Emmis Sues Former Director For Allegedly Leaking Information

Suing Joe Siegelbaum

The other shoe has dropped in the departure of JOE SIEGELBAUM from EMMIS COMMUNICATIONS CORP.'s board with the disclosure that EMMIS has sued the partner at GOODWIN PROCTER LLP for allegedly leaking information that led to the end of the company's attempt to settle a dispute with a major investor over its stock buyback bid.

EMMIS, which informed the SEC of SIEGELBAUM's departure last WEDNESDAY and said at the time that "the resignation was not due to any disagreement with EMMIS on any matter relating to EMMIS' operations, policies or practices" (NET NEWS 11/17), filed suit FRIDAY in MARION COUNTY (IN) Superior Court alleging that SIEGELBAUM, who served on the board from JULY 13th through last TUESDAY (11/15), gave ALDEN CAPITAL GROUP information after a confidential board meeting that led to ALDEN canceling a settlement offer that would have sold ALDEN's stock to EMMIS at $15/share and settled litigation over the buyout attempt.

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