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Wednesday, September 8, 2010

Postponement #9 for Emmis CEO Jeff Smulyan: no shareholder meeting tonight

Emmis

The Indianapolis Business Journal says the familiar routine continues: a special shareholder meeting not held, because there’s still no agreement among the “lock-up block” of preferred shareholders, Smulyan, and his backer (Alden Global Capital). The preferred shareholders have 38% of the stock and want a better deal from what was announced by Smulyan on May 25. Alden apparently agreed to richer terms, but then thought better of the “agreement in principle.” Tonight’s scheduled 6:30pm meeting didn’t happen, but the Business Journal says they’ll try for an 8:30 meeting tomorrow.

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