INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>86777J108</cusip><value>2888</value><shrsOrPrnAmt><sshPrnamt>190000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>190000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SUNTRUST BKS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>867914103</cusip><value>19278</value><shrsOrPrnAmt><sshPrnamt>450000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>450000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SUPERVALU INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>868536103</cusip><value>4273</value><shrsOrPrnAmt><sshPrnamt>630200</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>630200</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SVB FINL GROUP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>78486Q101</cusip><value>11903</value><shrsOrPrnAmt><sshPrnamt>100106</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>100106</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SYKES ENTERPRISES INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>871237103</cusip><value>1653</value><shrsOrPrnAmt><sshPrnamt>53700</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
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