UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Emmis Broadcasting Corporation
(Name of Issuer)
Class A Common Stock, $0.01 par value
(Title of Class of Securities)
291525103
(CUSIP Number)
Check the following box if a fee is being paid with
this statement: [ ] (A fee is not required only if the filing person: (1) has
a previous statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent or
less of such class.) (See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject
class of securities, and for any subsequent amendment containing
information which would alter the disclosure provided in a prior cover
page.
The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
Page 1 of 20
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 2 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | Morgan Stanley Group Inc. |
| | 13-2838811 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | 480,000 |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 298,861 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | 480,000 |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 298,861 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 778,861 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 9.4 |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | CO |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 3 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | The Morgan Stanley Leveraged Equity Fund, L.P. |
| | 13-3284521 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | -0- |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 285,001 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | -0- |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 285,001 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 285,001 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 3.5 |
| | |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | PN |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 4 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | Morgan Stanley LEF I, Inc. |
| | 13-3535260 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | -0- |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 285,001 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | -0- |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 285,001 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 285,001 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 3.5 |
| | |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | CO |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 5 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | The Morgan Stanley Leveraged Mezzanine Fund, L.P. |
| | 13-3284523 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | -0- |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | -0- |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | -0- |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | -0- |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | -0- |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | -0- |
| | |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | PN |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 6 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | The Morgan Stanley Leveraged Capital Fund, Inc. |
| | 13-3286788 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | -0- |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | -0- |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | -0- |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | -0- |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | -0- |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | -0- |
| | |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | CO |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 7 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | CIGNA Corporation |
| | 06-1059331 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | -0- |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 285,061 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | -0- |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 285,061 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 285,061 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 3.5 |
| | |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | HC, CO |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 8 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | CIGNA Leveraged Capital Fund, Inc. |
| | 23-1730141 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | -0- |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 285,007 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | -0- |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 285,007 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 285,007 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 3.5 |
| | |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | CO |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 9 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | CIGNA Funding Limited Partnership |
| | 06-1139876 |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | Delaware |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | -0- |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | 6 |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | -0- |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | 6 |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 6 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |_| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | <1 |
| | |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | PN |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
______________________________ ________________________________
| | | |
|CUSIP No. 291525103 | 13G | Page 10 of 20 Pages |
|____________________________| |______________________________|
___________________________________________________________________________
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | Jeffrey H. Smulyan |
| | |
|____|____________________________________________________________________|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | _ |
| | (a) |_| |
| | _ |
| | (b) |_| |
| | |
|____|____________________________________________________________________|
| 3 | SEC USE ONLY |
| | |
|____|____________________________________________________________________|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | U.S.A. |
|____|____________________________________________________________________|
| | 5 | SOLE VOTING POWER |
| | | 2,694,317 See Item 4 |
| NUMBER OF |____|_______________________________________________|
| SHARES | 6 | SHARED VOTING POWER |
| BENEFICIALLY | | -0- |
| OWNED BY |____|_______________________________________________|
| EACH | 7 | SOLE DISPOSITIVE POWER |
| REPORTING | | 2,694,317 See Item 4 |
| PERSON |____|_______________________________________________|
| WITH | 8 | SHARED DISPOSITIVE POWER |
| | | -0- |
|____________________|____|_______________________________________________|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | 2,694,317 |
|____|____________________________________________________________________|
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES _ |
| | CERTAIN SHARES* |X| |
|____|____________________________________________________________________|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | 25.1 |
| | |
|____|____________________________________________________________________|
| 12 | TYPE OF REPORTING PERSON* |
| | IN |
|____|____________________________________________________________________|
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1(a). Name of Issuer.
Emmis Broadcasting Corporation (the "Company")
Item 1(b). Address of Issuer's Principal Executive Offices.
950 North Meridian Street
Suite 1200
Indianapolis, Indiana 46204
Item 2(a). Name of Person Filing.
CIGNA Corporation ("CIGNA")
CIGNA Funding Limited Partnership
("CIGNA Funding")
CIGNA Leveraged Capital Fund, Inc.
("CIGNA Capital")
Morgan Stanley Group Inc. ("Morgan Stanley")
The Morgan Stanley Leveraged Equity Fund, L.P.
("MSLEF")
Morgan Stanley LEF I, Inc. ("MSLEF Inc.")
The Morgan Stanley Leveraged Mezzanine Fund, L.P.
("MSLMF")
Morgan Stanley Leveraged Capital Fund, Inc.
("Morgan Capital")
Jeffrey H. Smulyan
In accordance with Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), each person filing this
statement acknowledges that it is responsible for the completeness and
accuracy of the information concerning that person but is not responsible for
the completeness or accuracy of the information concerning the other persons
making the filing, unless such person knows or has reason to believe that such
information is inaccurate.
Item 2(b). Address of Principal Business Office or, if None, Residence.
The address of the principal business and principal office of
each of Morgan Capital, MSLEF, MSLMF, and MSLEF Inc. is 1221 Avenue of the
Americas, New York, New York 10020 and the address of the principal business
and principal office of Morgan Stanley, 1585 Broadway, New York, NY 10036.
The address of CIGNA is One Liberty Place, Philadelphia,
Pennsylvania 19192. The address of each of CIGNA Capital and CIGNA Funding is
900 Cottage Grove Road, Bloomfield, Connecticut 06002.
The address of the principal business and principal office of
Jeffrey H. Smulyan is 950 North Meridian Street, Suite 1200, Indianapolis,
Indiana 46204.
Item 2(c). Citizenship.
The citizenship of each of Morgan Stanley, Morgan Capital,
MSLEF, MSLMF, CIGNA, CIGNA Capital and CIGNA Funding is Delaware.
The citizenship of Jeffrey H. Smulyan is United States of
America.
Item 2(d). Title of Class of Securities.
This statement relates to the Company's Class A Common Stock,
$.01 par value per share.
Item 2(e). CUSIP Number.
291525103
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
check whether the person filing is a:
_
(a) |_| Broker or dealer registered under Section 15 of the
Act,
_
(b) |_| Bank as defined in Section 3(a)(6) of the Act,
_
(c) |_| Insurance Company as defined in Section 3(a)(19) of
the Act,
_
(d) |_| Investment Company registered under Section 8 of
the Investment Company Act,
_
(e) |_| Investment Advisor registered under Section 203 of
the Investment Advisers Act of 1940,
_
(f) |_| Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or Endowment
Fund; see Section 240.13d-1(b)(1)(ii)(F),
_
(g) |_| Parent Holding Company, in accordance with Section
240.13d-1(b)(1)(ii)(G) (Note: See Item 7),
_
(h) |_| Group, in accordance with Section
240.13d-1(b)(1)(ii)(H).
Not applicable.
Item 4. Ownership.
(a), (b) and (c)
Prior to the date hereof, certain shareholders entered into a
certain shareholders agreement (the "Shareholders Agreement") and/or into two
restructuring agreements (together, the "Restructuring Agreements"). As of
July 14,1995, the Shareholders Agreement and the Restructuring Agreements are
no longer in force. When such agreements were in force certain of the shares
of the Company's Class A Common Stock covered by this statement were subject
either to the Shareholders Agreement or the Restructuring Agreements, which
each contained provisions regarding, among other things, restrictions on
transferability and voting of the Company's Class A and Class B Common Stock
and certain agreements as to sales or other dispositions of such stock. This
Amendment No. 1 to Schedule 13G is being filed jointly by persons who were
parties to the Shareholders Agreement and the Restructuring Agreements and
certain of their affiliates. All future filings with respect to transactions
in the Company's Common Stock will be filed, if required, by such persons in
their individual capacity.
The filing of this statement should not be construed as an
admission by any person that such person is, for purposes of Section 13(d) or
13(g) of the Exchange Act, a member of a group or the beneficial owner of any
securities covered by this statement except as described below. As of
December 31, 1995 each of the persons filing this statement may be deemed to
be the beneficial owner of the shares of Class A Common Stock set forth
opposite such person's name in the table below.
Beneficial Ownership at % at
12/31/95(1) 12/31/95(2)
----------------------- -----------
Morgan Stanley Group Inc.(3) 778,861 9.6
The Morgan Stanley Leveraged
Equity Fund, L.P.(4) 285,001 3.5
Morgan Stanley LEF I, Inc. (4) 285,001 3.5
The Morgan Stanley Leveraged Mezzanine
Fund, L.P. 0 0.0
The Morgan Stanley Leveraged
Capital Fund, Inc. 0 0.0
CIGNA Funding Limited
Partnership(5) 6 <1
CIGNA Corporation(6) 285,061 3.5
CIGNA Leveraged Capital Fund, Inc.(4)(5) 285,007 3.5
Jeffrey H. Smulyan(7) 2,694,317 25.1
- ------------
Footnotes appear on the next page.
(1) Each person has sole voting and dispositive power with
respect to the shares shown as beneficially owned, except as indicated below.
(2) Based on the 8,128,947 shares of Class A Common Stock
reported to be outstanding in the Company's report on Form 10-Q filed for the
quarter ended November 30, 1995, except as otherwise indicated in footnote (7)
below.
(3) Morgan Stanley may be deemed to have shared voting and
dispositive power with respect to the 285,001 shares held by MSLEF, see
footnote (4). Morgan Stanley's beneficial ownership of 778,861 shares as of
12/31/1995 includes 13,860 shares held for clients over which Morgan
Stanley exercises investment discretion.
(4) The general partners of MSLEF are MSLEF Inc., a
wholly-owned subsidiary of Morgan Stanley, and CIGNA Capital, an indirect
wholly-owned subsidiary of CIGNA. Each of MSLEF, MSLEF Inc. and CIGNA Capital
may be deemed to have shared voting and dispositive power with respect to
shares held by MSLEF.
(5) CIGNA Capital is the sole general partner of CIGNA Funding.
(6) CIGNA may be deemed to have shared voting and dispositive
power with respect to the 285,001 shares held by MSLEF (see footnote (4)),
with respect to the 6 shares held by CIGNA Funding (see footnotes (4) and (5))
and with respect to the 54 shares owned by two indirect, wholly-owned
subsidiaries, Connecticut General Life Insurance Company and CIGNA Property
and Casualty Insurance Company.
(7) Mr. Smulyan holds 122,227 shares of Class A Common Stock as
trustee for the Emmis Broadcasting Corporation Profit Sharing Trust. Mr.
Smulyan disclaims beneficial ownership of such shares. Mr. Smulyan owns
80,000 shares of Class A Common Stock. In addition, Mr. Smulyan owns
2,614,317 shares of Class B Common Stock, which represents all outstanding
Class B Common Stock. Each share of Class B Common Stock is entitled to ten
votes, with certain limited exceptions. Each share of Class B Common Stock is
convertible, at the option of the holder, into one share of Class A Common
Stock at any time. Accordingly, Mr. Smulyan may be deemed to beneficially own
2,694,317 shares of the Class A Common Stock, representing 25.1% of the
10,743,264 shares of Class A Common Stock that would be outstanding upon such
conversion.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following |x|
Item 6. Ownership of More than Five Percent on behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding Company.
See Item 4, above.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
As of July 14, 1995, the Shareholders Agreement and the
Restructuring Agreements ceased to be in effect. Consequently, all filings
subsequent to the date hereof with respect to transactions in Common Stock of
the Company will be made, if required by persons filing this statement, in
their individual capacity.
Item 10. Certification.
Not applicable.
SIGNATURES
After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned certifies that the information set forth
in this statement is true, complete and correct.
Date: February 14, 1996
MORGAN STANLEY GROUP INC.
By: /s/ Peter R. Vogelsang
---------------------------
Name: Peter R. Vogelsang
Title: Secretary
THE MORGAN STANLEY LEVERAGED
EQUITY FUND, L.P.
By: Morgan Stanley LEF I,
Inc., as general partner
By: /s/ Peter R. Vogelsang
---------------------------
Name: Peter R. Vogelsang
Title: Secretary
MORGAN STANLEY LEF I, INC.
By: /s/ Peter R. Vogelsang
---------------------------
Name: Peter R. Vogelsang
Title: Secretary
THE MORGAN STANLEY LEVERAGED
MEZZANINE FUND, L.P.
By Morgan Stanley Leveraged
Capital Fund, Inc., as
general partner
By: /s/ Peter R. Vogelsang
---------------------------
Name: Peter R. Vogelsang
Title: Secretary
MORGAN STANLEY LEVERAGED
CAPITAL FUND, INC.
By: /s/ Peter R. Vogelsang
---------------------------
Name: Peter R. Vogelsang
Title: Secretary
/s/ Jeffrey H. Smulyan
---------------------------
JEFFREY H. SMULYAN
CIGNA CORPORATION
By: /s/ Kathryn Pietrowiak
---------------------------
Name: Kathryn Pietrowiak
Title: Assistant Corporate
Secretary
CIGNA FUNDING LIMITED
PARTNERSHIP
By CIGNA Leveraged Capital Fund
Inc., as general partner
By: /s/ Linda W. Schumann
---------------------------
Name: Linda W. Schumann
Title: Vice President
CIGNA LEVERAGED CAPITAL FUND,
INC.
By: /s/ Linda W. Schumann
---------------------------
Name: Linda W. Schumann
Title: Vice President
Attention: Intentional misstatements or omissions of fact constitute Federal
Criminal violations (see 18 U.S.C. 10001).
