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Standard General

Standard General L.P. is a New York City-based hedge fund founded in 2007 by Soohyung ("Soo") Kim, who serves as its Managing Partner and Chief Investment Officer. The firm pursues event-driven and opportunistic strategies, adopting a private equity-style approach to investments in public companies, targeting dislocated valuations across the capital structure while employing dynamic hedging techniques. Registered as an investment adviser with the U.S. Securities and Exchange Commission since 2009, Standard General primarily allocates capital from institutional clients including pension funds and endowments, overseeing a team of investment professionals focused on distressed and special situations. Under Kim's leadership, the firm has pursued activist stakes in regulated sectors such as gaming and media, notably acquiring control of Bally's Corporation—where Kim chairs the board—and entering a 2024 merger agreement to take Bally's private at an $18.25 per share premium. A bid to acquire TEGNA Inc. in 2022 encountered prolonged regulatory review by the Federal Communications Commission, ultimately denied amid concerns over foreign influence and editorial independence, prompting Kim to file a lawsuit alleging discriminatory treatment, which was dismissed in 2025 before an appeal.

Overview

Founding and Leadership

Standard General L.P. was established in 2007 as a New York-based investment firm by Soohyung (“Soo”) , who has served as its Managing Partner and since . The firm commenced operations with $100 million in seed capital, primarily sourced from institutional investors including pension funds and endowments. Registered with the U.S. Securities and Exchange Commission as an investment adviser, Standard General focuses on event-driven opportunities across public and private markets. Soohyung , a graduate with a from the School of Public and International Affairs, previously held positions at Reservoir Capital Group and other investment entities before founding the firm. As the central figure in its structure, directs the firm's , emphasizing activist interventions and value-oriented positions in undervalued assets. The firm's compact team reports to , maintaining a lean operational model typical of boutique hedge funds. No other principals are prominently featured in public disclosures, underscoring Kim's dominant role in decision-making.

Assets Under Management and Portfolio Overview

Standard General L.P. manages discretionary totaling approximately $670 million as of May 6, 2025, serving 21 clients primarily through strategies. This figure encompasses a mix of long and short positions, event-driven opportunities, and private fund vehicles, though exact breakdowns including or non-disclosed cash positions are not publicly detailed in regulatory filings. The firm's AUM has fluctuated over time, reflecting its concentrated, opportunistic approach rather than broad diversification, with prior estimates indicating up to $970 million across 20 private funds in earlier reports. The portfolio emphasizes activist interventions in undervalued public companies, often in distressed or scenarios across sectors such as , , , and goods, employing a private equity-like focus on operational improvements and adjustments. As of the most recent 13F filing for the quarter ending March 31, 2025, disclosed long equity holdings totaled about $384 million, highlighting a highly concentrated strategy with limited positions rather than broad market exposure. This selectivity aligns with the firm's event-driven mandate, targeting mispriced securities where management changes or strategic shifts can drive value, while incorporating short equity hedges to mitigate . Key portfolio components include significant stakes in gaming and media entities, reflecting historical activism patterns. Top holdings as of Q1 2025 comprised (BALY), where Standard General holds a major activist position influencing board and strategic decisions; (MDIA), tied to broadcasting and digital media assets; and Turning Point Brands, Inc. (TPB), a products firm. These positions underscore a preference for sectors amenable to turnaround tactics, with past engagements extending to retail bankruptcies like and , though current emphasis has shifted toward gaming expansions and media restructurings. Overall, the portfolio's has varied, with recent quarterly returns showing due to concentrated bets, but the firm's prioritizes long-term over short-term index benchmarking.

Investment Philosophy

Activist Approach

Standard General L.P. integrates an activist approach within its broader event-driven and opportunistic , focusing on acquiring significant stakes in public companies to exert influence over operations and strategic direction. The firm targets undervalued or dislocated assets, particularly in mid-market opportunities with limited competition, aiming to replicate tactics in public markets by securing control positions that enable direct engagement with management. This involves building concentrated equity or debt holdings across the to address operational inefficiencies, reposition businesses, and unlock through restructuring or asset optimization. Unlike traditional minority activists who rely primarily on public pressure, Standard General emphasizes constructive collaboration once influence is obtained, leveraging board representation or majority control to facilitate better access to company information and implement changes. The firm has pursued this by nominating director slates, including its founder Soohyung Kim, in proxy contests to advocate for strategic shifts, such as divestitures or management overhauls in media and broadcasting sectors. For instance, in TEGNA Inc., Standard General accumulated a 7-12% stake by April 2020 and launched campaigns in 2020 and 2021 to replace board members and influence asset sales, criticizing governance and operational decisions amid regulatory scrutiny. Successful applications of this approach include gaining substantial in entities like Young Broadcasting, where the firm held 50% ownership by 2019, enabling operational repositioning, and securing Kim's chairmanship at following activist engagements. These efforts often intersect with sector-specific events, such as mergers or regulatory hurdles, where Standard General shorts related equities for hedging while pushing portfolio companies toward value-accretive outcomes. The strategy's emphasis on distinguishes it from pure , prioritizing long-term repositioning over short-term catalysts, though proxy losses, as in TEGNA, highlight risks of resistance.

Sector Preferences and Value Creation Tactics

Standard General L.P. exhibits a preference for investing in regulated industries characterized by high , operational leverage, and opportunities for event-driven catalysts, such as , , and . These sectors align with the firm's opportunistic , targeting middle-market public companies where regulatory oversight can create mispricings or undervaluation, as seen in investments like in and TEGNA Inc. in local . The firm has also engaged in retail turnarounds, such as , and explored adjacent areas like , reflecting a focus on sectors with potential for restructuring amid distress or transformation. Value creation tactics emphasize an activist, private equity-style intervention in public equities, involving concentrated stakes to influence and strategy. Standard General often secures board representation, as with Soohyung Kim's chairmanship at following a 2020 investment exceeding 10% ownership, enabling pushes for mergers, asset dispositions, and operational efficiencies. In media, the firm pursued an $8.6 billion acquisition of TEGNA in 2022 via a partnership with , aiming to carve out and monetize broadcast assets at a $24 per share valuation. This approach extends to proxy contests and special situations, where the firm leverages regulatory filings and shareholder proposals to advocate for value-unlocking transactions, supplemented by short positions in overvalued equities to hedge event risks. The firm's tactics prioritize concentrated, high-conviction bets over diversification, with around $1.5–2 billion directed toward 10–20 core holdings, yielding reported average annual returns of approximately 7% over 15 years through 2022. Regulatory hurdles, such as FCC in deals, have occasionally delayed outcomes, as in the failed TEGNA bid terminated in May 2023, underscoring the need for navigating approvals while exploiting sector-specific dislocations. Overall, these methods focus on causal drivers of value, such as leadership changes and asset optimization, rather than passive holding.

History

Inception and Initial Investments (2007–2012)

Standard General L.P. was founded in 2007 in by Soohyung Kim, who became the firm's managing partner and . The hedge fund commenced operations with initial capital of approximately $100 million. Kim, a South Korean-born investor, drew on his prior experience as a founding partner and director of research at Reservoir Capital Group, where he specialized in distressed and special situations investing. From inception through 2012, the firm adopted an event-driven , targeting undervalued assets in complex corporate situations such as restructurings and regulatory environments. This approach aligned with Kim's expertise in regulated industries, laying the groundwork for later activist interventions, though early holdings remained relatively low-profile compared to subsequent high-visibility campaigns. The firm's registration as an investment adviser enabled it to manage external capital while emphasizing opportunistic bets on mispriced securities. By the end of this period, Standard General had established a track record in special situations, positioning itself for growth amid post-financial crisis opportunities in distressed assets, without disclosing specific portfolio details in public filings from that era.

Retail and Media Engagements (2013–2017)

In early , Standard General engaged actively in the restructuring of Corporation following its Chapter 11 bankruptcy filing on February 5, 2015. An affiliate of the firm won the bankruptcy auction, securing approval to acquire inventory and assume leases for 1,743 of RadioShack's remaining stores for $26.2 million. This transaction, finalized on April 2, 2015, preserved a portion of the footprint amid the closure of over half of RadioShack's approximately 4,000 locations, with plans to integrate Sprint "" concepts to revitalize operations and leverage mobile synergies. Standard General's media engagements during this period centered on its legacy stake in Young Broadcasting, which it had backed through its 2010 emergence from bankruptcy as majority owner. On November 12, 2013, Young Broadcasting merged with , Inc., in a transaction that issued 60.2 million shares of Media General voting to Young's equity holders, forming a diversified broadcaster with enhanced cash flows from television stations. Standard General maintained influence through its position, later injecting $75 million into amid 2016 acquisition pursuits by (which withdrew) and Nexstar Broadcasting Group. The saga culminated in Nexstar's $4.6 billion acquisition, completed on January 17, 2017, yielding Standard General an estimated $300 million return on its investment and underscoring the firm's opportunistic approach to media consolidation. These engagements highlighted Standard General's strategy of leveraging distressed assets and merger in and sectors, prioritizing operational preservation in while capitalizing on scale-driven value in media.

Gaming and Broadcasting Expansions (2018–2023)

In 2018, Standard General established Standard Media Group as a to enter the television broadcasting sector, targeting assets divested by Broadcasting Group amid regulatory scrutiny of its proposed $3.9 billion acquisition of . The initiative aimed to acquire stations mandated for sale by the to preserve market competition, though an agreement for nine outlets ultimately collapsed following the FCC's rejection of the Sinclair-Tribune merger in August 2018 over concerns about local ownership limits and candor in disclosures. Standard Media proceeded with selective acquisitions, including the purchase of Fox-affiliated (Channel 25) in from for an undisclosed amount in February , marking its entry into major markets with a focus on operational efficiencies and local content integration. By 2023, Standard General further diversified into by acquiring a in MediaCo Holding Inc., which operates four stations in the area, including WBLS-FM () and WLIB-AM (urban gospel), through purchases totaling over 33 million shares at approximately $0.64 each in . This stake positioned Standard General as MediaCo's largest , emphasizing value creation in underserved urban audiences via digital synergies and cost restructuring. In parallel, Standard General intensified its gaming sector footprint via activist engagement with , a operator of , resorts, and online platforms. Soo Kim, Standard General's managing partner, joined Bally's board in late 2020 and became chairman in 2021, guiding strategic pivots such as international expansions and iGaming growth amid post-pandemic recovery. By January 2022, with a pre-existing stake exceeding 10%, the firm launched a non-binding offer to acquire all remaining shares for $38 each, proposing a $2.07 billion enterprise valuation to streamline decision-making and accelerate developments like the pursuit. Although the bid was withdrawn later that year amid financing and regulatory hurdles, it underscored Standard General's tactic of leveraging equity control—reaching 23% ownership by 2023—to drive operational turnarounds in capital-intensive assets.

Recent Acquisitions and Restructurings (2024–Present)

In July 2024, entered into a merger agreement with affiliates of Standard General L.P., pursuant to which the affiliates agreed to acquire all outstanding shares of Bally's for $18.25 per share in cash, representing a 71% premium to the company's 30-day prior to the announcement. The deal, initially proposed earlier in 2024 amid Standard General's activist involvement, included parallel transactions with The Queen Casino & Entertainment and was subject to shareholder and regulatory approvals. An amendment to the agreement in October 2024 adjusted certain terms, including support agreements from key shareholders. The merger closed on February 7, 2025, resulting in affiliates of Standard General owning a in the combined entity, approximately 73.8% of Bally's , with the of Queen's casino operations aimed at bolstering Bally's regional footprint. This transaction marked Standard General's largest direct acquisition in the sector to date, valued at around $4.6 billion including debt, and positioned the firm to drive operational synergies in Bally's , online , and assets. Post-merger, Bally's pursued financial restructuring to optimize its , including amendments to its facility announced on September 12, 2025, which facilitated enhanced liquidity amid ongoing development projects like the casino. Concurrently, Bally's executed sale-leaseback deals for properties in Kansas City and Shreveport with , Inc., generating approximately $735 million in proceeds and reducing secured debt by nearly $500 million, thereby improving flexibility for expansion initiatives. In parallel, MediaCo Holding Inc., a Standard General portfolio company in which the firm holds a controlling interest through super-voting shares, completed the acquisition of Media's radio and digital assets on April 17, 2024, expanding its and Hispanic-market presence. Later in 2024, MediaCo fully repaid outstanding to Emmis Communications, triggering the of Emmis-appointed board members and full with Standard General, which beneficially owns nearly 50% of the equity alongside enhanced voting rights. This restructuring streamlined MediaCo's operations, contributing to a 19% increase to $31.2 million in the second quarter of 2025, driven by digital advertising and streaming growth.

Major Investments

Bally's Corporation Involvement

Standard General L.P., an activist investment firm led by Soo Kim, established a significant stake in Twin River Worldwide Holdings Inc., the predecessor to , acquiring approximately 23% ownership by 2023 and positioning itself as the company's largest shareholder. Soo Kim, managing partner of Standard General, also serves as Chairman of 's board, influencing strategic decisions including expansions into gaming properties and iGaming operations. This involvement reflects Standard General's preference for value creation in undervalued gaming and entertainment assets through operational restructuring and capital allocation. In January 2022, shortly before Bally's secured the for a resort, Standard General launched a bid to acquire all outstanding shares it did not own for $38 per share, valuing the company at approximately $2 billion, aiming to take it private and accelerate growth initiatives. The offer faced resistance amid market volatility and regulatory hurdles, including delays in the Chicago project, leading to a decline in Bally's stock price. Standard General renewed its activist push in March 2024 with a non-binding proposal at $15 per share, citing the need for privatization to secure financing for the $1.7 billion Chicago development and other acquisitions without public market pressures. The effort culminated in a definitive merger agreement announced on July 25, 2024, under which affiliates of Standard General agreed to acquire Bally's remaining public shares for $18.25 per share in cash—a 71% premium to the 30-day as of March 8, 2024—while merging Bally's operations with The Queen Casino & Entertainment Inc., a regional majority-owned by Standard General entities. The transaction, valued at $4.6 billion including debt, was financed in part by $500 million in senior secured notes issued exclusively to Standard General-managed funds, enabling Bally's to expand its portfolio to 19 casinos and prioritize the Chicago project. Bally's shareholders approved the deal on November 19, 2024, and it closed on February 7, 2025, delisting Bally's from public markets and consolidating control under Standard General. This outcome aligned with Standard General's tactics of leveraging insider influence to resolve capital constraints and drive long-term value in the gaming sector.

MediaCo Holding and Broadcasting Assets

Standard General L.P. established control over MediaCo Holding Inc. in July 2019 through a $55 million investment in a new formed by Emmis Communications to hold its radio assets, including WQHT- (Hot 97) and WBLS-. Under the agreement, Standard General appointed a majority of MediaCo's and installed its managing partner, Soohyung Kim, as , positioning the firm to influence operational and strategic decisions in the urban radio market. MediaCo Holding Inc., trading on under the ticker MDIA, focuses on audio and video segments, with its core broadcasting assets centered on these flagship stations targeting , R&B, and audiences in the nation's largest radio market. The initial portfolio included WQHT-FM, known for its dominant position in programming, and WBLS-FM, emphasizing contemporary formats, alongside the independent television station serving the area. Standard General's activist involvement aimed at leveraging these assets' cash flow potential amid industry shifts toward digital and events revenue, with MediaCo reporting $95.57 million in 2024 revenue, reflecting 195% growth year-over-year driven by advertising and programming. As of April 2024, Standard General held a 95.2% stake in MediaCo, underscoring its dominant ownership and ability to direct and potential divestitures. In April 2024, MediaCo expanded its holdings by acquiring Estrella Media's portfolio, adding eleven radio stations across and —such as KTJM-FM (La Raza 98.5/101.7) in and KBOC-FM (Luna 98.3) in —along with four full-power television stations and six low-power TV outlets focused on Spanish-language content. This transaction, structured partly as a stock deal finalized in early 2025, diversified MediaCo's assets into bilingual markets, enhancing its reach in audiences while integrating EstrellaTV programming capabilities. Standard General's oversight facilitated this growth, aligning with its preference for undervalued media properties with strong local footprints and reconfiguration potential for higher valuations. By late 2023, MediaCo's total assets stood at approximately $310 million, supported by these holdings amid ongoing efforts to optimize debt and operational synergies.

TEGNA Inc. Acquisition Attempt

In February 2022, Standard General L.P., an activist investment firm, announced its agreement to acquire , a major owner of local television stations, for $24.00 per share in cash. The transaction valued TEGNA's equity at approximately $5.4 billion, with an enterprise value of $8.6 billion including debt, representing a 39% premium over the company's closing share price on February 18, 2022. The deal aimed to take TEGNA private, with Standard General committing to preserve local journalism and operations at its 64 stations across 51 markets, including commitments to maintain news programming and staffing levels. The acquisition required approval from the (FCC) under Section 310(d) of the Communications Act, which governs transfers of broadcast licenses and assesses impacts on competition, localism, and diversity. Initial progress included clearance from Team Telecom in November 2022, which reviewed implications. However, the FCC imposed enhanced scrutiny, citing potential risks to local service from anticipated cost efficiencies and questioning Standard General's divestiture plans for conflicting ownership interests, such as a station in . On February 24, 2023, the FCC designated the transaction for a hearing before an , focusing on whether Standard General's operational commitments adequately protected factors like and employment. Standard General criticized the decision as an unprecedented delay tactic that violated procedural norms and effectively derailed the deal, prompting legal challenges including a to the D.C. . The court denied Standard General's request to compel an FCC vote before financing deadlines. The merger agreement terminated on May 22, 2023, after a key financing commitment from expired without FCC approval, following over 15 months of review. TEGNA paid Standard General a $76.1 million termination fee as stipulated in the agreement. The failed bid highlighted regulatory challenges for media consolidations, with Standard General maintaining that its proposals addressed all substantive concerns while accusing the FCC of procedural overreach.

RadioShack Activism

Standard General L.P., an activist investment firm, accumulated an approximately 8.1% stake in Corporation, comprising 8.1 million shares, positioning itself as the company's second-largest shareholder by late 2014. In October 2014, the firm disclosed plans to advocate for operational improvements and provided a $120 million financing package to support and seasonal liquidity, aiming to avert immediate amid declining sales and competition from online retailers. RadioShack filed for Chapter 11 protection on February 5, 2015, with assets and liabilities each estimated between $1 billion and $10 billion. Standard General, leveraging its creditor position, negotiated an through its affiliate, General Wireless Inc., to acquire up to 2,400 stores and related assets, intending to preserve operations and jobs while rejecting proposals from other bidders. The firm's revised $145.5 million offer emerged as the sole viable path to avoid full , as it required minimal additional cash from RadioShack's estate and prioritized store continuity over asset fire sales. A U.S. approved the transaction in 2015, enabling General Wireless to acquire 1,743 stores and safeguard approximately 7,500 positions. Post-acquisition, General Wireless restructured the business model by converting many locations into hybrid outlets selling RadioShack-branded electronics alongside Sprint Corporation wireless products, seeking to leverage carrier partnerships for foot traffic and revenue diversification. Standard General also secured the intellectual property assets, including the RadioShack brand and trademarks, via auction to maintain control over the legacy name. Despite these efforts, the revival faltered due to persistent market pressures, culminating in a second Chapter 11 filing by General Wireless in March 2017, after which the remaining assets were liquidated or sold to entities unaffiliated with Standard General. The activism drew scrutiny when, in September 2015, a committee of unsecured creditors filed suit against Standard General, its principal Soohyung Kim, lender Bank, and former executives, alleging mismanagement and contributed to the chain's pre-bankruptcy collapse, including claims that the firm prioritized its interests over broader recovery. Standard General's involvement exemplified its event-driven strategy in distressed retail, though the ultimate failure highlighted challenges in resuscitating brick-and-mortar electronics amid e-commerce dominance.

Other Holdings (e.g., Aliante Casino, Media General Influences)

Standard General L.P. held a significant stake in ALST Casino Holdco LLC, the owner of Aliante Casino and Hotel in North Las Vegas, Nevada, following the property's emergence from bankruptcy in November 2011. As part of a creditor group, Standard General acquired a 28% equity interest alongside Apollo Management and TPG Capital, which collectively controlled 60% of the business, enabling operational restructuring to address prior financial distress caused by over $660 million in development costs and market challenges. Under Standard General's oversight, led by Managing Partner Soohyung Kim, the casino improved profitability over the subsequent years through management changes and cost efficiencies, culminating in its sale to Boyd Gaming Corporation for $380 million in April 2016. This involvement marked an early foray into gaming assets for Standard General, providing experience in distressed casino turnarounds that informed later investments like Bally's Corporation. In the media sector, Standard General exerted influence over , Inc., a broadcaster, by accumulating approximately 14.5% of its shares by September 2015 and committing to support the company's merger with . This position allowed Standard General to back the transaction, which aimed to form a diversified entity combining stations with Meredith's assets, though the deal later evolved amid regulatory and strategic shifts. 's subsequent acquisition by Nexstar Broadcasting Group in January 2017 for an undisclosed sum reflected broader consolidation trends in local broadcasting, where Standard General's activist stance paralleled its approaches in other deals, emphasizing value extraction from undervalued assets. Such engagements highlighted Standard General's pattern of leveraging minority stakes to drive mergers and operational improvements in regulated industries, though without direct control post-merger. Beyond these, Standard General participated in restructurings of other distressed entities, including Greektown Holdings LLC, a casino operator, where affiliates like Soohyung Kim served on the board during its proceedings in the early . These holdings, often involving minority or creditor positions, underscored the firm's focus on opportunistic interventions in and , yielding returns through sales or stabilized operations rather than long-term ownership.

Controversies and Regulatory Challenges

FCC Denial of TEGNA Deal and Diversity Mandates

In February 2022, Standard General L.P., an activist investment firm, announced an agreement to acquire , a major broadcaster owning 64 television stations across 51 markets, for $24 per share in a deal valued at approximately $8.6 billion including debt. The required (FCC) approval due to the transfer of broadcast licenses for 61 full-power TV stations and two radio stations, subjecting it to scrutiny under FCC ownership rules, including local limits that necessitated divestitures in select areas. The FCC's review process extended over a year, marked by delays and partisan divisions on the . On February 24, 2023, the FCC's Media Bureau issued a Hearing Designation , referring the application to an (ALJ) to adjudicate two primary issues: whether the proposed pricing for required divestitures—intended to comply with multiple ownership rules—was substantively fair and reasonable to sellers, and whether the transaction would cause cognizable harms through job losses or other effects in specific markets like and . This rare step, occurring without a full vote, effectively stalled approval, as the hearing process would have prolonged resolution beyond the deal's financing deadlines. Standard General challenged the order in federal in March 2023, but the U.S. of Appeals for the D.C. Circuit dismissed the appeal, citing lack of jurisdiction. TEGNA terminated the merger on May 22, 2023, after lenders declined to extend commitments, resulting in a $31.7 million breakup fee to Standard General. A central contention in the deal's defense involved FCC diversity mandates, which aim to promote minority and ownership in to enhance viewpoint and localism. Standard General, led by principal Soo (an Asian-American ) and prospective CEO Deb McDermott (), positioned the acquisition as creating the largest minority-owned and female-led station group in U.S. history, directly aligning with FCC policies favoring such ownership to counter historical underrepresentation. Proponents, including civil rights groups like the Arc of Justice, urged approval, arguing the deal would inject capital into local stations while advancing equity goals; in May 2023, leading organizations signed a with Standard General outlining a five-part plan, including hiring initiatives and supplier commitments, to take effect post-closing. Critics, however, raised countervailing public interest concerns, with Democratic lawmakers like Sen. Elizabeth Warren and Reps. Nancy Pelosi and Frank Pallone pressing the FCC to scrutinize the deal's potential to erode media diversity through private equity involvement and station synergies that could reduce local programming. Warren specifically argued that media mergers often diminish inclusion by consolidating control, without directly addressing the minority-led structure. The hearing designation cited no explicit diversity violations but focused on divestiture economics and employment impacts, prompting accusations from Republicans like Rep. Cathy McMorris Rodgers and Sen. Ted Cruz that the FCC used these as pretexts to block a transaction benefiting underrepresented owners, inconsistent with statutory mandates under Section 309(j) of the Communications Act to consider diversity in licensing. The episode highlighted tensions in FCC application of diversity policies, as the agency's actions—amid a 3-2 Democratic majority under Chair —foreclosed a deal projected to expand minority stakes in a sector where such ownership remains below 10% despite decades of incentives like tax certificates and bidding credits. In April 2024, Soo Kim filed a lawsuit against the FCC alleging in the review, claiming delays reflected bias against Asian-American-led entities as insufficiently aligned with preferred diversity archetypes, further eroding trust in the commission's impartiality on ownership equity.

Bally's Shareholder and Chicago Casino Disputes

Standard General L.P., Bally's Corporation's largest shareholder and led by chairman Soo Hyung , proposed taking the company private in 2024 at $30 per share, representing a 41% premium to the then-closing price. This activist move prompted the formation of a special committee of independent directors, advised by Macquarie Capital and law firms Potter Anderson & Corroon LLP and LLP, to evaluate the offer and alternatives. Negotiations culminated in a July 25, 2024, merger agreement for affiliates of Standard General to acquire all outstanding shares for $18.25 in cash, valuing the equity at approximately $4.6 billion including debt assumption. Shareholders approved the transaction on November 19, 2024, and it closed on February 7, 2025, concurrent with Bally's merger with & , under which Queen shareholders received 30.5 million Bally's shares and Bally's repurchased 17.9 million shares from Standard General affiliates. The faced litigation alleging breaches and an unfair, conflicted . In 2025, the Miami Police Officers' and Fire Fighters' Retirement Trust filed suit in Court against Standard General, , and the board, claiming the special committee was dominated by conflicted parties, the $18.25 price undervalued Bally's assets like its Chicago project, and the deal was coercive toward minority . The described Standard General as a "vulture " that timed the bid to exploit Bally's temporary stock weakness from regulatory delays, prioritizing 's interests over public . Law firms including Kaskela Law LLC and Rigrodsky Law investigated potential breaches, urging to contact them for recovery options, though the suit's resolution post-closing remains pending as of October 2025. Bally's $1.7 billion permanent casino project, awarded a in September 2022 after a competitive bid, has encountered regulatory and legal hurdles tied to community investment mandates. The deal with the City of required Bally's to offer a minority stake via public investment, initially structured to prioritize racial minorities, women, and local residents through an IPO, as stipulated in the development agreement to meet diversity goals. This provision drew challenges under civil rights laws, with lawsuits arguing it discriminated against non-minority investors by allocating shares based on race and gender. The U.S. Securities and Exchange Commission Bally's S-1 filing for the IPO in early 2025, citing inadequate of these restrictive terms, delaying . Facing litigation from groups like the Wisconsin Institute for Law & Liberty, Bally's revised the investment terms in May 2025, removing explicit racial and gender quotas to broaden eligibility and comply with protocols, though critics maintained the original mandates violated equal protection principles. Additional disputes arose from a 2025 class-action complaint by residents against Bally's and the city, alleging inadequate community benefits, environmental impacts, and procedural flaws in near residential areas. The Illinois Gaming Board halted permanent casino construction in May 2025 pending further review of financing and compliance, prompting Bally's to skip an earnings call to avoid scrutiny. These issues, compounded by the Standard General acquisition, have delayed the project's timeline beyond the original 2026 opening, with ongoing litigation potentially jeopardizing the minority investment required to sustain development.

Criticisms of Activist Tactics and Undervaluation Claims

Standard General's activist campaigns have faced scrutiny for employing aggressive tactics, including proxy contests, public criticisms of management, and pushes for strategic sales or restructurings, which some stakeholders argue prioritize short-term gains over long-term company health. In the case of TEGNA Inc., Standard General initiated a proxy fight in 2020 by boosting its stake and lambasting the broadcaster's leadership for failing to engage potential buyers, prompting TEGNA to question the fund's motives and defend its strategy. Critics, including unions and public interest groups, portrayed the effort as a hedge fund-driven attempt to dismantle local news operations through consolidation, ultimately contributing to the deal's collapse amid regulatory opposition. Such tactics have been accused of introducing conflicts of interest, particularly when activists like Standard General hold significant stakes while advocating for asset sales that could benefit their positions disproportionately. Regarding undervaluation claims, Standard General has frequently argued that target companies trade below intrinsic value to justify interventions, but these assertions have drawn counterarguments from shareholders and analysts highlighting overvaluation risks or inadequate premiums in proposed transactions. For , where Standard General's Soo Kim serves as chairman, the fund's 2024 buyout offer valuing the company at $4.6 billion was challenged by investors like K&F Growth Capital, who deemed it "woefully undervalued" relative to Bally's development potential, including projects, and criticized it as coercive given Standard General's pre-existing influence. A September 2025 lawsuit by the City of Firefighters' and Police Officers' Retirement Trust further alleged that the deal shortchanged public shareholders and exemplified "vulture" tactics by an insider-led group exploiting control to acquire assets cheaply. Despite the transaction's completion in February 2025, detractors contended that Standard General's valuation rationale ignored operational challenges, such as delays in the and high leverage, potentially inflating perceived undervaluation to facilitate . These criticisms extend to broader perceptions of activist investing, where funds like Standard General are faulted for limited objective evaluation due to structural incentives favoring quick exits over sustained value creation, as evidenced in analyses of similar campaigns. In regulatory contexts, such as the FCC's of the TEGNA bid, opponents leveraged and localism concerns to amplify tactical flaws, though Standard General countered that reflected bias against minority-led ownership. Empirical reviews of U.S. note tensions in cases like Standard General's, where aggressive undervaluation narratives can overlook market realities, leading to protracted disputes and value erosion for non-aligned holders.

Performance and Impact

Historical Returns and Metrics

Standard General L.P., founded in 2007 by Soohyung Kim, manages an event-driven strategy emphasizing activist interventions in public companies within regulated sectors such as , , and . As of May 2025, the firm reported discretionary (AUM) of $670.3 million, though 13F filings reflect long equity positions valued at approximately $384 million, excluding shorts, derivatives, and other assets. Earlier in 2022, total AUM stood at $1.5 billion, reflecting growth driven by concentrated bets on turnaround opportunities like and cannabis-related investments. Publicly available performance metrics are limited, as funds like Standard General do not routinely disclose comprehensive returns due to their private structure and regulatory exemptions. The firm has cited an average annual return of 7% over the 15 years from through 2022, attributed to opportunistic plays in distressed assets with strong underlying demand. This track record underpinned personal gains for , including $120 million from sector-specific wagers, though such outcomes stem from high-conviction positions rather than diversified market exposure. Recent data from holdings-based analyses reveal heightened , with a -20.49% in the second quarter of 2025 derived from portfolio weighting. Three-year annualized on top holdings varied sharply by method: -23.55% weighted (reflecting concentration risks) versus 17.66% unweighted, highlighting sensitivity to key positions like . Cumulative three-year mirrored this divergence at -55.32% weighted and 62.89% unweighted. For Standard General Fund II, a accessible to institutional investors like public pensions since June 2014, performance reviews indicate underperformance relative to benchmarks. As of December 2024, one-year returns reached 5.85%, but three-year returns stood at -37.38%, five-year at -20.87%, and since-inception annualized at -24.17%, trailing the HFRI Composite amid market dispersion and regulatory hurdles in activist campaigns. These metrics underscore the causal risks of event-driven , where returns hinge on successful interventions rather than broad market beta, often yielding asymmetric outcomes in volatile periods.

Industry Recognitions and Criticisms

Soohyung , managing partner of Standard General L.P., was inducted into the GAMCO Hall of Fame in 2016, recognizing his expertise and contributions to the field. In 2021, Kim received the of the Year award at the Awards, honoring his leadership in gaming sector investments, including stakes in companies like . Analyses of Standard General's investment performance indicate mixed outcomes relative to benchmarks. According to GuruFocus data as of October 2025, stocks purchased by the firm outperformed the within three months in 20 out of 64 tracked transactions, suggesting selective success in short-term value creation but not consistent superiority. ranks Kim's management performance in the top 12.11% among asset managers based on historical returns, though this metric emphasizes exceeding 83% of peers without guaranteeing long-term alpha generation. Criticisms from industry stakeholders have focused on Standard General's activist strategies potentially prioritizing rapid shareholder returns over sustainable governance. In media investments, such as the 2022 TEGNA acquisition attempt, civil rights organizations like the opposed the deal citing risks to minority ownership quotas, prompting Kim to denounce the objections as racially and sexually motivated undertones amid regulatory scrutiny. Broader commentary, including from legal scholars, has questioned whether activist funds like Standard General erode long-term corporate stability by installing aligned directors who may favor quick exits, though empirical studies on show median target returns often exceed market averages post-campaign. These critiques, frequently amplified by outlets with documented ideological leans, contrast with defenses highlighting unlocked value in underperforming assets like and Bally's.

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