“EMMS” lost 21 cents (about 11% of its price) on Monday to close at $1.75, and today it finished at $1.60. Founder/CEO Jeff Smulyan’s offer is $2.40 a share, but the trading price exceeded that number just very briefly, when Smulylan’s plan to take Emmis private was first announced. The distance away from $2.40 may suggest investor doubts about Smulyan’s ability to consummate his Alden Global Capital-fueled deal. The tender offer for the common stock expires at 5pm Eastern Time today. The Indianapolis Business Journal says the shareholder meeting is tonight at the Emmis corporate offices, downtown. The biggest impediment to Smulyan’s dream may be a stubborn block of holders of the company’s preferred stock.