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 1,986 50,000 SH   SOLE   50,000 0 0
ALLY FINL INC COM 02005N100 2,033 100,000 SH   SOLE   100,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 2,115 50,000 SH   SOLE   50,000 0 0
BANK AMER CORP COM 060505104 35,324 1,497,400 SH   SOLE   1,497,400 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 7,450 500,000 SH   SOLE   500,000 0 0
CIGNA CORPORATION COM 125509109 66,046 450,860 SH   SOLE   450,860 0 0
CIT GROUP INC COM NEW 125581801 4,293 100,000 SH   SOLE   100,000 0 0
CITIGROUP INC COM NEW 172967424 46,061 770,000 SH   SOLE   770,000 0 0
CONCORDIA INTERNATIONAL CORP COM 20653P102 49 30,000 SH   SOLE   30,000 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 9,463 147,683 SH   SOLE   147,683 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 6,439 80,000 SH   SOLE   80,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 45,960 1,000,000 SH   SOLE   1,000,000 0 0
GENERAL MTRS CO COM 37045V100 19,038 538,392 SH   SOLE   538,392 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,451 81,292 SH   SOLE   81,292 0 0
HARVEST NATURAL RESOURCES IN COM NEW 41754V202 504 75,848 SH   SOLE   75,848 0 0
HERC HLDGS INC COM 42704L104 5,296 108,333 SH   SOLE   108,333 0 0
HERTZ GLOBAL HLDGS INC COM 42806J106 3,157 180,000 SH   SOLE   180,000 0 0
JPMORGAN CHASE & CO COM 46625H100 35,136 400,000 SH   SOLE   400,000 0 0
KRATON CORPORATION COM 50077C106 1,697 54,878 SH   SOLE   54,878 0 0
MAGNA INTL INC COM 559222401 13,229 306,500 SH   SOLE   306,500 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 3,806 404,940 SH   SOLE   404,940 0 0
MERCER INTL INC COM 588056101 22,586 1,930,410 SH   SOLE   1,930,410 0 0
METLIFE INC COM 59156R108 3,962 75,000 SH   SOLE   75,000 0 0
MICRON TECHNOLOGY INC COM 595112103 8,670 300,000 SH   SOLE   300,000 0 0
MYLAN N V SHS EURO N59465109 4,484 115,000 SH   SOLE   115,000 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 17,538 250,000 SH   SOLE   250,000 0 0
NORTEL INVERSORA S A SPONS ADR PFD B 656567401 11,503 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 842 45,042 SH   SOLE   45,042 0 0
NXP SEMICONDUCTORS N V COM N6596X109 7,286 70,400 SH   SOLE   70,400 0 0
PRUDENTIAL FINL INC COM 744320102 21,336 200,000 SH   SOLE   200,000 0 0
QUALCOMM INC COM 747525103 20,208 352,430 SH   SOLE   352,430 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 2,207 119,347 SH   SOLE   119,347 0 0
SOLARCITY CORP NOTE 1.625%11/0 83416TAC4 873 980,000 PRN   SOLE   980,000 0 0
STEALTHGAS INC SHS Y81669106 9,637 2,415,287 SH   SOLE   2,415,287 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 354 18,462 SH   SOLE   18,462 0 0
SYNGENTA AG SPONSORED ADR 87160A100 16,646 188,100 SH   SOLE   188,100 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 3,329 150,000 SH   SOLE   150,000 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 2,214 125,000 SH   SOLE   125,000 0 0
UNITED CONTL HLDGS INC COM 910047109 28,256 400,000 SH   SOLE   400,000 0 0
VEREIT INC COM 92339V100 78,972 9,301,777 SH   SOLE   9,301,777 0 0
VERSO CORP CL A 92531L207 7,201 1,200,098 SH   SOLE   1,200,098 0 0
VISTA OUTDOOR INC COM 928377100 8,267 401,523 SH   SOLE   401,523 0 0
WMIH CORP COM 92936P100 339 233,649 SH   SOLE   233,649 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 848 132,423 SH   SOLE   132,423 0 0
YAHOO INC COM 984332106 232,050 5,000,000 SH   SOLE   5,000,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 27,589 1,136,285 SH   SOLE   1,136,285 0 0