Attempt To Curb Smulyan's Voting Power Shot Down By Emmis Shareholders
February 14, 2007 at 12:41 PM (PT)
EMMIS shareholders on TUESDAY (2/13) rejected a move to eliminate a class of stock that has the effect of giving CEO JEFF SMULYAN most of the voting power in the company despite owning about 20% of total shares. The INDIANAPOLIS STAR reports that nobody from MARTIN CAPITAL MANAGEMENT, which proposed the stock class elimination, was able to make it to the company's sparsely-attended shareholder meeting due to snow conditions.
At the meeting, SMULYAN told shareholders, "The significant size of our portfolio in NEW YORK and LOS ANGELES brought the whole company down. That's life." But he also voiced optimism, saying, "We believe we have the potential this year to outperform the industry -- an industry that clearly has been challenged."