Jeff Smulyan says in the suit that he believed Alden to be “fair and trustworthy individuals" who instead failed to live up to their word in the recent failed attempt to take Emmis Communications private. The lawsuit reported by the Indianapolis Business Journal fleshes out last week’s press release about the disagreement between Smulyan and Alden. He claims Alden agreed to improve the offer to the “lock-up block” of preferred shareholders from 60 cents on the dollar to 77.5% of the share value, with an adjustment to the interest rate. And that by August 5 the “lock-up block” agreed to the sweeter bid and that Alden okayed the new terms on August 6 and August 7. The suit alleges that Alden then backed away from the deal on August 20. Alden’s Randy Smith blamed a “precipitous” drop in radio industry assets for the decision not to go forward. Smulyan is claiming breach of contract and asking the court to award his JS Acquisition reimbursement of its “significant” costs.