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 2,639 50,000 SH   SOLE   50,000 0 0
AMERICAN CAP LTD COM 02503Y103 14,830 1,002,700 SH   SOLE   1,002,700 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 39,917 728,550 SH   SOLE   728,550 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 79,042 8,024,582 SH   SOLE   8,024,582 0 0
ANTHEM INC COM 036752103 15,441 100,000 SH   SOLE   100,000 0 0
BANK AMER CORP COM 060505104 25,353 1,647,400 SH   SOLE   1,647,400 0 0
CIGNA CORPORATION COM 125509109 64,679 499,680 SH   SOLE   499,680 0 0
CITIGROUP INC COM NEW 172967424 39,670 770,000 SH   SOLE   770,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 42,712 950,000 SH   SOLE   950,000 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 38,930 1,466,300 SH   SOLE   1,466,300 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 4,339 50,000 SH   SOLE   50,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 4,842 300,000 SH   SOLE   300,000 0 0
GENERAL MTRS CO COM 37045V100 54,541 1,454,422 SH   SOLE   1,454,422 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 2,256 81,292 SH   SOLE   81,292 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,597 81,292 SH   SOLE   81,292 0 0
GLOBAL BRASS & COPPR HLDGS I COM 37953G103 7,633 494,053 SH   SOLE   494,053 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 32,371 774,055 SH   SOLE   774,055 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 158 353,396 SH   SOLE   353,396 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 39,024 1,800,000 SH   SOLE   1,800,000 0 0
HEWLETT PACKARD CO COM 428236103 1,558 50,000 SH   SOLE   50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 34,408 567,979 SH   SOLE   567,979 0 0
MERCER INTL INC COM 588056101 32,354 2,106,367 SH   SOLE   2,106,367 0 0
METLIFE INC COM 59156R108 53,532 1,059,000 SH   SOLE   1,059,000 0 0
MICRON TECHNOLOGY INC COM 595112103 24,417 900,000 SH   SOLE   900,000 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 14,305 250,000 SH   SOLE   250,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 9,990 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 1,135 45,042 SH   SOLE   45,042 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 602 10,000 SH   SOLE   10,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 8,782 87,500 SH   SOLE   87,500 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 1,389 203,300 SH   SOLE   203,300 0 0
PRUDENTIAL FINL INC COM 744320102 18,953 236,000 SH   SOLE   236,000 0 0
RCS CAP CORP COM CL A 74937W102 532 50,000 SH   SOLE   50,000 0 0
SINCLAIR BROADCAST GROUP INC COM 829226109 15,862 505,000 SH   SOLE   505,000 0 0
STEALTHGAS INC SHS Y81669106 15,820 2,415,287 SH   SOLE   2,415,287 0 0
SUNCOKE ENERGY INC COM 86722A103 3,531 236,353 SH   SOLE   236,353 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 3,407 150,000 SH   SOLE   150,000 0 0
TRINSEO S A SHS L9340P101 8,092 408,697 SH   SOLE   408,697 0 0
UNITED CONTL HLDGS INC COM 910047109 33,281 494,885 SH   SOLE   494,885 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 2,148 132,423 SH   SOLE   132,423 0 0
YAHOO INC COM 984332106 18,441 415,000 SH   SOLE   415,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 52,564 1,914,900 SH   SOLE   1,914,900 0 0