If you’ve bought any shares of Emmis Communications lately there’s a good chance the previous owner was a fund managed by Alden Global Capital. Alden has been selling off its Emmis stake after nixing its deal with Emmis CEO Jeff Smulyan to take the company private.
According to an SEC filing on Wednesday (11/10) Alden is now down to 956,500 shares of the Class A common stock of Emmis. It had owned 4,243,578 shares of the Class A stock last April when it teamed with Smulyan to try to take the company private.
Still pending is the lawsuit that Smulyan filed against his former financial partner. That will likely drag on for some time. But then, the buyout effort also dragged on for some time!