“EMMS” hits its lowest levels since April, before founder and CEO Jeff Smulyan announced his intention to take the company private at $2.40 a share. The stumbling block has been some holders of Emmis preferred stock, and owners of Emmis common stock continue to express skepticism that the fractured deal can be mended. Monday morning, Smulyan announced his own backer, Alden Global Capital, had reversed course and declined to go forward with a richer offer to the preferred stockholders. There is still a Thursday evening special stockholder meeting on the docket, but the continuing slide in the stock price to levels near $1.50 suggests Wall Street doubts Smulyan can win on the current terms.