Sun, Apr 20, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Update: Apple releases a statement on Greenlight suit, Einhorn chats with Tim Cook

Friday, February 08, 2013

Bailey McCann, Opalesque New York: Earlier today, Opalesque reported on a lawsuit filed against Apple by activist hedge fund manager David Einhorn and his firm Greenlight Capital. Einhorn is suing the company over a proposed change to the company's charter which he said will keep cash out of the hands of shareholders. Greenlight is encouraging all Apple shareholders to vote against the proxy in its upcoming annual shareholder meeting. In addition, it filed suit claiming that the proxy actually contained three separate issues that need to be unbundled and voted on separately under SEC rules. Apple refused to break up the proxy, prompting the suit. Now, the company has released a statement on the matter.

Apple says its "management team and Board of Directors have been in active discussions about returning additional cash to shareholders." The company also says it is evaluating Einhorn's ideas and welcomes Greenlight’s views and the views of all Apple shareholders. Apple also notes that the changes to the company's charter would not preclude Einhorn's proposal, it would only require shareholder approval for the issuance of preferred stock. Under Apple's current rules, no shareholder approval is required to issue preferred stock.

Reuters ......................

To view our full article Click here

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  4. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo