Standard Management amends 10¼% trust preferreds

New York, June 13 - Standard Management Corp. said it amended the indenture for the 10¼% junior subordinated debentures due 2031 underlying SMAN Capital Trust I's $20.7 million of trust preferred securities.

The change, following a consent solicitation, modifies some of the covenants to allow Standard Management to sell all its assets without the purchaser being required to assume the debentures.

Holders of 83% of the trust preferreds granted consents.

Standard Management is an Indianapolis-based distributor of pharmaceutical products and services and seller of annuity and life insurance products. It intends to sell the latter segment.

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