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
ALLY FINL INC COM 02005N100 12,934 690,895 SH   SOLE 690,895 0 0
CALPINE CORP COM NEW 131347304 86,699 5,715,155 SH   SOLE 5,715,155 0 0
CDW CORP COM 12514G108 7,491 180,512 SH   SOLE 180,512 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 22,805 468,465 SH   SOLE 468,465 0 0
EAGLE BULK SHIPPING INC SHS NEW 2014 Y2187A127 2,122 5,895,175 SH   SOLE 5,895,175 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 18,449 1,131,835 SH   SOLE 1,131,835 0 0
FAIRPOINT COMMUNICATIONS INC COM NEW 305560302 36,593 2,459,226 SH   SOLE 2,459,226 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 2,768 579,049 SH   SOLE 579,049 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 49,684 2,722,436 SH   SOLE 2,722,436 0 0
KKR & CO L P DEL COM UNITS 48248M102 1,920 130,723 SH   SOLE 130,723 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 2,552 156,000 SH   SOLE 156,000 0 0
MGIC INVT CORP WIS COM 552848103 13,616 1,775,227 SH   SOLE 1,775,227 0 0
MORGAN STANLEY EM MKTS DM DE COM 617477104 2,057 269,286 SH   SOLE 269,286 0 0
NII HLDGS INC COM PAR $0.001 62913F508 17,960 3,247,650 SH   SOLE 3,247,650 0 0
PINNACLE ENTMT INC COM 723456109 8,200 233,612 SH   SOLE 233,612 0 0
REALOGY HLDGS CORP COM 75605Y106 26,077 722,160 SH   SOLE 722,160 0 0
TIME WARNER INC COM NEW 887317303 36,406 501,807 SH   SOLE 501,807 0 0
TRIBUNE MEDIA CO CL A 896047503 62,042 1,617,792 SH   SOLE 1,617,792 0 0