Okay, so - now that Alden is out of the picture, Smulyan has the votes he needs to do a restructuring/buyout.
Let us assume that Smulyan makes another buyout offer @$2.4 per share. For simplicity sake, let us also assume that all 40MM shares are outstanding. That means Smulyan needs $96MM to buy out all existing common shareholders, another $35MM to repay Zell (principal) and 22% of $35MM (interest) which is another $7.7MM.
At a high level, that means Smulyan needs to find about $139MM if he wants to take Emmis private @$2.4 per share. Who is going to loan him that kind of money? Maybe Zell? Maybe he is getting ready to receive $110MM from Grupo to finance the buyout.
In any case, things are moving VERY FAST and getting VERY INTERESTING. Whatever the outcome, it is clear that Smulyan's moves over the past few weeks have added TREMENDOUS VALUE to the common shares.