From today's TRI Newsletter: Kevan Fight was part of the “lock-up group” that recently agreed to vote its preferred shares together, hoping for a better deal in the Emmis “Dutch auction” buyback. It's likely that Emmis didn’t re-purchase as many shares as it wanted, and now Double Diamond Partners principal Kevan Fight uses $300,521 of his personal funds to buy 51,000 shares of Emmis’ 6.25% convertible preferred stock, He tells the SEC he may have some conversations with Emmis about its push to either acquire outright or control the voting rights to two-thirds of its preferred stock. Last Tuesday’s TRI told you that if Jeff Smulyan-run Emmis reaches that threshold, it could “amend the rules under which the preferred stock operates, in ways that would let Emmis management sleep better.” That could include eliminating the rights of preferred holders to nominate directors if dividends aren’t paid. Emmis currently has the right to direct 61.3% of the votes of its preferred shares. Kevan Fight may stand in CEO Jeff Smulyan’s way of getting to 66.67%. To begin receiving the daily TRI Newsletter from Radio-Info.com, at no charge, just click here.