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
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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 2,682 50,000 SH   SOLE   50,000 0 0
AMERICAN CAP LTD COM 02503Y103 14,649 1,002,700 SH   SOLE   1,002,700 0 0
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 17,045 1,228,000 SH   SOLE   1,228,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 40,806 728,550 SH   SOLE   728,550 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 66,165 7,311,000 SH   SOLE   7,311,000 0 0
ANTHEM INC COM 036752103 43,985 350,000 SH   SOLE   350,000 0 0
BANK AMER CORP COM 060505104 29,472 1,647,400 SH   SOLE   1,647,400 0 0
CHILDRENS PL INC COM 168905107 22,491 394,586 SH   SOLE   394,586 0 0
CIGNA CORPORATION COM 125509109 51,422 499,680 SH   SOLE   499,680 0 0
CITIGROUP INC COM NEW 172967424 41,665 770,000 SH   SOLE   770,000 0 0
COVIDIEN PLC SHS G2554F113 20,456 200,000 SH   SOLE   200,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 14,180 195,000 SH   SOLE   195,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 31,974 650,000 SH   SOLE   650,000 0 0
DISH NETWORK CORP CL A 25470M109 1,458 20,000 SH   SOLE   20,000 0 0
ENERGY XXI LTD USD UNRS SHS G10082140 326 100,000 SH   SOLE   100,000 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 38,567 1,502,400 SH   SOLE   1,502,400 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 4,234 50,000 SH   SOLE   50,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 4,650 300,000 SH   SOLE   300,000 0 0
GENERAL MTRS CO COM 37045V100 54,265 1,554,422 SH   SOLE   1,554,422 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 2,039 81,292 SH   SOLE   81,292 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,382 81,292 SH   SOLE   81,292 0 0
GLOBAL BRASS & COPPR HLDGS I COM 37953G103 6,502 494,053 SH   SOLE   494,053 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 32,270 774,055 SH   SOLE   774,055 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 640 353,396 SH   SOLE   353,396 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 44,892 1,800,000 SH   SOLE   1,800,000 0 0
HEWLETT PACKARD CO COM 428236103 2,007 50,000 SH   SOLE   50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 35,544 567,979 SH   SOLE   567,979 0 0
MERCER INTL INC COM 588056101 25,887 2,106,367 SH   SOLE   2,106,367 0 0
METLIFE INC COM 59156R108 57,281 1,059,000 SH   SOLE   1,059,000 0 0
MICRON TECHNOLOGY INC COM 595112103 31,509 900,000 SH   SOLE   900,000 0 0
NCR CORP NEW COM 62886E108 2,914 100,000 SH   SOLE   100,000 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 12,948 250,000 SH   SOLE   250,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 9,287 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 1,214 45,042 SH   SOLE   45,042 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 437 10,000 SH   SOLE   10,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 13,370 175,000 SH   SOLE   175,000 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 1,004 203,300 SH   SOLE   203,300 0 0
PRUDENTIAL FINL INC COM 744320102 21,349 236,000 SH   SOLE   236,000 0 0
RCS CAP CORP COM CL A 74937W102 612 50,000 SH   SOLE   50,000 0 0
SAFEWAY INC COM NEW 786514208 3,512 100,000 SH   SOLE   100,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 13,817 505,000 SH   SOLE   505,000 0 0
STEALTHGAS INC SHS Y81669106 15,240 2,415,287 SH   SOLE   2,415,287 0 0
SUNCOKE ENERGY INC COM 86722A103 4,571 236,353 SH   SOLE   236,353 0 0
TELECOM ARGENTINA S A COM 879273209 2,903 150,000 SH   SOLE   150,000 0 0
TRINSEO S A SHS L9340P101 10,191 584,000 SH   SOLE   584,000 0 0
UNITED CONTL HLDGS INC COM 910047109 33,103 494,885 SH   SOLE   494,885 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 2,090 132,423 SH   SOLE   132,423 0 0
YAHOO INC COM 984332106 15,153 300,000 SH   SOLE   300,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 48,812 1,844,034 SH   SOLE   1,844,034 0 0