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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

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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 54,169 2,265,530 SH   DFND   0 2,265,530 0
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 7,253 414,708 PRN   DFND   0 414,708 0
DINEEQUITY INC COM 254423106 27,020 339,923 SH   DFND   0 339,923 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 44,801 45,368,000 PRN   DFND   0 45,368,000 0
DYNEGY INC NEW DEL COM 26817R108 55,442 1,593,155 SH   DFND   0 1,593,155 0
ENPRO INDS INC COM 29355X107 19,601 267,919 SH   DFND   0 267,919 0
GLOBALSTAR INC COM 378973408 40,156 9,448,395 SH   DFND   0 9,448,395 0
HARBINGER GROUP INC COM 41146A106 29,980 2,360,648 SH   DFND   0 2,360,648 0
IRON MTN INC COM 462846106 11,851 334,303 SH   DFND   0 334,303 0