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
AMERICAN CAP MTG INVT CORP COM 02504A104 14,875 752,400 SH   SOLE   752,400 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 2,409 106,700 SH   SOLE   106,700 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 10,278 211,341 SH   SOLE   211,341 0 0
ANNALY CAP MGMT INC COM 035710409 2,345 202,500 SH   SOLE   202,500 0 0
ANNALY CAP MGMT INC NOTE 4.000% 2/1 035710AA0 5,460 5,000,000 PRN   SOLE   5,000,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 1,822 377,200 SH   SOLE   377,200 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 5,836 400,000 SH   SOLE   400,000 0 0
ARENA PHARMACEUTICALS INC COM 040047102 6,753 1,281,400 SH Put SOLE   1,281,400 0 0
ASTA FDG INC COM 046220109 7,744 871,054 SH   SOLE   871,054 0 0
BIOTIME INC COM 09066L105 189 49,700 SH Put SOLE   49,700 0 0
BONANZA CREEK ENERGY INC COM 097793103 6,168 127,811 SH   SOLE   127,811 0 0
CELGENE CORP RIGHT 12/31/2030 151020112 5,724 711,933 SH   SOLE   711,933 0 0
CLEAN ENERGY FUELS CORP COM 184499101 6,049 473,700 SH Put SOLE   473,700 0 0
CYS INVTS INC COM 12673A108 2,439 300,000 SH   SOLE   300,000 0 0
DENDREON CORP COM 24823Q107 586 200,000 SH Put SOLE   200,000 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 3,362 769,397 SH   SOLE   769,397 0 0
FIRST MARBLEHEAD CORP COM 320771108 2,201 2,684,274 SH   SOLE   2,684,274 0 0
HATTERAS FINL CORP COM 41902R103 2,217 118,500 SH   SOLE   118,500 0 0
INTEROIL CORP COM 460951106 5,792 81,225 SH   SOLE   81,225 0 0
INTEROIL CORP COM 460951106 10,568 148,200 SH Put SOLE   148,200 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 719 46,700 SH   SOLE   46,700 0 0
LAMAR ADVERTISING CO CL A 512815101 11,608 246,819 SH   SOLE   246,819 0 0
LORILLARD INC COM 544147101 26,868 600,000 SH Put SOLE   600,000 0 0
MFA FINL INC COM 55272X102 1,490 200,000 SH   SOLE   200,000 0 0
MYRIAD GENETICS INC COM 62855J104 5,875 250,000 SH Put SOLE   250,000 0 0
RUSH ENTERPRISES INC CL B 781846308 8,777 385,291 SH   SOLE   385,291 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 7,099 205,715 SH   SOLE   205,715 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 6,352 422,888 SH   SOLE   422,888 0 0
SUNTECH PWR HLDGS CO LTD ADR 86800C104 210 123,800 SH Put SOLE   123,800 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 1,386 46,900 SH   SOLE   46,900 0 0
TESLA MTRS INC NOTE 1.500% 6/0 88160RAA9 3,387 2,000,000 PRN   SOLE   2,000,000 0 0
U S AIRWAYS GROUP INC COM 90341W108 1,650 87,000 SH   SOLE   87,000 0 0
UNILIFE CORP NEW COM 90478E103 2,356 709,564 SH   SOLE   709,564 0 0
WALTER INVT MGMT CORP COM 93317W102 5,019 126,939 SH   SOLE   126,939 0 0
WORLD ACCEP CORP DEL COM 981419104 14,819 164,800 SH Call SOLE   164,800 0 0