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Emmis Communications Corp. Message Board

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  • admanmaniz admanmaniz Sep 10, 2012 11:40 AM Flag

    EMMS Is Officially Off The Hook For Accumulated Preferred Dividends

    can they change the convert terms now to zero? If they can change other provisions of preferred then why not this one?

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    • In order to comply with the terms of its senior credit agreement, Emmis Communications Corporation ("Emmis") exercised its early termination option under the total return swap transactions that it had entered into with certain holders of 1,484,679 shares of its 6.25% Series A Non-Cumulative Convertible Preferred Stock (the "Preferred Stock"). The termination was effective on September 19, 2012. As a result, the 1,484,679 shares of Preferred Stock return to the status of authorized but unissued shares, leaving 1,337,641 shares of Preferred Stock outstanding.

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