Alden Sells Some Of Its Emmis Stock
November 12, 2010 at 4:28 AM (PT)
In the wake of the failed buyout attempt and lawsuit over the collapse of the deal, ALDEN GLOBAL CAPITAL has sold 450,000 of its Class A Common Shares of EMMIS COMMUNICATIONS. An SEC filing indicates that the shares were sold in four transactions, with 165,785 shares sold on NOVEMBER 4th at 80 cents/share, another 143,580 sold for the same price on the following day, 71,435 sold on MONDAY (11/8) for 77 cents each, and 69,200 sold on TUESDAY (11/9) for 78 cents/share.
ALDEN, which is being sued by JEFF SMULYAN's JS ACQUISITION for withdrawing from their joint bid to buy out the company and take it private, still owns 3,793,578.28 shares of Class A Common Stock (956,500 shares plus the 2,837,078.28 shares of common stock into which its 1,162,737 Preferred Shares can be converted) in EMMIS.