Between Jan 2009 and August 2009, EMMSP (Emmis Preferreds) traded between $0.90 and $4.89. If Alden or other preferred holders successfully block another buyout, there is a very real chance that EMMSP would fall in price. It may trade significantly below the current $16 price.
This is something for existing preferred holders to carefully consider.
Unless management & associates can get 67% then they can force the pfd to take less than the LP, the preferred and common will share a common fate. Right now mgmt has 22% but I do not see any sellers unless they are forced sellers. The buyback is beneficial for both but to a large extent the common because of the leverage provided by the pfd.
I daresay A preferred holder might feel like you're trying to manipulate them into "tendering." Why don't you explain why that's not what you're attempting to do, and explain the risk in more detail you're talking about.