SEC FORM 4 SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
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. 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)
3. Date of Earliest Transaction (Month/Day/Year)
01/05/2010
4. 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 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
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 Securities Underlying Derivative Security (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: 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) $1.236 01/05/2010 01/06/2010 P/K 16,400 01/05/2010 01/20/2011 Class A Common Stock 16,400 $1.24 1,117,490 D
6.25% Series A Preferred (1) 01/05/2010 01/08/2010 P 125,783 (1) (1) Class A Common Stock 306,910.52 $15.13 1,081,879 D
Cash-Settled Equity Swap(2) $1.224 01/06/2010 01/07/2010 P/K 15,300 01/06/2010 01/20/2011 Class A Common Stock 15,300 $1.22 1,132,790 D
Cash-Settled Equity Swap(2) $1.221 01/07/2010 01/10/2010 P/K 76,500 01/07/2010 01/20/2011 Class A Common Stock 76,500 $1.22 1,209,290 D
Cash-Settled Equity Swap(2) $1.22 01/08/2010 01/11/2010 P/K 38,000 01/08/2010 01/20/2011 Class A Common Stock 38,000 $1.22 1,247,290 D
Cash-Settled Equity Swap(2) $1.14 01/21/2010 01/22/2010 P/K 38,808 01/21/2010 02/25/2011 Class A Common Stock 38,808 $1.14 1,286,098 D
Cash-Settled Equity Swap(2) $1.164 01/22/2010 01/25/2010 P/K 103,583 01/22/2010 02/25/2011 Class A Common Stock 103,583 $1.16 1,389,681 D
Cash-Settled Equity Swap(2) $1.16 01/25/2010 01/26/2010 P/K 30,549 01/25/2010 03/02/2011 Class A Common Stock 30,549 $1.16 1,420,230 D
Cash-Settled Equity Swap(2) $1.194 01/26/2010 01/27/2010 P/K 14,000 01/26/2010 03/03/2011 Class A Common Stock 14,000 $1.19 1,434,230 D
Cash-Settled Equity Swap(2) $1.18 01/29/2010 02/01/2010 P/K 7,101 01/29/2010 03/03/2011 Class A Common Stock 7,101 $1.18 1,441,331 D
Cash-Settled Equity Swap(2) $1.165 02/01/2010 02/02/2010 P/K 5,702 02/01/2010 03/04/2011 Class A Common Stock 5,702 $1.17 1,447,033 D
Cash-Settled Equity Swap(2) $1.144 02/02/2010 02/03/2010 P/K 24,800 02/02/2010 03/07/2011 Class A Common Stock 24,800 $1.14 1,471,833 D
Cash-Settled Equity Swap(2) $1.161 02/03/2010 02/04/2010 P/K 7,100 02/03/2010 03/08/2011 Class A Common Stock 7,100 $1.16 1,478,933 D
Cash-Settled Equity Swap(2) $1.155 02/04/2010 02/08/2010 P/K 11,380 02/04/2010 03/09/2011 Class A Common Stock 11,380 $1.16 1,490,313 D
Cash-Settled Equity Swap(2) $1.138 02/05/2010 02/08/2010 P/K 10,800 02/05/2010 03/10/2011 Class A Common Stock 10,800 $1.14 1,501,113 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:
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 1 of 2
/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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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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