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 CAP LTD COM 02503Y103 15,331 1,002,700 SH   SOLE   1,002,700 0 0
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 13,778 1,228,000 SH   SOLE   1,228,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 39,764 728,550 SH   SOLE   728,550 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 2,506 200,000 SH   SOLE   200,000 0 0
ANADARKO PETE CORP COM 032511107 16,421 150,000 SH   SOLE   150,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 25,321 1,647,400 SH   SOLE   1,647,400 0 0
BP PLC SPONSORED ADR 055622104 7,913 150,000 SH   SOLE   150,000 0 0
CHILDRENS PL RETAIL STORES I COM 168905107 24,963 502,980 SH   SOLE   502,980 0 0
CIGNA CORPORATION COM 125509109 45,956 499,680 SH   SOLE   499,680 0 0
CITIGROUP INC COM NEW 172967424 36,267 770,000 SH   SOLE   770,000 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 39,543 1,502,400 SH   SOLE   1,502,400 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 13,404 195,000 SH   SOLE   195,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 19,360 500,000 SH   SOLE   500,000 0 0
DISH NETWORK CORP CL A 25470M109 1,301 20,000 SH   SOLE   20,000 0 0
EXELON CORP COM 30161N101 2,772 76,000 SH Call SOLE   76,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 3,467 50,000 SH   SOLE   50,000 0 0
FIRSTENERGY CORP COM 337932107 868 25,000 SH   SOLE   25,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 5,172 300,000 SH   SOLE   300,000 0 0
GENERAL MTRS CO COM 37045V100 59,946 1,651,397 SH   SOLE   1,651,397 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 2,090 78,542 SH   SOLE   78,542 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,458 78,542 SH   SOLE   78,542 0 0
GLOBAL BRASS & COPPR HLDGS I COM 37953G103 8,349 494,053 SH   SOLE   494,053 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 32,229 900,000 SH   SOLE   900,000 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 2,013 403,396 SH   SOLE   403,396 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 42,045 1,500,000 SH   SOLE   1,500,000 0 0
HESS CORP COM 42809H107 16,614 168,000 SH   SOLE   168,000 0 0
HEWLETT PACKARD CO COM 428236103 1,684 50,000 SH   SOLE   50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 43,215 750,000 SH   SOLE   750,000 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 1,449 33,000 SH   SOLE   33,000 0 0
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 44,280 600,000 SH   SOLE   600,000 0 0
MERCER INTL INC COM 588056101 13,671 1,302,000 SH   SOLE   1,302,000 0 0
METLIFE INC COM 59156R108 58,838 1,059,000 SH   SOLE   1,059,000 0 0
MICRON TECHNOLOGY INC COM 595112103 29,655 900,000 SH   SOLE   900,000 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 14,193 275,000 SH   SOLE   275,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 11,278 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 1,676 45,042 SH   SOLE   45,042 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 740 10,000 SH   SOLE   10,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 13,236 200,000 SH   SOLE   200,000 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 1,321 203,300 SH   SOLE   203,300 0 0
PRUDENTIAL FINL INC COM 744320102 20,950 236,000 SH   SOLE   236,000 0 0
SAFEWAY INC COM NEW 786514208 3,434 100,000 SH   SOLE   100,000 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 972 50,000 SH   SOLE   50,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 17,549 505,000 SH   SOLE   505,000 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 9,402 279,000 SH   SOLE   279,000 0 0
STEALTHGAS INC SHS Y81669106 23,786 2,142,857 SH   SOLE   2,142,857 0 0
SUNCOKE ENERGY INC COM 86722A103 19,221 894,000 SH   SOLE   894,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 3,533 150,000 SH   SOLE   150,000 0 0
TRINSEO S A SHS L9340P101 6,240 300,000 SH   SOLE   300,000 0 0
TRIUMPH GROUP INC NEW COM 896818101 5,050 72,324 SH   SOLE   72,324 0 0
UNITED CONTL HLDGS INC COM 910047109 20,325 494,885 SH   SOLE   494,885 0 0
WELLPOINT INC COM 94973V107 43,044 400,000 SH   SOLE   400,000 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 804 57,602 SH   SOLE   57,602 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 62,092 1,900,000 SH   SOLE   1,900,000 0 0