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
AETNA INC NEW COM 00817Y108 2,058 30,000 SH   SOLE   30,000 0 0
AMERICAN CAPITAL LTD COM 02503Y103 15,682 1,002,700 SH   SOLE   1,002,700 0 0
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 16,963 1,178,000 SH   SOLE   1,178,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 37,192 728,550 SH   SOLE   728,550 0 0
BANK OF AMERICA CORPORATION COM 060505104 24,093 1,547,400 SH   SOLE   1,547,400 0 0
BP PLC SPONSORED ADR 055622104 26,736 550,000 SH   SOLE   550,000 0 0
CHILDRENS PL RETAIL STORES I COM 168905107 31,093 545,779 SH   SOLE   545,779 0 0
CIGNA CORPORATION COM 125509109 43,712 499,680 SH   SOLE   499,680 0 0
CITIGROUP INC COM NEW 172967424 40,125 770,000 SH   SOLE   770,000 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 35,021 1,502,400 SH   SOLE   1,502,400 0 0
DANA HLDG CORP COM 235825205 20,830 1,061,673 SH   SOLE   1,061,673 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 12,928 215,000 SH   SOLE   215,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 13,735 500,000 SH   SOLE   500,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 5,412 200,000 SH   SOLE   200,000 0 0
EXELON CORP COM 30161N101 2,082 76,000 SH Call SOLE   760 0 0
EXELON CORP COM 30161N101 18,077 660,000 SH   SOLE   660,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 3,512 50,000 SH   SOLE   50,000 0 0
FIRSTENERGY CORP COM 337932107 825 25,000 SH   SOLE   25,000 0 0
FORD MOTOR CO DEL COM PAR $0.01 345370860 3,086 200,000 SH   SOLE   200,000 0 0
GENERAL MOTORS CO COM 37045V100 67,493 1,651,397 SH   SOLE   1,651,397 0 0
GENERAL MOTORS CO *W EXP 07/10/201 37045V118 2,446 78,542 SH   SOLE   78,542 0 0
GENERAL MOTORS CO *W EXP 07/10/201 37045V126 1,816 78,542 SH   SOLE   78,542 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 32,607 900,000 SH   SOLE   900,000 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 1,823 403,396 SH   SOLE   403,396 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 42,930 1,500,000 SH   SOLE   1,500,000 0 0
HESS CORP COM 42809H107 13,944 168,000 SH   SOLE   168,000 0 0
HEWLETT PACKARD CO COM 428236103 1,399 50,000 SH   SOLE   50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 43,860 750,000 SH   SOLE   750,000 0 0
LEAR CORP COM NEW 521865204 10,121 125,000 SH   SOLE   125,000 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 8,070 243,284 SH   SOLE   243,284 0 0
MERCER INTL INC COM 588056101 9,242 927,000 SH   SOLE   927,000 0 0
METLIFE INC COM 59156R108 57,101 1,059,000 SH   SOLE   1,059,000 0 0
MICRON TECHNOLOGY INC COM 595112103 9,788 450,000 SH   SOLE   450,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 8,804 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 12 401 SH   SOLE   401 0 0
NXP SEMICONDUCTORS N V COM N6596X109 9,186 200,000 SH   SOLE   200,000 0 0
PRUDENTIAL FINL INC COM 744320102 21,764 236,000 SH   SOLE   236,000 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 8,520 250,000 SH   SOLE   250,000 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 320 18,462 SH   SOLE   18,462 0 0
SUNCOKE ENERGY INC COM 86722A103 23,084 1,012,000 SH   SOLE   1,012,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,586 150,000 SH   SOLE   150,000 0 0
UNITED CONTL HLDGS INC COM 910047109 28,179 744,885 SH   SOLE   744,885 0 0
WELLPOINT INC COM 94973V107 36,956 400,000 SH   SOLE   400,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 57,680 1,750,000 SH   SOLE   1,750,000 0 0