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Pacers owner teams with Smulyan to buy Emmis stock

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Herb Simon, owner of the Indiana Pacers and co-founder of Simon Property Group Inc., has formed a partnership with Jeff Smulyan to purchase as much as 4 percent of Emmis Communications Corp. stock.

A regulatory filing late Friday afternoon says Smulyan's and Simon's company, HSJS LLC, had acquired 585,980 Class A shares before implementing a purchase plan late in the week to buy up to an additional 1 million shares at prices not greater than $2 apiece. After instituting that plan with the investment firm Stifel Nicolaus & Co., HSJS bought 98,100 shares at an average price of $1.48, bringing its holdings to 684,080 shares. Those holdings are worth about $1.02 million.

Smulyan is Emmis' CEO and its controling shareholder. But this is the first time Securities and Exchange Commission records list Simon acquiring Emmis stock.

Simon could not be reached, but Smulyan said the purchases reflect their shared confidence in the future of the company.

“We’re doing something a little different,” he said. “We’ve known each other for many, many years.”

Indianapolis-based Emmis in recent years has flirted with having its stock delisted from the NASDAQ stock exchange because it has struggled to maintain a share price above $1. Earlier this month, Emmis managed to avoid the latest delisting threat when its stock closed above $1 for 10 consecutive trading days.

The stock surged above $1 in late April after the company reached a radio station deal and related financing agreement that will bring the company $92.5 million in capital it plans to use to pay down debt.

Several Emmis officers have purchased company stock recently, including Gregory Loewen, chief strategy officer and president of its publishing division, who bought 72,011 shares for $1.35 each. Patrick Walsh, chief financial officer, bought 50,255 shares for $1.30 each and Richard Cummings, president of Emmis Radio Programming, nabbed 35,000 shares for $1.35 each.
 

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  1. OK Larry, let's sign Lance, shore up the PG and let's get to the finals.

  2. A couple of issues need some clarification especially since my name was on the list. I am not sure how this information was obtained and from where. For me, the amount was incorrect to begin with and the money does not come to me personally. I am guessing that the names listed are the Principal Investigators (individual responsible for the conduct of the trail) for the different pharmaceutical trials and not the entity which receives the checks. In my case, I participate in Phase II and Phase III trials which are required for new drug development. Your article should differentiate the amount of money received for consulting, for speaking fees, and for conduct of a clinical trial for new drug development. The lumping of all of these categories may give the reader a false impression of physicians just trying to get rich. The Sunshine Law may help to differentiate these categories in the future. The public should be aware that the Clinical Trial Industry could be a real economic driver for Indiana since these revenues supports jobs and new job creation. Nationally, this account for 10-20 billion which our State is missing out on to a large degree. Yes, new drug and technology development has gotten most of the attention (e.g. CTSI, BioCrossroads, etc.) However, serious money is being left on the table by not participating in the clinical trials to get those new drugs and medical devices on the market!!!! I guess that this is not sexy enough for academia.

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