“EMMS” traded as low as $1.17 on Thursday and closed at $1.22. Would-be purchaser Jeff Smulyan had already obtained the consent of enough shares of the common stock to take the company private. The problem was the nine holders of a block of Emmis preferred stock, and now both parts of the Emmis tender offer have been terminated. That produced an immediate reaction with the common stock, with price dropping to almost exactly half of Smulyan’s offer of $2.40. Late Thursday, Smulyan backer Alden Global Capital explained why it backed away from an apparent commitment to improve its offer, citing the higher leverage that would result. Follow the progress of Emmis stock here.