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 AIRLINES GROUP INC COM 02376R102 1,942 50,000 SH   SOLE   1,942 0 0
AMERICAN CAP LTD COM 02503Y103 12,193 1,002,700 SH   SOLE   12,193 0 0
BAKER HUGHES INC COM 057224107 5,204 100,000 SH   SOLE   5,204 0 0
BANK AMER CORP COM 060505104 25,666 1,647,400 SH   SOLE   25,666 0 0
CIGNA CORPORATION COM 125509109 75,899 562,130 SH   SOLE   75,899 0 0
CITIGROUP INC COM NEW 172967424 38,200 770,000 SH   SOLE   38,200 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 42,627 950,000 SH   SOLE   42,627 0 0
DISH NETWORK CORP CL A 25470M109 1,459 25,000 SH   SOLE   1,459 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 32,587 1,196,300 SH   SOLE   32,587 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 4,048 50,000 SH   SOLE   4,048 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 4,071 300,000 SH   SOLE   4,071 0 0
GENERAL MTRS CO COM 37045V100 37,658 1,254,422 SH   SOLE   37,658 0 0
GLOBAL BRASS & COPPR HLDGS I COM 37953G103 561 27,370 SH   SOLE   561 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 13,734 300,000 SH   SOLE   13,734 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 422 303,396 SH   SOLE   422 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 30,114 1,800,000 SH   SOLE   30,114 0 0
HEWLETT PACKARD CO COM 428236103 1,281 50,000 SH   SOLE   1,281 0 0
JPMORGAN CHASE & CO COM 46625H100 30,485 500,000 SH   SOLE   30,485 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 7,463 404,940 SH   SOLE   7,463 0 0
MERCER INTL INC COM 588056101 21,127 2,106,367 SH   SOLE   21,127 0 0
METLIFE INC COM 59156R108 49,932 1,059,000 SH   SOLE   49,932 0 0
MICRON TECHNOLOGY INC COM 595112103 13,482 900,000 SH   SOLE   13,482 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 11,838 250,000 SH   SOLE   11,838 0 0
NORTEL INVERSORA S A SPON ADR PDF B 656567401 6,707 442,435 SH   SOLE   6,707 0 0
NRG ENERGY INC COM NEW 629377508 669 45,042 SH   SOLE   669 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 413 10,000 SH   SOLE   413 0 0
NXP SEMICONDUCTORS N V COM N6596X109 4,354 50,000 SH   SOLE   4,354 0 0
PETROBRAS ARGENTINA S A SPON ADR 71646J109 1,039 203,300 SH   SOLE   1,039 0 0
PRUDENTIAL FINL INC COM 744320102 17,986 236,000 SH   SOLE   17,986 0 0
RCS CAP CORP COM CL A 74937W102 122 150,000 SH   SOLE   122 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 12,787 505,000 SH   SOLE   12,787 0 0
STEALTHGAS INC SHS Y81669106 10,845 2,415,287 SH   SOLE   10,845 0 0
STEEL PARTNERS HLDGS L P LTD PRTNSHIP U 85814R107 305 18,462 SH   SOLE   305 0 0
SUNCOKE ENERGY INC COM 86722A103 1,450 186,353 SH   SOLE   1,450 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,184 150,000 SH   SOLE   2,184 0 0
UNITED CONTL HLDGS INC COM 910047109 26,254 494,885 SH   SOLE   26,254 0 0
UTI WORLDWIDE INC NOTE 4.500% 3/0 90349LAB0 14,750 20,000,000 PRN   SOLE   14,750 0 0
VEREIT INC COM 92339V100 71,810 9,301,777 SH   SOLE   71,810 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 1,657 81,292 SH   SOLE   1,657 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,075 81,292 SH   SOLE   1,075 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 1,719 132,423 SH   SOLE   1,719 0 0
YAHOO INC COM 984332106 17,780 615,000 SH   SOLE   17,780 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 29,164 1,914,900 SH   SOLE   29,164 0 0