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Emmis hearing on shareholder plan continued

IBJ Staff
June 1, 2012
Keywords
Emmis Communications, Media & Marketing, Radio Station Owners
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A federal judge has continued a Friday hearing to determine whether Emmis Communications Corp. can move forward with a proposal to strip preferred shareholders of their right to collect millions of dollars in dividends.

Judge Sarah Evans Barker said in a late Thursday filing that she wants Emmis to submit an amended proxy statement reflecting changes that would result from the proposal. The hearing will occur within 30 days of receiving the proxy.

The shareholders are attempting to block the plan and have asked a judge to issue a preliminary injunction to prevent Emmis from holding a special meeting where investors would vote on the plan to weaken preferred shareholders’ rights.
 

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