Busy week for Emmis, which struck a deal with a Sam Zell-related fund for $35 million in funding, then sued a former board member for breach of fiduciary duty. Now Emmis says it will pay shareholder Alden Global Capital $15.75 for each of its 1,035,925 shares of Emmis preferred stock. As part of that agreement, there is a "mutual release" among Alden, former Emmis board member Joseph R. Siegelbaum, Emmis, its founder and CEO Jeff Smulyan, and various Smulyan-related entities. When the deal closes, Emmis will have the "right to direct the vote of approximately 56.8% of the outstanding preferred stock." The Indianapolis-based radio operator, publisher and new media company says it may do additional buybacks of its preferred stock. It has now drawn $28.5 million of the $35 million available under the deal with Zell Credit Opportunities Fund.