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EMMS > SEC Filings for EMMS > Form 8-K on 18-Apr-2014All Recent SEC Filings




Regulation FD Disclosure

ITEM 7.01. Regulation FD Disclosure

On the evening of April 16, 2014, the arbitral tribunal in Emmis International Holding, B.V., Emmis Radio Operating, B.V. and MEM Magyar Electronic Media Kereskedelmi es Szolgaltato Kft. v. Hungary (ICSID CASE NO. ARB/12/2) issued its ruling that the International Centre for the Settlement of Investment Disputes ("ICSID") did not have jurisdiction to hear the case in which Emmis and the other owner of Slager Radio in Hungary sought damages for the unlawful taking of the station's radio license in 2009. "We are extremely disappointed in the decision, and incredibly frustrated to be denied this international forum to remedy the egregious acts of the Hungarian government and try the merits of our case," said Emmis Communications Corporation Chairman and CEO Jeff Smulyan. "While the Hungarian government may have prevailed in this purely jurisdictional decision, unfortunately, the real losers are the Hungarian people."

After losing its license in 2009, Slager Radio had initially sought redress in the Hungarian courts. After success in the Hungarian trial and appellate courts, the Hungarian Parliament changed the media law to take away the remedy that Slager Radio was seeking. Emmis and the other owner then filed for arbitration in ICSID, believing that ICSID presented the best forum for redress of their claims. In light of the tribunal's decision, Emmis will evaluate over the coming weeks whether any other viable forums exist.

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