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
AETNA INC NEW COM 00817Y108 261,865 1,427,057 SH   SOLE 1,427,057 0 0
ALLY FINL INC COM 02005N100 152,130 5,791,022 SH   SOLE 5,791,022 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 57,140 1,505,267 SH   SOLE 1,505,267 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 67,443 1,484,231 SH   SOLE 1,484,231 0 0
CM FIN INC COM 12574Q103 33,982 3,818,186 SH   SOLE 3,818,186 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 136,010 2,745,454 SH   SOLE 2,745,454 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 14,194 3,584,219 SH   SOLE 3,584,219 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 92,643 4,003,576 SH   SOLE 4,003,576 0 0
LENNAR CORP CL A 526057104 356 6,780 SH   SOLE 6,780 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 36,705 1,379,380 SH   SOLE 1,379,380 0 0
MBIA INC COM 55262C100 98 881,753 SH   SOLE 881,753 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 1,256 323,705 SH   SOLE 323,705 0 0
RITE AID CORP COM 767754104 1,298 750,000 SH   SOLE 750,000 0 0
SEARS HLDGS CORP COM 812350106 1,878 792,200 SH   SOLE 792,200 0 0
SPHERE 3D CORP NEW COM NEW 84841L209 1,006 2,164,940 SH   SOLE 2,164,940 0 0
UNITED CONTL HLDGS INC COM 910047109 218,507 3,133,622 SH   SOLE 3,133,622 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 1,116 50,000 SH   SOLE 50,000 0 0