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Emmis Communications Corp. Message Board

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  • a222b652 a222b652 Nov 15, 2011 12:44 PM Flag

    3% Holder Supports BUYOUT!

    No offense but I was not happy about $2.40 last time and bought into this stock for the long haul. Not all common shareholders accumulated at a low price like you have. Personally I think your postings about your support and suggested price are way over the top and are tantamount to reverse insider trading and are at a minumum immoral. I hope that he doesn't offer up a buyout for the sake of real longtime followers who have a much higher stake than $2.40 per share.

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    • It's not " immoral" for a major holder, or any holder, for that matter, to voice their opinion, and/or advocate for what they want to see happen with "their" company. I certainly hear, loud and clear, that you resent me, and you have every right to. But being in the stock market is about making money. It's not about engaging in would-have-beens and could-have-beens.

      I'm not sure exactly what you think Emmis is worth, or could be worth, but I do know one thing, and it's very simple: if given the opportunity, I'd rather get the chance to swap EMMS out at 2.40 or higher, in the relative near term, for the chance to buy ETM at $5. But I'm guessing you are not sophisticated to understand the concept of relative value.

      Finally, while I don't necessarily believe my comments in Inside Radio were market moving (based on today's relatively light volume), they certainly could be, or could have been, so, I have appropriately adhered to standard of not buying or selling any EMMS stock, for 2 full trading days after the release of that info.

      Perhaps you can explain to me what "reverse" insider trading is. I simply bought a bunch of stock, because I thought the Street was missing the story, and then explained how and why they are, in my opinion, missing the story. I also should point out that my support for a revisiting of a buyout offer is conditioned upon a normal oversight process by a Special Committee, including the obtaining of a fairness opinion.

      I suspect your main objection is that you are living in a dreamland, bought this stock at $10, and don't want to accept the fact that any reasonable notion of obtaining "fair value" means you have to face the fact that you will be subject to taking a significant loss.

      I'd love to know what kind of buyout price would be "fair" in your mind. The fact of the matter is, the public market values of radio stocks are instructive in some regard. And they are now dramatically lower, overall, from when the CEO previously offered 2.40 for EMMS. That certainly will play some role in what he would be willing to offer (assuming he has any interest whatsoever in making another run at the company....he may not). And as someone who previously objected to that price, I thought the public, and the company, should both be informed that I have changed my position...based upon the changed circumstances. I make absolutely no apologies for that.

      • 1 Reply to longtimefollower
      • You are right, I first bought this stock when it was 17 and sold it at 19. I got out of it for a few years and started buying down. My current position will allow me to more than double my money at $2.40. Like you, I have alot of common shares. I didn't buy back in to make a quick buck, but rather to invest in a moral company whose stock value was undervalued. I like Jeff and the values of his company. I would like to see it stay public and grow. Don't think it will ever go to $10 though. I don't think a mere 3% of common shares will have any effect on the sale of this company. Now if those were preferred shares it would mean something. Power to the real longtime followers.

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