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 7,199 15,100 SH   SOLE   15,100 0 0
BANCO SANTANDER BRASIL SA ADS REP 1 UNIT 05967A107 12,141 1,746,910 SH   SOLE   1,746,910 0 0
BANK OF AMERICA COM 060505104 7,311 529,777 SH   SOLE   529,777 0 0
CITIGROUP INC COM 172967424 20,114 414,642 SH   SOLE   414,642 0 0
CIT GROUP INC COM NEW 125581801 11,719 240,300 SH   SOLE   240,300 0 0
CYS INVTS COM 12673A108 6,245 768,152 SH   SOLE   768,152 0 0
DANA HLDG CORP COM 235825205 17,004 744,488 SH   SOLE   744,488 0 0
D.R. HORTON INC NOTE 2.000% 5/1 23331ABB4 30,400 20,000,000 PRN   SOLE   20,000,000 0 0
FORD MOTORS CO COM 345370860 8,806 522,000 SH   SOLE   522,000 0 0
GENERAL MTRS CO COM 37045V100 17,359 482,600 SH   SOLE   482,600 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 6,613 41,800 SH   SOLE   41,800 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 2,849 150,500 SH   SOLE   150,500 0 0
INTERNATIONAL SPEEDWAY CORP CL A 460335201 4,975 154,278 SH   SOLE   154,278 0 0
INVESCO BD FD COM 46132L107 278 15,844 SH   SOLE   15,844 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 6,613 162,262 SH   SOLE   162,262 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 365 5,000 SH Put SOLE   5,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 10,946 535,500 SH   SOLE   535,500 0 0
NCI BUILDING SYSTEMS INC COM 628852204 22,291 1,749,699 SH   SOLE   1,749,699 0 0
PENN NATL GAMING INC COM 707569109 7,750 140,000 SH   SOLE   140,000 0 0
PINNACLE ENTMT INC COM 723456109 17,817 711,245 SH   SOLE   711,245 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 228 4,000 SH Put SOLE   4,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,134 12,700 SH   SOLE   12,700 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 273 3,000 SH Call SOLE   3,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 22,282 664,750 SH   SOLE   664,750 0 0
SPEEDWAY MOTORSPORTS INC COM 847788106 6,174 344,902 SH   SOLE   344,902 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 13,748 1,583,837 SH   SOLE   1,583,837 0 0
U S AIRWAYS GROUP INC COM 90341W108 11,802 622,492 SH   SOLE   622,492 0 0
WMS INDS INC COM 929297109 12,333 475,267 SH   SOLE   475,267 0 0