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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN INTL GROUP INC COM NEW 026874784   441,864 9,086,234 SH   DFND 1 0 9,086,234 0
BLACKROCK CORPOR HI YLD FD V COM 09255N102   213 17,600 SH   DFND 1 0 17,600 0
BLACKROCK MULTI-SECTOR INC T COM 09258A107   333 20,000 SH   DFND 1 0 20,000 0
CHESAPEAKE ENERGY CORP COM 165167107   154,457 5,968,200 SH Put DFND 1 0 5,968,200 0
COMMONWEALTH REIT COM SH BEN INT 203233101   155,561 7,100,000 SH   DFND 1 0 7,100,000 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108   14,225 250,000 SH   DFND 1 0 250,000 0
EATON VANCE LTD DUR INCOME F COM 27828H105   446 28,500 SH   DFND 1 0 28,500 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140   62,272 2,061,291 SH   DFND 1 0 2,061,291 0
FEDEX CORP COM 31428X106   479,262 4,200,000 SH   DFND 1 0 4,200,000 0
HERBALIFE LTD COM USD SHS G4412G101   183,644 2,632,138 SH   DFND 1 0 2,632,138 0
HESS CORP COM 42809H107   247,488 3,200,000 SH   DFND 1 0 3,200,000 0
HESS CORP COM 42809H107   19,335 250,000 SH Call DFND 1 0 250,000 0
HILLSHIRE BRANDS CO COM 432589109   38,425 1,250,000 SH Call DFND 1 0 1,250,000 0
ISHARES TR RUSSELL 2000 ETF 464287655   426,440 4,000,000 SH Put DFND 1 0 4,000,000 0
ISHARES TR U.S. REAL ES ETF 464287739   484,804 7,600,000 SH Put DFND 1 0 7,600,000 0
JOHNSON & JOHNSON COM 478160104   33,713 388,897 SH   DFND 1 0 388,897 0
LAMAR ADVERTISING CO CL A 512815101   296,363 6,301,577 SH   DFND 1 0 6,301,577 0
LEAP WIRELESS INTL INC COM NEW 521863308   158 10,000 SH Call DFND 1 0 10,000 0
ISHARES MSCI EMG MKT ETF 464287234   85,586 2,100,000 SH Put DFND 1 0 2,100,000 0
NOBLE CORPORATION BAAR NAMEN -AKT H5833N103   57,222 1,515,000 SH   DFND 1 0 1,515,000 0
NORTH AMERN ENERGY PARTNERS COM 656844107   25,062 4,598,466 SH   DFND 1 0 4,598,466 0
NRG ENERGY INC COM NEW 629377508   409,950 15,000,000 SH   DFND 1 0 15,000,000 0
NRG ENERGY INC COM NEW 629377508   109,397 4,002,800 SH Call DFND 1 0 4,002,800 0
NUVEEN FLOATING RATE INCOME COM 67072T108   48 4,000 SH   DFND 1 0 4,000 0
PENN NATL GAMING INC COM 707569109   69,200 1,250,000 SH   DFND 1 0 1,250,000 0
PENNEY J C INC COM 708160106   88,050 10,000,000 SH   DFND 1 0 10,000,000 0
UNIVERSAL AMERN CORP NEW COM 91338E101   58,696 7,702,936 SH   DFND 1 0 7,702,936 0
U S AIRWAYS GROUP INC COM 90341W108   341 18,000 SH Put DFND 1 0 18,000 0
WELLS FARGO ADVANTAGE MULTI COM SHS 94987D101   42 3,000 SH   DFND 1 0 3,000 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100   56,012 2,782,500 SH   DFND 1 0 2,782,500 0