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Emmis Communications Corp. Message Board

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  • pjv2xyw9dww4b6 pjv2xyw9dww4b6 Feb 3, 2012 3:56 PM Flag

    5500 pfd share holder joins lockup group!


    "Are they harboring any false impressions that they will get full face value?"

    I sense that you believe that someone who has bought a share of preferred at a great discount to $50 does not "deserve" the $50 liquidation preference. Sauce for the goose is sauce for the gander. Does someone who buys common in the $0.70's "deserve" an offer much in excess of that if President Smulyan decides to take the company private?

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    • EMMS traded at $28.xx in Dec 2003 and at $10.xx in June 2007.
      No shareholder in his right mind will be outraged at any going private offer that is even a 70% haircut from those prices.
      What is the "face value" of the common then?

      If the preferreds are willing to accept 20% of peak traded market price in the last 5 years, I am willing (as a shareholder of the common) to accept 20% of the peak traded market price in the last 5 years :-)

      We can go around in circles with this....

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