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
AMBAC FINL GROUP INC COM NEW 023139884 33,803 1,418,489 SH   DFND 1,2,3,4 1,418,489 0 0
AMBAC FINL GROUP INC COM NEW 023139884 12,343 517,980 SH   DFND 2,3,4 517,980 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,588 66,639 SH   DFND 2,3,4,5 66,639 0 0
BANKUNITED INC COM 06652K103 167,302 6,432,204 SH   DFND 2,3,4,6 6,432,204 0 0
CIT GROUP INC COM NEW 125581801 295,352 6,333,957 SH   DFND 1,2,3,4 6,333,957 0 0
CIT GROUP INC COM NEW 125581801 117,185 2,513,079 SH   DFND 2,3,4,5 2,513,079 0 0
GENERAL MTRS CO COM 37045V100 1,424 42,758 SH   DFND 1,2,3,4 42,758 0 0
GENERAL MTRS CO COM 37045V100 555 16,672 SH   DFND 2,3,4,5 16,672 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 20,427 851,111 SH   DFND 1,2,3,4 851,111 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 7,967 331,941 SH   DFND 2,3,4,5 331,941 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 4,301 578,897 SH   DFND 1,2,3,4 578,897 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 2,232 300,363 SH   DFND 2,3,4 300,363 0 0
ISTAR FINL INC COM 45031U101 24,334 2,155,333 SH   DFND 1,2,3,4 2,155,333 0 0
ISTAR FINL INC COM 45031U101 6,921 613,016 SH   DFND 2,3,4,5 613,016 0 0
MBIA INC COM 55262C100 43,675 3,281,330 SH   DFND 1,2,3,4 3,281,330 0 0
MBIA INC COM 55262C100 22,667 1,702,970 SH   DFND 2,3,4 1,702,970 0 0
PENN NATL GAMING INC COM 707569109 2,356 44,514 SH   DFND 2,3,4,6 44,514 0 0
QUAD / GRAPHICS INC COM CL A 747301109 1,679 69,673 SH   DFND 2,3,4,6 69,673 0 0
QUAD / GRAPHICS INC COM CL A 747301109 39,296 1,630,551 SH   DFND 1,2,3,4 1,630,551 0 0
QUAD / GRAPHICS INC COM CL A 747301109 13,998 580,848 SH   DFND 2,3,4,5 580,848 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 32,170 509,100 SH Call DFND 1,2,3,4 0 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 13,270 210,000 SH Call DFND 2,3,4 0 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 1,953 30,900 SH Call DFND 2,3,4,5 0 0 0
VISTEON CORP COM NEW 92839U206 95,224 1,508,632 SH   DFND 1,2,3,4 1,508,632 0 0
VISTEON CORP COM NEW 92839U206 37,786 598,630 SH   DFND 2,3,4,5 598,630 0 0