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
APPLE INC COM 037833100 5,988 15,100 SH   SOLE 0 15,100 0 0
AMERISTAR CASINOS INC COM 03070Q101 15,200 578,161 SH   SOLE 0 578,161 0 0
BANCO SANTANDER BRASIL SA ADS REP 1 UNIT 05967A107 8,916 1,433,410 SH   SOLE 0 1,433,410 0 0
CITIGROUP INC COM 172967424 19,890 414,642 SH   SOLE 0 414,642 0 0
CIT GROUP INC COM NEW 125581801 8,967 192,300 SH   SOLE 0 192,300 0 0
CUMULUS MEDIA INC CL A 231082108 4,011 1,183,044 SH   SOLE 0 1,183,044 0 0
DANA HLDG CORP COM 235825205 17,382 902,488 SH   SOLE 0 902,488 0 0
D.R. HORTON INC NOTE 2.000% 5/1 23331ABB4 33,188 20,000,000 PRN   SOLE 0 20,000,000 0 0
FORD MOTORS CO COM 345370860 8,075 522,000 SH   SOLE 0 522,000 0 0
GENERAL MTRS CO COM 37045V100 16,075 482,600 SH   SOLE 0 482,600 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 6,322 41,800 SH   SOLE 0 41,800 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 2,515 150,500 SH   SOLE 0 150,500 0 0
INTERNATIONAL SPEEDWAY CORP CL A 460335201 11,972 380,441 SH   SOLE 0 380,441 0 0
ISHARES TR MSCI EMERG MKT 464287234 6,247 162,262 SH   SOLE 0 162,262 0 0
LIGAND PHARMACEUTICALS COM NEW 53220K504 3,276 87,587 SH   SOLE 0 87,587 0 0
MGM RESORTS INTERNATIONAL COM 552953101 7,915 535,500 SH   SOLE 0 535,500 0 0
MGM RESORTS INTERNATIONAL NOTE 4.250% 4/1 55303QAE0 4,478 4,000,000 PRN   SOLE 0 4,000,000 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 10,684 11,000,000 PRN   SOLE 0 11,000,000 0 0
NCI BUILDING SYSTEMS INC COM 628852204 16,086 1,052,069 SH   SOLE 0 1,052,069 0 0
PINNACLE ENTMT INC COM 723456109 20,262 1,030,082 SH   SOLE 0 1,030,082 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 17,670 601,645 SH   SOLE 0 601,645 0 0
SPEEDWAY MOTORSPORTS INC COM 847788106 6,001 344,902 SH   SOLE 0 344,902 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 226 5,500 SH Put SOLE 0 5,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,037 12,700 SH   SOLE 0 12,700 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 9,443 1,065,837 SH   SOLE 0 1,065,837 0 0
STONERIDGE INC COM 86183P102 1,125 96,687 SH   SOLE 0 96,687 0 0
U S AIRWAYS GROUP INC COM 90341W108 7,057 429,800 SH   SOLE 0 429,800 0 0
WMS INDS INC COM 929297109 12,124 475,267 SH   SOLE 0 475,267 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 2,621 257,461 SH   SOLE 0 257,461 0 0