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

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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 19,332 450,000 SH   SOLE 450,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 9,222 600,000 SH   SOLE 600,000 0 0
CASCADE MICROTECH INC COM 147322101 7,627 558,789 SH   SOLE 558,789 0 0
CITIGROUP INC COM NEW 172967424 4,710 100,000 SH   SOLE 100,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 3,820 872,117 SH   SOLE 872,117 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 7,744 200,000 SH   SOLE 200,000 0 0
GENIE ENERGY LTD CL B 372284208 2,676 340,000 SH   SOLE 340,000 0 0
HONEYWELL INTL INC COM 438516106 11,619 125,000 SH   SOLE 125,000 0 0
IRIDEX CORP COM 462684101 7,687 925,000 SH   SOLE 925,000 0 0
LEGG MASON INC COM 524901105 5,531 107,800 SH   SOLE 107,800 0 0
METLIFE INC COM 59156R108 9,723 175,000 SH   SOLE 175,000 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,938 100,000 SH   SOLE 100,000 0 0
ORKLA ASA ADR 686331109 1,349 150,000 SH   SOLE 150,000 0 0
PAR PETROLEUM CORP COM 69888T207 3,240 160,000 SH   SOLE 160,000 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 2,823 250,000 SH   SOLE 250,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 12,804 100,000 SH   SOLE 100,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 3,914 20,000 SH   SOLE 20,000 0 0
SPECTRANETICS CORP COM 84760C107 229 10,000 SH   SOLE 10,000 0 0
UNITED CONTL HLDGS INC COM 910047109 8,214 200,000 SH   SOLE 200,000 0 0
WORLD WRESTLING ENTMT INC CL A 98156Q108 119 10,000 SH   SOLE 10,000 0 0