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Emmis Communications Corp. Message Board

  • mathis_m_g mathis_m_g Mar 27, 2012 11:34 PM Flag

    EMMS sends Wrong Message

    6:55 p.m. Tuesday 27 March 2012

    Emmis preemptive strike lawsuit, which seeks to limit the rights of preferred shareholders, is a step in the wrong direction according to this shareholder...

    An attack on shareholder (preferred)  rights sends the wrong signal to men of principle...

    While it can be argued that elimination of the  preferred is a necessary condition to a possible refinancing or special dividend, this suit creates a totally unnecessary delay while forcing the parties further apart in the negotiating process...

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    • No, they're sending the right message. My interpretation reads "screw you unless you own the b shares" along with "we'd rather pay a ridiculous interest rate than pay you the 6 odd % we originally agreed to". I'm guessing you just don't like the message they're sending. Disclosure: Neither do I. And don't get me wrong, I know they legally can't pay the interest due to senior restrictions.

      As a side note, it's not like those in the lockout group bought the pfd recently (other than a small percentage relative to their holdings). Even the last small party to join has held it for 4 years if i remember right.

 
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