The seat on the Emmis Communications board of directors left vacant when Joseph Siegelbaum exited and was sued by the company remains vacant. The lawsuit, by the way, was settled, and now the board seat is going to be filled.
Under the terms of its 6.25% Series A Cumulative Convertible Preferred Stock, if Emmis fails to pay the preferred stock dividend for six consecutive quarters the preferred shareholders are entitle to elect two directors to the Emmis board. The non-payment of dividends has been the case for quite some time. David Gale currently holds one of the seats as elected by the preferred shareholders and Siegelbaum had held the other.
Preferred shareholders will vote April 2nd on who will fill the vacant seat. Nominations are due March 19th.
RBR-TVBR observation: If you’ve been on a remote island without Internet service for the past several months you may not be aware of the ongoing friction between Emmis and its preferred shareholders. You can get up to date on that front by clicking here. When and how will this saga end?