Right, and in case you didn't notice, he also "owns" a bunch of preferred. Well at least the ESOP does of which he has voting control over. So he sure wouldn't want to do that. Although he is in Indiana and apparently that state is about like Argentina.
Hmm...how about he delists the stock and stops providing financials so you have no idea what's going on and the liquidity disappears? At the same time, he creates an open-ended stock repurchase plan that allows the company to buy back shares on the open market at any time and price of his choosing. Over the years, investors cave in and sell their stock back to the company at heavily discounted prices, increasing Smulyan's ownership percentage.
I'm not saying this will happen, but can you really trust a guy who just went through a long and unprecedented series of events in order to screw other investors in the company?
Delist the stock of a public company? He would need the BOD support. Not going to happen in a real world. BOD already shut him down twice. If you are talking about going private, he would have to offer quite a bit more than current price, a very costly move for him. There are laws in place. I think you should concentrate on how the company can increase shareholder value instead of eliminating it.