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
Adient Plc COM g0084w101 13,861 212,006 SH   SOLE   49,907 0 162,099
AdvanSix Inc. COM 00773t101 5,576 178,504 SH   SOLE   104,419 0 74,085
Aegean Marine Petrol Network I COM y0017s102 11,463 1,959,528 SH   SOLE   383,384 0 1,576,144
Alexander & Baldwin Inc COM 014491104 9,276 224,168 SH   SOLE   84,443 0 139,725
Ardmore Shipping Corp COM y0207T100 4,716 578,645 SH   SOLE   319,875 0 258,770
Assured Guaranty Limited COM G0585R106 22,133 530,253 SH   SOLE   145,284 0 384,969
Aviat Networks Inc COM 05366y201 9,027 518,792 SH   SOLE   461,040 0 57,752
Builders FirstSource, Inc. COM 12008r107 4,300 280,661 SH   SOLE   40,000 0 240,661
Chesapeake Energy Corporation COM 165167107 34,178 6,876,855 SH   SOLE   2,176,465 0 4,700,390
Citigroup, Inc. COM 172967424 34,385 514,128 SH   SOLE   35,275 0 478,853
Colony Bankcorp Inc COM 19623p101 141 10,272 SH   SOLE   10,272 0 0
Consol Energy Inc COM 20854p109 6,635 444,120 SH   SOLE   126,154 0 317,966
Endo International Plc COM g30401106 7,052 631,311 SH   SOLE   234,205 0 397,106
Enstar Group Ltd. COM g3075p101 9,335 46,993 SH   SOLE   17,695 0 29,298
Five Star Senior Living, Inc. COM 33832d106 66 43,734 SH   SOLE   43,734 0 0
Flagstar Bancorp, Inc. COM 337930705 3,571 115,871 SH   SOLE   115,871 0 0
Forest City Enterprises, Inc. COM 345605109 17,837 737,992 SH   SOLE   174,934 0 563,058
Forestar Group Inc COM 346233109 7,070 412,233 SH   SOLE   160,647 0 251,586
Genworth Financial, Inc. COM 37247d106 5,606 1,486,927 SH   SOLE   420,776 0 1,066,151
Goodrich Petroleum Corporation COM 382410843 274 22,528 SH   SOLE   1,295 0 21,233
Halcon Resources Corporation COM 40537q605 18,490 4,072,730 SH   SOLE   1,786,073 0 2,286,657
Hartford Financial Svcs Grp COM 416515104 654 12,445 SH   SOLE   12,445 0 0
Herc Holdings Inc. COM 42704L104 28,859 733,953 SH   SOLE   233,444 0 500,509
Hudson Global Inc COM 443787106 1,576 1,176,412 SH   SOLE   659,959 0 516,453
Huntington Bancshares Inc COM 446150104 12,071 892,859 SH   SOLE   83,307 0 809,552
INSYS Therapeutics Inc COM 45824v209 1,518 119,973 SH   SOLE   119,973 0 0
Intevac Inc COM 461148108 3,262 293,860 SH   SOLE   293,860 0 0
Invacare Corp COM 461203101 3,812 288,770 SH   SOLE   123,991 0 164,779
Kemet Corp COM 488360207 9,873 771,339 SH   SOLE   300,461 0 470,878
KeyCorp COM 493267108 28,668 1,529,801 SH   SOLE   516,769 0 1,013,032
MRC Global Inc. COM 55345k103 4,769 288,676 SH   SOLE   164,517 0 124,159
Marathon Oil Corporation COM 565849106 3,530 297,859 SH   SOLE   78,690 0 219,169
MidSouth Bancorp Inc COM 598039105 786 66,900 SH   SOLE   66,900 0 0
ModusLink Global Solutions Inc COM 60786L206 2,769 1,619,319 SH   SOLE   694,453 0 924,866
NorthStar Realty Europe Corp. COM 66706l101 11,299 891,063 SH   SOLE   157,102 0 733,961
Now, Inc. COM 67011p100 2,941 182,900 SH   SOLE   182,900 0 0
Oasis Petroleum Inc COM 674215108 7,079 879,325 SH   SOLE   123,099 0 756,226
QEP Resources Inc. COM 74733v100 5,332 527,898 SH   SOLE   375,773 0 152,125
Rait Financial Trust REIT COM 749227609 269 122,986 SH   SOLE   122,986 0 0
Regions Financial Corporation COM 7591ep100 13,722 937,298 SH   SOLE   117,258 0 820,040
SandRidge Energy Inc COM 80007p869 5,174 300,634 SH   SOLE   211,349 0 89,285
Scorpio Tankers Inc COM y7542c106 5,704 1,436,868 SH   SOLE   244,461 0 1,192,407
Silverbow Resources Inc. COM 82836g102 980 37,465 SH   SOLE   37,465 0 0
Tailored Brands Inc COM 87403a107 2,769 248,085 SH   SOLE   8,085 0 240,000
Taylor Morrison Home Corp. Cla COM 87724p106 11,145 464,176 SH   SOLE   238,776 0 225,400
Terex Corporation COM 880779103 10,413 277,673 SH   SOLE   132,551 0 145,122
The Bancorp Inc COM 05969a105 4,667 615,688 SH   SOLE   615,688 0 0
Tronox Ltd. CL A COM q9235v101 9,076 600,259 SH   SOLE   189,094 0 411,165
Tuesday Morning Corp COM 899035505 2,061 1,084,936 SH   SOLE   1,084,936 0 0
UTStarcom Holdings Corporation COM g9310a114 1,209 516,490 SH   SOLE   516,490 0 0
Veeco Instruments Inc COM 922417100 4,858 174,425 SH   SOLE   20,581 0 153,844
Weatherford International Limi COM G48833100 22,502 5,814,416 SH   SOLE   1,999,651 0 3,814,765
Wells Fargo & Co COM 949746101 17,007 306,938 SH   SOLE   1,000 0 305,938
Whiting Petroleum Corp. COM 966387102 31,570 5,729,569 SH   SOLE   2,144,365 0 3,585,204
Willbros Group, Inc. COM 969203108 5,766 2,334,477 SH   SOLE   1,481,395 0 853,082
Halcon Resources Warrants $14. WAR 40537q118 32 50,838 SH   SOLE   16,173 0 34,665