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Emmis Communications Corp. Message Board

  • longtimefollower longtimefollower Dec 17, 2011 2:21 AM Flag

    Well, Zazove & Co....

    ...appear to have about 768,000 shares. That's like 23-24% of the pfd., by my rough calculation. They will need to get more participation, if they want to "guarantee" that Emmis will not be able to get to 2/3. They are certainly sending a SIGNAL to the other preferred holders, that they are not "scared"....but what if enough preferred holders tender, to get EMMS to 2/3...and leave the lockup group holding the bag? It would appear EMMS only needs to get 30-40% of the remaining (non lock up) preferred to tender, to get them over the top....but I would, frankly, imagine that would be difficult, with Zazove revealing they are buying the pfd. in the open market, and keeping the bid over the tender price.

    I'm surprised the lock up group didn't issue a full fledged press release, to go with their 13D. But maybe we'll see that on Monday.

    This appears to now be a full-fledged game of chicken. The lockup group is implicitly trying to suggest that EMMS will NOT get to 2/3, so don't tender your shares if you want to keep them. But such an outsome is far from certain, and, again, the lock up folks might be left on the outside looking in...even as I admire their gumption.

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