Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP
   2. Issuer Name and Ticker or Trading Symbol
EMMIS COMMUNICATIONS CORP [EMMS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O ALDEN GLOBAL CAPITAL, 885 THIRD AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
01/05/2010
(Street)

NEW YORK, NY 10022		 4. If Amendment, Date Original Filed(Month/Day/Year)
 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Cash-Settled Equity Swap (2) $ 1.163 02/08/2010 02/09/2010 P/K   3,400   02/08/2010 03/11/2011 Class A Common Stock 3,400 $ 1.16 1,504,513 D  
Cash-Settled Equity Swap (2) $ 1.152 02/09/2010 02/10/2010 P/K   10,250   02/09/2010 03/14/2011 Class A Common Stock 10,250 $ 1.15 1,514,763 D  
Cash-Settled Equity Swap (2) $ 1.139 02/10/2010 02/11/2010 P/K   5,260   02/10/2010 03/15/2011 Class A Common Stock 5,260 $ 1.14 1,520,023 D  
Cash-Settled Equity Swap (2) $ 1.106 02/11/2010 02/15/2010 P/K   37,200   02/11/2010 03/16/2011 Class A Common Stock 37,200 $ 1.11 1,557,223 D  
Cash-Settled Equity Swap (2) $ 0.942 02/24/2010 02/25/2010 P/K   9,400   02/24/2010 03/29/2011 Class A Common Stock 9,400 $ 0.94 1,566,623 D  
Cash-Settled Equity Swap (2) $ 0.895 02/25/2010 03/01/2010 P/K   83,900   02/25/2010 03/30/2010 Class A Common Stock 83,900 $ 0.9 1,650,523 D  
Cash-Settled Equity Swap (2) $ 0.875 02/26/2010 03/01/2010 P/K   12,857   02/26/2010 03/31/2011 Class A Common Stock 12,857 $ 0.88 1,663,380 D  
Cash-Settled Equity Swap (2) $ 0.9 03/01/2010 03/02/2010 P/K   6,100   03/01/2010 04/06/2011 Class A Common Stock 6,100 $ 0.9 1,669,480 D  
Cash-Settled Equity Swap (2) $ 1.15 03/18/2010 03/19/2010 P/K   200,000   03/18/2010 04/15/2011 Class A Common Stock 200,000 $ 1.15 1,869,480 D  
Cash-Settled Equity Swap (2) $ 1 03/19/2010 03/22/2010 P/K   99,937   03/19/2010 04/15/2011 Class A Common Stock 99,937 $ 1 1,969,417 D  
6.25% Series A Preferred (1) 03/29/2010 04/01/2010 P   72,563     (1)   (1) Class A Common Stock 177,053.72 $ 15.48 1,154,442 D  
6.25% Series A Preferred (1) 03/30/2010 04/05/2010 P   7,785     (1)   (1) Class A Common Stock 18,995.4 $ 15.13 1,162,227 D  
6.25% Series A Preferred (1) 03/31/2010 04/06/2010 P   510     (1)   (1) Class A Common Stock 1,244.4 $ 15.13 1,162,737 D  
Cash-Settled Equity Swap (2) $ 1.316 04/09/2010 04/12/2010 P/K   61,012   04/09/2010 04/15/2011 Class A Common Stock 61,012 $ 1.32 2,030,429 D  

Reporting Owners

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

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 4(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).
(1) The convertible preferred stock is convertible at any time, at the holder's election and has no expiration date. As disclosed in the Issuer's Annual Report on Form 10-K for the fiscal year ended February 28, 2009, each share of convertible preferred stock is convertible into a number of shares of common stock which is determined by dividing the liquidation preference of the shares of preferred stock ($50.00 per share) by the conversion price. The conversion price is $20.495, which results in a conversion ratio of 2.44 shares of common stock per share of preferred stock.
(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.
 
Remarks:
All securities are owned by Alden Global Distressed Opportunities Fund, LP.  Alden Global Distressed Opportunities Fund GP, LLC is the sole general partner of Alden Global Distressed Opportunities Fund, LP. Randall D. Smith is the managing member of Alden Global Distressed Opportunities Fund GP, LLC. Each of Alden Global Distressed Opportunities Fund GP, LLC and Mr. Smith disclaims beneficial ownership of such securities except to the extend of their respective pecuniary interest therein.

Form 2 of 2

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