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Emmis Communications Corp. Message Board

  • longtimefollower longtimefollower Feb 17, 2011 8:12 PM Flag

    Citadel/CMLS proposed deal....

    ...should have made EMMS go higher today, on sympathy. I increased my position today, markedly, mostly around $1.10.

    Rumor that ETM was the "2nd in line" to buy Citadel. Could they somehow be involved in an EMMS deal, instead, if we have trouble selling just the 3 stations?

    The market for these assets is getting better all the time. Citadel common shareholder were wiped out, but now, 9 or so months later, the market is saying that there would have been about $400 M worth of equity value for the "old" Citadel shareholders. Doesn't that say a LOT about the canceled EMMS deal at $2.40? If so, why are we trading at $1.10?

    It would seem that one potential alternative here is that some OTHER financing entity could come in, offer to finance Jeff, and he could come right back in with a $2.40 offer again. To me, the more demand there is for these assets, the better the chance that we get there.

    I still think the Street is excessively factoring in the "looming" reinstatement of EMMS's covenants in Sept. of this year, and a presumed risk of Ch. 11. That's simply NOT going to happen.

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2.34-0.13(-5.26%)Sep 19 4:00 PMEDT

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