Radio Shack, Standard General, and Concentration

Responding to this blurb in the NYT article about Radio Shack,

"A little known hedge fund, Standard General, is one of the biggest shareholders of RadioShack stock and a major stakeholder in American Apparel. A Standard General partner has a seat a on the American Apparel board along with Mr. Magnacca,"

a correspondent wrote,

"Going to pull his positions tomorrow but that seems like a guy that's gonna blow out."

The positions turn out to be

364,400 shares Advanced Emissions Solutions (ADES)
1,540,000 shares American Apparel (APP)
255,694 shares Carrols Restaurant Group (TAST)
180,060 shares International Game Technology (IGT)
26,698,209 shares Media General (MEG)
213,964 shares Phoenix Companies (PNX)
7,130,928 shares RadioShack (RSH)
30,000 calls (3,000,000 underlying shares) RSH (contract price a/o 6/30 is ~$0.99)

Now, that's 7 positions, but it's not as diversified as it looks, because 95 percent of the value is Media General. Not how I would want my money invested...