The likelihood (IMO) that Emmis, upon controlling at least 2/3 of the preferred vote, will ram through some deal that is really, really bad for the remaining preferred shareholders convinced me to take $15.60/share and RUN. The very language you quoted is IMO a warning that this is going to happen. I think that it really will be that bad for remaining preferred shareholders. Is this "fair" IMO? No, but if it's legal, I guess it's OK from the point of view of Emmis. I think that there's a moral compass missing somewhere and that should the interests of some party intending to acquire Emmis diverge from those of the common stockholders, it's going to be "uh-oh!" time for them.