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
AMERICAN RLTY CAP PPTYS INC COM 02917T104 247,934 16,247,285 SH   SOLE   16,247,285 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 181,921 1,933,680 SH   SOLE   1,933,680 0 0
CARDERO RES CORP COM 14140U105 1,336 12,142,173 SH   SOLE   12,142,173 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 17,067 245,000 SH   SOLE   245,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 1,838 145,200 SH Call SOLE   145,200 0 0
HEMISPHERE MEDIA GROUP INC CL A 42365Q103 44,326 3,235,500 SH   SOLE   3,235,500 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 88,042 3,550,069 SH   SOLE   3,550,069 0 0
DESARROLLADORA HOMEX S A DE SPONSORED ADR 25030W100 2,017 540,746 SH   SOLE   540,746 0 0
TIGER MEDIA INC SHS G88685105 1,076 1,170,072 SH   SOLE   1,170,072 0 0
INTEROIL CORP COM 460951106 27,317 393,000 SH   SOLE   393,000 0 0
JOURNAL COMMUNICATIONS INC CL A 481130102 23,637 3,155,771 SH   SOLE   3,155,771 0 0
LAMAR ADVERTISING CO CL A 512815101 46,807 1,078,510 SH   SOLE   1,078,510 0 0
MELCO CROWN ENTMT LTD ADR 585464100 262,826 11,754,307 SH   SOLE   11,754,307 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 294,784 4,975,253 SH   SOLE   4,975,253 0 0
NORDION INC COM 65563C105 51,456 6,953,576 SH   SOLE   6,953,576 0 0
PENN NATL GAMING INC COM 707569109 32,728 619,154 SH   SOLE   619,154 0 0
RESMED INC COM 761152107 150,704 3,339,322 SH   SOLE   3,339,322 0 0
RESMED INC PUT 761152107 6,778 150,200 SH Put SOLE   150,200 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 130,414 2,293,199 SH   SOLE   2,293,199 0 0
TIM HORTONS INC COM 88706M103 168,400 3,114,565 SH   SOLE   3,114,565 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 171,015 2,020,736 SH   SOLE   2,020,736 0 0
TOWER GROUP INTL LTD COM G8988C105 40,890 1,993,675 SH   SOLE   1,993,675 0 0
ING U S INC COM 45685E106 188,941 6,982,305 SH   SOLE   6,982,305 0 0
LYON WILLIAM HOMES CL A NEW 552074700 216,675 8,594,788 SH   SOLE   8,594,788 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 85,714 8,101,496 SH   SOLE   8,101,496 0 0
NEWS CORP CL A 65248E104 658,159 20,188,935 SH   SOLE   20,188,935 0 0
NEWS CORP CL B 65248E203 18,204 554,656 SH   SOLE   554,656 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 513,344 3,200,000 SH Put SOLE   3,200,000 0 0
DANAHER CORP DEL COM 235851102 22,155 350,000 SH Call SOLE   350,000 0 0