Edgar Filing: SMITH RANDALL D

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP

2. Date of Event Requiring Statement (Month/Day/Year)
01/04/2010

3. Issuer Name and Ticker or Trading Symbol
EMMIS COMMUNICATIONS CORP [EMMS]

(Last)

(First)

(Middle)

C/O ALDEN GLOBAL CAPITAL,Â 885 THIRD AVENUE

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

NEW YORK,Â NYÂ 10022

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	1,406,500	D	Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Cash-Settled Equity Swap ⁽²⁾	12/22/2009	02/22/2011	Class A Common Stock	15,500	$ 1.188	D	Â
Cash-Settled Equity Swap ⁽²⁾	12/23/2009	02/22/2011	Class A Common Stock	5,000	$ 1.178	D	Â
Cash-Settled Equity Swap ⁽²⁾	12/24/2009	02/22/2011	Class A Common Stock	5,000	$ 1.196	D	Â
Cash-Settled Equity Swap ⁽²⁾	01/04/2010	01/20/2011	Class A Common Stock	34,000	$ 1.199	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE NEW YORK,Â NYÂ 10022	Â	Â X	Â	Â
Alden Global Distressed Opportunities Fund GP, LLC C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE NEW YORK,Â NYÂ 10022	Â	Â X	Â	Â
SMITH RANDALL D C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE NEW YORK,Â NYÂ 10022	Â	Â X	Â	Â

Signatures

/s/ Jim Plohg, Vice President, Alden Global Distressed Opportunities Fund GP, LLC, General Partner for Alden Global Distressed Opportunities Fund, LP		04/26/2010
^**Signature of Reporting Person		Date
/s/ Jim Plohg, Vice President, Alden Global Distressed Opportunities Fund GP, LLC		04/26/2010
^**Signature of Reporting Person		Date
/s/ Randall D. Smith		04/26/2010
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(2)	Swaps are not counted for purposes of determining 10% beneficial ownership. These contracts do not give the Reporting Persons direct or indirect voting, investment or dispositive control over any securities of the Issuer and do not require the counterparties thereto to acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership in securities that may be referenced in such contracts or that may be held from time to time by any counterparties to the contracts.
Â Remarks: AllÂ securitiesÂ areÂ ownedÂ byÂ AldenÂ GlobalÂ DistressedÂ OpportunitiesÂ Fund,Â LP.Â Â AldenÂ GlobalÂ DistressedÂ OpportunitiesÂ FundÂ GP,Â LLCÂ isÂ theÂ soleÂ generalÂ partnerÂ ofÂ AldenÂ GlobalÂ DistressedÂ OpportunitiesÂ Fund,Â LP.Â Â Â RandallÂ D.Â SmithÂ isÂ theÂ managingÂ memberÂ ofÂ AldenÂ GlobalÂ DistressedÂ OpportunitiesÂ FundÂ GP,Â LLC.Â Â Â EachÂ ofÂ AldenÂ GlobalÂ DistressedÂ OpportunitiesÂ FundÂ GP,Â LLCÂ andÂ Mr.Â SmithÂ disclaimsÂ beneficialÂ ownershipÂ ofÂ suchÂ securitiesÂ exceptÂ toÂ theÂ extendÂ ofÂ theirÂ respectiveÂ pecuniaryÂ interestÂ therein. FormÂ 3Â ofÂ 3.

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