Am I missing something??? What exactly is the motivation for doing that, and how exactly are they going to do it? Get on the phone and tell everyone they can think of not to buy Emmis? Statements like that demonstrate your total ignorance of the stock market.
They strategically sell some of their "long" position to drive it to a point where they gain a larger benefit in their short. It doesnt always work, but it can. You show your ignorance by having such faith in a company that has been managed into the ground, in a dying industry no less.