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
ALLY FINL INC COM 02005N100 142,929 6,176,707 SH   DFND 1,2,3,4 6,176,707 0 0
ALLY FINL INC COM 02005N100 45,930 1,984,873 SH   DFND 2,3,4 1,984,873 0 0
AMBAC FINL GROUP INC COM NEW 023139884 35,879 1,623,495 SH   DFND 1,2,3,4 1,623,495 0 0
AMBAC FINL GROUP INC COM NEW 023139884 11,447 517,980 SH   DFND 2,3,4 517,980 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,473 66,639 SH   DFND 2,3,4,5 66,639 0 0
BALTIC TRADING LIMITED COM Y0553W103 19,861 4,797,325 SH   DFND 1,2,3,4 4,797,325 0 0
BALTIC TRADING LIMITED COM Y0553W103 10,154 2,452,675 SH   DFND 2,3,4 2,452,675 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 289,146 12,989,465 SH   DFND 1,2,3,4 12,989,465 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 114,809 5,157,647 SH   DFND 2,3,4,5 5,157,647 0 0
CENTERPOINT ENERGY INC COM 15189T107 70,874 2,896,351 SH   DFND 1,2,3,4 2,896,351 0 0
CENTERPOINT ENERGY INC COM 15189T107 22,039 900,667 SH   DFND 2,3,4 900,667 0 0
CIT GROUP INC COM NEW 125581801 19,682 428,242 SH   DFND 1,2,3,4 428,242 0 0
CIT GROUP INC COM NEW 125581801 5,559 120,962 SH   DFND 2,3,4 120,962 0 0
CIT GROUP INC COM NEW 125581801 6,356 138,355 SH   DFND 2,3,4,5 138,355 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 2,256 207,001 SH   DFND 1,2,3,4 207,001 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 898 82,420 SH   DFND 2,3,4 82,420 0 0
EL PASO ELEC CO COM NEW 283677854 15,659 428,414 SH   DFND 1,2,3,4 428,414 0 0
EL PASO ELEC CO COM NEW 283677854 3,662 100,186 SH   DFND 2,3,4 100,186 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 565,743 23,830,796 SH   DFND 1,2,3,4 23,830,796 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 565,743 23,830,795 SH   DFND 2,3,4,6 23,830,795 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 863 27,925 SH   DFND 2,3,4,6 27,925 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 14,620 653,271 SH   DFND 1,2,3,4 653,271 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 5,702 254,781 SH   DFND 2,3,4,5 254,781 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 14,085 1,023,650 SH   DFND 1,2,3,4 1,023,650 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 7,152 519,803 SH   DFND 2,3,4 519,803 0 0
ISHARES RUSSELL 2000 ETF 464287655 63,368 579,500 SH Put DFND 1,2,3,4, 579,500 0 0
ISHARES RUSSELL 2000 ETF 464287655 18,644 170,500 SH Put DFND 2,3,4 170,500 0 0
MBIA INC COM 55262C100 27,577 3,003,987 SH   DFND 1,2,3,4 3,003,987 0 0
MBIA INC COM 55262C100 6,874 748,800 SH Call DFND 1,2,3,4 0 0 0
MBIA INC COM 55262C100 14,305 1,558,313 SH   DFND 2,3,4 1,558,313 0 0
MBIA INC COM 55262C100 3,565 388,300 SH Call DFND 2,3,4 0 0 0
NEUSTAR INC CL A 64126X201 6,456 260,000 SH Put DFND 1,2,3,4 260,000 0 0
NEUSTAR INC CL A 64126X201 2,766 111,400 SH Put DFND 2,3,4 111,400 0 0
PENN NATL GAMING INC COM 707569109 499 44,514 SH   DFND 2,3,4,6 44,514 0 0
PENNEY J C INC COM 708160106 41,934 4,176,700 SH Put DFND 1,2,3,4 4,176,700 0 0
PENNEY J C INC COM 708160106 20,445 2,036,400 SH Put DFND 2,3,4 2,036,400 0 0
PINNACLE ENTMT INC COM 723456109 26,207 1,044,533 SH   DFND 1,2,3,4 1,044,533 0 0
PINNACLE ENTMT INC COM 723456109 7,712 307,380 SH   DFND 2,3,4 307,380 0 0
QUAD / GRAPHICS INC COM CL A 747301109 33,785 1,755,087 SH   DFND 1,2,3,4 1,755,087 0 0
QUAD / GRAPHICS INC COM CL A 747301109 12,333 640,670 SH   DFND 2,3,4,5 640,670 0 0
QUAD / GRAPHICS INC COM CL A 747301109 1,772 92,051 SH   DFND 2,3,4,6 92,051 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 73,570 4,130,826 SH   DFND 2,3,4,6 4,130,826 0 0
SEAWORLD ENTMT INC COM 81282V100 8,154 424,000 SH Call DFND 1,2,3,4 0 0 0
SEAWORLD ENTMT INC COM 81282V100 2,417 125,700 SH Call DFND 2,3,4 0 0 0
VISTEON CORP COM NEW 92839U206 41,237 424,032 SH   DFND 1,2,3,4 424,032 0 0
VISTEON CORP COM NEW 92839U206 16,370 168,330 SH   DFND 2,3,4 168,330 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 29,368 793,957 SH   DFND 1,2,3,4 793,957 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 5,285 142,878 SH   DFND 2,3,4 142,878 0 0