Smulyan sues Alden over scrapped deal.

 story by Inside Radio

Emmis CEO Jeff Smulyan this afternoon filed suit against its former financial partner Alden Global Capital for reneging on a deal to finance his planned buyout of the company. Smulyan looks to recoup “significant” fees and legal expenses. Alden backed out after revised terms were struck with a group of preferred shareholders who were blocking the buyout from moving forward.