sc13dza
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 6)*
Emmis Communications Corporation
(Name of Issuer)
Class A Common Stock, Par Value $0.01 Per Share
(Title of Class of Securities)
291525103
Jeffrey H. Smulyan
c/o Emmis Communications Corporation
One Emmis Plaza
40 Monument Circle, Suite 700
Indianapolis, IN 46204
(317) 266-0100
with a copy to:
James M. Dubin, Esq.
c/o Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019-6064
(212) 373-3000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 24, 2010
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the
acquisition which is the subject of this Schedule 13D, and is filing this schedule because of
§§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.
NOTE: Schedules filed in paper format shall include a signed original and five copies of the
schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* |
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The remainder of this cover page shall be filled out for a reporting persons initial filing on
this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover
page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act)
or otherwise subject to the liability of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
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CUSIP No. |
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291525 10 3 |
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1 |
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NAME OF REPORTING PERSON:
Jeffrey H. Smulyan |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
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(b) þ |
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SEC USE ONLY |
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SOURCE OF FUNDS: |
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OO |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): |
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CITIZENSHIP OR PLACE OF ORGANIZATION: |
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United States of America
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7 |
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SOLE VOTING POWER: |
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NUMBER OF |
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0 |
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SHARES |
8 |
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SHARED VOTING POWER: |
BENEFICIALLY |
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OWNED BY |
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6,261,9821 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER: |
REPORTING |
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PERSON |
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0 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER: |
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6,261,9821 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
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12,219,9921,2 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): |
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Approximately 29.14%3 |
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TYPE OF REPORTING PERSON: |
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IN |
1
Consists of (i) 8,441.4075 shares of Class A Common Stock held in Mr. Smulyans 401(k) Plan, (ii) 9,755
shares of Class A Common Stock held by Mr. Smulyan individually, (iii) 4,930,680 shares of Class B
Common Stock held by Mr. Smulyan individually, (iv) 11,120 shares of Class A Common Stock held by Mr.
Smulyan as trustee for his children, (v) 3,000 shares of Class A Common Stock held by Mr. Smulyan as
trustee for his niece, (vi) options to purchase 97,565 shares of Class A Common Stock that are
exercisable currently or within 60 days of May 26, 2010, (vii) options to purchase 1,170,796 shares
of Class B Common Stock that are exercisable currently or within 60 days of May 26, 2010 and (viii)
30,625 shares of Class A Common Stock held by The Smulyan Family Foundation, as to which Mr. Smulyan
shares voting and dispositive control. Each share of Class B Common Stock is convertible at any time
into one share of Class A Common Stock.
2
Includes: (i) 4,243,578.28 shares of Class A Common Stock beneficially owned by Alden Global Capital
Limited, Alden Global Distressed Opportunities Master Fund, L.P., Smith Management LLC (collectively, Alden),
as disclosed on Aldens Schedule 13D, filed on May 26, 2010, which consists of:
(x) 1,406,500 shares of Class A Common Stock that Alden holds and (y) 2,837,078.28 shares of
Class A Common Stock into which the 1,162,737 shares of 6.25% Series A Preferred Stock, $0.01 par value,
of the Issuer (the Preferred Stock) are convertible; and (ii) 1,714,431 shares of Class A
Common Stock held by the shareholders of the Issuer set forth in the Rollover Agreement,
dated May 24, 2010, by and among JS Acquisition, LLC and such shareholders.
3
The calculation of the foregoing percentage is based on (i) 32,905,904 shares of Class A Common Stock
outstanding as of April 30, 2010, as disclosed in the Issuers Annual Report on Form 10-K for the fiscal year
ended February 28, 2010, (ii) 2,837,078.28 shares of Class A Common Stock that would be issued upon conversion of
the 1,162,737 shares of 6.25% Series A Preferred Stock, $0.01 par value, of the Issuer held by Alden, as disclosed on
Aldens Schedule 13D filed on May 26, 2010, (iii) 6,101,476 shares of Class A Common Stock issuable upon
conversion of the shares of Class B Common Stock beneficially owned by Mr. Smulyan (including upon the exercise of options
to purchase shares of Class B Common Stock held by Mr. Smulyan that are exercisable currently
or within 60 days of May 26, 2010) and (iv) the 97,565 shares of Class A Common Stock issuable upon the exercise of options
to purchase shares of Class A Common Stock held by Mr. Smulyan that are exercisable currently or within 60 days
of May 26, 2010. Each share of Class B Common Stock is convertible at any time
into one share of Class A Common Stock. Holders of Class A Common Stock and Class B Common stock
vote as a single class in all matters submitted to a vote of the stockholders, with each share of
Class A Common Stock entitled to one vote per share and each share of Class B Common Stock entitled
to ten votes per share, except (a) with respect to any Going Private Transaction (as such term is
defined in the Issuers articles of incorporation) between the Issuer and the Reporting Person, any
affiliate of the Reporting Person and any group of which the Reporting Person or any affiliate of the
Reporting Person is a member, in which case the holders of Class A Common Stock and Class B Common Stock
shall vote as a single class, with each share of Class A Common Stock and Class B Common Stock entitled to
one vote and (b) as otherwise provided in the Issuers articles of incorporation or as otherwise
provided by law. The shares of Preferred Stock have no voting rights. The shares deemed to be beneficially
owned by the Reporting Persons represent approximately 69.31% of the combined voting power of the outstanding
shares of Class A Common Stock and Class B Common Stock, voting together as a single class.
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CUSIP No. |
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291525 10 3 |
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3 |
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of |
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1 |
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NAME OF REPORTING PERSON:
JS Acquisition, Inc. |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
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(a) o |
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(b) þ |
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3 |
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SEC USE ONLY |
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SOURCE OF FUNDS: |
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OO |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): |
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o |
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CITIZENSHIP OR PLACE OF ORGANIZATION: |
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United States of America
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7 |
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SOLE VOTING POWER: |
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NUMBER OF |
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0 |
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SHARES |
8 |
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SHARED VOTING POWER: |
BENEFICIALLY |
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OWNED BY |
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6,261,9821 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER: |
REPORTING |
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PERSON |
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0 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER: |
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6,261,9821 |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
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12,219,9921,2 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): |
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Approximately 29.14%3 |
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TYPE OF REPORTING PERSON: |
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CO |
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CUSIP No. |
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291525 10 3 |
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4 |
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of |
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1 |
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NAME OF REPORTING PERSON:
JS Acquisition, LLC |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
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(a) o |
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(b) þ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS: |
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OO |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): |
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o |
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CITIZENSHIP OR PLACE OF ORGANIZATION: |
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United States of America
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7 |
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SOLE VOTING POWER: |
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NUMBER OF |
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0 |
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SHARES |
8 |
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SHARED VOTING POWER: |
BENEFICIALLY |
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OWNED BY |
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6,261,9821 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER: |
REPORTING |
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PERSON |
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0 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER: |
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6,261,9821 |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
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12,219,9921, 2
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): |
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Approximately 29.14%3 |
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14 |
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TYPE OF REPORTING PERSON: |
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OO |
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CUSIP No. |
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291525 10 3 |
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Amendment No. 6 to Schedule 13D
This Amendment No. 6 to Schedule 13D is being filed by (i) Jeffrey H. Smulyan, an individual,
(ii) JS Acquisition, Inc., an Indiana corporation (JS Acquisition, Inc.), and (iii) JS
Acquisition, LLC, an Indiana limited liability company (JS Acquisition, LLC and, together with
Mr. Smulyan and JS Acquisition, Inc., the Reporting Persons) and relates to the Class A Common
Stock, par value $0.01 per share (the Class A Common Stock), of Emmis Communications Corporation,
an Indiana corporation (the Issuer). The Schedule 13D filed on October 3, 1995 by Mr. Smulyan,
as amended and restated by Amendment No. 1 filed by Mr. Smulyan on May 10, 2006, as amended and
supplemented by Amendment No. 2 filed by Mr. Smulyan on August 7, 2006 as amended and restated by
Amendment No. 3 filed by Mr. Smulyan on September 18, 2006, as amended and supplemented by
Amendment No. 4 filed by Mr. Smulyan on January 12, 2010, as amended and supplemented by Amendment
No. 5 filed by Mr. Smulyan on April 27, 2010, is hereby amended and supplemented by the Reporting
Persons as set forth below in this Amendment No. 6. Capitalized terms used but not otherwise
defined herein have the meanings ascribed to them in the Schedule 13D, as amended and filed with
the Securities and Exchange Commission.
Item 2. Identity and Background.
The disclosure in Item 2 is hereby amended to add the following:
(a), (f) In connection with the transactions described in Item 4 and Item 5 below, this
Amendment No. 6 to Schedule 13D includes the following new Reporting Persons: (i) JS Acquisition,
Inc., an Indiana corporation, and (ii) JS Acquisition, LLC, an Indiana limited liability company.
(b) The business addresses of JS Acquisition, Inc. and JS Acquisition, LLC is c/o James
A. Strain, Taft Stettinius & Hollister LLP, One Indiana Square, Suite 3500, Indianapolis, Indiana
46204
(c) The principal business of JS Acquisition, Inc. and JS Acquisition, LLC will be the
operation of the business of the Issuer upon the consummation of the transactions described in Item
4 and Item 5.
(d) During the past five years, none of the Reporting Persons has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the past five years, none of the Reporting Persons has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as a result of
such proceeding, was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
(f) Each of the Reporting Persons is a citizen of the United States of America.
The Reporting Persons have entered into a joint filing agreement, dated as of May 26, 2010,
a copy of which is attached hereto as Exhibit 1.
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CUSIP No. |
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Item 4. Purpose of Transaction.
The disclosure in Item 4 is hereby amended and restated as follows:
On May 24, 2010, Mr. Smulyan, Alden Global Distressed Opportunities Master Fund, L.P., Alden
Global Value Recovery Master Fund, L.P., Alden Media Holdings, LLC and JS Acquisition, LLC, entered
into a Securities Purchase Agreement (the Securities Purchase Agreement) pursuant to which (i) JS
Acquisition, Inc., a corporation owned by JS Acquisition, LLC and Mr. Smulyan, will commence a
tender offer (the Tender Offer) to purchase all of the issued and outstanding shares of Class A
Common Stock at a price of $2.40 per share in cash; (ii) it is expected that the Issuer will launch
an exchange offer (the Exchange Offer), whereby it will offer to issue new 12% PIK Senior
Subordinated Notes due 2017 (the New Notes) in exchange for the Issuers existing 6.25% Series A
Cumulative Convertible Preferred Stock, par value $0.01 per share (the Preferred Stock) at a rate
of $30.00 principal amount of New Notes for each $50.00 liquidation preferred of Preferred Stock;
(iii) it is expected that the Issuer will solicit proxies for, and subsequently file, proposed
amendments to its amended and restated articles of incorporation (the Proposed Amendments); and
(iv) it is expected that following the consummation of the Tender Offer, JS Acquisition, Inc. will
merge with and into the Issuer pursuant to the Merger Agreement (as described below).
Pursuant to the Securities Purchase Agreement, Alden Media Holdings, LLC will provide all
necessary funds for the Tender Offer and the other transactions contemplated under the Securities
Purchase Agreement, and Alden Media Holdings, LLC will purchase for an aggregate $90 million in
cash, subject to adjustment, certain interests in JS Acquisition, LLC.
Mr. Smulyan, on behalf of himself and his affiliates, has agreed to vote, and has given a
proxy to Alden Media Holdings, LLC to vote, his and their shares of stock of the Issuer in favor of
the proposal to adopt the Proposed Amendments and for the merger of JS Acquisition, Inc. with and
into the Issuer. Alden has also agreed to vote, and has given a proxy to JS Acquisition, LLC to
vote, its shares of Class A Common Stock and Preferred Stock in favor of the proposal to adopt the
Proposed Amendments and for the merger of JS Acquisition, Inc. with and into the Issuer.
Pursuant to the Rollover Agreement (the Rollover Agreement), dated May 24, 2010, by and
among JS Acquisition, LLC and the shareholders of the Issuer set forth in the Rollover Agreement
(the Rollover Shareholders), each Rolling Shareholder will be issued certain interests in JS
Acquisition, LLC in exchange for contributing its shares of Class A Common Stock to the Issuer for
cancellation immediately prior to the Merger. The Rolling Shareholders consist of friends, family
and other associates of Mr. Smulyan, including certain officers and employees of the Issuer. Each
Rolling Shareholder has agreed to vote, and has given a proxy to JS Acquisition, LLC to vote, its
shares of Class A Common Stock in favor of the proposal to adopt the Proposed Amendments and for
the Merger.
After giving effect to the issuance of interests in JS Acquisition, LLC to (i) Alden Media
Holdings, LLC pursuant to the Securities Purchase Agreement and (ii) the Rollover Shareholders
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pursuant to the Rollover Agreement, Mr. Smulyan shall retain the remaining interests in JS
Acquisition, LLC.
Pursuant to the Agreement and Plan of Merger, by and among the Issuer, JS Acquisition, LLC and
JS Acquisition, Inc., dated as of May 25, 2010 (the Merger Agreement), (i) each share of
Preferred Stock (other than the Preferred Stock held by Alden and its affiliates) not exchanged for
the New Notes will be converted into the right to receive $5.856 per share in cash, (ii) each share
of Preferred Stock held by Alden will be converted into New Notes at a rate of $30.00 principal
amount of New Notes per $50.00 of liquidation preference of Preferred Stock and (iii) each share of
Class A Common Stock (other than certain shares held by JS Acquisition, LLC, JS Acquisition, Inc.,
Mr. Smulyan and the Rollover Shareholders) will be converted into the right to receive $2.40 per
share in cash. JS Acquisition, Inc. will merge with and into the Issuer, with the Issuer remaining
as the surviving corporation, as a subsidiary of JS Acquisition, LLC (the Merger). The Merger is
subject to the satisfaction or waiver of certain conditions, including the adoption of the Merger
Agreement by the Issuers shareholders by the affirmative vote of a majority of all votes entitled
to be cast. If the various minimum conditions in Tender Offer are satisfied, JS Acquisition, LLC,
JS Acquisition, Inc., Mr. Smulyan, Alden and the Rollover Shareholders would have sufficient voting
power to approve the Merger without the affirmative vote of any other shareholder of the Issuer.
Upon the consummation of the Merger, Mr. Smulyan will hold all of the shares of a newly issued
class of voting common stock of the Issuer, and JS Acquisition, LLC will hold all of the shares of
a newly issued class of non-voting common stock of the Issuer.
The Securities Purchase Agreement, the Rollover Agreement and the Merger Agreement have been
attached hereto as Exhibit 2, Exhibit 3 and Exhibit 4, respectively. The foregoing description of
the Securities Purchase Agreement, the Rollover Agreement and the Merger Agreement does not purport
to be complete and is qualified in its entirety by reference to the Securities Purchase Agreement,
the Rollover Agreement and the Merger Agreement, respectively.
Item 5. Interest in Securities of the Issuer.
The disclosure in Item 5 is hereby amended and restated as follows:
(a)-(b) As of May 26, 2010, the Reporting Persons may be deemed to beneficially own 6,118,516
shares of Class A Common Stock and 6,101,476 shares of Class B Common Stock, which are convertible
into shares of Class A Common Stock at any time on a share-for-share basis. The shares of Common
Stock that the Reporting Person may be deemed to beneficially own consist of:
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(i) |
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8,441.4075 shares of Class A Common Stock held in the 401(k) Plan; |
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(ii) |
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9,755 shares of Class A Common Stock held by Mr. Smulyan
individually; |
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(iii) |
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11,120 shares of Class A Common Stock held by Mr. Smulyan for
his children over which Mr. Smulyan exercises or shares voting control; |
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3,000 shares of Class A Common Stock held by Mr. Smulyan as
trustee for his niece over which Mr. Smulyan exercises or shares voting
control; |
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(v) |
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options to purchase 97,565 shares of Class A Common Stock that
are exercisable currently or within 60 days of May 26, 2010; |
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(vi) |
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30,625 shares of Class A Common Stock held by The Smulyan
Family Foundation, as to which Mr. Smulyan shares voting control; |
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(vii) |
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4,930,680 shares of Class B Common Stock held by Mr. Smulyan
individually; |
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(viii) |
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options to purchase 1,170,796 shares of Class B Common Stock that are
exercisable currently or within 60 days of May 26, 2010 |
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(ix) |
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4,243,578.28 shares of Class A Common Stock beneficially owned
by Alden, as disclosed on Aldens Schedule 13D, filed on May 26, 2010, which
consists of: (i) 1,406,500 shares of Class A Common Stock that Alden holds and
(ii) 2,837,078.28 shares of Class A Common Stock into which the 1,162,737
shares of Preferred Stock are convertible; and |
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(x) |
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1,714,431 shares of Class A Common Stock held by the Rollover
Shareholders. |
The following is the information required by Item 2 of this Schedule with respect to each
person with whom the Reporting Persons share the power to vote or to direct the vote or to dispose
or direct the disposition:
(a) RONALD E. ELBERGER
(b) The business address of Mr. Elberger is 135 North Pennsylvania Street, Suite 2700,
Indianapolis, IN 46204.
(c) The present principal occupation of Mr. Elberger is Attorney/Partner with Bose,
McKinney & Evans, LLP.
(d) During the past five years, Mr. Elberger has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) During the past five years, Mr. Elberger has not been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and as a result of such
proceeding, was or is subject to a judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
(f) Mr. Elberger is a citizen of the United States of America.
(a) BRUCE JACOBSON
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(b) The business address of Mr. Jacobson is 800 East 96th Street, Suite 500, Indianapolis,
IN 46240.
(c) The present principal occupation of Mr. Jacobson is Senior Vice President of KSM
Business Services; he is a retired partner of Katz, Sapper & Miller LLP.
(d) During the past five years, Mr. Jacobson has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) During the past five years, Mr. Jacobson has not been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and as a result of such
proceeding, was or is subject to a judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
(f) Mr. Jacobson is a citizen of the United States of America.
(a) GARY KASEFF
(b) The business address of Mr. Kaseff is 3500 W. Olive Avenue, Suite 1450, Burbank, CA
91505.
(c) The present principal occupation of Mr. Kaseff is employee and director of the Issuer
and certain of its subsidiaries.
(d) During the past five years, Mr. Kaseff has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) During the past five years, Mr. Kaseff has not been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of such
proceeding, was or is subject to a judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
(f) Mr. Kaseff is a citizen of the United States of America.
The shares that the Reporting Persons may be deemed to beneficially own represent
approximately 29.14% of the outstanding shares of Class A Common Stock and 69.31% of the combined
voting power of the outstanding shares of Class A Common Stock and Class B Common Stock, voting
together as a single class. Holders of Class A Common Stock and Class B Common stock vote as a
single class in all matters submitted to a vote of the stockholders, with each share of Class A
Common Stock entitled to one vote per share and each share of Class B Common Stock entitled to ten
votes per share, except (a) with respect to any Going Private Transaction (as such term is defined
in the Issuers articles of incorporation) between the Issuer and Mr. Smulyan, any affiliate of Mr.
Smulyan and any group of which Mr. Smulyan or any affiliate of Mr. Smulyan is a member, in which
case the holders of Class A Common Stock and Class B Common Stock shall vote as a single class,
with each share of Class A Common Stock and Class B Common Stock entitled to one vote and (b) as
otherwise provided in the Issuers articles of incorporation or as otherwise provided by law. The
shares of Preferred Stock have no
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voting rights.
The percentage of the Class A Common Stock that the Reporting Persons may be deemed to
beneficially own as set forth in this Item 5 is calculated based on: (i) 32,905,904 shares of Class
A Common Stock of the Issuer outstanding as of April 30, 2010, as disclosed in the Issuers Annual
Report on Form 10-K for the fiscal year ended February 28, 2010; (ii) 2,837,078.28 shares of Class
A Common Stock that would be issued upon conversion of the 1,162,737 shares of Preferred Stock held
by Alden, as disclosed on Aldens Schedule 13D filed on May 26, 2010; (iii) 6,101,476 shares of
Class A Common Stock issuable upon conversion of the shares of Class B Common Stock beneficially
owned by Mr. Smulyan (including upon the exercise of options to purchase shares of Class B Common
Stock held by Mr. Smulyan that are exercisable currently or within 60 days of May 26,
2010); and (iv) the 97,565 shares of Class A Common Stock issuable upon the exercise of options to
purchase shares of Class A Common Stock held by Mr. Smulyan that are exercisable currently or
within 60 days of May 26, 2010.
The percentage of the combined voting power of the outstanding shares of Class A Common Stock
and Class B Common Stock, voting together as a single class, that the Reporting Person may be
deemed to beneficially own as set forth in this Item 5 is calculated based on: (i) the number of
outstanding shares of Class A Common Stock set forth in clause (i) of the immediately preceding
paragraph;
(ii) the number of shares of Class A Common Stock that would be issuable upon conversion
of the shares of Preferred Stock held by Alden set forth in clause (ii)
of the immediately preceding paragraph;
(iii) 4,930,680 shares of Class B Common Stock outstanding as of April 30, 2010; (iv)
the number of shares of Class B Common Stock issuable upon the exercise of options to purchase
shares of Class B Common Stock held by Mr. Smulyan that are exercisable currently or within 60 days
of May 26, 2010, if any; and (v) the number of shares of Class A Common Stock issuable upon the
exercise of options to purchase shares of Class A Common Stock held by Mr. Smulyan that are
exercisable currently or within 60 days of May 26, 2010, if any.
In addition, pursuant to Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
the Reporting Persons and entities controlled by the Reporting Persons may be considered to be a
group with Alden and its affiliates and/or a group with the Rolling Shareholders. Therefore
shares beneficially owned by Alden and its affiliates and/or the Rolling Shareholders may be
attributed to the Reporting Persons. The Reporting Persons disclaim any membership or
participation in a group with Alden and its affiliates or a group with the Rolling
Shareholders.
Except as otherwise provided in Item 2, Item 4 or this Item 5, no one other than the Reporting
Persons has the power to vote or to direct the vote, and the power to dispose or to direct the
disposition of, the shares of Class A Common Stock that the Reporting Persons may be deemed to
beneficially own.
(c) Except as otherwise provided in Item 2, Item 4 or this Item 5, the Reporting Persons
have not effected any transactions in the Class A Common Stock or the Class B Common Stock during
the past 60 days.
(d) Except as otherwise described in Item 2, Item 4 or this Item 5, no one other than the
Reporting Persons has the right to receive, or the power to direct the receipt of, dividends from,
or the proceeds from the sale of, any of the securities of the Issuer beneficially
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owned by the Reporting Persons as described in Item 5.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationship with Respect to Securities of the Issuer.
The disclosure in Item 6 is hereby amended and supplemented by deleting the second paragraph
thereof and replacing it with the following:
The information set forth in response to this Item 6 is qualified in its entirety by
reference to the Securities Purchase Agreement, the Rollover Agreement and the Merger Agreement,
which are incorporated herein by reference.
Item 7. Material to be Filed as Exhibits
Item 7 is hereby amended and restated as follows:
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Exhibit No. |
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Description |
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Filed With |
1
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Joint Filing Agreement dated
as of May [26], 2010, by and
among the Reporting Persons.
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Filed with Amendment No. 6 |
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2
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Securities Purchase Agreement,
dated May 24, 2010, by and
among Mr. Jeffrey H. Smulyan,
Alden Global Distressed
Opportunities Master Fund,
L.P., Alden Global Value
Recovery Master Fund, L.P.,
Alden Media Holdings, LLC and
JS Acquisition, LLC.
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Filed with Amendment No. 6 |
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3
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Rollover Agreement, dated May
24, 2010, by and among JS
Acquisition, LLC and the
shareholders of the Issuer set
forth in the Rollover
Agreement.
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Filed with Amendment No. 6 |
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4
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Agreement and Plan of Merger,
dated as May 25, 2010, by and
among the Emmis Communications
Corporation, JS Acquisition,
LLC and JS Acquisition, Inc. (incorporated herein by reference to Exhibit 2.1 of Emmis Communications Corporations
Current Report on Form 8-K filed May 26, 2010).
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Filed with Amendment No. 6 |
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief, the undersigned
certifies that the information set forth in this statement is true, complete and correct.
Dated: May 26, 2010
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/s/ Jeffery H. Smulyan |
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Jeffrey H. Smulyan |
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JS ACQUISITION, INC. |
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By:
Name:
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/s/ Jeffery H. Smulyan
Jeffery H. Smulyan
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Title:
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President |
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JS ACQUISITION, LLC |
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By:
Name:
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/s/ Jeffery H. Smulyan
Jeffery H. Smulyan
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Title:
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Manager |
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