SEC Form 3

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 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP (Last) (First) (Middle) C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 01/04/2010	3. Issuer Name and Ticker or Trading Symbol EMMIS COMMUNICATIONS CORP [ EMMS ]
		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 of 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

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

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: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash-Settled Equity Swap(2)	12/22/2009	02/22/2011	Class A Common Stock	15,500	$1.188	D
Cash-Settled Equity Swap(2)	12/23/2009	02/22/2011	Class A Common Stock	5,000	$1.178	D
Cash-Settled Equity Swap(2)	12/24/2009	02/22/2011	Class A Common Stock	5,000	$1.196	D
Cash-Settled Equity Swap(2)	01/04/2010	01/20/2011	Class A Common Stock	34,000	$1.199	D

1. Name and Address of Reporting Person* ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP (Last) (First) (Middle) C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Alden Global Distressed Opportunities Fund GP, LLC (Last) (First) (Middle) C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SMITH RANDALL D (Last) (First) (Middle) C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

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 3 of 3.

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