Type Hedge Fund Founded 2007 | Website standardgenerallp.com | |
Headquarters New York City, New York, United States | ||
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. In 2015, The New York Times described the firm as "the little-known hedge fund that is also leading the turnaround at RadioShack." Standard General has been active in managing the bankruptcies of RadioShack and American Apparel.
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History
Standard General became the majority owner of Young Broadcasting after its emergence from chapter 11 bankruptcy in 2010. Young Broadcasting later merged with Media General in November 2013. 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. On January 27, 2016, Media General was sold to Nexstar Broadcasting. 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.
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. In April 2016, Boyd Gaming agreed to purchase the Aliante Casino and Hotel.
General Wireless
In 2015, during RadioShack's chapter 11 bankruptcy proceedings, a Standard General affiliate, General Wireless, was formed 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.
General Wireless filed for Chapter 11 bankruptcy on March 8, 2017, taking the RadioShack name through its second bankruptcy proceedings in two years.