From today's TRI Newsletter: If Emmis Communications does gain voting control over 66.67% of its preferred stock, it could amend the rules under which the preferred stock operates in ways that would let Emmis management sleep a little better. For instance, it could "eliminate the rights of holders of preferred stock to nominate directors as a result of arrearages [non-payments] in dividends." That happened once already, and it was troublesome for Emmis. The company could also remove the ability of the preferred stockholders to make Emmis buy back their shares if there was a change of control or if Emmis went private. From the new SEC filing, we learn that Emmis currently has the right to direct the vote of about 61.3% of the outstanding shares of preferred stock. Emmis could issue some of the preferred shares in the treasury to a third party or parties who would agree to vote along with Emmis, and it would reach the magic 66.67% level. We also learn that Emmis just borrowed another $600,000 under its $35 million agreement with Zell Credit Opportunities Fund. Since it has used all four available draws, it can't make any more borrowings. To subscribe to the daily TRI Newsletter or any of other other newsletters from Radio-Info.com such as Urban First, Stark Country or 'connected', sign up here, at no charge.