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 1,707 100,000 SH   SOLE   100,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 1,416 50,000 SH   SOLE   50,000 0 0
AMERICAN CAP LTD COM 02503Y103 15,873 1,002,700 SH   SOLE   1,002,700 0 0
BANK AMER CORP COM 060505104 19,870 1,497,400 SH   SOLE   1,497,400 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 5,063 450,000 SH   SOLE   450,000 0 0
CIGNA CORPORATION COM 125509109 71,947 562,130 SH   SOLE   562,130 0 0
CITIGROUP INC COM NEW 172967424 32,640 770,000 SH   SOLE   770,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 36,430 1,000,000 SH   SOLE   1,000,000 0 0
E M C CORP MASS COM 268648102 36,000 1,325,000 SH   SOLE   1,325,000 0 0
GENERAL MTRS CO COM 37045V100 17,888 632,100 SH   SOLE   632,100 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 1,497 81,292 SH   SOLE   81,292 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 851 81,292 SH   SOLE   81,292 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 253 303,396 SH   SOLE   303,396 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 17,989 1,625,000 SH   SOLE   1,625,000 0 0
JPMORGAN CHASE & CO COM 46625H100 24,856 400,000 SH   SOLE   400,000 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 7,406 404,940 SH   SOLE   404,940 0 0
MACYS INC COM 55616P104 4,201 125,000 SH   SOLE   125,000 0 0
MAGNA INTL INC COM 559222401 8,995 256,500 SH   SOLE   256,500 0 0
MERCER INTL INC COM 588056101 16,809 2,106,367 SH   SOLE   2,106,367 0 0
METLIFE, INC. CMN COM 59156R108 7,966 200,000 SH   SOLE   200,000 0 0
MICRON TECHNOLOGY INC COM 595112103 4,128 300,000 SH   SOLE   300,000 0 0
NRG ENERGY INC COM NEW 629377508 675 45,042 SH   SOLE   45,042 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 11,895 250,000 SH   SOLE   250,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 12,530 442,435 SH   SOLE   442,435 0 0
PACIFIC ETHANOL INC COM PAR $.001 69423U305 818 150,000 SH   SOLE   150,000 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 1,277 203,300 SH   SOLE   203,300 0 0
PRUDENTIAL FINL INC COM 744320102 16,836 236,000 SH   SOLE   236,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 2,986 100,000 SH   SOLE   100,000 0 0
SOLARCITY CORP NOTE 1.625%11/0 83416TAC4 1,319 2,000,000 PRN   SOLE   2,000,000 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 271 18,462 SH   SOLE   18,462 0 0
SYNGENTA AG SPONSORED ADR 87160A100 8,301 108,100 SH   SOLE   108,100 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,749 150,000 SH   SOLE   150,000 0 0
UNITED CONTL HLDGS INC COM 910047109 18,468 450,000 SH   SOLE   450,000 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 3,021 150,000 SH   SOLE   150,000 0 0
VEREIT INC COM 92339V100 94,320 9,301,777 SH   SOLE   9,301,777 0 0
WILLIAMS COS INC DEL COM 969457100 9,734 450,000 SH   SOLE   450,000 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 845 132,423 SH   SOLE   132,423 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 34,846 1,814,900 SH   SOLE   1,814,900 0 0
YAHOO INC COM 984332106 37,560 1,000,000 SH   SOLE   1,000,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 7,931 126,700 SH   SOLE   126,700 0 0
ENDO INTL PLC SHS G30401106 1,559 100,000 SH   SOLE   100,000 0 0
STEALTHGAS INC SHS Y81669106 9,130 2,415,287 SH   SOLE   2,415,287 0 0
WMIH CORP COM 92936P100 574 258,649 SH   SOLE   258,649 0 0