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
ALASKA AIR GROUP INC COM 011659109 18,786 300,000 SH   DFND 1 300,000 0 0
ALASKA AIR GROUP INC COM 011659109 18,786 300,000 SH Call DFND 1 300,000 0 0
ALPHA NATURAL RESOURCES INC NOTE 3.750%12/1 02076XAE2 1,437 1,500,000 PRN   SOLE   1,500,000 0 0
ALPHA NATURAL RESOURCES INC NOTE 3.750%12/1 02076XAE2 8,140 8,500,000 PRN   DFND 1 8,500,000 0 0
ARCH COAL INC COM 039380100 8,015 1,950,000 SH Call DFND 1 1,950,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 11,052 300,000 SH   DFND 1 300,000 0 0
BOEING CO COM 097023105 23,500 200,000 SH   DFND 1 200,000 0 0
BOEING CO COM 097023105 23,500 200,000 SH Call DFND 1 200,000 0 0
BOEING CO COM 097023105 23,500 200,000 SH Put DFND 1 200,000 0 0
BOOZ ALLEN HAMILTON HLDG COR CL A 099502106 15,166 785,000 SH Call DFND 1 785,000 0 0
CARROLS RESTAURANT GROUP INC COM 14574X104 10,353 1,700,000 SH   DFND 1 1,700,000 0 0
CENTRAL EUROPEAN MEDIA ENTRP CL A NEW G20045202 3,938 750,000 SH Call DFND 1 750,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 13,656 400,000 SH Call DFND 1 400,000 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 1,245 30,000 SH   SOLE   30,000 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 10,541 254,000 SH   DFND 1 254,000 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 10,375 250,000 SH Call DFND 1 250,000 0 0
CROSSTEX ENERGY INC COM 22765Y104 689 33,000 SH   SOLE   33,000 0 0
CROSSTEX ENERGY INC COM 22765Y104 17,624 843,651 SH   DFND 1 843,651 0 0
DISH NETWORK CORP CL A 25470M109 45,010 1,000,000 SH Call DFND 1 1,000,000 0 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 25,834 26,736,000 PRN   SOLE   26,736,000 0 0
DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 59,644 61,727,000 PRN   DFND 1 61,727,000 0 0
DYNEGY INC NEW DEL COM 26817R108 5,566 288,112 SH   SOLE   288,112 0 0
DYNEGY INC NEW DEL COM 26817R108 32,617 1,688,250 SH   DFND 1 1,688,250 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 467 65,000 SH   SOLE   65,000 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 3,590 500,000 SH   DFND 1 500,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 9,063 300,000 SH   DFND 1 300,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 13,595 450,000 SH Call DFND 1 450,000 0 0
FELCOR LODGING TR INC COM 31430F101 1,540 250,000 SH   SOLE   250,000 0 0
FELCOR LODGING TR INC COM 31430F101 12,320 2,000,000 SH   DFND 1 2,000,000 0 0
FERRO CORP COM 315405100 2,977 326,729 SH   SOLE   326,729 0 0
FERRO CORP COM 315405100 30,746 3,375,000 SH   DFND 1 3,375,000 0 0
FIFTH & PAC COS INC COM 316645100 8,813 350,700 SH   DFND 1 350,700 0 0
FOREST OIL CORP COM PAR $0.01 346091705 3,386 555,000 SH   SOLE   555,000 0 0
FOREST OIL CORP COM PAR $0.01 346091705 38,430 6,300,000 SH   DFND 1 6,300,000 0 0
FOREST OIL CORP COM PAR $0.01 346091705 6,100 1,000,000 SH Call DFND 1 1,000,000 0 0
GENERAL MTRS CO COM 37045V100 14,388 400,000 SH   DFND 1 400,000 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 17,512 464,878 SH   DFND 1 464,878 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 8,980 400,000 SH   DFND 1 400,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 40,412 1,800,000 SH Call DFND 1 1,800,000 0 0
HESS CORP COM 42809H107 2,885 37,300 SH   SOLE   37,300 0 0
HESS CORP COM 42809H107 36,791 475,700 SH   DFND 1 475,700 0 0
ISHARES RUSSELL 2000 ETF 464287655 4,264 40,000 SH Put SOLE   40,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 90,619 850,000 SH Call DFND 1 850,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 213,220 2,000,000 SH Put DFND 1 2,000,000 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 19,859 1,350,000 SH   DFND 1 1,350,000 0 0
LIBERTY MEDIA CORP DEB 4.000%11/1 530715AG6 25,299 42,165,000 PRN   SOLE   42,165,000 0 0
LIBERTY MEDIA CORP DEB 3.750% 2/1 530715AL5 38,794 65,200,000 PRN   SOLE   65,200,000 0 0
MTR GAMING GROUP INC COM 553769100 236 50,000 SH   SOLE   50,000 0 0
MTR GAMING GROUP INC COM 553769100 12,576 2,670,022 SH   DFND 1 2,670,022 0 0
NRG ENERGY INC COM NEW 629377508 3,101 113,479 SH   SOLE   113,479 0 0
NRG ENERGY INC COM NEW 629377508 55,849 2,043,521 SH   DFND 1 2,043,521 0 0
OCEAN RIG UDW INC SHS Y64354205 6,526 358,590 SH   SOLE   358,590 0 0
OCEAN RIG UDW INC SHS Y64354205 23,660 1,300,000 SH   DFND 1 1,300,000 0 0
RITE AID CORP COM 767754104 10,948 2,300,000 SH   DFND 1 2,300,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 14,459 1,575,000 SH   DFND 1 1,575,000 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 456 18,202 SH   SOLE   18,202 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 456 18,200 SH Put SOLE   18,200 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 16,697 666,798 SH   DFND 1 666,798 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 16,697 666,800 SH Put DFND 1 666,800 0 0
SUPERVALU INC COM 868536103 3,645 442,900 SH   SOLE   442,900 0 0
SUPERVALU INC COM 868536103 30,966 3,762,623 SH   DFND 1 3,762,623 0 0
SUPERVALU INC COM 868536103 16,460 2,000,000 SH Call DFND 1 2,000,000 0 0
TRIUMPH GROUP INC NEW COM 896818101 14,044 200,000 SH   DFND 1 200,000 0 0
TRIUMPH GROUP INC NEW COM 896818101 14,044 200,000 SH Put DFND 1 200,000 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 1,500 20,000 SH   SOLE   20,000 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 17,248 230,000 SH   DFND 1 230,000 0 0
WALTER ENERGY INC COM 93317Q105 1,360 96,900 SH   SOLE   96,900 0 0
WALTER ENERGY INC COM 93317Q105 21,185 1,510,000 SH   DFND 1 1,510,000 0 0
WALTER ENERGY INC COM 93317Q105 3,508 250,000 SH Call DFND 1 250,000 0 0
YRC WORLDWIDE INC NOTE 10.000% 3/3 984249AB8 1,071 1,157,930 PRN   DFND 1 1,157,930 0 0