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
AETNA INC NEW COM 00817Y108 1,906 30,000 SH   SOLE   30,000 0 0
AMERICAN CAP LTD COM 02503Y103 12,704 1,002,700 SH   SOLE   1,002,700 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 54,132 1,211,000 SH   SOLE   1,211,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 19,900 1,547,400 SH   SOLE   1,547,400 0 0
BP PLC SPONSORED ADR 055622104 22,957 550,000 SH   SOLE   550,000 0 0
CHILDRENS PL RETAIL STORES I COM 168905107 29,909 545,779 SH   SOLE   545,779 0 0
CIGNA CORPORATION COM 125509109 36,222 499,680 SH   SOLE   499,680 0 0
CITIGROUP INC COM NEW 172967424 36,937 770,000 SH   SOLE   770,000 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 20,808 900,000 SH   SOLE   900,000 0 0
DECKERS OUTDOOR CORP COM 243537107 9,092 180,000 SH   SOLE   180,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 30,161 595,000 SH   SOLE   595,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 9,355 500,000 SH   SOLE   500,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 3,326 150,000 SH   SOLE   150,000 0 0
EXELON CORP COM 30161N101 20,381 660,000 SH   SOLE   660,000 0 0
EXELON CORP COM 30161N101 2,347 76,000 SH Call SOLE   760 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 3,087 50,000 SH   SOLE   50,000 0 0
GENERAL MTRS CO COM 37045V100 20,486 615,000 SH   SOLE   615,000 0 0
GLOBAL BRASS & COPPR HLDGS I COM 37953G103 705 53,262 SH   SOLE   53,262 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 29,374 950,000 SH   SOLE   950,000 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 1,251 403,396 SH   SOLE   403,396 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 27,280 1,100,000 SH   SOLE   1,100,000 0 0
HEWLETT PACKARD CO COM 428236103 1,240 50,000 SH   SOLE   50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 39,593 750,000 SH   SOLE   750,000 0 0
LEAR CORP COM NEW 521865204 40,090 663,082 SH   SOLE   663,082 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 6,354 301,416 SH   SOLE   301,416 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 9,020 500,000 SH   SOLE   500,000 0 0
MERCER INTL INC COM 588056101 6,044 927,000 SH   SOLE   927,000 0 0
METLIFE INC COM 59156R108 54,912 1,200,000 SH   SOLE   1,200,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 6,420 442,435 SH   SOLE   442,435 0 0
PRUDENTIAL FINL INC COM 744320102 18,915 259,000 SH   SOLE   259,000 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 3,017 38,525 SH   SOLE   38,525 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 3,222 150,000 SH   SOLE   150,000 0 0
SPRINT NEXTEL CORP COM SER 1 852061100 21,060 3,000,000 SH   SOLE   3,000,000 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 253 18,462 SH   SOLE   18,462 0 0
SUNCOKE ENERGY INC COM 86722A103 13,367 953,400 SH   SOLE   953,400 0 0
SUNCOR ENERGY INC NEW COM 867224107 2,949 100,000 SH   SOLE   100,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,232 150,000 SH   SOLE   150,000 0 0
UNITED CONTL HLDGS INC COM 910047109 31,297 1,000,230 SH   SOLE   1,000,230 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 5,749 200,000 SH   SOLE   200,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 29,892 360,800 SH   SOLE   360,800 0 0
WELLPOINT INC COM 94973V107 32,736 400,000 SH   SOLE   400,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 25,461 1,725,000 SH   SOLE   1,725,000 0 0