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

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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
ALLY FINL INC COM 02005N100 111,311 4,712,572 SH   SOLE 4,712,572 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 36,284 676,562 SH   SOLE 676,562 0 0
CABOT OIL & GAS CORP COM 127097103 13 100,000 SH Put SOLE 100,000 0 0
CALIFORNIA RES CORP COM 13057Q107 551 100,000 SH   SOLE 100,000 0 0
CHC GROUP LTD SHS G07021101 161 50,000 SH   SOLE 50,000 0 0
CHEMTURA CORP COM NEW 163893209 51,672 2,089,464 SH   SOLE 2,089,464 0 0
CIT GROUP INC COM NEW 125581801 42,272 883,788 SH   SOLE 883,788 0 0
CM FIN INC COM 12574Q103 42,000 3,818,186 SH   SOLE 3,818,186 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 287,076 5,836,069 SH   SOLE 5,836,069 0 0
ENERGY XXI LTD USD UNRS SHS G10082140 408 125,000 SH   SOLE 125,000 0 0
EXCO RESOURCES INC COM 269279402 18,530 8,539,027 SH   SOLE 8,539,027 0 0
HALCON RES CORP COM NEW 40537Q209 534 300,000 SH   SOLE 300,000 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 2,459 160,000 SH   SOLE 160,000 0 0
KEY ENERGY SVCS INC COM 492914106 329 197,171 SH   SOLE 197,171 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 24,701 492,000 SH   SOLE 492,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 60,373 1,249,700 SH   SOLE 1,249,700 0 0
MIDSTATES PETE CO INC COM 59804T100 83 55,056 SH   SOLE 55,056 0 0
PACIFIC DRILLING SA LUXEMBOU REG SHS L7257P106 374 80,660 SH   SOLE 80,660 0 0
SANDRIDGE ENERGY INC COM 80007P307 182 100,000 SH   SOLE 100,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 81 300,000 SH Put SOLE 300,000 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 283 52,357 SH   SOLE 52,357 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 68,317 714,013 SH   SOLE 714,013 0 0
SPHERE 3D CORP COM 84841Q109 31,058 5,915,807 SH   SOLE 5,915,807 0 0
VIRGIN AMER INC COM VTG 92765X208 454,523 10,509,208 SH   SOLE 10,509,208 0 0