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
AMERICAN AIRLINES GROUP COMMON 02376R102 115 2,215 SH   SOLE NONE 2,215 0 0
APPROACH RESOURCES INC COMMON 03834A103 5,193 1,989,831 SH   SOLE NONE 1,989,831 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 2,525 1,268,887 SH Call SOLE NONE 1,268,887 0 0
BLUELINX HLDGS INC COMMON 09624H208 5,093 156,276 SH   SOLE NONE 156,276 0 0
BONANZA CREEK ENERGY, INC COMMON 097793400 9,147 330,082 SH   SOLE NONE 330,082 0 0
C&J OLDCO, INC COMMON 12674R100 3,679 142,500 SH   SOLE NONE 142,500 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 273 5,944,480 SH Call SOLE NONE 5,944,480 0 0
CIVEO CORP COMMON 17878Y108 10,786 2,861,004 SH   SOLE NONE 2,861,004 0 0
CONSOLIDATED COMMUNICATIONS INC COMMON 209034107 7,140 651,472 SH   SOLE NONE 651,472 0 0
DYNEGY INC COMMON 26817R108 7,690 568,800 SH   SOLE NONE 568,800 0 0
DYNEGY INC 35.0000 EXP02/02/2024 COMMON 26817R157 25 92,138 SH Call SOLE NONE 92,138 0 0
ENSCO PLC CL A G3157S106 3,279 746,966 SH   SOLE NONE 746,966 0 0
FAIRMOUNT SANTROL HOLDINGS INC COMMON 30555Q108 5,673 1,334,864 SH   SOLE NONE 1,334,864 0 0
GENWORTH FINANCIAL INC CL A 37247D106 6,699 2,367,117 SH   SOLE NONE 2,367,117 0 0
GLOBALSTAR, INC COMMON 378973408 4,048 5,887,389 SH   SOLE NONE 5,887,389 0 0
HIGHPOINT RESOURCES CORP COMMON 43114K108 5,066 997,305 SH   SOLE NONE 997,305 0 0
HOVNANIAN K ENTERPRISES INC CL A 442487203 2,608 1,425,205 SH   SOLE NONE 1,425,205 0 0
MIDSTATES PETROLEUM COMPANY, INC COMMON 59804T407 4,002 300,236 SH   SOLE NONE 300,236 0 0
NII HOLDINGS, INC CL B 62913F508 17,610 8,345,995 SH   SOLE NONE 8,345,995 0 0
PEABODY ENERGY CORP COMMON 704551100 19,296 528,654 SH   SOLE NONE 528,654 0 0
PENN VIRGINIA CORP COMMON 70788V102 4,847 138,323 SH   SOLE NONE 138,323 0 0
SANCHEZ ENERGY CORP COMMON 79970Y105 5,395 1,723,543 SH   SOLE NONE 1,723,543 0 0
SANDRIDGE ENERGY, INC COMMON 80007P869 7,619 525,077 SH   SOLE NONE 525,077 0 0
SANOFI-AVENTIS EXP12/31/2020 RTS 80105N113 1,793 4,243,228 SH   SOLE NONE 4,243,228 0 0
SILVERBOW RESOURCES, INC COMMON 82836G102 6,066 208,442 SH   SOLE NONE 208,442 0 0
TERRAFORM POWER, INC COMMON 88104R209 9,493 884,755 SH   SOLE NONE 884,755 0 0
ULTRA PETROLEUM CORP COMMON 903914208 2,471 592,503 SH   SOLE NONE 592,503 0 0
URBAN ONE INC COMMON 91705J204 3,493 1,704,091 SH   SOLE NONE 1,704,091 0 0