Disgruntled investor throws in the towel


Remember Arnhold and S. Bleichroeder Advisers LLC, one of the big shareholders pressing Emmis to do a buyout deal to cash out public shareholders? (10/26/07 RBR #210) Well, the investment group says it no longer owns over 5% of Emmis’ stock and may sell more, due to its disappointment that nothing has happened to enhance shareholder value.

Bleichroeder Advisers still owns 1,434,000 Emmis shares, but no longer has to file reports on how large (or small) its stake is. It is playing close to its vest on whether or not it will sell off the rest of the shares right away.

“The Reporting Person is disappointed that no actions or plans have been announced by the Board of Directors to realize for the benefit of shareholders the intrinsic value of the Issuer’s assets. The Reporting Person continues to believe that the Board of Directors of the Issuer should take aggressive action to explore all options available to the Issuer to create shareholder value, including, but not limited to, a potential going private transaction with the Issuer’s Chairman and CEO Jeffrey Smulyan, to the extent one is feasible in light of current industry and market conditions,” Bleichroeder Advisers said in its latest SEC filing. It left the door open to sell shares, buy shares, engage in short selling or hedging, or any other actions with regard to Emmis’ stock.