This includes the debt market right? EMMS debt holders have to be excited about the possibility that they might get the incredibly valuable assets of EMMS if the company is unable get out from under the crushing debt that at the very least will force EMMS to sell some of its stations just to avoid bankruptcy.
I realize that Class B common stock (owned all by Smulyan) controls 65.1% of the total voting power, but what percent of the company does Smulyan actually own? SEC Schedule 14A shows 32.9 million shares of Class A common stock outstanding (160,507 owned by Smulyan) and 4.9 million shares of Class B common stock issued and outstanding. Does this mean that Smulyan owns roughly 13% (5.1m/37.8m) of the company? The purpose of my question is to determine what incentive Smulyan has to keep the company out of bankruptcy -- not that I feel a BK is likely at this time.