New week, same Emmis shareholders meeting
Other than it being really weird for the same shareholders meeting to convene for the 9th time this evening (9/8 at 6:00 pm ET) in Indianapolis, there’s nothing new to report regarding the soap opera “As Emmis Communications Turns.”
When we last left our would be buyout hero Jeff Smulyan, he had lost all financial backing from Alden Global Capital and had to report the disappointing news to the Emmis preferred shareholders that he wouldn’t be able to close on the still-undisclosed deal he’d struck with them. Talks last week failed to bring the parties back to an agreement, but Smulyan decided to keep trying and the long-running shareholders meeting was rescheduled for yet another attempt on Wednesday.
There’s been no announcement of any revised deal or any other indication that attempt #9 will be any more productive than the first eight. With Smulyan’s $2.40 buyout effort unlikely to succeed, the company’s stock price fell to $1.58 at the close on Tuesday.
Will Jeff find money and happiness? Will the shareholders ever get to cast their votes? Will this story ever end?
Tune in later for the next episode of “As Emmis Communications Turns.”