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 51,407 2,176,426 SH   DFND 2,3,4,7 2,176,426 0 0
ALLY FINL INC COM 02005N100 164,399 6,960,154 SH   DFND 1,2,3,4 6,960,154 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,633 66,639 SH   DFND 2,3,4,5 66,639 0 0
AMBAC FINL GROUP INC COM NEW 023139884 12,691 517,980 SH   DFND 2,3,4,7 517,980 0 0
AMBAC FINL GROUP INC COM NEW 023139884 40,266 1,643,495 SH   DFND 1,2,3,4 1,643,495 0 0
BALTIC TRADING LIMITED COM Y0553W103 6,156 2,452,675 SH   DFND 2,3,4,7 2,452,675 0 0
BALTIC TRADING LIMITED COM Y0553W103 12,041 4,797,325 SH   DFND 1,2,3,4 4,797,325 0 0
CENTERPOINT ENERGY INC COM 15189T107 21,103 900,667 SH   DFND 2,3,4,7 900,667 0 0
CENTERPOINT ENERGY INC COM 15189T107 67,862 2,896,351 SH   DFND 1,2,3,4 2,896,351 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 841 83,360 SH   DFND 2,3,4,7 83,360 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 2,112 209,361 SH   DFND 1,2,3,4 209,361 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 460,173 23,830,795 SH   DFND 2,3,4,6 23,830,795 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 460,173 23,830,796 SH   DFND 1,2,3,4 23,830,796 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 4,783 311,210 SH   DFND 2,3,4,7 311,210 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 8,795 572,243 SH   DFND 1,2,3,4 572,243 0 0
ISHARES RUSSELL 2000 ETF 464287655 30,766 257,200 SH Put DFND 2,3,4,7 257,200 0 0
ISHARES RUSSELL 2000 ETF 464287655 58,949 492,800 SH Put DFND 1,2,3,4 492,800 0 0
MBIA INC COM 55262C100 5,324 558,090 SH   DFND 2,3,4,7 558,090 0 0
MBIA INC COM 55262C100 10,263 1,075,838 SH   DFND 1,2,3,4 1,075,838 0 0
PENNEY J C INC COM 708160106 4,285 661,200 SH Put DFND 2,3,4,7 661,200 0 0
PENNEY J C INC COM 708160106 8,760 1,351,900 SH Put DFND 1,2,3,4 1,351,900 0 0
PINNACLE ENTMT INC COM 723456109 6,839 307,380 SH   DFND 2,3,4,7 307,380 0 0
PINNACLE ENTMT INC COM 723456109 23,241 1,044,533 SH   DFND 1,2,3,4 1,044,533 0 0
QUAD / GRAPHICS INC COM CL A 747301109 1,533 66,760 SH   DFND 2,3,4,6 66,760 0 0
QUAD / GRAPHICS INC COM CL A 747301109 10,669 464,657 SH   DFND 2,3,4,5 464,656 0 0
QUAD / GRAPHICS INC COM CL A 747301109 29,576 1,288,140 SH   DFND 1,2,3,4 1,288,140 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 21,969 1,120,281 SH   DFND 2,3,4,6 1,120,281 0 0
SEAWORLD ENTMT INC COM 81282V100 3,464 193,500 SH Call DFND 2,3,4,7 0 0 0
SEAWORLD ENTMT INC COM 81282V100 11,746 656,200 SH Call DFND 1,2,3,4 0 0 0
STATE NATL COS INC COM 85711T305 12,256 1,023,050 SH   DFND 2,3,4,7 1,023,050 0 0
STATE NATL COS INC COM 85711T305 34,705 2,896,950 SH   DFND 1,2,3,4 2,896,950 0 0
TRIBUNE MEDIA CO CL A 896047503 19,458 325,551 SH   DFND 2,3,4,7 325,551 0 0
TRIBUNE MEDIA CO CL A 896047503 58,824 984,171 SH   DFND 1,2,3,4 984,171 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 2,607 373,480 SH   DFND 2,3,4,7 373,480 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 8,265 1,184,143 SH   DFND 1,2,3,4 1,184,143 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 6,356 312,200 SH Put DFND 2,3,4,7 312,200 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 20,112 987,800 SH Put DFND 1,2,3,4 987,800 0 0
VANTAGE DRILLING COMPANY ORD SHS G93205113 1,435 2,935,772 SH   DFND 2,3,4,7 2,935,772 0 0
VANTAGE DRILLING COMPANY ORD SHS G93205113 4,542 9,292,078 SH   DFND 1,2,3,4 9,292,078 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 3,782 142,878 SH   DFND 2,3,4,7 142,878 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 21,016 793,957 SH   DFND 1,2,3,4 793,957 0 0