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
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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 CAP LTD COM 02503Y103 15,838 1,002,700 SH   SOLE   15,838 0 0
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 15,031 1,228,000 SH   SOLE   15,031 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 36,435 728,550 SH   SOLE   36,435 0 0
ANADARKO PETE CORP COM 032511107 25,428 300,000 SH   SOLE   25,428 0 0
BANK OF AMERICA CORPORATION COM 060505104 26,615 1,547,400 SH   SOLE   26,615 0 0
BP PLC SPONSORED ADR 055622104 12,025 250,000 SH   SOLE   12,025 0 0
EXELON CORP COM 30161N101 2,551 76,000 SH Call SOLE   760,000 0 0
CHILDRENS PL RETAIL STORES I COM 168905107 25,053 502,980 SH   SOLE   25,053 0 0
CIGNA CORPORATION COM 125509109 41,838 499,680 SH   SOLE   41,838 0 0
CITIGROUP INC COM NEW 172967424 36,652 770,000 SH   SOLE   36,652 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 39,513 1,502,400 SH   SOLE   39,513 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 13,233 195,000 SH   SOLE   13,233 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 17,325 500,000 SH   SOLE   17,325 0 0
DISH NETWORK CORP CL A 25470M109 1,244 20,000 SH   SOLE   1,244 0 0
ENERGY XXI BERMUDA LTD USD UNRS SHS G10082140 2,357 100,000 SH   SOLE   2,357 0 0
EXELON CORP COM 30161N101 22,150 660,000 SH   SOLE   22,150 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 3,755 50,000 SH   SOLE   3,755 0 0
FIRSTENERGY CORP COM 337932107 851 25,000 SH   SOLE   851 0 0
GENERAL MTRS CO COM 37045V100 56,841 1,651,397 SH   SOLE   56,841 0 0
GLOBAL BRASS & COPPR HLDGS I COM 37953G103 4,731 300,006 SH   SOLE   4,731 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 31,743 900,000 SH   SOLE   31,743 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 1,517 403,396 SH   SOLE   1,517 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 39,960 1,500,000 SH   SOLE   39,960 0 0
HESS CORP COM 42809H107 13,924 168,000 SH   SOLE   13,924 0 0
HEWLETT PACKARD CO COM 428236103 1,618 50,000 SH   SOLE   1,618 0 0
JPMORGAN CHASE & CO COM 46625H100 45,533 750,000 SH   SOLE   45,533 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 7,565 193,284 SH   SOLE   7,565 0 0
MERCER INTL INC COM 588056101 9,765 1,302,000 SH   SOLE   9,765 0 0
METLIFE INC COM 59156R108 55,915 1,059,000 SH   SOLE   55,915 0 0
MICRON TECHNOLOGY INC COM 595112103 21,294 900,000 SH   SOLE   21,294 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 10,318 275,000 SH   SOLE   10,318 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 7,858 442,435 SH   SOLE   7,858 0 0
NRG ENERGY INC COM NEW 629377508 13 401 SH   SOLE   13 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 829 10,000 SH   SOLE   829 0 0
NXP SEMICONDUCTORS N V COM N6596X109 11,762 200,000 SH   SOLE   11,762 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 1,128 203,300 SH   SOLE   1,128 0 0
PRUDENTIAL FINL INC COM 744320102 19,977 236,000 SH   SOLE   19,977 0 0
SAFEWAY INC COM NEW 786514208 3,694 100,000 SH   SOLE   3,694 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 13,680 505,000 SH   SOLE   13,680 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 7,865 279,000 SH   SOLE   7,865 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 313 18,462 SH   SOLE   313 0 0
SUNCOKE ENERGY INC COM 86722A103 20,419 894,000 SH   SOLE   20,419 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,861 150,000 SH   SOLE   2,861 0 0
TRIUMPH GROUP INC NEW COM 896818101 27,447 425,000 SH   SOLE   27,447 0 0
UNITED CONTL HLDGS INC COM 910047109 22,087 494,885 SH   SOLE   22,087 0 0
WELLPOINT INC COM 94973V107 39,820 400,000 SH   SOLE   39,820 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 1,951 78,542 SH   SOLE   1,951 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,367 78,542 SH   SOLE   1,367 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 56,088 1,800,000 SH   SOLE   56,088 0 0