SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
KINGSTOWN CAPITAL PARTNERS, LLC

(Last) (First) (Middle)
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
07/14/2011
3. Issuer Name and Ticker or Trading Symbol
SIGNATURE GROUP HOLDINGS INC [ SGGH.PK ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock 45,181 I(1)(2) By Michael Blitzer(3)
Common Stock 446,000 I(1)(2) By Kingstown Partners II, L.P.(4)
Common Stock 219,000 I(1)(2) By Ktown, LP(5)
Common Stock 4,768,772 I(1)(2) By Kingstown Partners Master Ltd.(6)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
KINGSTOWN CAPITAL PARTNERS, LLC

(Last) (First) (Middle)
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
1. Name and Address of Reporting Person*
Kingstown Partners Master Ltd.

(Last) (First) (Middle)
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
1. Name and Address of Reporting Person*
KINGSTOWN CAPITAL MANAGEMENT L.P.

(Last) (First) (Middle)
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
1. Name and Address of Reporting Person*
KINGSTOWN MANAGEMENT GP LLC

(Last) (First) (Middle)
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
1. Name and Address of Reporting Person*
BLITZER MICHAEL

(Last) (First) (Middle)
C/O KINGSTOWN CAPITAL
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
1. Name and Address of Reporting Person*
SHANON GUY

(Last) (First) (Middle)
C/O KINGSTOWN CAPITAL
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
1. Name and Address of Reporting Person*
Kingstown Partners II, L.P.

(Last) (First) (Middle)
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
1. Name and Address of Reporting Person*
Ktown, LP

(Last) (First) (Middle)
100 PARK AVENUE, 21ST FLOOR

(Street)
NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
See Explanation of Responses
Explanation of Responses:
1. The Reporting Persons are members of a Section 13(d) group with respect to securities of Signature Group Holdings, Inc. (the "Issuer") that beneficially owns in excess of 10% of the Issuer's outstanding shares of Common Stock. The Reporting Persons disclaim beneficial ownership of the shares of Common Stock owned in the aggregate by the other members of the Section 13(d) group.
2. This report is filed jointly by Kingstown Capital Partners, LLC ("Kingstown GP"), Kingstown Capital Management L.P. ("Kingstown Capital"), Kingstown Management GP LLC ("Kingstown Management"), Kingstown Partners Master Ltd. ("Master Fund"), Kingstown Partners II, L.P. ("Fund II"), Ktown, LP ("Ktown," and together with Master Fund and Fund II, the "Funds"), Michael Blitzer and Guy Shanon. Kingstown Capital is the investment manager of each of the Funds. Kingstown Management is the general partner of Kingstown Capital. Each of Mr. Blitzer and Mr. Shanon is a managing member of Kingstown Management and Kingstown GP. Each of the Reporting Persons disclaims beneficial ownership of shares of Common Stock of the Issuer not directly owned by it/him, except to the extent of its/his pecuniary interest therein.
3. Represents shares owned directly by Mr. Blitzer.
4. Represents shares owned directly by Fund II.
5. Represents shares owned directly by Ktown.
6. Represents shares owned directly by Master Fund.
Kingstown Capital Partners, LLC By: /s/ Michael Blitzer, Managing Member 07/22/2011
Kingstown Partners Master Ltd. By: /s/ Michael Blitzer, Director 07/22/2011
Kingstown Capital Management L.P. By: Kingstown Management GP LLC, its general partner By: /s/ Michael Blitzer, Managing Member 07/22/2011
Kingstown Management GP LLC By: /s/ Michael Blitzer, Managing Member 07/22/2011
Kingstown Partners II, L.P. By: Kingstown Capital Partners, LLC, its general partner By: /s/ Michael Blitzer, Managing Member 07/22/2011
Ktown, LP By: Kingstown Capital Partners, LLC, its general partner By: /s/ Michael Blitzer, Managing Member 07/22/2011
/s/ Michael Blitzer 07/22/2011
/s/ Guy Shanon 07/22/2011
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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