<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>ABRAXAS PETE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>003830106</cusip>
			<value>7734</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3483606</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>3483606</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AERCAP HOLDINGS NV</nameOfIssuer>
			<titleOfClass>SHS</titleOfClass>
			<cusip>N00985106</cusip>
			<value>24012</value>
			<shrsOrPrnAmt>
				<sshPrnamt>473428</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>473428</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ALDEYRA THERAPEUTICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>01438T106</cusip>
			<value>2430</value>
			<shrsOrPrnAmt>
				<sshPrnamt>324019</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>324019</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANI PHARMACEUTICALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00182C103</cusip>
			<value>21909</value>
			<shrsOrPrnAmt>
				<sshPrnamt>376314</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>376314</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ANI PHARMACEUTICALS INC</nameOfIssuer>
			<titleOfClass>NOTE 3.000%12/0</titleOfClass>
			<cusip>00182CAA1</cusip>
			<value>20692</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18779</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
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				<Sole>18779</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ATLANTIC PWR CORP</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>04878Q863</cusip>
			<value>24086</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11469584</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>11469584</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>BONANZA CREEK ENERGY INC</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>097793400</cusip>
			<value>55251</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1993900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>1993900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRIGHTSPHERE INVESTMNT GRP P</nameOfIssuer>
			<titleOfClass>SHS</titleOfClass>
			<cusip>G1644T109</cusip>
			<value>15310</value>
			<shrsOrPrnAmt>
				<sshPrnamt>971419</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>971419</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAREER EDUCATION CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>141665109</cusip>
			<value>38939</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2963432</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>2963432</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CATALYST PHARMACEUTICALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14888U101</cusip>
			<value>3605</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1508309</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>1508309</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>EAGLE BULK SHIPPING INC</nameOfIssuer>
			<titleOfClass>SHS NEW</titleOfClass>
			<cusip>Y2187A143</cusip>
			<value>11890</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2402081</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>2402081</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ECHOSTAR CORP</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>278768106</cusip>
			<value>78032</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1478728</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>1478728</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUITY COMWLTH</nameOfIssuer>
			<titleOfClass>COM SH BEN INT</titleOfClass>
			<cusip>294628102</cusip>
			<value>76485</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2493802</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>2493802</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUITY COMWLTH</nameOfIssuer>
			<titleOfClass>COM SH BEN INT</titleOfClass>
			<cusip>294628102</cusip>
			<value>7060</value>
			<shrsOrPrnAmt>
				<sshPrnamt>230200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>230200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIRST BANCORP P R</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>318672706</cusip>
			<value>5048</value>
			<shrsOrPrnAmt>
				<sshPrnamt>838490</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>838490</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>GENCO SHIPPING &amp; TRADING LTD</nameOfIssuer>
			<titleOfClass>SHS</titleOfClass>
			<cusip>Y2685T131</cusip>
			<value>9647</value>
			<shrsOrPrnAmt>
				<sshPrnamt>678412</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>678412</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENWORTH FINL INC</nameOfIssuer>
			<titleOfClass>COM CL A</titleOfClass>
			<cusip>37247D106</cusip>
			<value>506</value>
			<shrsOrPrnAmt>
				<sshPrnamt>178700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<putCall>Put</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>178700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GREEN PLAINS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>393222104</cusip>
			<value>21706</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1292044</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>1292044</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERNATIONAL SEAWAYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y41053102</cusip>
			<value>15056</value>
			<shrsOrPrnAmt>
				<sshPrnamt>855470</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>855470</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MYLAN N V</nameOfIssuer>
			<titleOfClass>SHS EURO</titleOfClass>
			<cusip>N59465109</cusip>
			<value>37337</value>
			<shrsOrPrnAmt>
				<sshPrnamt>906902</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>906902</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OFG BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67103X102</cusip>
			<value>5609</value>
			<shrsOrPrnAmt>
				<sshPrnamt>536721</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>536721</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PDC ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69327R101</cusip>
			<value>36449</value>
			<shrsOrPrnAmt>
				<sshPrnamt>743392</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>743392</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEABODY ENERGY CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704551100</cusip>
			<value>34960</value>
			<shrsOrPrnAmt>
				<sshPrnamt>957801</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>957801</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PENN VA CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70788V102</cusip>
			<value>50361</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1437243</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>1437243</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PENNYMAC FINL SVCS INC</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>70932B101</cusip>
			<value>16236</value>
			<shrsOrPrnAmt>
				<sshPrnamt>716835</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>716835</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RAMACO RES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75134P303</cusip>
			<value>2099</value>
			<shrsOrPrnAmt>
				<sshPrnamt>291890</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>291890</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPIRIT RLTY CAP INC NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84860W102</cusip>
			<value>19894</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2563693</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>2563693</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>STEEL PARTNERS HLDGS L P</nameOfIssuer>
			<titleOfClass>LTD PRTRSHIP U</titleOfClass>
			<cusip>85814R107</cusip>
			<value>7570</value>
			<shrsOrPrnAmt>
				<sshPrnamt>422888</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>422888</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
			<titleOfClass>TR UNIT</titleOfClass>
			<cusip>78462F103</cusip>
			<value>858027</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3260600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<putCall>Call</putCall>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>3260600</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>TEEKAY TANKERS LTD</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>Y8565N102</cusip>
			<value>113</value>
			<shrsOrPrnAmt>
				<sshPrnamt>94878</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>94878</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TIER REIT INC</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>88650V208</cusip>
			<value>10971</value>
			<shrsOrPrnAmt>
				<sshPrnamt>593662</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>593662</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VIRTUS INVT PARTNERS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92828Q109</cusip>
			<value>11179</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>90300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ZAFGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98885E103</cusip>
			<value>4378</value>
			<shrsOrPrnAmt>
				<sshPrnamt>587629</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>0</otherManager>
			<votingAuthority>
				<Sole>587629</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
