TimeOut Chicago's Robert Feder hears there is an all-hands staff meeting this morning at modern rock "Q101" WKQX and classic rock "Loop" WLUP (97.9). CEO Jeff Smulyan and CFO Pat Walsh are supposedly in town and may appear with Chicago market manager Marv Nyren. The sensational rumor in the Windy City is that Randy Michaels, former head of crosstown Tribune Company, is playing some kind of role. Emmis has been saying in SEC filings that it would consider selling a New York FM (WRXP at 101.9) or its two FMs in Chicago. It faces covenant issues with lenders in September, and a station sale would help.