NYBHCI Revised Expla

SUPPLEMENT submitted by Standard General Fund L.P.

Amendment to Application As Originally Filed

2012-10-18

This document pretains to SES-T/C-20120821-00771 for Transfer of Control on a Satellite Earth Station filing.

IBFS_SESTC2012082100771_971606

                                                                     Amendment to FCC Form 312


      Parties to the Application, Explanation of Transaction, Public Interest Statement


       The instant application is one of multiple applications that were concurrently filed
in August 2012 to transfer control of earth station facilities that are used in connection
with certain of the television broadcast stations owned by subsidiaries of New Young
Broadcasting Holding Co., Inc. (“New Young”). In the transaction, the shareholders of
New Young are transferring control of the company to Standard General Fund L.P.,
which will become the sole majority shareholder of New Young. Eleven applications
have been filed with the FCC’s Media Bureau seeking its consent to the transfer of the
broadcast service licenses held by New Young’s subsidiaries. New Young is amending
the Explanation of Transaction as originally filed to reflect a pro forma change in the
voting control of the transferee post-consummation from the original application.

         New Young was formed when Young Broadcasting, Inc. entered the protection of
Chapter 11 of the U.S. Bankruptcy Code. New Young was created from a consortium of
Young Broadcasting Inc.’s senior secured lenders to carry on the debtor’s business and
facilitate repayment of the debtor’s lenders.

        Standard General Fund L.P., a Delaware limited partnership, along with its
subsidiary, Standard General Communications LLC, a Delaware limited liability
company, (collectively, “Standard General”) holds a combination of Class A voting
shares and warrants issued by New Young. The warrants are convertible upon exercise
to shares of Class A voting stock. At this time, Standard General seeks to exercise its
right to convert its warrants, which would result in Standard General becoming the sole
majority shareholder of New Young.

       The general partner of Standard General Fund L.P. is Standard General GP LLC,
a Delaware limited liability company. 1 The Managing Member of Standard General GP
LLC is Standard General Management LLC, a Delaware limited liability company. The
Managing Member of Standard General Management LLC is Acme Amalgamated
Holdings LLC (“Acme”). The Managing Member of Acme is Soohyung Kim.
Accordingly, Mr. Kim controls Standard General.

        Grant of the instant application would serve the public interest as it would allow
for the continuation of New Young’s business operations with the benefit of the earth
station facilities on which its television broadcast operations rely to relay programming.


1
    Standard General Fund L.P. holds 100% of the equity of Standard General Communications LLC. The
    manager of Standard General Communications LLC is Standard General Holdings L.P., which is
    ultimately owned and controlled by Mr. Kim. The contractual manager of Standard General Fund L.P. is
    Standard General L.P., whose General Partner is also Standard General Holdings L.P., and is thus
    ultimately owned and controlled by Mr. Kim. The address for each of the Standard General entities and
    Mr. Kim is: 441 Lexington Avenue, 17th Floor, New York, New York 10017.



Document Created: 2012-10-18 23:05:34
Document Modified: 2012-10-18 23:05:34

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