From today's TRI Newsletter: Emmis CEO Jeff Smulyan faced a similar group of preferred shareholders in the Spring of 2010, when he tried to take Emmis private for the second time. Now Kevan Fight and Zazove Associates are back, as part of a lock-up group of preferred shareholders who agree to act together to (as they say) prevent the weakening of the position of those who owns Emmis’ 6.25% preferred stock. That’s the stock Emmis is tendering for, in a Dutch auction where it's giving preferred shareholders the right to offer a set number of shares and name a price they’d sell them at. But Kevan Fight and DJD Group, Zazove Associates and Corre Opportunities Fund tell the SEC they’re standing together. Among their goals: to keep Emmis from “removing its obligation to pay the amount of dividends that are currently accrued and unpaid.” Also to keep Emmis from “eliminating the rights of holders of preferred stock to nominate directors” to the board. What do they really want? Probably a sweeter deal. Emmis is also keeping its eye on another stock, its publicly-traded common stock, and the need to elevate it above $1 a share. "EMMS" closed Friday at 75 cents. To subscribe at no charge to the daily TRI Newsletter, or any other publications from Radio-Info.com, just click here.