Preferred Shareholders In Court To Try To Block Emmis Shareholder Meeting
August 1, 2012 at 4:12 AM (PT)
Preferred shareholders in EMMIS COMMUNICATIONS CORP. aren't going down without a fight, taking the company to federal court to try to get an order to block the company's AUGUST 14th special shareholders' meeting, at which a vote will likely approve bylaw changes that will effectively strip preferred shares of voting rights and dividends and consolidate power in Chairman JEFF SMULYAN.
BLOOMBERG BUSINESSWEEK reports that CORRE OPPORTUNITIES FUND LP led dissident shareholders in asking U.S. District Judge SARAH EVANS BARKER for the order, while SMULYAN denied to the court that he is trying to take the company private. "I’m worn out from two years ago. I just don’t want to do it. I can’t foresee a situation in which that would change," SMULYAN testified,
TUESDAY's hearing recessed without a ruling. More arguments are scheduled for TODAY.