It's not productive to live in the past. You should be more focused on what a spectacular buy EMMS is right now, and the POWERFUL INFORMATIONAL VALUE that a failed buyout at $2.40 tells you (on a technicality with the pfd. that COULD be resolved in a future buyout) about what the stock is truly worth. The fact of the matter is the CEO was willing to pay $2.40 to buyout the common, and it's trading at 65 cents now. AND their balance sheet is now dramatically stronger than it was. AND its business, and cash flow, has gotten, overall, BETTER, since that deal fell through.
That's really all you need to know.
When the junk bond market comes back, and EMMS refinances, you'll see this stock trading for NO LESS than $1.00-1.25...and possibly as high as 1.40-1.75. Longer term, I see $3-5...assuming the CEO doesn't get "pissed" if it keeps trading at sub $1 pricing, and take that as an invitation by the Street to take another run at the company.