Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	HOUGHTON MIFFLIN HARCOURT CO	21,389,874	$435M	16.4%	$16.96	—	COM	44157R109
IWM	ISHARES	2,200,000	$256M	9.6%	—	—	Put	464287655
CPF	CENTRAL PAC FINL CORP	8,072,006	$163M	6.1%	$11.01	+16.1%	COM NEW	154760409
LNG	CHENIERE ENERGY INC	2,553,049	$141M	5.3%	$38.40	+24.8%	COM NEW	16411R208
—	NORTEK INC	1,492,698	$123M	4.6%	$65.92	—	COM NEW	656559309
—	DISH NETWORK CORP	1,782,000	$111M	4.2%	$52.03	—	CL A	25470M109
—	CONSTELLIUM NV	3,514,775	$103M	3.9%	$25.62	—	CL A	N22035104
AIG	AMERICAN INTL GROUP INC	2,039,878	$102M	3.8%	$32.93	+15.0%	COM NEW	026874784
—	AMERICAN RESIDENTIAL PPTYS I	4,001,220	$71.94M	2.7%	$17.20	—	COM	02927E303
—	TIME WARNER CABLE INC	500,000	$68.59M	2.6%	—	—	Call	88732J207
—	SYNOVUS FINL CORP	19,984,300	$67.75M	2.5%	$2.92	—	COM	87161C105
—	HAMPTON ROADS BANKSHARES INC	42,398,582	$67.41M	2.5%	$1.29	—	COM NEW	409321502
—	CHENIERE ENERGY PTNRS LP HLD	3,097,000	$66.86M	2.5%	$20.21	—	COM REP LLC IN	16411W108
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	2,500,000	$54.83M	2.1%	$19.44	0.0%	Call	874054109
NEM	NEWMONT MINING CORP	2,100,000	$49.22M	1.9%	—	—	Put	651639106
—	ANADARKO PETE CORP	560,000	$47.47M	1.8%	—	—	Call	032511107
—	CLIFFS NAT RES INC	2,310,000	$47.26M	1.8%	—	—	Put	18683K101
LBTYAUSD	LIBERTY GLOBAL PLC	1,125,000	$46.8M	1.8%	$41.60	—	SHS CL A	G5480U104
GPK	GRAPHIC PACKAGING HLDG CO	4,550,000	$46.23M	1.7%	$9.87	0.0%	COM	388689101
—	LIBERTY GLOBAL PLC	1,125,000	$45.8M	1.7%	$40.71	—	SHS CL C	G5480U120
DHT	DHT HOLDINGS INC	5,182,558	$40.32M	1.5%	$1.90	+76.0%	SHS NEW	Y2065G121
—	GENERAL MTRS CO	1,522,883	$37.83M	1.4%	$25.87	—	*W EXP 07/10/201	37045V118
CMC	COMMERCIAL METALS CO	1,955,000	$36.91M	1.4%	$11.15	+34.8%	COM	201723103
UAL	UNITED CONTL HLDGS INC	800,000	$35.7M	1.3%	—	—	Call	910047109
DAL	DELTA AIR LINES INC DEL	1,000,000	$34.65M	1.3%	—	—	Call	247361702
—	SUN BANCORP INC	8,460,421	$28.43M	1.1%	$3.39	—	COM	86663B102
—	OUTERWALL INC	380,581	$27.59M	1.0%	$72.50	—	COM	690070107
—	GENERAL MTRS CO	1,522,883	$26.51M	1.0%	$18.12	—	*W EXP 07/10/201	37045V126
—	FAIRPOINT COMMUNICATIONS INC	1,789,400	$24.34M	0.9%	$8.35	—	COM NEW	305560302
—	BARRICK GOLD CORP	1,350,000	$24.07M	0.9%	—	—	Put	067901108
—	ANGLOGOLD ASHANTI LTD	1,400,000	$23.91M	0.9%	—	—	Put	035128206
LNG	CHENIERE ENERGY INC	400,000	$22.14M	0.8%	$38.40	+24.8%	Call	16411R208
AGO	ASSURED GUARANTY LTD	820,000	$20.76M	0.8%	—	—	Call	G0585R106
—	NATIONAL GEN HLDGS CORP	1,118,801	$15.66M	0.6%	$14.00	—	COM	636220303
I 5.75 05/01/16 A	INTELSAT S A	275,000	$14.75M	0.6%	$55.00	—	MAN CONV JR PFD	L5140P119
—	HERTZ GLOBAL HOLDINGS INC	500,000	$13.32M	0.5%	—	—	Call	42805T105
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	590,000	$12.94M	0.5%	$19.44	0.0%	COM	874054109
GME	GAMESTOP CORP NEW	300,000	$12.33M	0.5%	—	—	Put	36467W109
—	CONSOL ENERGY INC	280,000	$11.19M	0.4%	$38.04	—	COM	20854P109
—	ALPHA NATURAL RESOURCES INC	2,400,000	$10.2M	0.4%	$5.24	—	COM	02076X102
—	AK STL HLDG CORP	1,100,000	$7.942M	0.3%	$8.20	—	COM	001547108
VTGDF	VANTAGE DRILLING COMPANY	4,500,000	$7.695M	0.3%	$1.74	0.0%	ORD SHS	G93205113
—	AVON PRODS INC	500,000	$7.32M	0.3%	—	—	Call	054303102
—	HOVNANIAN ENTERPRISES INC	1,500,000	$7.095M	0.3%	$4.73	—	CL A	442487203
MBI	MBIA INC	500,000	$6.995M	0.3%	—	—	Put	55262C100
—	SANDRIDGE ENERGY INC	1,109,700	$6.814M	0.3%	—	—	Put	80007P307
—	DISH NETWORK CORP	102,500	$6.377M	0.2%	$52.03	—	Call	25470M109
—	FREESCALE SEMICONDUCTOR LTD	225,000	$5.492M	0.2%	$24.41	—	SHS	G3727Q101
—	SCORPIO BULKERS INC	476,300	$4.815M	0.2%	$10.05	—	SHS	Y7546A106
—	EP ENERGY CORP	200,000	$3.914M	0.1%	$19.57	—	CL A	268785102
AAL	AMERICAN AIRLS GROUP INC	97,044	$3.552M	0.1%	$32.09	0.0%	COM	02376R102
—	AMBAC FINL GROUP INC	74,756	$1.525M	0.1%	$12.20	—	*W EXP 04/30/202	023139116
—	POTBELLY CORP	40,000	$715K	0.0%	$24.27	—	COM	73754Y100
—	AMERICAN AIRLS GROUP INC	17,526	$484K	0.0%	$27.62	—	PFD A MAND CV	02376R409