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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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) 04/27/2010
	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(1)	$1.265	04/27/2010		J/K(2)			4,400	12/14/2009	01/20/2011	Class A Common Stock	4,400	$2.3282	2,026,029	D
Cash-Settled Equity Swap(1)	$1.383	04/27/2010		J/K(2)			4,800	12/15/2009	01/20/2011	Class A Common Stock	4,800	$2.3282	2,021,229	D
Cash-Settled Equity Swap(1)	$1.247	04/27/2010		J/K(2)			4,400	12/16/2009	01/20/2011	Class A Common Stock	4,400	$2.3282	2,016,829	D
Cash-Settled Equity Swap(1)	$1.224	04/27/2010		J/K(2)			5,400	12/17/2009	01/20/2011	Class A Common Stock	5,400	$2.3282	2,011,429	D
Cash-Settled Equity Swap(1)	$1.208	04/27/2010		J/K(2)			10,400	12/18/2009	01/20/2011	Class A Common Stock	10,400	$2.3282	2,001,029	D
Cash-Settled Equity Swap(1)	$1.204	04/27/2010		J/K(2)			40,400	12/21/2009	01/20/2011	Class A Common Stock	40,400	$2.3282	1,960,629	D
Cash-Settled Equity Swap(1)	$1.199	04/27/2010		J/K(2)			34,000	01/04/2010	01/20/2011	Class A Common Stock	34,000	$2.3282	1,926,629	D
Cash-Settled Equity Swap(1)	$1.236	04/27/2010		J/K(2)			16,400	01/05/2010	01/20/2011	Class A Common Stock	16,400	$2.3282	1,910,229	D
Cash-Settled Equity Swap(1)	$1.224	04/27/2010		J/K(2)			15,300	01/06/2010	01/20/2011	Class A Common Stock	15,300	$2.3282	1,894,929	D
Cash-Settled Equity Swap(1)	$1.221	04/27/2010		J/K(2)			76,500	01/07/2010	01/20/2011	Class A Common Stock	76,500	$2.3282	1,818,429	D
Cash-Settled Equity Swap(1)	$1.22	04/27/2010		J/K(2)			38,000	01/08/2010	01/20/2011	Class A Common Stock	38,000	$2.3282	1,780,429	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. 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.

2. Pursuant to a notice delivered by Goldman Sachs International on April 26, 2010, the swaps with Goldman Sachs International were terminated pursuant to their respective terms effective April 27, 2010.

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

	/s/ Jim Plohg, Vice President, Alden Global Distressed Opportunities Fund GP, LLC, General Partner for Alden Global Distressed Opportunities Fund, LP	04/28/2010
	/s/ Jim Plohg, Vice President, Alden Global Distressed Opportunities Fund GP, LLC	04/28/2010
	/s/ Randall D. Smith	04/28/2010
	** Signature of Reporting Person	Date
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