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Emmis Communications Corp. Message Board

  • peter_norths_proctologist peter_norths_proctologist Aug 3, 2013 9:57 AM Flag

    Started reading the 10-K and made me squirm

    This CEO seems like he has self-entitlement issues. First he tried to take the company private with a dirt cheap offer, but shareholders turned him back and even paid half his legal expenses. And then he welches on a $1.2 million loan he owed the company, by holding the company hostage over his employment contract renewal. Am I reading this right? Because if i am, i wouldn't even invite this guy over for dinner. He'd probably charge me to cook for him.

    "During the year ended February 28, 2013, Emmis forgave a $1.2 million loan payable from Mr. Jeffrey H. Smulyan, our Chariman, Chief Executive Officer and President in connection with the execution of a new three-year employment agreement. This non-cash charge is included in corporate expenses, excluding depreciation and amortization expense, in the accompanying consolidated statements of operations for the year ending February 28, 2013. The forgiven loan was grandfathered under the Sarbanes-Oxley Act of 2002. Emmis no longer makes loans to executive officers and directors."

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