Terms of Use

Effective as of May 1, 2014

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Agreement

PLEASE READ THESE TERMS AND CONDITIONS (THE “TERMS”) CAREFULLY BEFORE USING OUR WEBSITE (THE “SITE”). THE SITE IS AVAILABLE ONLY TO, AND MAY ONLY BE USED BY, INDIVIDUALS WHO CAN FORM LEGALLY BINDING CONTRACTS UNDER APPLICABLE LAW. WITHOUT LIMITING THE FOREGOING, THE SITE IS NOT AVAILABLE TO PERSONS UNDER AGE 18. BY ACCESSING THIS SITE AND ANY PAGES THEREOF, YOU ACKNOWLEDGE YOUR UNDERSTANDING OF, ACCEPT WITHOUT LIMITATION OR QUALIFICATION, AND AGREE TO BE BOUND BY, THE TERMS AND CONDITIONS HEREIN AND AS MODIFIED FROM TIME TO TIME. THESE TERMS, INCLUDING ALL DOCUMENTS REFERENCED HEREIN, CONSTITUTE A BINDING AGREEMENT BETWEEN YOU AND STANDARD GENERAL AND GOVERNS YOUR ACCESS TO AND USE OF THE SITE. EACH TIME YOU USE THE SITE, YOUR USE INDICATES YOUR FULL ACCEPTANCE OF AND AGREEMENT TO ABIDE BY THESE TERMS IN THEIR THEN CURRENT FORM. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS SITE, OR ANY PAGES THEREOF.

Standard General L.P. and its affiliates (collectively, “Standard General”) reserve the right to change, modify, add or remove portions of the Terms or other documents referenced herein at any time for any reason, without notice, and in our sole discretion.

Confidentiality

By accessing the Site, the recipient agrees that it will, and it will cause its directors, partners, officers, employees, affiliates and representatives, to use such information only to evaluate its potential interest in any fund or account managed by Standard General (the “Funds”) and for no other purpose and not divulge any such information to any other party. Any reproduction of such information, in whole or in part, is prohibited.

Use of This Website

This Site is owned and operated by, or on behalf of, Standard General. Access, distribution and/or use of this Site is subject to all applicable laws and regulations. To the extent that access, distribution and/or use of this Site would be deemed illegal by applicable law, such access, distribution and/or use is prohibited.

Authorized users of this Site include existing clients of Standard General, existing investors in its Funds, qualified prospective clients and investors of Standard General and the Funds, and any other users authorized by Standard General. Standard General grants you a non-exclusive, non-transferable and limited personal license to access and use the Site for your personal and non-commercial use, conditioned on your continued compliance with these Terms. As an authorized user, you represent and warrant that you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to these Terms, will be responsible for all activity on the Site and will not delete any material nor violate or attempt to violate the security of the Site. In addition, you may not modify, copy (except as set forth below), distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, products or services obtained from the Site. You may not link other websites to the Site without Standard General’s prior written permission. Unauthorized access to and/or use of this Site, including but not limited to misuse of posted information, is strictly prohibited.

You are prohibited from using the Site to advertise or perform any commercial solicitation. You also are prohibited from using any robot, spider, scraper or other automated means to access the Site for any purpose without the prior written permission of Standard General. You may not take any action that imposes, or may impose, in our sole discretion, an unreasonable or disproportionately large load on Standard General’s infrastructure, interfere or attempt to interfere with the proper working of the Site or any activities conducted on the Site, or bypass any measures that we may use to prevent or restrict access to the Site. You shall not, directly or indirectly, reverse engineer, decompile, disassemble, translate or convert any computer programs used to access the Site. Any special rules for the use of certain software and other content accessible on the Site may be included elsewhere within the Site and are incorporated into these Terms by reference. Any rights not expressly granted herein are reserved.

Registration Information

Investors currently holding interests in Funds will be provided login credentials by Standard General or its administrator to access additional material and information on the administrator’s website. If you are a current investor and have not received such login credentials, please contact Standard General’s administrator to obtain access to its website.

You are responsible for maintaining the confidentiality of your login credentials. You are entirely responsible for any and all activities which occur under your login credentials whether or not authorized by you. Although Standard General will not be liable for losses caused by any unauthorized use of your account on the administrator’s website, you may be liable for the losses of Standard General or others due to such unauthorized use.

You may not allow others to use your login credentials. If you know or believe that your login credentials have been compromised for any reason, you should contact Standard General’s administrator immediately to request new login credentials. If you provide your login credentials to any third party, you will be solely responsible for any actions taken by such third party using your login credentials.

Non-European Investors

Accessing the Site and the information that it contains constitutes a request by you, at your initiative, to be provided with information about the Funds. Neither Standard General, nor any of its affiliates, intends to actively market any Funds to investors in the European Union or the European Economic Area and, therefore, Standard General is outside the scope of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the “AIFMD”) and is not subject to the requirements of the AIFMD. If you are a prospective investor located in, or have your registered office in, the European Union or the European Economic Area, as a condition to your use of this Site, you represent that you acknowledge and understand that the information contained on this Site may not include information that Standard General would have been required to provide to you, or to otherwise make public, had either Standard General been required to comply with the AIFMD, and Standard General may not provide to you such information or sales materials which would otherwise have been required by the AIFMD.

Forward Looking Statements

THE SITE MAY INCLUDE FORWARD LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES CONCERNING THE OPERATIONS, PROSPECTS, STRATEGIES, FINANCIAL CONDITION AND FUTURE ECONOMIC PERFORMANCE OF STANDARD GENERAL’S BUSINESSES, AND OF THE FUNDS MANAGED BY STANDARD GENERAL AS WELL AS STANDARD GENERAL’S INTENTIONS, PLANS AND OBJECTIVES, THAT ARE BEYOND THE CONTROL OF STANDARD GENERAL. THESE STATEMENTS ARE BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES WHICH ARE SUBJECT TO SIGNIFICANT UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF STANDARD GENERAL. WHEN USED ON THE SITE, WORDS LIKE “ANTICIPATES,” “EXPECTS,” “BELIEVES,” “ESTIMATES,” “SEEKS,” “PLANS,” “INTENDS,” “WILL” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS DESIGNED TO FALL WITHIN SECURITIES LAW SAFE HARBORS FOR FORWARD-LOOKING STATEMENTS. THE SITE AND THE INFORMATION CONTAINED HEREIN DO NOT CONSTITUTE AN OFFER OR SOLICITATION OF AN OFFER FOR SALE OF ANY SECURITIES. NONE OF THE INFORMATION CONTAINED HEREIN IS INTENDED TO BE, AND SHALL NOT BE DEEMED TO BE, INCORPORATED INTO ANY OF OUR SECURITIES OFFERING MATERIALS, SECURITIES FILINGS OR DOCUMENTS.

Ownership of Content

The Site and all of its content, including but not limited to all text, graphics, charts, audio, logos, images, data compilations, icons, code and software (“Content”), are the property of Standard General and are protected by U.S. and international copyright and other intellectual property and related laws, rules and regulations, with all rights reserved unless otherwise noted. All trademarks, service marks, trade names and other product and service names and logos displayed on the Site are proprietary to Standard General, including all registered and unregistered trademarks and service marks of Standard General. Notwithstanding the foregoing, if the Site includes any trademarks, service marks, trade names or logos of any third parties, such items are the proprietary marks and names of their respective owners, and are protected by applicable trademark and intellectual property laws (See “Privacy” below for additional information). Nothing contained on the Site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this Site without the prior written permission of Standard General or such third party that may own the trademarks displayed on this Site. You may not use the trademarks displayed on the Site. Your use of any Content, whether owned by Standard General or any third party, without Standard General’s express written permission, is prohibited except as otherwise expressly permitted in these Terms. Without limiting the foregoing, you are prohibited from using any of Standard General’s copyrighted material or trademarks for any purpose, including, but not limited to, use as metatags, links or otherwise on any website, without the prior written permission of Standard General.

Privacy

This Privacy Policy covers only data collected through the Site and not any other data collection or processing, including, without limitation, data collection practices of other websites that are not controlled and/or maintained by Standard General to which we link or data that we or our affiliates collect offline.

With respect to our internal security procedures, Standard General takes reasonable steps to maintain physical, electronic, and procedural safeguards in order to protect your personal data from loss, misuse, and unauthorized access, disclosure, alteration, and destruction. Standard General also requires third party companies that we hire and to whom we disclose data to keep such information confidential and to use it only to provide the services we have contracted with them to perform.

Standard General may, itself or through a third party vendor, collect technical and usage data passively provided through the use of “cookies”, which are small pieces of data sent to your computer browser from our web server and stored on your computer's hard drive, or voluntarily provided by you while visiting the Site. User-provided data may include contact information, information related to the business you represent or information related to the financial information services you have requested. We may, but have no obligation to, monitor and record activity on the Site for any reason or for no reason. We may investigate any complaint or reported violation of the Terms. We may report any activity that we suspect may violate any law or regulation to regulators, law enforcement officials or other persons or entities that we deem appropriate or take any other action that we deem appropriate.

When you communicate with Standard General electronically, via email or otherwise, you shall have consented to receive electronic communications from Standard General. You agree that all communications (including, but not limited to all notices, agreements and disclosures) provided to you electronically by Standard General satisfy any legal requirement that such communication be in writing.

From time to time, the Site may contain links to other websites that are not controlled and/or maintained by Standard General. Access to and use of such other websites is at your own risk and subject to any terms and conditions of use which govern such websites. By providing such links, Standard General shall not be deemed to endorse, recommend, approve, guarantee or introduce any third parties or their services or products, or any facts, views, advice, information and/or products found on such websites. Standard General is not responsible for the content contained on any such websites, or for the failure of any product or service offered for sale or advertised on any such websites or for any damages that may result therefrom. Copyrights in the materials or information on the linked websites are owned by other organizations. Moreover, such other websites may have privacy policies or terms and conditions of use that differ from those of Standard General and/or may provide their users with less security than the Site. See “Ownership of Content” above for additional information.

Intellectual Property

Standard General values intellectual property and respects the intellectual property rights of others and will remove materials on its Site that infringe the copyrights of others. If you believe that your copyrighted material may have been infringed by material contained on this Site, then pursuant to Title 17, United States Code, § 512, you may notify Standard General's Designated Agent in writing as follows:
Standard General L.P.
767 Fifth Avenue, 12th Floor, New York, NY 10153
(212)257-4701
legal@standgen.com

Indemnity

As a condition of your use of the Site, you hereby agree to indemnify and hold Standard General and its officers, directors, members, principals, investors, agents, and employees harmless from and against any and all claims, losses, liability, costs and expenses (including but not limited to attorney’s fees), as incurred, arising from your use of the Site or related services or from your violation of the Terms. You agree to indemnify, defend and hold harmless Standard General, its parent, subsidiary and affiliated entities and each of their respective owners, officers, directors, employees and agents from and against any and all claims, demands, losses, liabilities, damages, costs and expenses (including but not limited to attorney’s fees) arising from or in connection with your use of the Site and/or any violation of these Terms. You agree that your representations and warranties and your obligation to indemnify Standard General shall survive beyond any term that these are in effect.

Miscellaneous

You agree that no joint venture, partnership, employment or agency relationship exists between you and Standard General as a result of these Terms or use of the Site.

Standard General’s performance of these Terms is subject to existing laws and legal process, and nothing in these Terms is in derogation of Standard General’s right to comply with law enforcement requests or requirements relating to your use of the Site or information provided to or gathered by Standard General with respect to such use.

By reviewing or using the information on the Site after accessing the Site, you represent and warrant that (a) you have the authority to enter into these Terms and create a binding contractual obligation, (b) you understand and intend these Terms to be the legal equivalent of a signed, written contract equally binding, and (c) you will use the information on the Site in a manner consistent with applicable laws and regulations and in accordance with these Terms, as Standard General may amend them online or otherwise from time to time. A printed version of these Terms and of any notice given in electronic form shall be admissible in judicial or administrative proceedings based on or relating to these Terms to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.

These Terms constitute the entire agreement between you and Standard General with respect to the Site and they supersede all prior or contemporaneous communications and proposals, whether electronic, oral or written, between you and Standard General with respect to the Site. No delay or failure on the part of either party in exercising any right or remedy hereunder shall operate as a waiver thereof or of any other right or remedy. No waiver whatsoever shall be valid unless in writing, signed by the party to be charged, and then only to the extent therein set forth.

You shall not assign or otherwise transfer these Terms, in whole or in part, or delegate or subcontract any of its rights or obligations hereunder, without Standard General’s prior written consent. Any attempted transfer or delegation by you without Standard General’s consent will be void. These Terms will bind and inure to the benefit of each party’s successors and permitted assigns.

Governing Law

Use of this Site and these Terms shall be governed by the laws of the State of New York of the United States of America, without regard to its conflict of law provisions. If any portion of these Terms is deemed unenforceable, unlawful or void by a Court of competent jurisdiction, then that portion of the Terms will be deemed severable and will not affect the enforceability or validity of the remaining portions of these Terms.

Standard General does not claim that materials in the Site are appropriate or available for use in locations other than those within the United States. If you choose to access the Site from other locations, you do so on your own initiative, and you are responsible for compliance with any applicable local laws.

If you have any questions or comments concerning our Site or these Terms, please contact us at:
Standard General L.P.
767 Fifth Avenue, 12th Floor, New York, NY 10153
(212)257-4701
legal@standgen.com



Disclaimer

Effective as of May 1, 2014

The information contained herein is confidential information regarding Standard General L.P. and its affiliates (collectively, “Standard General”). Material presented herein is believed to be reliable, but none of Standard General or any of its affiliates or employees makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as such or as a promise or representation as to the past or future performance of any funds or accounts managed by Standard General (the “Funds”). Information and opinions are as of the date stated above only and are subject to change without notice. Standard General has no obligation to inform the recipient when information contained herein changes or is updated. Additional information is available on request. You acknowledge that any of your requests for information are unsolicited and information provided or made available by Standard General shall neither constitute nor be construed as investment advice from Standard General to you or to form an investment advisory relationship, or any other client relationship between you and Standard General. Standard General is not responsible for any damages or loss related to the use of the website or any materials contained herein or from any computer virus, malfunction or other failure.

The content and information contained on Standard General’s website has been prepared solely for informational purposes and do not constitute investment advice, or legal or tax advice, or an offer to buy or sell or a solicitation of any offer to buy or sell any security or to participate in any trading strategy. If any offer of securities is made, it shall be made pursuant to a definitive offering memorandum (the “Offering Memorandum”) prepared by or on behalf of the relevant Fund that would contain material information not contained herein and that would supersede this information in its entirety. Any investment in any privately offered investment product involves a high degree of risk and is suitable only for sophisticated investors. Any decision to invest in the securities of any Fund should be made after reviewing the applicable definitive Offering Memorandum, conducting such investigations as the investor deems necessary and consulting the investor's own legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the securities. The information contained herein is not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

This material is intended only to facilitate your discussions with Standard General as to the opportunities available to our clients, is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client's account should or would be handled, as appropriate investment strategies depend upon the client's investment objectives. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the Funds described on the website.



Event-Driven Opportunity Funds

Firm Overview

Standard General is a New York-based investment firm that manages event-driven opportunity funds.

We focus on companies with complex capital structures that are undergoing dramatic change or are faced with material events.

The key to our investment approach is familiarity with both credit markets and equity investing. Companies in our universe have investable equity and credit components. Our experienced investment professionals analyze how each part of a company's capital structure will act and interact with the whole.

We complement this analysis with an event-driven approach. We seek mispriced opportunities that we anticipate the market will correct, or where we ourselves have the opportunity to create value. We apply this framework in an even-handed manner that generates both long and short investment ideas. Combining a catalyst-dependent focus with our willingness to position ourselves flexibly allows us to target an all-weather stream of returns. We believe this approach can generate a differentiated and uncorrelated return stream.

Standard General was founded in 2007 and has been a SEC-registered Investment Adviser since 2009. We primarily manage capital for public and private pension plans, endowments, foundations, and high net worth individuals.

Investment Process

Our cross-capital structure approach gives us a broader foundation from which to identify specific events and catalysts.

We seek very specific situations, but we seek them broadly across markets, asset classes, and industries. The strategy allows us to be nimble and to go where markets offer the most compelling risk/reward opportunities. Most investment strategies are compartmentalized by different constraints-limited to debt or equity, by loans or bonds, by credit rating, by market capitalization, or by time horizon. Unencumbered by these restrictions, our strategy is to deploy capital in all of the above areas.

We use our analysis of specific credit considerations such as liquidity, collateral, and covenants to help us evaluate potential investments across capital structures. Over the years, we have found this especially relevant for public companies that also have a credit component. We believe we have an advantage over more equity-centric investors when evaluating such companies, as those unaccustomed to evaluating credit may minimize its relevance when markets are uneventful, yet overreact when credit issues loom. Our cross-capital structure approach gives us a broader foundation from which to identify specific events and catalysts.

The greatest impact of employing this approach, particularly without the constraints of silos or arbitrary limitations, is that we uncover an uncommon pool of situations, which we believe has little overlap with other managers. We believe that our investors are specifically drawn to our differentiated approach and portfolios. Over time, this has given us the added advantage of a committed investor base that has allowed us to see events through to their resolution.

Leadership

Soo KimDavid GlazekJoseph MauseStephen UsherGail Steiner  

Soo Kim, Managing Partner and Chief Investment Officer

Mr. Kim is the Founding Partner of Standard General and is the Managing Partner and Chief Investment Officer of the firm. Mr. Kim has been investing in event-driven and leveraged company strategies since 1997, including in senior investment positions at Cyrus Capital Partners, where he was a Founding Partner and Director of Research, and at Och-Ziff Capital Management, where he was a Principal and helped launch its fixed income business. Before joining Och-Ziff, he was an analyst for the Capital Management Group at Bankers Trust Company. 

Mr. Kim is currently a member of the Board of Directors of Media General Inc. (NYSE: MEG) and the Board of Managers of ALST Casino Holdco LLC, the owner and operator of the Aliante Casino in Las Vegas, Nevada. He is also a Director of Greenwich House, a Director of Coalition for Queens, a Director of the Cary Institute of Ecosystem Studies and the President of the Stuyvesant High School Alumni Association.  He holds an A.B. from the Woodrow Wilson School of Public and International Affairs at Princeton University.

David Glazek, Partner

Mr. Glazek joined Standard General in 2008 and is a Partner and Research Analyst. His responsibilities include investment research and analysis and helping companies that Standard General controls or influences with operational, transactional and financing needs. He was formerly an investment banker at Lazard Frères & Co., where he focused on mergers and acquisitions and corporate restructurings. He has also worked at the Blackstone Group. Mr. Glazek is currently a Director of Turning Point Brands, Inc., a Manager of Standard Purification Holdings LLC and Standard Carbon LLC and a Board Observer of Upstate Power Producers, Inc. He holds a J.D. from Columbia Law School and a B.A. from the University of Michigan.

Joseph Mause, Chief Financial Officer

Mr. Mause joined Standard General in 2009 as a Partner and the Chief Financial Officer.  He is responsible for accounting, operational, regulatory, and legal aspects of the firm.  He has been working in the financial services industry since 1998. He was formerly a Partner and the CFO of Latigo Partners, where he also served as the firm’s COO.  Prior to Latigo, he was the Controller at King Street Capital, where he helped build the accounting, finance, and operational infrastructure during a period of rapid growth.  Before joining King Street, Mr. Mause spent four years in public accounting. He holds a B.S. in accounting from Brooklyn College.

Stephen Usher, Partner

Mr. Usher joined Standard General in 2009 as a Partner and Head of External Relations. He was formerly a Founding Partner of Serengeti Asset Management, where he managed the firm's business development activity and developed its credit trading desk.  Mr. Usher spent more than a decade at Goldman Sachs, during which time he built out Goldman's European distressed bond and bank debt sales and sourcing effort in London and worked for its distressed bank loan sales and trading group in New York.  Mr. Usher began his career at Citibank as a leveraged loan salesman. Mr. Usher is a member of the Board of Directors of Harlem School of the Arts. He holds a B.A. from Wesleyan University, where he is a member of the President’s Council.

Gail Steiner, General Counsel and Chief Compliance Officer

Ms. Steiner joined Standard General in 2014 and is the General Counsel and Chief Compliance Officer.  She was formerly the General Counsel at Young Broadcasting, LLC.  Prior to that, she was an Assistant Counsel to Governor Andrew Cuomo from 2011 to 2013 and an Associate at Debevoise & Plimpton LLP from 2004 to 2010.  She began her career at Merrill Lynch Asset Management Group. She holds a J.D. from Columbia Law School, a M.B.A. from Columbia Business School and an A.B. from Stanford University.

Contact Us

Standard General LP
767 Fifth Avenue
12th Floor
New York, NY 10153

T: 212-257-4701
F: 212-257-4709