Pioneer Funding Group Gets Head Start at Micro Office Solutions

MEDIA CONTACT: Warren Woodberry Jr., 212-560-2513, warren@wnaconsulting.com

FORMER WALL STREET PARTNERS START OWN DISTRESSED HEDGE FUND FIRM IN CHELSEA

Pioneer Funding Group Gets Head Start at Micro Office Solutions

(NEW YORK) - When the stock market soured and the economy went south, Adam Stein-Sapir moved north of Wall Street for ripe opportunities when he and partners decided to start a distressed hedge fund firm focused on investments in corporate chapter 11 bankruptcies.

Stein-Sapir worked for several years making investments for a large hedge fund on Wall Street, but in 2009 he and partners decided to strike off on their own and started Pioneer Funding Group in Manhattan.

“We thought it would be more fun and exciting to commit capital ourselves than to be a cog in a big wheel,” said Stein-Sapir.

Going into business like many new start-ups was a challenge, Stein-Sapir said. First he sub-leased a small space on the upper west side, but the high-priced, tight quarters didn’t allow for enough space for them to work in the fast, frenzied pace they were
used to.

“It wasn’t big enough for all of us. It wasn’t a comfortable fit for us to be in and on the phone at the same time,” said Stein-Sapir.

Stein-Sapir said a friend recommended he check out Micro Office Solutions that provides shared office space for businesses looking to house a small number of people that might ordinarily sublet small office space.

“Before Micro Office, a lot of the spaces I looked at were closets with no windows,” said Stein-Sapir.

Pioneer Funding Group was desperately in need of space to expand after successfully raising third party capital in January. They now have a spacious new corner office with four desks, windows and room to expand.

“With Micro Office, everything is already set up. All you have to do is put a computer on your desk and everything is just plug-and-play,” he said.

Stein-Sapir said what he found attractive about Micro Office is that the space offers T1 phone service with reasonably priced packages, some that include large private office spaces furnished with desks, chairs, and filing cabinets, use of conference rooms,
high-speed Internet access, unlimited local and domestic long distance phone service and use of printer, fax, and photocopy machines. Stein-Sapir said those amenities help keep their overhead costs low.

“Micro Office is an entrepreneurial company like we are,” he said.

Stein-Sapir said the cost savings allowed Pioneer Funding to hire help and they expect to bring one or two more persons onto their team shortly.

Stein-Sapir believes the advantages of Micro Office Solutions also helped position Pioneer Funding Group to work with Mayor Bloomberg’s office, which he said, is making a big push to foster entrepreneurship of financial service companies in New York City. He added Pioneer Funding Group may apply for one of the angel fund rounds from the City of New York, and have been involved in a dialogue between the Mayor’s office and entrepreneurs to make sure New York remains the financial capital of the world.

MEDIA CONTACT: Warren Woodberry Jr., 212-560-2513, warren@wnaconsulting.com