Emmis CEO partners with Herb Simon; buys 684K shares.
Jeff Smulyan and Herbert Simon (of Simon Property Group fame!) appear to have "partnered," and filed a 13D/A after Friday's close, indicating that their HSJS partnership has bought 684,000 shares of Emmis in the open market, this past week! (This is on top of other Emmis insiders purchasing stock in the open market.)
Furthermore, per the filing, they have authorized Stifel Nicolaus to purchase up to 1 million shares for them, at prices up to $2.
Strong buy, Mark. An issue remains outstanding--a dispute with the preferred shareholders. The bet is that a settlement will be reached or the lawsuit will be won by the company. Either of those two outcomes will favor the common shareholders. Risk is that the company will lose the lawsuit, but the issues favor the company and its common shareholders. To win, as I understand it, the preferred shareholders would have to have a contract they agreed to annulled. Not likely.