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
ALLY FINL INC COM 02005N100 122,080 7,151,704 SH   SOLE 7,151,704 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 108,594 3,835,890 SH   SOLE 3,835,890 0 0
CHESAPEAKE ENERGY CORP NOTE 2.500% 5/1 165167BZ9 10,230 11,000,000 PRN   SOLE 11,000,000 0 0
CM FIN INC COM 12574Q103 33,905 3,818,186 SH   SOLE 3,818,186 0 0
COBALT INTL ENERGY INC NOTE 2.625%12/0 19075FAA4 3,164 8,436,000 PRN   SOLE 8,436,000 0 0
COBALT INTL ENERGY INC NOTE 3.125% 5/1 19075FAB2 93,374 282,950,000 PRN   SOLE 282,950,000 0 0
CUMULUS MEDIA INC CL A 231082108 248 800,000 SH   SOLE 800,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 73,723 2,023,679 SH   SOLE 2,023,679 0 0
EXCO RESOURCES INC COM 269279402 674 518,766 SH   SOLE 518,766 0 0
INTELSAT S A COM L5140P101 4,026 1,560,633 SH   SOLE 1,560,633 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 3,558 323,705 SH   SOLE 323,705 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 792 25,000 SH   SOLE 25,000 0 0
PROSHARES TR II ULT VIX SHRT 74347W312 377 40,000 SH   SOLE 40,000 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 3,489 70,000 SH   SOLE 70,000 0 0
SPHERE 3D CORP NEW COM 84841L100 6,174 7,717,389 SH   SOLE 7,717,389 0 0
UNITED CONTL HLDGS INC COM 910047109 3,283 80,000 SH   SOLE 80,000 0 0
VIRGIN AMER INC COM VTG 92765X208 590,723 10,509,208 SH   SOLE 10,509,208 0 0