The reality is, probably because of the "deferred preferred" dividends, the higher leverage than average for this industry, the "anomolous" insider selling of late, and the fact that it has a publishing arm (less of a "clean" turnaround scenario than the radio side), this stock didn't participate in the radio rally nearly as much as I think it should have. And as the cash flows become large enough, such that the Street sees EMMS "growing back into" its current capital structure, the leverage potential, in terms of valuing the common stock, becomes very very interesting. Meanwhile, with the kind of move we've seen here, comparing to historical highs of 3-5 years ago, this becomes a very interesting "momentum" play (along with fundamental turnaround play). While momentum is not my usual bag, I've seen it enough to understand how it works, and what makes it keep going. And I certainly think that adds a lot of "kicker" potential here. My $3-5 in 1-2 years projection of just several weeks ago could end up being 1-2 months. Could. If the Street continues to "pile on" to this sector. We'll need to see how the Q1 earnings releases are reacted to.
It suprises me how well the preferred shares have done given that the dividend has been skipped 6 times in a row. EMMSP closed at $21.00 on Fri which I interpret as a vote of investor confidence in the company's future. EMMSP 52 week range has been $1.00 - $23.00 a high that was also matched on Fri.