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Another Investor Challenges Smulyan's Emmis Buyout Bid
May 19, 2006 at 5:27 AM (PT)
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MARTIN CAPITAL has become the second institutional investor to announce that it will challenge EMMIS Chairman.CEO JEFF SMULYAN's plan to buy up all outstanding shares of the company and take it private.
The INDIANAPOLIS STAR's JOHN KETZENBERGER reports that MARTIN CAPITAL Managing Partner FRANK MARTIN has sent a three page letter to SMULYAN calling SMULYAN's move "unfair to the shareholders" and asserting that because SMULYAN can block competing deals due to his ownership of a second class of stock nobody else owns, he has "effectively negated the safeguards inherent in a system that depends on checks and balances."

