...the market will basically be telling Smulyan to come back in with a buyout offer.
I'm surprised we received NO benefit from the deal announced. It resolves some longstanding issues, and while it wasn't the pie-in-the-sky price for those 3 radio stations, some of us were hoping for, it was still respectable. Especially when you factor in the eventual $110M coming for the LA station...which, combined, will pretty much turn this company from "overleveraged" to comfortably levered.
What a silly statement to make. The price action just reflects the price at which people are willing to buy and sell. EMMS is burning the furniture in the fireplace to heat the house, and the house is in a bad neighborhood.
Your statement that "EMMS is burning the furniture in the fireplace to heat the house, and the house is in a bad neighborhood" is totally ludicrous and indicative of your complete lack of knowledge regarding the company. First, Emmis is using the sale proceeds to pay-down debt. How that is akin to "burning the furniture in the fireplace to heat the house" is beyond me. Secondly, Emmis has some of the best stations in the largest markets in the country, so again your contention that "the house is in a bad neighborhood" is nonsensical. Moreover, their publishing division has some of the best magazines in the country with more ads per issue than 90% of all magazines. It's amazing to me that people can get on these boards and make such inane statements with total impunity. That's precisely why I spend virtually no time on this board, or any other Yahoo! board for that matter.