New York hedge fund reports 9.8 percent stake in RadioShack
A New York-based hedge fund, with affiliates in the Caribbean, has acquired a 9.8 percent stake in RadioShack Corp.
Standard General L.P. disclosed the stake in a filing with the Securities and Exchange Commission on Friday. According to the document, Standard General controls more than 10 million shares but said the stock was not acquired to influuence a change in ownership at the Fort Worth-based company.
Soohyung Kim is listed as chief executive officer of Standard General, which lists business entities in the Cayman islands and British Virgin Islands.
According to Institutional Investor, Kim launched Standard General in 2007 after stints with Och-Ziff Capital Management and Cyrus Capital Partners. The trade publication said Standard General manages more than $600 million, specializing in "event-driven investments."
That might characterize RadioShack, which has seen its stock sag to its lowest point since 1980 as it struggles to cope with declining sales. Last week, it said it would have to scrap plans to close up to 1,100 stores after failing to gain consent to the plan from lenders.
-- Steve Kaskovich