A Dutch auction allows stockholders to "indicate how many shares and at what price(s) they wish to tender their shares, within the specified price range", says Emmis. The company will then make its own selection, and pay the same price for all the shares it agrees to buy. In this case, Emmis has set a range of paying between $12.50 and $15.56. The radio/publishing company has used the Dutch auction technique previously, and this time would do it to buy back more of the class of convertible preferred stock paying 6.25% interest. Last week, Emmis reached a deal with dissident shareholder Alden Global Capital to buy back all of Alden's preferred shares, for a deal worth about $16.3 million. That purchase will be funded by a recently-announced deal with a Sam Zell-related fund. So, apparently will this modified Dutch auction for up to $6 million in preferred shares.