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 154,518 5,691,270 SH   SOLE 5,691,270 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 78,214 1,505,267 SH   SOLE 1,505,267 0 0
ARCHROCK PARTNERS L P COM UNITS REPSTG 03957U100 6,157 503,821 SH   SOLE 503,821 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 25,352 1,478,231 SH   SOLE 1,478,231 0 0
CM FIN INC COM 12574Q103 31,309 3,818,186 SH   SOLE 3,818,186 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 150,478 2,745,454 SH   SOLE 2,745,454 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 10,430 3,584,219 SH   SOLE 3,584,219 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 70,463 4,003,576 SH   SOLE 4,003,576 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 919 323,705 SH   SOLE 323,705 0 0
SEARS HLDGS CORP COM 812350106 2,062 772,150 SH   SOLE 772,150 0 0
SPHERE 3D CORP NEW COM NEW 84841L209 758 754,940 SH   SOLE 754,940 0 0
TIME WARNER INC COM NEW 887317303 144,613 1,529,000 SH   SOLE 1,529,000 0 0
UNITED CONTL HLDGS INC COM 910047109 217,693 3,133,622 SH   SOLE 3,133,622 0 0