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
AK STL HLDG CORP COM 001547108 428 140,697 SH   SOLE   140,697 0 0
ALCOA INC COM 013817101 3,689 471,701 SH   SOLE   471,701 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102 417 79,500 SH   SOLE   79,500 0 0
AMKOR TECHNOLOGY INC COM 031652100 9,310 2,211,442 SH   SOLE   2,211,442 0 0
APPLE INC COM 037833100 12,051 30,390 SH   SOLE   30,390 0 0
ARCELORMITTAL SA LUXEMBOURG MAND CV NT 16 L0302D178 15,016 800,000 SH   SOLE   800,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740C188 10,575 510,600 SH Put SOLE   510,600 0 0
BARRICK GOLD CORP COM 067901108 3,559 226,137 SH   SOLE   226,137 0 0
BIOAMBER INC COM 09072Q106 867 127,450 SH   SOLE   127,450 0 0
BIOAMBER INC *W EXP 05/09/201 09072Q114 69 128,450 SH   SOLE   128,450 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 4,740 101,100 SH   SOLE   101,100 0 0
CORNING INC COM 219350105 10,533 740,197 SH   SOLE   740,197 0 0
CROSSTEX ENERGY INC COM 22765Y104 12,562 635,717 SH   SOLE   635,717 0 0
CSX CORP COM 126408103 3,677 158,560 SH   SOLE   158,560 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 9,355 500,000 SH Put SOLE   500,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 6,350 122,400 SH   SOLE   122,400 0 0
DONNELLEY R R & SONS CO COM 257867101 3,571 254,900 SH Call SOLE   0 0 0
DYNEGY INC NEW DEL *W EXP 99/99/999 26817R116 945 510,952 SH   SOLE   510,952 0 0
ENCANA CORP COM 292505104 3,987 235,400 SH   SOLE   235,400 0 0
ENTERGY CORP NEW COM 29364G103 5,895 84,597 SH   SOLE   84,597 0 0
EQUINIX INC COM NEW 29444U502 2,882 15,600 SH   SOLE   15,600 0 0
FOREST OIL CORP COM PAR $0.01 346091705 4,187 1,023,685 SH   SOLE   1,023,685 0 0
FOSTER WHEELER AG COM H27178104 8,440 388,764 SH   SOLE   388,764 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 33,380 1,209,000 SH Call SOLE   0 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 184 6,680 SH   SOLE   6,680 0 0
GENERAL MTRS CO COM 37045V100 29,437 883,721 SH   SOLE   883,721 0 0
GENWORTH FINL INC COM CL A 37247D106 14,989 1,313,658 SH   SOLE   1,313,658 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 6,435 201,800 SH Call SOLE   0 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 22,857 716,758 SH   SOLE   716,758 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 26,008 1,700,000 SH Put SOLE   1,700,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 3,870 252,977 SH   SOLE   252,977 0 0
HASBRO INC COM 418056107 6,330 141,190 SH   SOLE   141,190 0 0
HCA HOLDINGS INC COM 40412C101 3,649 101,200 SH   SOLE   101,200 0 0
HCP INC COM 40414L109 3,246 71,430 SH   SOLE   71,430 0 0
HERBALIFE LTD COM USD SHS G4412G101 510 11,300 SH Put SOLE   11,300 0 0
HILLSHIRE BRANDS CO COM 432589109 8,562 258,813 SH   SOLE   258,813 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 1,601 95,828 SH   SOLE   95,828 0 0
ISHARES TR JPMORGAN USD 464288281 483 4,409 SH   SOLE   4,409 0 0
ISHARES TR CORE TOTUSBD ETF 464287226 2,230 20,800 SH   SOLE   20,800 0 0
ISHARES TR BARCLYS INTER CR 464288638 732 6,794 SH   SOLE   6,794 0 0
ISHARES TR BARCLYS CR BD 464288620 64 600 SH   SOLE   600 0 0
ISHARES TR 10+ YR CR BD 464289511 56 1,000 SH   SOLE   1,000 0 0
ITRON INC COM 465741106 3,163 74,551 SH   SOLE   74,551 0 0
KAISER ALUMINUM CORP COM PAR $0.01 483007704 4,581 73,966 SH   SOLE   73,966 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 406 60,388 SH   SOLE   60,388 0 0
LEAR CORP COM NEW 521865204 27,207 450,000 SH Call SOLE   0 0 0
LEAR CORP COM NEW 521865204 24,184 400,000 SH Put SOLE   400,000 0 0
LEXMARK INTL NEW CL A 529771107 7,643 250,000 SH Put SOLE   250,000 0 0
LEXMARK INTL NEW CL A 529771107 125 4,100 SH   SOLE   4,100 0 0
MBIA INC COM 55262C100 24,291 1,825,000 SH Put SOLE   1,825,000 0 0
MBIA INC COM 55262C100 1,040 78,100 SH   SOLE   78,100 0 0
MCCLATCHY CO CL A 579489105 584 256,175 SH   SOLE   256,175 0 0
MGM RESORTS INTERNATIONAL COM 552953101 7,349 497,230 SH   SOLE   497,230 0 0
NEWMONT MINING CORP COM 651639106 1,456 48,615 SH   SOLE   48,615 0 0
NOKIA CORP SPONSORED ADR 654902204 1,496 400,000 SH   SOLE   400,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 3,647 50,200 SH   SOLE   50,200 0 0
NRG ENERGY INC COM NEW 629377508 20,335 761,600 SH Put SOLE   761,600 0 0
NRG ENERGY INC COM NEW 629377508 2,243 84,000 SH   SOLE   84,000 0 0
PEABODY ENERGY CORP COM 704549104 2,098 143,300 SH   SOLE   143,300 0 0
PENNEY J C INC COM 708160106 1,855 108,597 SH   SOLE   108,597 0 0
PITNEY BOWES INC COM 724479100 44,576 3,036,500 SH Call SOLE   0 0 0
POLYPORE INTL INC COM 73179V103 1,699 42,147 SH   SOLE   42,147 0 0
POWERSHARES GLOBAL ETF TRUST SOVEREIGN DEBT 73936T573 938 34,345 SH   SOLE   34,345 0 0
QUEST DIAGNOSTICS INC COM 74834L100 14,230 234,700 SH Call SOLE   0 0 0
RADIOSHACK CORP COM 750438103 3,506 1,109,343 SH   SOLE   1,109,343 0 0
RITE AID CORP COM 767754104 11,966 4,183,944 SH   SOLE   4,183,944 0 0
SAFEWAY INC COM NEW 786514208 2,020 85,384 SH   SOLE   85,384 0 0
SLM CORP COM 78442P106 37,593 1,644,500 SH Put SOLE   1,644,500 0 0
SPDR SER TR SHT TRM HGH YLD 78468R408 199 6,600 SH   SOLE   6,600 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 35,363 895,486 SH   SOLE   895,486 0 0
STANLEY BLACK & DECKER INC COM 854502101 11,773 152,303 SH   SOLE   152,303 0 0
STAPLES INC COM 855030102 31,934 2,012,200 SH Put SOLE   2,012,200 0 0
STAPLES INC COM 855030102 5,611 353,560 SH   SOLE   353,560 0 0
SYNOVUS FINL CORP COM 87161C105 2,654 908,815 SH   SOLE   908,815 0 0
TEEKAY CORPORATION COM Y8564W103 16,512 406,400 SH   SOLE   406,400 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 4,338 94,100 SH   SOLE   94,100 0 0
THOMPSON CREEK METALS CO INC UNIT 99/99/9999 884768300 816 50,000 SH   SOLE   50,000 0 0
TIME WARNER CABLE INC COM 88732J207 55,993 497,800 SH Put SOLE   497,800 0 0
TIME WARNER CABLE INC COM 88732J207 12,665 112,600 SH   SOLE   112,600 0 0
T-MOBILE US INC COM 872590104 8,923 359,650 SH   SOLE   359,650 0 0
UNITED STATES STL CORP NEW COM 912909108 49,210 2,807,200 SH Put SOLE   2,807,200 0 0
UNITED STATES STL CORP NEW COM 912909108 1,052 60,000 SH   SOLE   60,000 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 4,714 70,400 SH   SOLE   70,400 0 0
VANGUARD BD INDEX FD INC INTERMED TERM 921937819 1,402 16,787 SH   SOLE   16,787 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 813 10,278 SH   SOLE   10,278 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 1,029 12,392 SH   SOLE   12,392 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 11,464 836,808 SH   SOLE   836,808 0 0
WENDYS CO COM 95058W100 6,394 1,096,774 SH   SOLE   1,096,774 0 0