Wed, Oct 1, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Update: Greenlight Capital speaks out to investors and the media, pushing for support of its Apple campaign

Friday, February 22, 2013

Bailey McCann, Opalesque New York: As Opalesque has reported, hedge fund activist David Einhorn and his firm Greenlight Capital have launched a fight over a change to Apple's corporate charter that would require shareholder approval for the issuance of preferred stock. Einhorn says that the change is a bad idea, and spoke directly to Apple CEO Tim Cook on the matter. He's also filed a lawsuit claiming that the vote as currently slated to happen during Apple's annual shareholder meeting at the end of this month is a violation of SEC rules. Since then, a few big names who are also Apple shareholders like CalPERs, ISS, and Glass Lewis have all come out in support of Apples proposed change. Now, as the shareholder meeting looms large, Einhorn took to the phones speaking to investors and the media about why his ideas are better.

"It's not complicated, it's simple," Einhorn said of his idea on a call with the media earlier this afternoon. In essence, he views the change as a means of killing off preferred stock or at least making it significantly more difficult to issue. Instead, he wants Apple to distribute perpetual preferred shares to Apple shareholders for free. In the presentation he cited IBM and Texas Instruments as examples of companies that are friendly to shareholders and reiterated his claim that the proposed proxy wo......................

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. Legal - Court throws out lawsuits related to Fannie Mae, Freddie Mac profits, Insider case by SEC is a step removed from Herbalife itself, SEC grants Citigroup waivers, easing hedge-fund curbs[more]

    Court throws out lawsuits related to Fannie Mae, Freddie Mac profits From WSJ.com: A group of Wall Street investors on Tuesday suffered a blow in their attempts to sue the federal government over their treatment of the shareholders of mortgage finance giants Fannie Mae and Freddie Mac af

  2. CalPERS’ move might alter hedge fund fees for good[more]

    Benedicte Gravrand, Opalesque Geneva: When CalPERS, the California Public Employees’ Retirement System, announced on September 15th that it was unwinding its hedge-fund portfolio, it was seen by many as is a significant blow to the sector’s appeal. The Fund is

  3. Opalesque Exclusive: Institutions eye private credit over traditional fixed income[more]

    Bailey McCann, Opalesque New York: Investing in private insurance, realty tax receivables, or investment-grade short-term accounts receivable may not spring to mind as a means of mitigating risk in a portfolio, but one firm, New York-based BroadRiver Asset Management is out to change all that. Th

  4. Short-term trading quant fund beats S&P since '09[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A relatively new multi-strategy, market-neutral quantitative hedge fund has managed to outperform the S&P500 and the HFRX Global since 2009. New Jersey-ba

  5. Unconstrained bond funds: Where hedge fund strategies meet mutual funds[more]

    From CNBC.com: For all the talk and buzz around indexes, or passive investing, the next big thing for bond mutual fund investors may be strategies that are the exact opposite. The rapid growth of "unconstrained bond funds" has been thrust into investor spotlight given last Friday's stunning news tha