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

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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
CHESAPEAKE ENERGY CORP COM 165167107 9,066 2,014,600 SH   DFND   0 2,014,600 0
DYNEGY INC NEW DEL COM 26817R108 14,740 1,100,000 SH   DFND   0 1,100,000 0
DYNEGY INC NEW DEL PFD CONV SER A 26817R207 16,108 317,900 SH   DFND   0 317,900 0
ENCORE CAP GROUP INC COM 292554102 5,604 192,700 SH Put DFND   0 192,700 0
GLOBALSTAR INC NOTE 8.000% 4/0 378973AD3 1,963 819,494 PRN   DFND   0 819,494 0
GLOBALSTAR INC COM 378973408 17,149 11,909,265 SH   DFND   0 11,909,265 0
HC2 HLDGS INC COM 404139107 5,277 997,616 SH   DFND   0 997,616 0
ISHARES TR RUSSELL 2000 ETF 464287655 112,620 1,000,000 SH Put DFND   0 1,000,000 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 3,554 40,897 SH   DFND   0 40,897 0
MIDSTATES PETE CO INC COM NEW 59804T308 384 190,138 SH   DFND   0 190,138 0
NATIONSTAR MTG HLDGS INC COM 63861C109 13,370 1,000,000 SH Put DFND   0 1,000,000 0
OVERSEAS SHIPHOLDING GROUP I COM CL A 69036R301 6,524 2,305,297 SH   DFND   0 2,305,297 0
ROWAN COMPANIES PLC SHS CL A G7665A101 1,102 65,000 SH Put DFND   0 65,000 0
STAR BULK CARRIERS CORP SHS NEW Y8162K121 10,131 16,608,539 SH   DFND   0 16,608,539 0