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    <nameOfIssuer>AEGEAN MARINE PETROLEUM NETW</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>Y0017S102</cusip>
    <value>3153</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>224900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ATLANTIC TELE NETWORK INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>049079205</cusip>
    <value>2163</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>COTY INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>222070203</cusip>
    <value>7806</value>
    <shrsOrPrnAmt>
      <sshPrnamt>377826</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>377826</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CST BRANDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12646R105</cusip>
    <value>20658</value>
    <shrsOrPrnAmt>
      <sshPrnamt>473700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>473700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ERA GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26885G109</cusip>
    <value>4305</value>
    <shrsOrPrnAmt>
      <sshPrnamt>203568</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>203568</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIDELITY NATIONAL FINANCIAL</nameOfIssuer>
    <titleOfClass>FNFV GROUP COM</titleOfClass>
    <cusip>31620R402</cusip>
    <value>7178</value>
    <shrsOrPrnAmt>
      <sshPrnamt>456023</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>456023</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IHS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>451734107</cusip>
    <value>467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOTOROLA SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>620076307</cusip>
    <value>12846</value>
    <shrsOrPrnAmt>
      <sshPrnamt>191500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>191500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEWS CORP NEW</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>65249B208</cusip>
    <value>16547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1097282</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1097282</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67011P100</cusip>
    <value>938</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36443</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36443</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>54879</value>
    <shrsOrPrnAmt>
      <sshPrnamt>267000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>267000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ZOETIS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>98978V103</cusip>
    <value>27320</value>
    <shrsOrPrnAmt>
      <sshPrnamt>634900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>634900</Sole>
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      <None>0</None>
    </votingAuthority>
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