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
APPLIED MATLS INC COM 038222105 1,526 25,000 SH   SOLE   25,000 0 0
ASSURED GUARANTY LTD COM G0585R106 2,451 50,000 SH   SOLE   50,000 0 0
CITIGROUP INC COM NEW 172967424 9,187 115,000 SH   SOLE   115,000 0 0
CLEVELAND CLIFFS INC COM 185899101 2,520 300,000 SH   SOLE   300,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 10,255 44,600 SH   SOLE   44,600 0 0
INVESTCORP CR MGMT BDC INC COM 46090R104 302 45,000 SH   SOLE   45,000 0 0
MBIA INC COM 55262C100 3,720 400,000 SH   SOLE   400,000 0 0
MICRON TECHNOLOGY INC COM 595112103 8,067 150,000 SH   SOLE   150,000 0 0
MORGAN STANLEY COM NEW 617446448 7,668 150,000 SH   SOLE   150,000 0 0
NELNET INC CL A 64031N108 5,824 100,000 SH   SOLE   100,000 0 0
SYNTHESIS ENERGY SYS INC COM 871628301 57 10,000 SH   SOLE   10,000 0 0
TCF FINL CORP COM 872307103 3,042 65,000 SH   SOLE   65,000 0 0
WESTERN DIGITAL CORP COM 958102105 12,770 201,200 SH   SOLE   201,200 0 0