Sec Form 4 Filing - ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP @ EMMIS COMMUNICATIONS CORP - 2010-05-03

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP 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) (Last) (First) (Middle) C/O ALDEN GLOBAL CAPITAL, 885 THIRD AVENUE 3. Date of Earliest Transaction (MM/DD/YY) 05/03/2010 (Street) NEW YORK, NY10022 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Class A Common Stock 05/03/2010 J 1,406,500 D 0 D

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 ( 3 ) $ 1.194 05/03/2010 J/K 14,000 01/26/2010 03/03/2011 Class A Common Stock 14,000 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.18 05/03/2010 J/K 7,101 01/29/2010 03/03/2011 Class A Common Stock 7,101 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.165 05/03/2010 J/K 5,702 02/01/2010 03/04/2011 Class A Common Stock 5,702 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.144 05/03/2010 J/K 24,800 02/02/2010 03/07/2011 Class A Common Stock 24,800 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.161 05/03/2010 J/K 7,100 02/03/2010 03/08/2011 Class A Common Stock 7,100 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.155 05/03/2010 J/K 11,380 02/04/2010 03/09/2011 Class A Common Stock 11,380 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.138 05/03/2010 J/K 10,800 02/05/2010 03/10/2011 Class A Common Stock 10,800 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.163 05/03/2010 J/K 3,400 02/08/2010 03/11/2011 Class A Common Stock 3,400 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.152 05/03/2010 J/K 10,250 02/09/2010 03/14/2011 Class A Common Stock 10,250 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.139 05/03/2010 J/K 5,260 02/10/2010 03/15/2011 Class A Common Stock 5,260 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.106 05/03/2010 J/K 37,200 02/11/2010 03/16/2011 Class A Common Stock 37,200 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 0.942 05/03/2010 J/K 9,400 02/24/2010 03/29/2011 Class A Common Stock 9,400 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 0.895 05/03/2010 J/K 83,900 02/25/2010 03/30/2010 Class A Common Stock 83,900 ( 1 ) 0 D Cash-Settled Equit y Swap ( 3 ) $ 0.875 05/03/2010 J/K 12,857 02/26/2010 03/31/2011 Class A Common Stock 12,857 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 0.9 05/03/2010 J/K 6,100 03/01/2010 04/06/2011 Class A Common Stock 6,100 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.15 05/03/2010 J/K 200,000 03/18/2010 04/15/2011 Class A Common Stock 200,000 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1 05/03/2010 J/K 99,937 03/19/2010 04/15/2011 Class A Common Stock 99,937 ( 1 ) 0 D Cash-Settled Equity Swap ( 3 ) $ 1.316 05/03/2010 J/K 61,012 04/09/2010 04/15/2011 Class A Common Stock 61,012 ( 1 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ALDEN GLOBAL DISTRESSED OPPORTUNITIES FUND LP C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE NEW YORK, NY10022 X AGDOF SLP, LLC C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE NEW YORK, NY10022 X SMITH RANDALL D C/O ALDEN GLOBAL CAPITAL 885 THIRD AVENUE NEW YORK, NY10022 X Signatures /s/ Jim Plohg, Authorized Signatory, Alden Global Distressed Opportunities Fund, LP 05/24/2010 Signature of Reporting Person Date /s/ Jim Plohg, Vice President, AGDOF SLP, LLC (f/k/a Alden Global Distressed Opportunities Fund GP, LLC) 05/24/2010 Signature of Reporting Person Date /s/ Randall D. Smith 05/24/2010 Signature of Reporting Person Date

Explanation of Responses:

( 1 )As a result of an internal reorganization of Alden Global's fund entities, securities previously held directly by Alden Global Distressed Opportunities Fund, LP are now held by Alden Global Distressed Opportunities Master Fund, L.P., of which Alden Global Distressed Opportunities Fund, LP is a limited partner. This transaction resulted in no change to the aggregate number of securities owned by Alden Global fund entities. ( 3 )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: Form 2 of 2

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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