It was a 3-0 decision, handed down today by the United States Court of Appeals for the 7th Circuit, which just affirmed the U.S. District Court's decision in Emmis' favor in a lawsuit filed by preferred shareholders. This case has been going on for years (see previous stories). In a nutshell, when the financial crisis hit, Emmis restructured and stripped preferred shareholders of their right to collect millions of dollars in past dividends, a plan the preferred shareholders fought -- and have now lost. The court decided that, under Indiana law, what Emmis did was legal. Emmis CEO Jeff Smulyan said, "It has been a long road, but we are incredibly gratified that the 7th Circuit upheld Judge Barker's ruling, and denied the arguments made by dissident preferred shareholders. We were always confident in our stance, and we are pleased the courts have agreed." Read the full 10-page decision HERE
