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
ALTISOURCE ASSET MGMT CORP COM 02153X108 249,673 232,330 SH   SOLE   232,330 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 243,754 2,003,566 SH   SOLE   2,003,566 0 0
BAIDU INC SPON ADR REP A 056752108 43,330 284,358 SH   SOLE   284,358 0 0
BJS RESTAURANTS INC COM 09180C106 104,774 3,203,119 SH   SOLE   3,203,119 0 0
CHEGG INC COM 163092109 350 50,000 SH   SOLE   50,000 0 0
MACK CALI RLTY CORP COM 554489104 6,292 302,652 SH   SOLE   302,652 0 0
CONNS INC COM 208242107 135,955 3,499,483 SH   SOLE   3,499,483 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 15,249 490,000 SH   SOLE   490,000 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 234,603 7,338,227 SH   SOLE   7,338,227 0 0
GRAMERCY PPTY TR INC COM 38489R100 5,160 1,000,000 SH   SOLE   1,000,000 0 0
HEMISPHERE MEDIA GROUP INC CL A 42365Q103 64,564 5,128,180 SH   SOLE   5,128,180 0 0
HARBINGER GROUP INC COM 41146A106 7,950 650,000 SH   SOLE   650,000 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 148,010 5,555,946 SH   SOLE   5,555,946 0 0
DESARROLLADORA HOMEX S A DE SPONSORED ADR 25030W100 763 540,746 SH   SOLE   540,746 0 0
ISHARES CORE S&P500 ETF 464287200 46,273 245,910 SH   SOLE   245,910 0 0
ALLIANCEBERNSTEIN INCOME FUN COM 01881E101 46,400 6,321,490 SH   SOLE   6,321,490 0 0
ISHARES RUSSELL 2000 ETF 464287655 1,784 15,331 SH   SOLE   15,331 0 0
JOURNAL COMMUNICATIONS INC CL A 481130102 1,757 198,327 SH   SOLE   198,327 0 0
LAMAR ADVERTISING CO CL A 512815101 210,193 4,122,245 SH   SOLE   4,122,245 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 314,828 5,544,694 SH   SOLE   5,544,694 0 0
MYRIAD GENETICS INC COM 62855J104 62,067 1,815,341 SH   SOLE   1,815,341 0 0
NATIONAL GEN HLDGS CORP COM 636220303 26,734 1,909,600 SH   SOLE   1,909,600 0 0
AMC ENTMT HLDGS INC CL A COM 00165C104 48,339 1,993,345 SH   SOLE   1,993,345 0 0
AMC NETWORKS INC CL A 00164V103 81,373 1,113,328 SH   SOLE   1,113,328 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 81,803 5,834,739 SH   SOLE   5,834,739 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 63,817 3,953,965 SH   SOLE   3,953,965 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 109,664 2,922,806 SH   SOLE   2,922,806 0 0
OCWEN FINL CORP COM NEW 675746309 113,514 2,897,249 SH   SOLE   2,897,249 0 0
RESMED INC COM 761152107 35,094 785,271 SH   SOLE   785,271 0 0
RESMED INC COM 761152107 76,576 1,713,500 SH Put SOLE   1,713,500 0 0
SEAWORLD ENTMT INC COM 81282V100 129,234 4,275,012 SH   SOLE   4,275,012 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 94,585 1,186,763 SH   SOLE   1,186,763 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 937 5,011 SH   SOLE   5,011 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,084,832 5,800,000 SH Put SOLE   5,800,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 149,632 800,000 SH Call SOLE   800,000 0 0
AT&T INC COM 00206R102 113,978 3,250,000 SH Put SOLE   3,250,000 0 0
TOWER GROUP INTL LTD COM G8988C105 2,810 1,040,888 SH   SOLE   1,040,888 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 204,968 4,308,769 SH   SOLE   4,308,769 0 0
LYON WILLIAM HOMES CL A NEW 552074700 173,799 6,294,788 SH   SOLE   6,294,788 0 0
CLIFFS NAT RES INC COM 18683K101 5,115 250,000 SH   SOLE   250,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 84,056 722,500 SH Put SOLE   722,500 0 0
ING U S INC COM 45685E106 453,168 12,494,301 SH   SOLE   12,494,301 0 0