...appear to have about 768,000 shares. That's like 23-24% of the pfd., by my rough calculation. They will need to get more participation, if they want to "guarantee" that Emmis will not be able to get to 2/3. They are certainly sending a SIGNAL to the other preferred holders, that they are not "scared"....but what if enough preferred holders tender, to get EMMS to 2/3...and leave the lockup group holding the bag? It would appear EMMS only needs to get 30-40% of the remaining (non lock up) preferred to tender, to get them over the top....but I would, frankly, imagine that would be difficult, with Zazove revealing they are buying the pfd. in the open market, and keeping the bid over the tender price.
I'm surprised the lock up group didn't issue a full fledged press release, to go with their 13D. But maybe we'll see that on Monday.
This appears to now be a full-fledged game of chicken. The lockup group is implicitly trying to suggest that EMMS will NOT get to 2/3, so don't tender your shares if you want to keep them. But such an outsome is far from certain, and, again, the lock up folks might be left on the outside looking in...even as I admire their gumption.
Sorry, 768K pfd is like 26-27% of the preferred. That means EMMS is going to have to get at least half of the non-lock up shares to tender...which I would think is a very tall order...and quite unlikely.
They're going to have to deal with the lock up group, it appears...or ignore them, let the lock up agreement expire, and come to buy pfd. shares another day. (Over time, even if it takes, say, a year, I would think EMMS could get to that magical 66.67%.)
Your numbers are based on the original 2,875,000 but emmis' numbers appear based on 2.60 mill something (based on their 14.8% number and 18.4% number). Using the high range of that number, lockup is roughly 102,750 short. ANY help here on what i'm missing would be greatly appreciated.
That number is from all of the entities listed on the Exhibit (the lock up group), not zazove themselves, but i come up with 766,803. Although I could use some help on the conversion into common. Somewhere i must be missing an updated document.