A meeting in court between Emmis and preferred shareholders set for today has been canceled. No new date was announced. Emmis has proposed stripping preferred shareholders of their right to collect millions of dollars in past dividends, a plan the preferred shareholders are fighting. Shareholders want the court to block the plan and stop Emmis from holding a shareholder meeting where investors would vote on the plan. Emmis CEO Jeff Smulyan says this is the best way forward for the company
"Judge Sarah Evans Barker said in a late Thursday filing that she wants Emmis to submit an amended proxy statement reflecting changes that would result from the proposal. The hearing will occur within 30 days of receiving the proxy."
How is this different from the proxy we've all seen?