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His company faces NASDAC de-listing, because the company stock has been trading at less than $1.00 for 30 straight days. His company has been crippled for years now with heavy debt load. Some time ago, all his TV station holdings had to be sold to raise cash and meet debt obligations. Then recently he had to sell three major market radio properties, again to raise cash to meet debt obligations.
His Austin radio station was recently fined for FCC infractions.
Everybody loves this guy [local Indiana boy makes good] and I personally have no axe to grind here [which is typical of a lot of subjects here] - but is this a resume of a Lifetime Achievement Award? Really, when you look at his company objectively? Maybe the IBA's choices are few and far between.
Why did Don Payne need to die first? He deserves an award. Note that Rick Cummings is getting an award. Money and the IBA. I'm a member. Very political, aimed at those with cash. Our state isn't working on a group EAS purchase or grant like other states. Maybe Jeff will finance this. I'd vote for him then, and give him my worthless paper. It's so crappy now i rarely get meeting notices.
Jeff is deserving at some level. Major Armstrong was never fully vindicated while alive.Suggest Carolyn Churchman, Norm Beatty(RIP), and many others should be honored for years of achievement.
All the whining and wizzing overlooks the obvious though. What people have been really hurt by Jeff Smulyan?
I think the award would be better given 15 years ago when Emmis didn't tank all the shareholders and staff who brought them where they were. This is the part where we note Emmis will never recover. The lawsuits and general malaise may kill Emmis. Staying true to the goal and honoring employees was in the Emmis 10 commandments. Maybe this isn't part of the commandment anymore.
Many put lots of hard earned REAL MONEY into Emmis and what was $50 a share is essentially worthless. This is real life. Many will retire on Social Security that were millionaire until the flaky games with stock took place. Not like they ever earned dividends.
These are real people and Jeff is the same as the Carmel mutual fund managers who stuck it to people they didn't know. Jeff personally knew all the people he ruined with Emmis stock. This is the only soiling on his otherwise glorious and shining past. Oh, then he had them fired. Bad policy to keep people employed who were shafted by stock games. Like the guys who lived like millionaires while others lost their life savings, Jeff hasn't shed a tear for the thousands ruined with Emmis stock. Especially his former employees. Show us a reason to believe in you. We have waited long enough. While possibly inflammatory, this is true and public record.
I am surprised that the former employees haven't contacted the AG to complain about their treatment. Tim Durham is on house arrest waiting trial. Don't see a lot of difference here. Political connections and the money he still has in the Emmis Ponzi scheme keep him out of prosecution. No one will touch him.
Hope they give it prior to de listing of Emmis stock. The firings and the performance of stock make this a case of really bad timing. If charges ever come this will be a shining feather in the cap of the IBA. As it is, it just seems rude.
I no longer have any to discuss...had 10,000 shares that topped at $62/share at the end of 1999. I was greedy & wanted more. I finally sold it all at $1.10/share after paying anywhere from $7 to $22 per share for it. In the end, no one but myself decided when to buy and when to sell.
Remember boyz and gurlz that it takes money to buy that plaque/trophy/picture for the mens' room at the IBA offices...and to throw a party for the management types who are probably the only ones attending, and oh yeah there's the fee to get in to pay for the bar/horz doovers/lush over-the-top goodies for eats....and it comes from everybody's bottom line...but what the hell we have to have a party for this don't we???? SEND IN YOUR CONFIRMATIONS NOW KIDS!!! NOT.
Ugh. Another person to stand on the dais and say "I'd like to thank the people I've stepped on to get up here." Oh yeah.
Pass. I don't know the man. I don't know lots of people in the business outside of air talent and maybe an engineer here or there, but when management takes the glory for everybody else's hard work and all the spoils I just shrug and say "yippee." If I WAS in here fighting for a job and was REALLY in the slop with some people on here I might have had to censor myself more.
If you ARE "in the slop" and fighting to keep your head above the mud then my best wishes to you and I hope this business has a change someday...if you're upper management reading this...boy would I like 5 minutes alone to tell you my TRUE FEELINGS.
We now return you to your previously important B.S. Juan Octavious Bodley is off the mic...
People in upper management at almost all publicly traded companies are usually shielded from any real financial pain, even if their bad decisions harm the stock value. If their salary is reduced their bonuses are increased. If they are let go they are then paid a huge "consulting" fee annually for some years. These terms are all published in their annual reports.
He is certainly deserving of this award. To compare the pending collapse of his empire to a Ponzi scheme is unfair. Radio is simply a zero-growth business. the only radio business model that seems to be doing well is the non commercial EMF model. This is a painful thing for many of us to come to terms with because this business is our Passion. To the award recipient's credit, he has always been passionate about radio and has bounced back from adversity before ( remember when he had to sell San Francisco, New York and Minneapolis stations?).
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