Emmis investor Noonday speaks out against 'disappointing results'

By Devika Patel

Knoxville, Tenn., Oct. 10 - Emmis Communications Corp. investor Noonday Capital, LLC, a general partner of Noonday Asset Management, LP, sent a strongly worded letter to independent members of Emmis' board of directors, taking the company to task for what Noonday sees as "another quarter of disappointing results." The letter was attached to a schedule 13D filed with the Securities and Exchange Commission Wednesday.

Senior managing member of Noonday David Cohen expressed concern in the letter that the company's "stock is trading substantially below its intrinsic value," and he urged the company "to fulfill its fiduciary duty to ensure that the company pursues all appropriate courses of action and to ensure that the company has a management team that is willing and up to the task of managing the company and implementing strategic initiatives in the best interests of all shareholders."

Cohen made reference to Emmis investor Martin Capital Management, LLC's 13D filing on Sept. 13, in which Martin Capital senior partner Frank K. Martin berated Emmis' "concentration of power" and its "lack of a clear vision" regarding corporate strategy and corporate expenses. Martin urged Emmis to sell its assets and monetize its valuable properties. Cohen said that Noonday concurred "broadly" with those sentiments.

In conclusion, Cohen expressed a desire for more open dialog between the two companies and assured Emmis' board that Noonday was acting independently in writing this letter.

According to the filing, Noonday owns 3,185,000 class A voting shares of the company, or 10.4% of Emmis' outstanding stock.

Based in Indianapolis, Emmis is a radio broadcasting company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.