Seems like an unusual move, to seek the "preemptive" blessing of the courts. Shows that Emmis management is definitely not backing down. And perhaps they'd prefer to be the ones suing, rather than the ones being sued.
Controlling 2/3+ of the preferred seems to give management the right to "restructure" the issue, in the way they are proposing, based upon the way the preferred indenture seems to read. Will the fight here be exclusively over whether Emmis actually controls the requisite amount of preferred....or over its right to take the moves it is making to restructure the issue...or both?