Well, obviously, if we knew Emmis's action was not going to be contested, that would be a hell of a lot better for common holders. The best solution remains the parties coming to terms. Period. Perhaps mediation is in order. I mean, Alden was going to get $38 in new paper at a 12% plus yield, 19 months ago, and decided to walk away from that for $16 or so in cash. The lockup group needs to simply accept, it seems to me, that the kind of deal that was available, 19 months ago, is no more. And that it was partly because THEY held out for so long, that Alden got cold feet, and walked away from the financing. Considering the spectacle that the company, and Mr. Smulyan, were put through, of rescheduled shareholder meetings, week after week, it's hard to imagine why there would be much sympathy for the preferred holdouts now, now that the shoe appears to be on the other foot.
That having been said, each side needs to treat each other fairly, with respect, and in good faith. There should be enough of a mutual interest in coming to terms. so that the preferred holders are not stuck with an "orphan" security, and so that Emmis can be more free to take actions to improve its balance sheet, achieve a position to grow again, or otherwise improve value for its shareholders. (I prefer a win-win scenario, to a long and bitter fight, which involves both cost, and risk, to both sides.)