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Las Vegas investor could control Standard Management

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A Las Vegas investor has injected $300,000 into Standard Management Corp. by buying 3 million shares, according to the Indianapolis company, which sells pharmaceuticals to the long-term care industry.

Sam Schmidt and other investors agreed to buy another 17 millions shares if certain collateral conditions are met related to a $2.5 million loan Schmidt made to Standard Management in 2004.

Schmidt will own 55.3 percent of the Indianapolis company when the process is completed March 22.

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