Emmis Communications Corp (NASDAQ:EMMS)

Extra: Emmis Communications Corporation (NASDAQ: EMMS) is an asset play that was also brought to my attention by the investor who passed me TravelCenters of America. The CEO recently offered $2.40 to takeover the company. EMMS is now trading at $0.79. More recently, the company has succeeded in buying back preferred shares at $15.56. The deal has fallen apart in the past multiple times and people trying to arbitrage it have gotten burned. With a 52-week range topping at $1.34 and bottoming at $0.58, I'd say that at $0.79 there is serious upside to where the CEO tried to buy them out, over 200%. The risk here is low and the upside remains and the company has made progress escaping the death grip of the preferred shareholders. Target: $1.25-$1.75. Outperform.

http://beta.fool.com/bradford86/2012/02/08/whats-it-worth3/1805/

EMMS now flirting with a $4.00 to $3.00 status and is nothing but
junk.

The smart money did well shorting this dog and based on their lack of
ability to even make money in New York which is the #1DMA in the
country, I'd say this company is dead as management is void of any
idea of how to run the firm except into the ground.

The real tragedy here is the employees of the company who have been
sold a bill of goods.

Some will not even get jobs in the industry. Others have lost great
jobs. And some will have to take HUGE salary and position cuts and
even move out of New York unless they learn other trades.

I can't stress enough how important it is for those who can salvage
ANYTHING at this point to get out. Get out of the stock, get out of
the company.

EMMS is a sinking ship and it's going down fast.