Come on, let us acknowledge that Emmis is not exactly SWIMMING in money. They have to do what it takes to improve the balance sheet. Emmis offered around $15.50 for the preferreds under the swap arrangement. I do not think that is a terribly bad price for the preferreds.
Were these people (or the holders at that time) sufficiently outraged when the preferreds traded in the single digits between Oct. 2008 and Sep. 2009? Are they harboring any false impressions that they will get full face value?