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Emmis Communications Corp. Message Board

  • longtimefollower longtimefollower Feb 3, 2012 12:06 PM Flag

    5500 pfd share holder joins lockup group!

    And filed a 13D a short while ago.

    One can get a sense of the potential legal theory of where the lockup group might go. This filer argues that the shares that EMMS bought, under the swap agreements "may not" be appropriately considered to be outstanding. It further states "We decided to join the lock-up group because we were outraged that the Issuer was was suggesting that it will try to eliminate the cumulative rights of the Preferred Shares thereby all but making these preferred shares worthless. This threat by the Issuer to strip the Preferred Shares of their cumulative rights undermines both the spirit and letter of corporate governance laws and practices."

    The plot thickens...

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