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
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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
AMAYA INC COM 02314M108 4,286 156,500 SH   SOLE N/A 156,500 0 0
AMERICAN RLTY CAP PPTYS INC NOTE 3.750%12/1 02917TAB0 1,687 1,800,000 PRN   SOLE N/A 1,800,000 0 0
ARDMORE SHIPPING CORP COM Y0207T100 4,705 388,488 SH   SOLE N/A 388,488 0 0
ASHFORD INC COM 044104107 886 10,158 SH   SOLE N/A 10,158 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 2,871 360,700 SH   SOLE N/A 360,700 0 0
CRESCENT PT ENERGY CORP COM 22576C101 1,846 90,000 SH   SOLE N/A 90,000 0 0
CROSSAMERICA PARTNERS LP UT LTD PTN INT 22758A105 520 18,400 SH   SOLE N/A 18,400 0 0
CTI BIOPHARMA CORP COM 12648L106 1,186 608,194 SH   SOLE N/A 608,194 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 6,589 160,400 SH   SOLE N/A 160,400 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 3,732 480,308 SH   SOLE N/A 480,308 0 0
FIRST MARBLEHEAD CORP COM NEW 320771207 691 120,000 SH   SOLE N/A 120,000 0 0
HOWARD HUGHES CORP COM 44267D107 10,415 72,558 SH   SOLE N/A 72,558 0 0
IMPERIAL HLDGS INC COM 452834104 1,019 176,000 SH   SOLE N/A 176,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 46,565 373,000 SH Put SOLE N/A 373,000 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 12,545 34,000 SH Put SOLE N/A 34,000 0 0
ISTAR FINL INC COM 45031U101 1,545 116,000 SH   SOLE N/A 116,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 800 35,000 SH   SOLE N/A 35,000 0 0
MORGANS HOTEL GROUP CO COM 61748W108 1,996 296,164 SH   SOLE N/A 296,164 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 16,295 881,275 SH   SOLE N/A 881,275 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 2,496 135,000 SH Call SOLE N/A 135,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 25,785 1,621,670 SH   SOLE N/A 1,621,670 0 0
SCORPIO TANKERS INC SHS Y7542C106 8,121 804,871 SH   SOLE N/A 804,871 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 44,258 215,000 SH Put SOLE N/A 215,000 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 380 10,000 SH   SOLE N/A 10,000 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 2,624 132,000 SH Put SOLE N/A 132,000 0 0
VTTI ENERGY PARTNERS LP COM UNIT RP LT Y9384M101 1,207 48,200 SH   SOLE N/A 48,200 0 0
WESTERN REFNG LOGISTICS LP COM UNIT REP LTP 95931Q205 307 10,460 SH   SOLE N/A 10,460 0 0