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
Athlon Energy Inc COM 047477104 1,760,557 53,839,672 SH   DFND 1 0 53,839,672 0
BBX Capital Corp CL A 05540P100 398 27,686 SH   DFND 1 0 27,686 0
Berry Plastics Group Inc COM 08579W103 661,222 33,110,767 SH   DFND 2 0 33,110,767 0
Cliffs Nat Res Inc COM 18683K951 6,150 300,000 SH Put DFND 1 0 300,000 0
Core Mark Holding Co Inc COM 218681104 33,191 499,562 SH   DFND 2 0 499,562 0
Dun & Bradstreet Corp Del NE COM 26483E950 5,193 50,000 SH Put DFND 1 0 50,000 0
Evertec Inc COM 30040P103 204,460 9,205,743 SH   DFND 2 0 9,205,743 0
Genco Shipping & Trading Ltd SHS Y2685T957 2,122 540,000 SH Put DFND 1 0 540,000 0
Gleacher & Co Inc COM NEW 377341201 3,438 250,000 SH   DFND 1 0 250,000 0
Howard Hughes Corp COM 44267D107 1,124 10,000 SH   DFND 1 0 10,000 0
Intelsat S A COM L5140P101 960 40,000 SH   DFND 1 0 40,000 0
ISHARES IBOXX HI YD ETF 464288953 64,106 700,000 SH Put DFND 1 0 700,000 0
ISHARES MSCI SPAN CP ETF 464286954 17,375 500,000 SH Put DFND 1 0 500,000 0
ISHARES RUSSELL 2000 ETF 464287955 76,759 720,000 SH Put DFND 1 0 720,000 0
LyondellBasell Industries N SHS - A - N53745100 2,084,305 28,462,443 SH   DFND 1,2 0 28,462,443 0
LyondellBasell Industries N SHS - A - N53745100 90,302 1,233,123 SH   DFND 1 0 1,233,123 0
Navistar Intl Corp New COM 63934E958 12,538 343,700 SH Put DFND 1 0 343,700 0
Newcastle Invt Corp COM 65105M108 1,967 350,000 SH   DFND 1 0 350,000 0
Nokia Corp SPONSORED ADR 654902954 9,764 1,500,000 SH Put DFND 1 0 1,500,000 0
Radioshack Corp COM 750438103 2,197 644,341 SH   DFND 1 0 644,341 0
Radioshack Corp COM 750438903 3,674 1,077,300 SH Call DFND 1 0 1,077,300 0
SPDR S&P 500 ETF TR TR UNIT 78462F953 117,607 700,000 SH Put DFND 1 0 700,000 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 54,603 325,000 SH   DFND 1 0 325,000 0
Taminco Corp COM 87509U106 950,846 46,839,717 SH   DFND 2 0 46,839,717 0
Walter Invt Mgmt Corp NOTE 4.500%11/0 93317WAA0 4,840 4,600,000 PRN   DFND 1 0 4,600,000 0
Verso Paper Corp COM 92531L108 24,522 32,265,502 SH   DFND 2 0 32,265,502 0
Noranda Alum Hldg Corp COM 65542W107 80,786 32,840,000 SH   DFND 2 0 32,840,000 0
Rexnord Corp New COM 76169B102 1,145,644 55,079,045 SH   DFND 2 0 55,079,045 0
Caesars Entmt Corp COM 127686103 521,428 26,495,302 SH   DFND 2 0 26,495,302 0
Sprouts Fmrs Mkt Inc COM 85208M102 2,742,105 61,770,735 SH   DFND 2 0 61,770,735 0
Norwegian Cruise Line Hldgs SHS G66721104 1,780,878 57,727,000 SH   DFND 2 0 57,727,000 0
American Eqty Invt Life Hld COM 025676206 51,076 2,578,289 SH   DFND 1 0 2,578,289 0
Delta Air Lines Inc Del COM NEW 247361702 443 22,446 SH   DFND 1 0 22,446 0
Relm Wireless Corp COM 759525108 491 188,971 SH   DFND 1 0 188,971 0