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
ALLY FINL INC COM 02005N100 190,243 9,102,545 SH   SOLE 9,102,545 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 75,480 1,500,000 SH   SOLE 1,500,000 0 0
ARCHROCK PARTNERS L P COM UNITS REPSTG 03957U100 976 65,468 SH   SOLE 65,468 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 12,228 1,430,231 SH   SOLE 1,430,231 0 0
CM FIN INC COM 12574Q103 38,182 3,818,186 SH   SOLE 3,818,186 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 27,995 2,810,742 SH   SOLE 2,810,742 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 172,785 3,215,205 PRN   SOLE 3,215,205 0 0
GLOBALSTAR INC COM 378973408 1,788 839,402 PRN   SOLE 839,402 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 656 36,258 PRN   SOLE 36,258 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 1,659 100,000 SH   SOLE 100,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 10,143 3,584,219 SH   SOLE 3,584,219 0 0
INTELSAT S A COM L5140P101 2,260 738,682 SH   SOLE 738,682 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 86,757 4,003,576 SH   SOLE 4,003,576 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 861 323,705 SH   SOLE 323,705 0 0
PROSHARES TR PSHS ULSHT SP500 74347B300 1,268 100,000 SH   SOLE 100,000 0 0
SEARS HLDGS CORP COM 812350106 1,019 115,000 SH   SOLE 115,000 0 0
SPHERE 3D CORP NEW COM 84841L100 2,939 15,230,440 SH   SOLE 15,230,440 0 0
UNITED CONTL HLDGS INC COM 910047109 182,219 2,421,517 SH   SOLE 2,421,517 0 0