Emmis stockholder seeks to monetize assets, blasts board, CEO

By Lisa Kerner

Charlotte, N.C., April 23 - Emmis Communications Corp. shareholder Martin Capital Management, LLP senior partner Frank K. Martin informed the company he's aware of the rumored sale of its WQCD station for between $200 million and $250 million.

Martin said the opportunity to monetize WQCD could also be extended to KMVN, WKQX and WLUP.

"We have long felt that there is more value in Emmis than what the market price would suggest. Whether the CEO, ideally with the encouragement of a board that has been far too passive for far too long, will 1) take the strategic steps to realize that value and 2) share it equitably once realized remains the open question. Until shareholders receive an honest answer to that question the Emmis dollar will continue to trade for $.50," Martin wrote in an April 18 letter to Emmis board members and chief executive officer Jeff Smulyan. The letter was included in a schedule 13D filed with the Securities and Exchange Commission.

Martin said he will "continue to speak out against the injustices perpetrated against the majority shareholders by the Emmis CEO and the board of directors which, much to the satisfaction of the silenced majority, has recently begun to demonstrate some honest-to-goodness moxie," the letter said.

The investor beneficially owns 2,710,293 shares, or 8.4%, of the Indianapolis media company's outstanding stock.

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