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
ALERE INC COM 01449J105 1,949 50,000 SH   SOLE   50,000 0 0
ALLY FINL INC COM 02005N100 1,902 100,000 SH   SOLE   100,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 2,335 50,000 SH   SOLE   50,000 0 0
AVIS BUDGET GROUP COM 053774105 1,834 50,000 SH   SOLE   50,000 0 0
BANK AMER CORP COM 060505104 33,093 1,497,400 SH   SOLE   1,497,400 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 6,034 550,000 SH   SOLE   550,000 0 0
CIGNA CORPORATION COM 125509109 74,983 562,130 SH   SOLE   562,130 0 0
CITIGROUP INC COM NEW 172967424 45,761 770,000 SH   SOLE   770,000 0 0
CONCORDIA INTERNATIONAL CORP COM 20653P102 64 30,000 SH   SOLE   30,000 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 8,118 147,683 SH   SOLE   147,683 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 8,533 126,700 SH   SOLE   126,700 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 49,190 1,000,000 SH   SOLE   1,000,000 0 0
DYNEGY INC NEW DEL COM 26817R108 1,387 163,900 SH   SOLE   163,900 0 0
GENERAL MTRS CO COM 37045V100 24,855 713,392 SH   SOLE   713,392 0 0
HARVEST NATURAL RESOURCES IN COM NEW 41754V202 469 75,848 SH   SOLE   75,848 0 0
HERC HLDGS INC COM 42704L104 4,351 108,333 SH   SOLE   108,333 0 0
HERTZ GLOBAL HLDGS INC COM 42806J106 3,881 180,000 SH   SOLE   180,000 0 0
HUMANA INC COM 444859102 14,439 70,770 SH   SOLE   70,770 0 0
JPMORGAN CHASE & CO COM 46625H100 34,516 400,000 SH   SOLE   400,000 0 0
MAGNA INTL INC COM 559222401 11,132 256,500 SH   SOLE   256,500 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 2,652 404,940 SH   SOLE   404,940 0 0
MERCER INTL INC COM 588056101 22,433 2,106,367 SH   SOLE   2,106,367 0 0
METLIFE INC COM 59156R108 8,084 150,000 SH   SOLE   150,000 0 0
MICRON TECHNOLOGY INC COM 595112103 6,576 300,000 SH   SOLE   300,000 0 0
MYLAN N V SHS EURO N59465109 5,423 142,150 SH   SOLE   142,150 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 15,825 250,000 SH   SOLE   250,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 11,530 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 552 45,042 SH   SOLE   45,042 0 0
PRUDENTIAL FINL INC COM 744320102 20,812 200,000 SH   SOLE   200,000 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 2,811 119,347 SH   SOLE   119,347 0 0
SOLARCITY CORP NOTE 1.625%11/0 83416TAC4 827 980,000 PRN   SOLE   980,000 0 0
STEALTHGAS INC SHS Y81669106 8,164 2,415,287 SH   SOLE   2,415,287 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 286 18,462 SH   SOLE   18,462 0 0
SYNGENTA AG SPONSORED ADR 87160A100 14,869 188,100 SH   SOLE   188,100 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,726 150,000 SH   SOLE   150,000 0 0
UNITED CONTL HLDGS INC COM 910047109 29,152 400,000 SH   SOLE   400,000 0 0
VEREIT INC COM 92339V100 78,693 9,301,777 SH   SOLE   9,301,777 0 0
VERSO CORP CL A 92531L207 8,521 1,200,098 SH   SOLE   1,200,098 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,395 81,292 SH Call SOLE   81,292 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 744 132,423 SH   SOLE   132,423 0 0
YAHOO INC COM 984332106 135,345 3,500,000 SH   SOLE   3,500,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 28,526 1,728,855 SH   SOLE   1,728,855 0 0
WMIH CORP COM 92936P100 362 233,649 SH   SOLE   233,649 0 0