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Mineola holding company moves its headquarters to Manhattan

Standard Diversified moved from Wilmington, Del., to Mineola

Standard Diversified moved from Wilmington, Del., to Mineola in January 2018. Credit: Howard Schnapp

Standard Diversified Inc., Long Island's 16th largest public company, has moved to Manhattan as it seeks to exit its Mineola-based insurance business. 

The holding company, which moved from Wilmington, Delaware, to Mineola in January 2018, announced last week that it had moved its headquarters and had filed for an order of liquidation for its Maidstone Insurance Co. unit, a provider of home and auto insurance.

A Standard Diversified spokesman said he was unsure if the company would have further comment. 

He said that though the company had listed its headquarters as Mineola in government documents, its chief executive had remained in Manhattan, the location of Standard Diversified's largest shareholder, hedge fund Standard General LP.

A call to the New York State Department of Financial Services was not immediately returned.

In addition to the insurance business, Standard Diversified has a majority stake in Turning Point Brands, a publicly traded manufacturer and distributor of non-cigarette tobacco products, including snuff, pipe tobacco, rolling papers and vaping products.

The company also has an outdoor advertising business.

In a press release, Standard Diversified said that it had taken charges of $800,000 and $2 million related to the insurance business and was awaiting a filing by the state Department of Financial Services in State Supreme Court to relieve it of "the assets and liabilities of Maidstone."

In April, the board of directors removed chief executive Ian Estus and replaced him with current CEO Gregory H.A. Baxter, who sits on the board of Standard Diversified and Turning Point Brands.

Shares of Standard Diversified closed down 2.6 percent to $11.30 in Monday trading. That was down from its price of $14.35 12 months ago.

Standard Diversified posted revenue of $365.8 million in 2018, making it Long Island's 16th largest company based on revenue.

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