Me, one another shareholder, 2 corporate executives, an assistant to them, and the outside counsel, were present at the special meeting. (The CEO and CFO were not.)
I don't have the vote totals, but both matters, unsurprisingly, were approved. I would expect an 8-K, impendingly, announcing as such.
Separately, if you ever get a chance to be in Indianapolis, check out the Emmis building sometime. I got a better look at the inside of the building, and it is absolutely spectacular. Normally, I hate modern architecture, but this building deserves an award, without a doubt. It's also, I believe, a very high reflection of, and positive influence on, the corporate culture and morale.
I'm not sure any ruling (let alone the scheduling of a hearing) will come until after the second shareholder meeting (likely before the end of this month), which will seek to implement the additional items listed in the company's proxy filings to date (changes to preferred stock "indenture" and approval of reverse split). But it remains to be seen for certain.
You shouldn't necessarily care about the Emmis HQ. But I personally find it to be a telling reflection on the philosophy of the founder, in the kind of work environment he desired to create, and the way he views "his" people...in setting up and designing a building that makes for a work environment highly conducive to both productivity, and a "humanistic," vibrant, and stimulating atmosphere. The building was built nearly 15 years ago. Yet it feels like "new" inside, still. And for "modern" architecture (which I usually hate), it's really quite brilliant, and uplifting, in its design ethos. And it is kept up with pride. It's in a beautiful area of Indianapolis, on Circle Center. Whether or not it helps with long term value generation, I'll allow you to debate that...but part of value creation is having a decent corporate culture...and I think the "openness" of the floor plan of the building really quite mesmerizingly pays a certain respect and tribute to an open corporate culture that I DO find quite evident at Emmis. It's a culture that should be successsful over time, even if Emmis has had a lot of difficultly, the last few years, from overleverage, and the secular and cyclical decline in radio and publishing. (I guess the question is: what was the success of the company in creating value, prior to, say, 4-5 years ago, when the bottom fell out, for much of the industry players that were overleveraged.)
Now I'm listening! Yes, that makes a lot of sense to care knowing the value of the RE alone is on par with the marketcap (if they do in fact own their HQ).
I could care less if the building interior looks nice, I'm sure Webvan and Pets.com looked nice too but when you tell me there's hidden value now I care.
EMMS has filed the 8K for the special shareholder's meeting.
Here's the vote relevant to the preferred holders.
Proposal to approve the 2012 Retention
Plan and Trust Agreement