Sunday, September 6, 2020

9/05/20. TRWH. Top student Soo Kim from Prestigious Stuyvesant High School owns 35% Twin River Worldwide Holdings.

                                Welcome to Kenny Rogers Gambling



                                            

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 Top student Soo Kim from Prestigious Stuyvesant # 1 High School, NY owns 35% Twin River Worldwide Holdings.

This awesome man is from my neighborhood Queens, NY. 
Stuyvesant High School is the # 1 most prestigious school in New York City. 
I played board # 1 Jamaica High School against the Chess Team from Stuyvesant High School 1975-1976 

Standard General L.P. is an American hedge fund headquartered in New York City. It was founded in 2007 by Soohyung Kim and Nicholas Singer with seed capital from Reservoir Capital Group. Since 2013, Soohyung Kim has been the Managing Partner and Chief Investment Officer. In 2016 Standard General L.P. was the recipient of the New York City Comptroller's Office Diverse Practitioner Award. 

Standard General was active in managing the bankruptcies of Aliante Casino and HotelAmerican Apparel., Greektown, RadioShack and Young Broadcasting, which became Media General.

As reported in the 2019 10K, Standard General L.P. is the largest shareholder of Twin River Worldwide Holdings.


Recently Soo Kim purchase Bally's Casino in Atlantic City. He also puchased Zig Zag paper out of bankruptcy.

Investment strategies

Standard General pursues a single strategy of opportunistic investing primarily in levered U.S. middle-market companies. The firm has the ability to invest across the capital structure but is better known for specializing in distressed debt. Since 2007, it has invested in both publicly traded and private entities and is known for making several control investments.


Standard Media

In April 2018, the divestiture of stations by Sinclair Broadcasting during the Tribune Media buyout opened an opportunity for Standard Media, subsidiary of Standard General, to purchase several of the stations. In the case of the stations in the Wilkes Barre, PA marker, Sinclair is not the licensee of these stations and will only be selling the assets of such stations that Sinclair owns, together with its right to purchase the licenses of the stations.The deal fell through when the Sinclair-Tribune merger was terminated on August 9th, 2018.

The stations that were to be purchased by Standard Media included.


Media General[edit]

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 Media, a transaction that would create the nation's eight largest television station group. On January 27, 2016, Media General was sold to Nexstar BroadcastingStandard 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.

Aliante Casino and Hotel[edit]

Aliante Casino and Hotel was developed by Station Casinos and the family-owned Greenspun Corp. In connection with Station's bankruptcy proceedings, lenders took control of Aliante in 2011. From 2011 to 2016, Standard General was 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 ALST Casino Holdco LLC for total net cash consideration of $380 million.


RadioShack

In 2015, The New York Times described the firm as "the little-known hedge fund that is also leading the turnaround at RadioShack." In 2015, during RadioShack's chapter 11 bankruptcy, Standard General formed General Wireless (although unrelated, General Wireless was the original name for Metro by T-Mobile), 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 in two years. On June 12, 2017, General Wireless announced its intent to auction off the RadioShack name. In late July 2018, RadioShack partnered up with HobbyTown USA to open up around 100 RadioShack "Express" stores.


 TRWH

                            The Baumel Legacy Fund

This year marks the 25th Anniversary of Stuyvesant’s move from 345 East 15th to 345 Chambers. My Class of 1993 had the fortunate distinction of having spent three years in the old building and one in the new. We were the first graduating class in the new building.

Frankly, I found the shiny hallways of the new building disorienting. Just when our senior class had finally figured out our favorite positions in Stuy Park and the Auditorium, we were cast into a new environment where we were essentially all freshmen. I missed the Old Stuy.

There was something so authentically New York about the hopelessly outdated “technology” labs and the running track that required something like 40 laps to reach a mile. It was our badge of honor: it made sense for Stuyvesant to be housed in an overcrowded building that was amongst the oldest of NYC high schools. Stuyvesant was defined by its students: selected amongst the top test takers in the city to learn and grow together. Like New York herself, we didn’t need fancy optics to define ourselves as the best.

Abraham “Abe” Baumel was our principal then. I didn’t know him, but I grew up with the misguided notion that the only time you speak to the principal is when you were in trouble, so I spent my time avoiding him and the rest of the administration. Sadly, Abe passed away in 2015, but we in the Alumni Association have been recently spending time catching up on his rich legacy with the help of his grandsons, Matthew Baumel ’09 and Aaron Ghitelman ’09.

Abe Baumel became Stuyvesant’s principal in 1983. He had previously chaired the Physics Department and been a teacher at that other high school in the Bronx. Now for some sacrilegious trivia that many of us may not know: Stuyvesant was not always considered the top public school in NYC. Actually before the school went co-ed in 1969, Stuy was not the consensus choice amongst those choosing between the specialized high schools. For decades, students with the highest test scores regularly chose to attend that other high school in the Bronx.

So with that perspective in mind, Abe set out to make sure that Stuyvesant would always be considered #1. Our current building is just one lasting element of his work. In retrospect, I cannot fathom the effort to navigate the politics and bureaucracy to plan, much less fulfill the vision of finding a new location befitting the top school in the city. The beauty of his legacy is that we take it for granted that we are the top public school in the city, if not the country. We don’t question it.

Abe helped us to believe. And that created the virtuous cycle where, due to that belief, we succeeded, and due to our success, the following generations wanted to exceed. All of what Stuyvesant is and represents today is due to this legacy.

Given that the 25th Anniversary of the move to the new building is upon us, this is a great time to celebrate Principal Abe Baumel’s legacy. We are announcing a campaign to raise funds to dedicate the pedestrian bridge over the West Side Highway in his honor and hang a plaque at the school entrance to the bridge to memorialize all of Abe’s achievements.

The fund will be used to help our current principal, Eric Contreras, accomplish his own Baumelian mission to upgrade the current Stuyvesant technology curriculum (unchanged since before either principal) to be relevant to our times: replacing Mechanical Draft, Metalshop, and Woodshop with Robotics, Nanotechnology, Renewable Energy, Hydroponics, and CS Programming. Yes, gritty is cool and authentic, but let’s get real: our kids deserve better. So many come from families where public schools are the only choice, and Stuyvesant as a school gets the same per capita funding as any other public high school in the state. We know that Stuyvesant students can achieve even in an outdated building from 1907, but what are the possibilities if we alumni can come together to help them achieve their potential?



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