Well, 3% isn't huge, but it might be the largest unaffiliated individual holder. (Are you larger?) It is also fairly significant in the context of the fact that said shareholder (me) was formerly against a going private transaction at $2.40, and would currently support it....based simply upon CURRENT trading values for stocks in the radio space.
I'm not sure why you are so "wed" to EMMS. The fact of the matter is, is that ETM at $5 would be more attractive to buy, than EMMS at $2.40. It's as simple as that. You'd rather sit on this thing for 1-2 years, for the potential of $3-5? I can think of a whole host of better things to do with the money...if given the chance to cash out at $2.40, in the next few months.
If Jeff wants it at $2.40, he can have it, as far as I'm concerned (again, as long as radio stocks continue trading at the depressed levels they currently are).
But you're right: My 3% will not decide that. But it might INFLUENCE it. Which was the whole point of my public statement.
Barring that, I'd like to see the Street start to give EMMS some of the credit it deserves, for strengthening the balance sheet. The stock is totally misunderstood, I feel, especially after the "monetization," or semi-monetization of the 3 FM stations (and now, the announcement of this deal with Zell to help fund discounted preferred stock buybacks).