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
ADVERUM BIOTECHNOLOGIES INC COM 00773U108 11,532 6,552,068 SH   SOLE   6,552,068 0 0
ALGOMA STL GROUP INC COM 015658107 14,053 1,300,000 SH   SOLE   1,300,000 0 0
ALGOMA STL GROUP INC *W EXP 10/19/202 015658115 801 279,995 SH   SOLE   279,995 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 3,183 100,000 SH   SOLE   100,000 0 0
ASSURED GUARANTY LTD COM G0585R106 770 15,346 SH   SOLE   15,346 0 0
BP PLC SPONSORED ADR 055622104 2,663 100,000 SH   SOLE   100,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103 7,770 150,000 SH   SOLE   150,000 0 0
CEDAR FAIR L P DEPOSITRY UNIT 150185106 7,509 150,000 SH   SOLE   150,000 0 0
CITIGROUP INC COM NEW 172967424 12,123 200,740 SH   SOLE   200,740 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 4,392 200,000 SH   SOLE   200,000 0 0
FENNEC PHARMACEUTICALS INC COM 31447P100 10,592 2,407,357 SH   SOLE   2,407,357 0 0
GENWORTH FINL INC COM CL A 37247D106 6,616 1,633,470 SH   SOLE   1,633,470 0 0
HAWAIIAN HOLDINGS INC COM 419879101 5,511 300,000 SH   SOLE   300,000 0 0
OLYMPIC STEEL INC COM 68162K106 705 30,000 SH   SOLE   30,000 0 0
PERFORMANCE FOOD GROUP CO COM 71377A103 395 8,610 SH   SOLE   8,610 0 0
RADIAN GROUP INC COM 750236101 6,339 300,000 SH   SOLE   300,000 0 0
REGENXBIO INC COM 75901B107 6,314 193,079 SH   SOLE   193,079 0 0
SEAWORLD ENTMT INC COM 81282V100 9,729 150,000 SH   SOLE   150,000 0 0
SIRIUSPOINT LTD COM G8192H106 3,270 402,185 SH   SOLE   402,185 0 0
SPIRIT AIRLS INC COM 848577102 6,555 300,000 SH   SOLE   300,000 0 0
TRONOX HOLDINGS PLC SHS G9087Q102 5,120 213,055 SH   SOLE   213,055 0 0
UNIQURE NV SHS N90064101 1,037 50,000 SH   SOLE   50,000 0 0
UNITED AIRLS HLDGS INC COM 910047109 7,521 171,785 SH   SOLE   171,785 0 0
UNITED STATES STL CORP NEW COM 912909108 7,143 300,000 SH   SOLE   300,000 0 0
US FOODS HLDG CORP COM 912008109 6,966 200,000 SH   SOLE   200,000 0 0
VIRTU FINL INC CL A 928254101 5,766 200,000 SH   SOLE   200,000 0 0