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
ALLIANCE ONE INTL INC COM 018772103 83 75,000 SH   SOLE 75,000 0 0
ALLY FINL INC COM 02005N100 177,579 8,464,204 SH   SOLE 8,464,204 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 177,025 3,354,008 SH   SOLE 3,354,008 0 0
CALIFORNIA RES CORP COM 13057Q107 70,265 9,233,255 SH   SOLE 9,233,255 0 0
CHEMTURA CORP COM NEW 163893209 57,021 2,089,464 SH   SOLE 2,089,464 0 0
CM FIN INC COM 12574Q103 50,629 3,818,186 SH   SOLE 3,818,186 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 66,231 1,473,114 SH   SOLE 1,473,114 0 0
EXCO RESOURCES INC COM 269279402 15,626 8,539,027 SH   SOLE 8,539,027 0 0
GROUP 1 AUTOMOTIVE INC COM 398905109 1,813 21,000 SH   SOLE 21,000 0 0
INTELSAT S A COM L5140P101 5,906 492,160 SH   SOLE 492,160 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 3,154 160,000 SH   SOLE 160,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 25,838 502,000 SH   SOLE 502,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 62,248 1,249,700 SH   SOLE 1,249,700 0 0
OCWEN FINL CORP COM NEW 675746309 413 50,000 SH   SOLE 50,000 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 63,947 714,013 SH   SOLE 714,013 0 0
SPHERE 3D CORP NEW COM 84841L100 21,975 5,939,215 SH   SOLE 5,939,215 0 0
VIRGIN AMER INC COM VTG 92765X208 319,480 10,509,208 SH   SOLE 10,509,208 0 0