Standard General

Standard General L.P.
Hedge Fund
Founded 2007 (2007)
Headquarters New York City, New York, United States
Website standardgenerallp.com

Standard General L.P. is an American hedge fund specializing in distressed debt founded in 2007 by Soohyung Kim and Nicholas Singer. As of 2013 Soohyung Kim has been the Managing Partner and Chief Investment Officer.[1] In 2015, The New York Times described the firm as "the little-known hedge fund that is also leading the turnaround at RadioShack."[2] Standard General has been active in managing the bankruptcies of RadioShack[3] and American Apparel.[4]

History

Media General

Standard General became the majority owner of Young Broadcasting after its emergence from chapter 11 bankruptcy in 2010. [5] Young Broadcasting later merged with Media General in November 2013. [6] Following that merger, the combined Media General went on to merge with LIN Broadcasting, a transaction that would create the nation's eight largest television station group. [7] On January 27, 2016, Media General was sold to Nexstar Broadcasting. [8] Standard General profited $300 million USD from the transaction. In recognition of this series of shareholder value-creating transactions, in May 2016, Gabelli Funds inducted Media General board member Soohyung Kim into the GAMCO Management Hall of Fame.[9]

Aliante Casino and Hotel

Since 2011, Standard General has been the largest stakeholder of ALST Casino Holdco, the owner of the Aliante Casino and Hotel in North Las Vegas. Soohyung Kim served as the CEO of ALST Casino Holdco.[10] In April 2016, Boyd Gaming agreed to purchase the Aliante Casino and Hotel.[11]

RadioShack

In 2015, during RadioShack's chapter 11 bankruptcy, Standard General formed General Wireless to act as the owner and operator of the RadioShack brand and its assets. The new company partnered with Sprint to create co-branded stores, with Sprint's name eventually becoming the primary brand on the exterior and selling both Sprint and RadioShack-branded products and services within.[12] General Wireless filed for chapter 11 bankruptcy on March 8, 2017, [13] taking the RadioShack name through its second bankruptcy in two years. On June 12, 2017, General Wireless announced its intent to auction off the RadioShack name.[14]

References

  1. ↑ "Hedge Fund Rising Stars: Soohyung Kim". www.institutionalinvestor.com. Retrieved 2016-12-19.
  2. ↑ Hiroko Tabuchi (October 5, 2015). "American Apparel Files for Bankruptcy". The New York Times. Retrieved October 5, 2015.
  3. ↑ Elizabeth A. Harris (August 19, 2014). "RadioShack in Need of Rewiring". The New York Times. Retrieved October 5, 2015.
  4. ↑ William Alden (October 23, 2014). "Drawn to Lost Causes, Hedge Fund Seeks to Turn Them Around". The New York Times. Retrieved October 5, 2015.
  5. ↑ Messmer, Jack (Aug 20, 2012). "Hedge Fund Taking Control Of Young Bcstg". NewsCheckMedia. Retrieved Feb 9, 2016.
  6. ↑ "Media General Completes Merger with Young Broadcasting". prnewswire.com (Press release). Nov 12, 2013. Retrieved May 19, 2017.
  7. ↑ Colman, Price (Sep 24, 2014). "The Most Important, Least Known Man In TV | TVNewsCheck.com". www.tvnewscheck.com. Retrieved May 19, 2017.
  8. ↑ Kosman, Josh (Jan 7, 2016). "Standard General sees big gain from Media General tussle". Retrieved Feb 9, 2016.
  9. ↑ "Gabelli Funds Names Mark Donegan, James Dolan, Soo Kim, and Tom Gallagher to 2016 Management Hall of Fame | Business Wire". www.businesswire.com. May 23, 2016. Retrieved May 19, 2017.
  10. ↑ "ALST Casino Holdco 2015 Form 10-K". EDGAR. SEC.
  11. ↑ Beckerman, Josh (2016-04-22). "Boyd Gaming to Boost ‘Locals’ Business With Aliante Deal". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-12-19. (Subscription required (help)).
  12. ↑ Torpey, JC (2015-02-06). "RadioShack Bankruptcy Filing Means Sprint, Boost, Virgin Mobile, And T-Mobile To The Rescue?". The Inquisitr News. Retrieved 2015-11-05.
  13. ↑ J.B. Reed (Mar 8, 2017). "RadioShack files for bankruptcy". www.fortworthbusiness.com. Fort Worth Business Press. Retrieved Mar 8, 2017.
  14. ↑ "RadioShack brand to be auctioned in July". newsismybusiness.com. June 12, 2017. Retrieved June 12, 2017 – via News is my Business.
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