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
ACACIA RESH CORP COM 3881307 444 25,000 SH   DFND 1, 2 25,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 4,611 300,000 SH   DFND 1, 2 300,000 0 0
DSW INC CL A 23334L102 559 20,000 SH   DFND 1, 2 20,000 0 0
EURONET WORLDWIDE INC COM 298736109 1,688 35,000 SH   DFND 1, 2 35,000 0 0
EPIQ SYS INC COM 26882D109 2,081 148,092 SH   DFND 1, 2 148,092 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 5,078 73,247 SH   DFND 1, 2 73,247 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 3,640 99,722 SH   DFND 1, 2 99,722 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 1,758 50,000 SH   DFND 1, 2 50,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,140 8,903 SH   DFND 1, 2 8,903 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,290 286,637 SH   DFND 1, 2 286,637 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 3,642 664,662 SH   DFND 1, 2 664,662 0 0
JETBLUE AIRWAYS CORP COM 477143101 7,595 700,000 SH   DFND 1, 2 700,000 0 0
KORN FERRY INTL COM NEW 500643200 3,663 124,717 SH   DFND 1, 2 124,717 0 0
LSB INDS INC COM 502160104 2,084 50,000 SH   DFND 1, 2 50,000 0 0
MONDELEZ INTL INC CL A 609207105 3,717 98,829 SH   DFND 1, 2 98,829 0 0
METLIFE INC COM 59156R108 6,887 123,959 SH   DFND 1, 2 123,959 0 0
MARTEN TRANS LTD COM 573075108 5,914 264,629 SH   DFND 1, 2 264,629 0 0
MYLAN INC COM 628530107 8,573 166,282 SH   DFND 1, 2 166,282 0 0
NCR CORP NEW COM 62886E108 1,981 56,446 SH   DFND 1, 2 56,446 0 0
NORFOLK SOUTHERN CORP COM 655844108 13,933 135,229 SH   DFND 1, 2 135,229 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 6,147 209,218 SH   DFND 1, 2 209,218 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 17,538 170,890 SH   DFND 1, 2 170,890 0 0
PFIZER INC COM 717081103 9,646 325,000 SH   DFND 1, 2 325,000 0 0
PVH CORP COM 693656100 2,165 18,571 SH   DFND 1, 2 18,571 0 0
PENN WEST PETE LTD NEW COM 707887105 9,603 983,887 SH   DFND 1, 2 983,887 0 0
RYDER SYS INC COM 783549108 10,130 115,000 SH   DFND 1, 2 115,000 0 0
EVEREST RE GROUP LTD COM G3223R108 3,892 24,249 SH   DFND 1, 2 24,249 0 0
RALPH LAUREN CORP CL A 751212101 1,607 10,000 SH   DFND 1, 2 10,000 0 0
ROUSE PPTYS INC COM 779287101 3,658 213,781 SH   DFND 1, 2 213,781 0 0
SCHLUMBERGER LTD COM 806857108 10,594 89,816 SH   DFND 1, 2 89,816 0 0
PROSHARES TR SHRT 20+YR TRE 74347X849 12,223 424,422 SH   DFND 1, 2 424,422 0 0
TOWERS WATSON & CO CL A 891894107 3,683 35,334 SH   DFND 1, 2 35,334 0 0
VULCAN MATLS CO COM 929160109 3,178 49,849 SH   DFND 1, 2 49,849 0 0
WABTEC CORP COM 929740108 7,433 90,000 SH   DFND 1, 2 90,000 0 0
WERNER ENTERPRISES INC COM 950755108 1,326 50,000 SH   DFND 1, 2 50,000 0 0