The Indianapolis Business Journal reports that Emmis “did not receive enough votes from shareholders – either in person or by proxy – to reach a quorum” for tonight’s scheduled 6:30pm meeting. The IBJ says only five shareholders were there at Emmis headquarters at Monument Circle. Interestingly, founder/CEO Jeff Smulyan was not in the building. Later in the evening, Emmis announced that it is extending the offers to holders of both its common stock (“EMMS”) and its preferred stock. The latter group may have been the holdup, since 38.3% of its shares were to be voted against the deal, enough to kill it. Smulyan’s side says it is “continuing to negotiate” with the so-called “lock-up” group, but that it is “also considering other options, including an alternative structure that would still allow a tender offer for the Class A common stock to proceed without any changes to the terms of the preferred stock, and without an offer by Emmis to exchange the New Notes for the preferred stock.” Jeff Smulyan proposed to trade the current preferred stock for a new issue of 12% notes (debt) due 2017.