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 1,921 30,000 SH   SOLE   30,000 0 0
AMERICAN CAP LTD COM 02503Y103 13,787 1,002,700 SH   SOLE   1,002,700 0 0
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 9,303 665,000 SH   SOLE   665,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 39,439 811,000 SH   SOLE   811,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 21,354 1,547,400 SH   SOLE   1,547,400 0 0
BP PLC SPONSORED ADR 055622104 23,117 550,000 SH   SOLE   550,000 0 0
CHILDRENS PL RETAIL STORES I COM 168905107 31,573 545,779 SH   SOLE   545,779 0 0
CIGNA CORPORATION COM 125509109 38,405 499,680 SH   SOLE   499,680 0 0
CITIGROUP INC COM NEW 172967424 37,353 770,000 SH   SOLE   770,000 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 32,918 1,502,400 SH   SOLE   1,502,400 0 0
DANA HLDG CORP COM 235825205 15,841 693,562 SH   SOLE   693,562 0 0
DECKERS OUTDOORS CORP COM 243537107 9,888 150,000 SH   SOLE   150,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 34,760 595,000 SH   SOLE   595,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 14,154 600,000 SH   SOLE   600,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 6,042 200,000 SH   SOLE   200,000 0 0
EXELON CORP COM 30161N101 2,253 76,000 SH Call SOLE   76,000 0 0
EXELON CORP COM 30161N101 19,562 660,000 SH   SOLE   660,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 3,090 50,000 SH   SOLE   50,000 0 0
GENERAL MTRS CO COM 37045V100 22,122 615,000 SH   SOLE   615,000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 29,564 950,000 SH   SOLE   950,000 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 2,158 403,396 SH   SOLE   403,396 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 29,916 1,350,000 SH   SOLE   1,350,000 0 0
HESS CORP COM 42809H107 5,259 68,000 SH   SOLE   68,000 0 0
HEWLETT PACKARD CO COM 428236103 1,050 50,000 SH   SOLE   50,000 0 0
JPMORGAN CHASE & CO COM 46625H100 38,768 750,000 SH   SOLE   750,000 0 0
LEAR CORP COM NEW 521865204 47,457 663,082 SH   SOLE   663,082 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 6,493 243,284 SH   SOLE   243,284 0 0
MERCER INTL INC COM 588056101 6,572 927,000 SH   SOLE   927,000 0 0
METLIFE INC COM 59156R108 56,340 1,200,000 SH   SOLE   1,200,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 8,490 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 11 401 SH   SOLE   401 0 0
PRUDENTIAL FINL INC COM 744320102 20,197 259,000 SH   SOLE   259,000 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 4,848 200,000 SH   SOLE   200,000 0 0
SPRINT CORP COM SER 1 85207U105 5,843 939,592 SH   SOLE   939,592 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 277 18,462 SH   SOLE   18,462 0 0
SUNCOKE ENERGY INC COM 86722A103 17,204 1,012,000 SH   SOLE   1,012,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,693 150,000 SH   SOLE   150,000 0 0
UNITED CONTL HLDGS INC COM 910047109 30,717 1,000,230 SH   SOLE   1,000,230 0 0
WELLPOINT INC COM 94973V107 33,444 400,000 SH   SOLE   400,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 37,241 1,850,000 SH   SOLE   1,850,000 0 0