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
AMBAC FINL GROUP INC COM NEW 023139884 1,925 104,652 SH   SOLE 104,652 0 0
CALERES INC COM 129500104 4,258 168,360 SH   SOLE 168,360 0 0
CALPINE CORP COM NEW 131347304 97,155 7,686,290 SH   SOLE 7,686,290 0 0
CIT GROUP INC COM NEW 125581801 12,995 357,987 SH   SOLE 357,987 0 0
CLIFFS NAT RES INC COM 18683K101 2,994 511,848 SH   SOLE 511,848 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 15,781 400,950 SH   SOLE 400,950 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A143 2,084 294,755 SH   SOLE 294,755 0 0
EXPRESS INC COM 30219E103 6,814 577,930 SH   SOLE 577,930 0 0
FAIRPOINT COMMUNICATIONS INC COM NEW 305560302 23,059 1,534,176 SH   SOLE 1,534,176 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 997 201,828 SH   SOLE 201,828 0 0
HUNTSMAN CORP COM 447011107 9,498 583,765 SH   SOLE 583,765 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 13,894 569,911 SH   SOLE 569,911 0 0
KADMON HLDGS INC COM 48283N106 1,529 208,333 SH   SOLE 208,333 0 0
LIBERTY INTERACTIVE CORP QVC GP COM SER A 53071M104 21,706 1,084,773 SH   SOLE 1,084,773 0 0
MORGAN STANLEY EM MKTS DM DE COM 617477104 3,081 383,625 SH   SOLE 383,625 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 1,728 61,933 SH   SOLE 61,933 0 0
PENN NATL GAMING INC COM 707569109 21,720 1,600,600 SH   SOLE 1,600,600 0 0
TEAM HEALTH HOLDINGS INC COM 87817A107 23,767 729,944 SH   SOLE 729,944 0 0
TRIBUNE MEDIA CO CL A 896047503 37,085 1,015,467 SH   SOLE 1,015,467 0 0