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
ACCO BRANDS CORP COM 00081T108 12,320 2,000,000 SH   DFND 1 2,000,000 0 0
ALASKA AIR GROUP INC COM 011659109 46,655 500,000 SH Call DFND 1 500,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 14,640 400,000 SH Call DFND 1 400,000 0 0
ANADARKO PETE CORP COM 032511107 1,534 18,100 SH   SOLE   18,100 0 0
ANADARKO PETE CORP COM 032511107 31,785 375,000 SH   DFND 1 375,000 0 0
BON-TON STORES INC COM 09776J101 1,647 150,000 SH   DFND 1 150,000 0 0
BURLINGTON STORES INC COM 122017106 2,214 75,000 SH   DFND 1 75,000 0 0
CARROLS RESTAURANT GROUP INC COM 14574X104 6,248 871,412 SH   DFND 1 871,412 0 0
CHEMTURA CORP COM NEW 163893209 4,274 169,000 SH   SOLE   169,000 0 0
CHEMTURA CORP COM NEW 163893209 27,819 1,100,000 SH   DFND 1 1,100,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 2,214 40,000 SH   SOLE   40,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 24,908 450,000 SH   DFND 1 450,000 0 0
COLONY FINL INC NOTE 3.875% 1/1 19624RAB2 1,243 1,200,000 PRN   SOLE   1,200,000 0 0
COLONY FINL INC NOTE 3.875% 1/1 19624RAB2 16,887 16,300,000 PRN   DFND 1 16,300,000 0 0
COLONY FINL INC COM 19624R106 691 31,500 SH   SOLE   31,500 0 0
COLONY FINL INC COM 19624R106 22,828 1,040,000 SH   DFND 1 1,040,000 0 0
COMCAST CORP NEW CL A 20030N101 35,028 700,000 SH Call DFND 1 700,000 0 0
CONSOL ENERGY INC COM 20854P109 1,199 30,000 SH Call SOLE   30,000 0 0
CONSOL ENERGY INC COM 20854P109 19,576 490,000 SH Call DFND 1 490,000 0 0
COOPER STD HLDGS INC COM 21676P103 10,340 146,358 SH   SOLE   146,358 0 0
COOPER STD HLDGS INC COM 21676P103 15,995 226,400 SH   DFND 1 226,400 0 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 23,622 23,801,000 PRN   SOLE   23,801,000 0 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 18,656 18,797,000 PRN   DFND 1 18,797,000 0 0
DYNEGY INC NEW DEL COM 26817R108 5,270 211,312 SH   SOLE   211,312 0 0
DYNEGY INC NEW DEL COM 26817R108 38,926 1,560,788 SH   DFND 1 1,560,788 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 163 40,953 SH   SOLE   40,953 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 1,397 350,000 SH   DFND 1 350,000 0 0
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 950 28,000 SH   SOLE   28,000 0 0
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 34,619 1,020,000 SH   DFND 1 1,020,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 5,632 75,000 SH   DFND 1 75,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 48,809 650,000 SH Call DFND 1 650,000 0 0
FERRO CORP COM 315405100 1,783 130,520 SH   SOLE   130,520 0 0
FERRO CORP COM 315405100 13,660 1,000,000 SH   DFND 1 1,000,000 0 0
GENERAL MTRS CO COM 37045V100 3,545 103,000 SH   SOLE   103,000 0 0
GENERAL MTRS CO COM 37045V100 1,549 45,000 SH Call SOLE   45,000 0 0
GENERAL MTRS CO COM 37045V100 48,188 1,400,000 SH   DFND 1 1,400,000 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 1,705 40,886 SH   SOLE   40,886 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 29,667 711,618 SH   DFND 1 711,618 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 5,905 226,000 SH   SOLE   226,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 862 33,000 SH Call SOLE   33,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 26,130 1,000,000 SH   DFND 1 1,000,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 19,598 750,000 SH Call DFND 1 750,000 0 0
HESS CORP COM 42809H107 3,091 37,300 SH   SOLE   37,300 0 0
HESS CORP COM 42809H107 49,728 600,000 SH   DFND 1 600,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 12,543 300,000 SH   DFND 1 300,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 116,340 1,000,000 SH Put DFND 1 1,000,000 0 0
ISTAR FINL INC COM 45031U101 25,830 1,750,000 SH   DFND 1 1,750,000 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 28,000 2,000,000 SH   DFND 1 2,000,000 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 21,000 1,500,000 SH Call DFND 1 1,500,000 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 9,567 425,000 SH   DFND 1 425,000 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 1,991 885,000 SH   SOLE   885,000 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 2,341 1,040,604 SH   DFND 1 1,040,604 0 0
LIBERTY MEDIA CORP DEB 4.000%11/1 530715AG6 24,259 39,850,000 PRN   SOLE   39,850,000 0 0
LIBERTY MEDIA CORP DEB 3.750% 2/1 530715AL5 43,352 72,555,000 PRN   SOLE   72,555,000 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 22,235 250,000 SH   DFND 1 250,000 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 2,213 158,717 SH   SOLE   158,717 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 16,095 1,154,583 SH   DFND 1 1,154,583 0 0
METHANEX CORP COM 59151K108 15,985 250,000 SH Call DFND 1 250,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 7,758 300,000 SH   DFND 1 300,000 0 0
MTR GAMING GROUP INC COM 553769100 257 50,000 SH   SOLE   50,000 0 0
MTR GAMING GROUP INC COM 553769100 13,697 2,670,022 SH   DFND 1 2,670,022 0 0
NRG ENERGY INC COM NEW 629377508 1,968 61,877 SH   SOLE   61,877 0 0
NRG ENERGY INC COM NEW 629377508 48,181 1,515,123 SH   DFND 1 1,515,123 0 0
OCEAN RIG UDW INC SHS Y64354205 7,877 442,800 SH   SOLE   442,800 0 0
OCEAN RIG UDW INC SHS Y64354205 50,702 2,850,000 SH   DFND 1 2,850,000 0 0
OCLARO INC COM NEW 67555N206 6,635 2,140,326 SH   DFND 1 2,140,326 0 0
PENNEY J C INC COM 708160106 1,724 200,000 SH   DFND 1 200,000 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 10,379 575,000 SH   DFND 1 575,000 0 0
RITE AID CORP COM 767754104 31,349 4,999,900 SH   DFND 1 4,999,900 0 0
SAFEWAY INC COM NEW 786514208 18,470 500,000 SH   DFND 1 500,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 917 149,396 SH   SOLE   149,396 0 0
SANDRIDGE ENERGY INC COM 80007P307 8,293 1,350,604 SH   DFND 1 1,350,604 0 0
SEMGROUP CORP CL A 81663A105 755 11,500 SH   SOLE   11,500 0 0
SEMGROUP CORP CL A 81663A105 26,929 410,000 SH   DFND 1 410,000 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 1,037 33,702 SH   SOLE   33,702 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 30,508 991,798 SH   DFND 1 991,798 0 0
SUPERVALU INC COM 868536103 855 125,000 SH   SOLE   125,000 0 0
SUPERVALU INC COM 868536103 22,458 3,283,400 SH   DFND 1 3,283,400 0 0
SUPERVALU INC COM 868536103 20,520 3,000,000 SH Call DFND 1 3,000,000 0 0
WALTER ENERGY INC COM 93317Q105 832 110,000 SH Call SOLE   110,000 0 0
WALTER ENERGY INC COM 93317Q105 12,020 1,590,000 SH Call DFND 1 1,590,000 0 0
WILLIAMS COS INC DEL COM 969457100 863 21,260 SH   SOLE   21,260 0 0
WILLIAMS COS INC DEL COM 969457100 22,126 545,240 SH   DFND 1 545,240 0 0
YRC WORLDWIDE INC NOTE 10.000% 3/3 984249AB8 1,372 1,276,616 PRN   DFND 1 1,276,616 0 0