Thursday night’s scheduled 6:30 special shareholders meeting about founder Jeff Smulyan’s intention to take it private didn’t happen, and the Indianapolis Business Journal reports there’s a possible 8:30am meeting today (9/3). For Smulyan, the obstacle remains the “lock-up block” of owners of Emmis preferred stock, the ones who mostly bought after Jeff announced his intention to take the company private on May 25. They want better terms, but Smulyan backer Alden Global Capital changed its mind after Jeff thought they were with him on an enriched offer. Earlier this week, Smulyan said in a statement that it is now “unlikely that an agreement will be reached with either Alden or the group of holders of preferred stock.” Smulyan is offering the “preferreds” $30 in new Emmis debt for each $50 face value of current preferred stock – 60 cents on the dollar. As for Emmis common stock, it rose 8 cents to $1.59 on Thursday. But that’s still far from Smulyan’s offer of $2.40 a share, suggesting that Wall Street is doubtful about the immediate prospects. Smulyan’s bid values radio station owner and magazine publisher Emmis Communications at around $90 million.