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 AIRLS GROUP INC COM 02376R102 1,997 50,000 SH   SOLE   50,000 0 0
AMERICAN CAP LTD COM 02503Y103 13,587 1,002,700 SH   SOLE   1,002,700 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 45,039 728,550 SH   SOLE   728,550 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 67,411 8,291,582 SH   SOLE   8,291,582 0 0
ANTHEM INC COM 036752103 12,310 75,000 SH   SOLE   75,000 0 0
BANK AMER CORP COM 060505104 28,039 1,647,400 SH   SOLE   1,647,400 0 0
CIGNA CORPORATION COM 125509109 76,485 472,130 SH   SOLE   472,130 0 0
CITIGROUP INC COM NEW 172967424 42,535 770,000 SH   SOLE   770,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 39,026 950,000 SH   SOLE   950,000 0 0
DISH NETWORK CORP CL A 25470M109 1,693 25,000 SH   SOLE   25,000 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 37,640 1,466,300 SH   SOLE   1,466,300 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 4,447 50,000 SH   SOLE   50,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 4,503 300,000 SH   SOLE   300,000 0 0
GENERAL MTRS CO COM 37045V100 48,476 1,454,422 SH   SOLE   1,454,422 0 0
GLOBAL BRASS & COPPR HLDGS I COM 37953G103 8,404 494,053 SH   SOLE   494,053 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 32,177 774,055 SH   SOLE   774,055 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 531 303,396 SH   SOLE   303,396 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 32,616 1,800,000 SH   SOLE   1,800,000 0 0
HEWLETT PACKARD CO COM 428236103 1,501 50,000 SH   SOLE   50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 38,486 567,979 SH   SOLE   567,979 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 4,037 204,940 SH   SOLE   204,940 0 0
MERCER INTL INC COM 588056101 28,815 2,106,367 SH   SOLE   2,106,367 0 0
METLIFE INC COM 59156R108 59,293 1,059,000 SH   SOLE   1,059,000 0 0
MICRON TECHNOLOGY INC COM 595112103 16,956 900,000 SH   SOLE   900,000 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 14,000 250,000 SH   SOLE   250,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 8,074 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 1,031 45,042 SH   SOLE   45,042 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 471 10,000 SH   SOLE   10,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 4,910 50,000 SH   SOLE   50,000 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 1,356 203,300 SH   SOLE   203,300 0 0
PRUDENTIAL FINL INC COM 744320102 20,655 236,000 SH   SOLE   236,000 0 0
RCS CAP CORP COM CL A 74937W102 383 50,000 SH   SOLE   50,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 14,095 505,000 SH   SOLE   505,000 0 0
STEALTHGAS INC SHS Y81669106 16,303 2,415,287 SH   SOLE   2,415,287 0 0
SUNCOKE ENERGY INC COM 86722A103 3,073 236,353 SH   SOLE   236,353 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,698 150,000 SH   SOLE   150,000 0 0
UNITED CONTL HLDGS INC COM 910047109 26,234 494,885 SH   SOLE   494,885 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 1,932 81,292 SH   SOLE   81,292 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,297 81,292 SH   SOLE   81,292 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 2,410 132,423 SH   SOLE   132,423 0 0
YAHOO INC COM 984332106 18,270 465,000 SH   SOLE   465,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 52,526 1,914,900 SH   SOLE   1,914,900 0 0