Edgar Filing: EMMIS COMMUNICATIONS CORP

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 Capital Ltd

2. Date of Event Requiring Statement (Month/Day/Year)
05/03/2010

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

(Last)

(First)

(Middle)

1ST FL, LIBERATION STATION, ESPLANADE,Â ST. HELIER

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)

JERSEY CHANNEL ISLANDS,Â X0Â JES 3AS

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)
6.25% Series A Preferred Stock	Â ⁽¹⁾	Â ⁽¹⁾	Class A Common Stock	2,837,078.28	$ ⁽¹⁾	D	Â
Cash-Settled Equity Swap ⁽²⁾	10/13/2009	02/22/2011	Class A Common Stock	100,000	$ 0.9	D	Â
Cash-Settled Equity Swap ⁽²⁾	10/19/2009	02/22/2011	Class A Common Stock	65,700	$ 1.515	D	Â
Cash-Settled Equity Swap ⁽²⁾	10/21/2009	02/22/2011	Class A Common Stock	101,100	$ 1.437	D	Â
Cash-Settled Equity Swap ⁽²⁾	10/22/2009	02/22/2011	Class A Common Stock	54,400	$ 1.465	D	Â
Cash-Settled Equity Swap ⁽²⁾	10/23/2009	02/22/2011	Class A Common Stock	23,800	$ 1.513	D	Â
Cash-Settled Equity Swap ⁽²⁾	10/26/2009	02/22/2011	Class A Common Stock	69,300	$ 1.544	D	Â
Cash-Settled Equity Swap ⁽²⁾	10/27/2009	02/22/2011	Class A Common Stock	54,900	$ 1.412	D	Â
Cash-Settled Equity Swap ⁽²⁾	10/28/2009	02/22/2011	Class A Common Stock	51,600	$ 1.192	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/03/2009	02/22/2011	Class A Common Stock	7,800	$ 1.187	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/04/2009	02/22/2011	Class A Common Stock	81,560	$ 1.291	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/05/2009	02/22/2011	Class A Common Stock	47,900	$ 1.321	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/06/2009	02/22/2011	Class A Common Stock	20,300	$ 1.341	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/09/2009	02/22/2011	Class A Common Stock	31,200	$ 1.286	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/11/2009	02/22/2011	Class A Common Stock	13,500	$ 1.05	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/12/2009	02/22/2011	Class A Common Stock	7,200	$ 1.05	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/13/2009	02/22/2011	Class A Common Stock	51,700	$ 1.1	D	Â
Cash-Settled Equity Swap ⁽²⁾	11/16/2009	02/22/2011	Class A Common Stock	6,700	$ 1.099	D	Â
Cash-Settled Equity Swap ⁽²⁾	12/04/2009	02/22/2011	Class A Common Stock	41,200	$ 1.165	D	Â
Cash-Settled Equity Swap ⁽²⁾	12/07/2009	02/22/2011	Class A Common Stock	95,700	$ 1.305	D	Â
Cash-Settled Equity Swap ⁽²⁾	12/09/2009	02/22/2011	Class A Common Stock	8,329	$ 1.245	D	Â
Cash-Settled Equity Swap ⁽²⁾	12/10/2009	02/22/2011	Class A Common Stock	7,453	$ 1.246	D	Â
Cash-Settled Equity Swap ⁽²⁾	12/11/2009	02/22/2011	Class A Common Stock	12,548	$ 1.279	D	Â
Cash-Settled Equity Swap ⁽²⁾	12/21/2009	02/22/2011	Class A Common Stock	17,900	$ 1.215	D	Â
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⁾	01/21/2010	02/25/2011	Class A Common Stock	38,808	$ 1.14	D	Â
Cash-Settled Equity Swap ⁽²⁾	01/22/2010	02/25/2011	Class A Common Stock	103,583	$ 1.16	D	Â
Cash-Settled Equity Swap ⁽²⁾	01/25/2010	03/02/2011	Class A Common Stock	30,549	$ 1.16	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Alden Global Capital Ltd 1ST FL, LIBERATION STATION, ESPLANADE ST. HELIER JERSEY CHANNEL ISLANDS,Â X0Â JES 3AS	Â	Â X	Â	Â
Alden Global Distressed Opportunities Master Fund, L.P. C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE NEW YORK,Â NYÂ 10022	Â	Â X	Â	Â
Smith Management LLC C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE NEW YORK,Â NYÂ 10022	Â	Â X	Â	Â

Signatures

/s/ Bruce Schnelwar, Director, Alden Global Capital Limited		05/24/2010
^**Signature of Reporting Person		Date
/s/ Jim Plohg, Authorized Signatory, Alden Global Distressed Opportunities Master Fund, L.P.		05/24/2010
^**Signature of Reporting Person		Date
/s/ Jim Plohg, Vice President, Smith Management LLC		05/24/2010
^**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).
(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, 2010, 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.
Â Remarks: AllÂ securitiesÂ areÂ ownedÂ byÂ AldenÂ GlobalÂ DistressedÂ OpportunitiesÂ MasterÂ Fund,Â L.P.Â Â AldenÂ GlobalÂ CapitalÂ LimitedÂ actsÂ asÂ theÂ investmentÂ managerÂ andÂ SmithÂ ManagementÂ LLCÂ actsÂ asÂ aÂ serviceÂ providerÂ toÂ AldenÂ GlobalÂ CapitalÂ LimitedÂ andÂ AldenÂ GlobalÂ DistressedÂ OpportunitiesÂ MasterÂ Fund,Â L.P.Â EachÂ ofÂ AldenÂ GlobalÂ CapitalÂ LimitedÂ andÂ SmithÂ ManagementÂ LLCÂ mayÂ beÂ deemedÂ toÂ beneficiallyÂ ownÂ theÂ securitiesÂ heldÂ byÂ AldenÂ GlobalÂ DistressedÂ OpportunitiesÂ MasterÂ Fund,Â L.P.,Â andÂ eachÂ suchÂ personÂ orÂ entityÂ disclaimsÂ beneficialÂ ownershipÂ ofÂ suchÂ securitiesÂ exceptÂ toÂ theÂ extentÂ ofÂ itsÂ respectiveÂ pecuniaryÂ interestÂ therein. FormÂ 1Â ofÂ 2

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