Emmis Shareholder Urges Sale Of Stations
September 17, 2007 at 5:30 AM (PT)
Dissident EMMIS COMMUNICATIONS shareholder FRANK MARTIN, whose firm MARTIN CAPITAL owns 9.7% of the company's stock, filed his discontent over the station's direction with the SEC FRIDAY, once again suggesting that the company sell its properties to return value to shareholders.
MARTIN has been critical in the past of CEO JEFF SMULYAN and the company's stock structure that gives SMULYAN voting control of the company with an ownership stake less than 20% (10 votes for each share, as opposed to one vote per common share); MARTIN's filing recounts a video conference call with outside EMMIS directors voicing his unhappiness with the company's direction.
SMULYAN's response, in a statement released by the company, stated, "Seems to me that Mr. MARTIN implicitly accepts management’s strategy and the rules and guidelines each time he purchases a share of EMMIS stock. We hear Mr. MARTIN’s concerns, and management will remain focused on creating shareholder value, but we don’t accept Mr. MARTIN’s request to destroy EMMIS and sell it in parts."