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
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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
AMERICAN RLTY CAP PPTYS INC COM 02917t104 39,400 4,000,000 SH   SOLE   4,000,000 0 0
BABCOCK & WILCOX CO NEW COM 05615F102 30,486 950,000 SH   SOLE   950,000 0 0
CITIZENS FINL GROUP INC COM 174610105 24,130 1,000,000 SH   SOLE   1,000,000 0 0
GENCORP INC COM 368682100 74,208 3,200,000 SH   SOLE   3,200,000 0 0
GENERAL MTRS CO COM 37045V100 56,250 1,500,000 SH   SOLE   1,500,000 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 59,544 3,600,000 SH   SOLE   3,600,000 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 13,493 350,000 SH   SOLE   350,000 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 26,740 700,000 SH   SOLE   700,000 0 0
MCDERMOTT INTERNATIONAL CVT PREF PFD CONV 580037141 59,360 4,000,000 SH   SOLE   4,000,000 0 0
NATIONAL GEN HLDGS CORP COM 636220303 51,425 2,750,000 SH   SOLE   2,750,000 0 0
NAVIENT CORP COM 63938C108 45,743 2,250,000 SH   SOLE   2,250,000 0 0
NEWS CORP NEW CL A 65249B109 80,050 5,000,000 SH   SOLE   5,000,000 0 0
OCWEN FINL CORP COM NEW 675746309 99,000 12,000,000 SH   SOLE   12,000,000 0 0
QLT INC COM 746927102 12,708 3,250,000 SH   SOLE   3,250,000 0 0
SUNCOKE ENERGY INC COM 86722A103 35,109 2,350,000 SH   SOLE   2,350,000 0 0
TRIBUNE MEDIA CO CL A 896047503 60,810 1,000,000 SH   SOLE   1,000,000 0 0